On December 22, Bitpay had announced an emergency update about merchant’s invoice and has immediately re-enabled it on December 24.
According to the official Bitpay blog, the website was seeing high volume of transactions which has eventually led to soaring miner fees. It stated that Bitcoin miner fees was above $30 per transaction and the firm was making it $100 on all Bitpay invoices through its new merchant’s invoice. The announcement won’t affect person to person payments in the Bitpay wallet
Only payments to Bitpay merchants and Bitcoin-to-dollar loads for the Bitpay card
Why revising invoice minimum to $100?
Bitpay unveils that all transactions without miner’s fees may incur payment delays or failures, on contrary miner’s fees under $100 will quickly settle the payment.
The wallet firm is continuously valuating Bitcoin network conditions and If bitcoin miner fees continue to grow at this accelerated rate, we may increase invoice minimums again in the coming weeks.
The minimum fees of Bitpay merchant’s invoice depends on miner fee, occurred by sending or refunding mistaken payments from Bitcoin wallet. Bitpay’s revised payment protocol will eradicate the payment mistakes.
Due to high bitcoin network fees, payment invoice under $100 is still uneconomical for Bitcoin buyers. However, such buyers have option to send small payments if they want.
There won’t be any further changes to Bitpay’s payment protocol, however, users will be intimating well before it making any change.
Related coverage: Bitpay to process payments on multiple blockchains starting with Bitcoin Cash
