Bitpay, the largest Bitcoin payments provider for online merchants has announced it will begin supporting other Cryptocurrencies as payment methods, starting with Bitcoin Cash.
We added Bitcoin Cash (BCH) support to the BitPay wallet app in September of this year. Since then, we’ve had growing demand from our merchants and their customers to enable Bitcoin Cash support for our payment processing services, too.
Bitcoin Cash is a blockchain created by a fork of the Bitcoin network. It allows for payments with significantly faster network confirmations and significantly lower miner fee costs.
We will begin adding support for a Bitcoin Cash payment option this year, starting with BitPay Card loads. All BitPay invoices will include a Bitcoin Cash payment option by default in early 2018.
This comes as little surprise, Bitcoin is not currently a viable payment method for small transactions as the fee’s are far to high. For example to purchase a coffee at £2.50 you would likely pay more in fee’s then the cost of the coffee itself.
They don’t state which other cryptocurrencies they are going to integrate, however the most likely candidates would be Ethereum, Dash, Ripple and Monero.
Bitcoin (BTC) need to crack on with fixing their transactional issues, accepting that Bitcoin is just a store of value – a digital gold so to speak isn’t good enough. We want a digital gold, digital cash asset all in one package that is quick and cheap to use.
The lightning network promises to solve much of the problems in regards to Bitcoins transactional issues however it has still not been deployed. Here at the Blockcrypt we are neither team Core or team Cash. We hope both can survive together in harmony, though this is looking less likely by the day.