Bitpay Review
WEBSITE: https://bitpay.com/
ABOUT COMPANY:
Crypto wallet Bitpay is one of the largest providers of payment services related to bitcoin. Bitpay allows you to store and exchange BTC, as well as pay for services and goods. According to the developers, the transfer to fiat currency is subject to a low commission.
bitpay
Bitpay has been operating for over ten years. It was founded by T. Gallippi and S. Parom in 2011. Two years later, Bitpay added $2 million to the Founders Fund, reaching the level of 10,000 merchants. In 2014, the company launched representative offices in Atlanta, New York, San Francisco and other parts of the world. Now Bitpay is a well-known multi-currency wallet.
List of supported coins
The main cryptocurrency of this platform is bitcoin, but Bitpay also takes into account:
Ethereum;
Ripple
Bitcoin Cash
usdc.
How to use the Bitpay wallet
The crypto wallet is installed on the following platforms:
android;
Windows;
Mas;
Linux;
iOS.
If you want to put Bitpay on a mobile device, you will have to download the app from the App Store (iOS) or Google Play Store (Android). To install on a laptop or PC, it is proposed to use the official website bitpay.com. The application is installed according to the standard algorithm.
To create a wallet you need:
Open the program and click on the wallet icon at the bottom left.
Select “Get Started”.
Connect those currencies for which wallets are needed. Press the “Create” button.
Read the hints and confirm the information by clicking “I understand”.
Think up and enter a password. It is important to write down the combination and keep it in a safe place. When registering, the program offers to create a backup copy of the wallet. This is necessary in order to make it easier to restore it if some kind of failure occurs or the user forgets the password.
Further, all operations take place directly in your personal account. To transfer money or request payment, you need to click on the selected currency, copy the generated code for the sender, or fill in the fields for sending money yourself.
There are two formats for using Bitpay:
For online transactions, transfers, exchange, buying and selling, storage.
To pay for goods / services in the store. The seller generates a unique code, provides it to the buyer, and he pays the required amount in BTC. The seller is charged a commission of 1% of the transaction.
Therefore, the platform website has two sections: for clients and for business.
Bitpay limits and fees
The limit for withdrawing money through an ATM is $ 2,000 per withdrawal, no more than three withdrawals can be made per day. On replenishment and withdrawal of money from an online account, the limit is 10,000 dollars per day. The maximum balance that can be on the card reaches $25,000.
For using Bitpay, customers pay a small commission:
3% for currency conversion;
$2.95 per card issue;
$10 when replacing a card;
$5 per month for inactivity (accrued after 90 days without transactions);
2-3 dollars for withdrawing money from an ATM (depending on the country).
At the same time, there is no monthly commission for using the platform.
Conclusion
Bitpay names its advantages:
multicurrency;
simple interface, the ability to fully use the platform both from a PC and from mobile devices using different software;
integration with various hardware wallets (in particular, with Ledger and Trezor);
the presence of an internal exchanger for the sale and purchase of bitcoins;
several stages of protection, the use of a password and two-factor authentication;
multilingual application, support in Russian.
bitpay or more accurately bitscam, they will accept your payment in a fraction of a sec. but will take days or weeks to refund you, with lame excuses if lucky enough you are to get an answer. In case you are not complaining and give up, you will lose your money, don’t use this system of payment.
Made a payment then was told something happened and Bitpay needed to refund me. So I click refund and find out I need to verify my identity before I can get my refund.
Angrily I do that, then I’m told they cant verify my Identity. Now my money is gone. Thousands of dollars stolen by bitpay. STAY FAR AWAY
Amount lost: $3,250
I have not used my BitPay account for about months and was going to add some BTC so I could use my BitPay MC debit but when I log into my BitPay account on my computer my login and password work fine, but all of my account information, wallet balance and transactions are gone. I get asked if I want to crate an account after I log in. No Customer support is available for BitPay so I can’t even find out why my account information is gone. I can’t trust a company that just removes my account information with no explanation or any way to reach them.
If any vendor use bitpay, just contact with the vendor to make payment directly, because bitpay is a trash. Their gateway is useless, unless it is not a scam. My last 3 payment was declined, it just crashed under the payment. They didn’t even refund my first payment, because i used a very old email in the vendor where i wanted to pay, and i couldsn’t even login to that mail service because it was already closed long ago, and it was much more complicated to change the mail in my vendor, than just keep that old email address as a user name. Obviously i could proof the payment (from where to where did i send), but they didn’t care. Now i am waiting for the 3rd refund, but obviously bitpay is the most disgusting crypto payment gateway!
I was going to receive an payment from a GPT site, but unfortunately bitpay has some other verification even after completing KYC. You need a separate application for receiving payments. “Your application has been successfully submitted and is currently being reviewed. We’ll get back to you within 24 to 48 hours on the status of your verification. Please contact us if you have any questions.” It’s been around 58 hours by now.