Accept payments from customers in any country on earth.
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.
Whitepapers
Related reading
Central banks best suited to issue digital currencies
By Aaran Fronda A recent report by the Official Monetary and Financial Institutions Forum (OMFIF) said that central banks rather than private ... read more
Instant payments: innovations inbound for corporates
In 2020, instant payments look set to continue their current trajectory to become the biggest trend in payments. While these schemes already offer numerous benefits to corporates, leveraging innovations such as APIs and request to pay will go some way to unlocking their full potential, argues Michael Knetsch
Obstacles exist for banks to meet ECB’s instant payments goal
The cost of joining instant payment platforms will be one of many hurdles banks and payment services providers must overcome to meet ... read more
Banks must be aware of “biases” in data used to train ML models
Financial institutions need to be conscious of biases in the historical data that is being used to train machine learning (ML) models, ... read more
