BitPay processes USD 1 million Bitcoin merchant transaction

BitPay

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BitPay, a payment processor for virtual currencies has announced that it has processed its largest bitcoin merchant transaction ever, a single order for USD 1,000,000 for Kansas City-based bitcoin mining hardware manufacturer Butterfly Labs.

BitPay processed, cleared, and settled the transaction within their normal one business day time frame directly to Butterfly Labs’ bank account.

Butterfly Labs sells bitcoin mining hardware, which is part of the distributed computing network that secures the bitcoin accounting ledger. The amount of computing power of the bitcoin network has grown exponentially this year, from 20 Terahashes per second (Th/s) in January this year to 3000 Terahashes per second today. The network took 4.5 years to reach 1000 Th/s, then one month to reach 2000 Th/s, then and week to reach 3000 Th/s.

“The speed, reliability, and certainty of payments over the bitcoin network is expanding at a rapid pace, and in many regards has already surpassed the functionality of our 60-year old credit card networks,” states Tony Gallippi, co-founder and CEO of BitPay. “Butterfly Labs can now ship this merchandise with confidence that there will be no reversibility or chargeback of the payment, which is a significant risk when accepting credit cards online or PayPal.”

For businesses reaching international customers, accepting bitcoin through BitPay offers a tremendous value. The business can accept a payment from customers in any country on earth, with no risk of fraud or chargebacks, which makes it ideal for businesses selling high-priced items online.

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