Bitpay Restores Merchant Payments from Any Bitcoin Wallet or Exchange

By RTTNews Staff Writer | Published: 2/5/2020 9:22 AM ET

Bitcoin Payment Processor BitPay reinstated merchant payments against BitPay invoices from any cryptocurrency wallet, app or exchange. This was discontinued after users complained of delays due to network congestion and related high transaction fees at around the time when Bitcoin hit its peak in 2017.

At that time, BitPay had in place a payment protocol called “BIP70” and limited the acceptance of payments from only a few Bitcoin, Bitcoin Cash (BCH) and Ether (ETH) wallets. In addition to the BIP70 protocol, the payment processor also added the JSON payment protocol in 2018.

As it begins to add support for all Bitcoin wallets starting February 4, BitPay will continue to use the BIP70 payment protocol and JSON payment protocol.

For merchants, this move by BitPay is expected to help boost their sales and help them to access a broader customer base of crypto holders.

BitPay also framed a message to be sent by merchants to their customers on the procedure to make payments. The users have to select the wallet or exchange and follow any payment tips provided by BitPay for a successful transaction. The user has to then scan the QR code or click the QR code to copy the amount due and the address the payment is to be sent and paste it into your wallet, app or exchange to complete the required payment.

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Article written by an RTT News Staff Writer, and posted on the RTT News.com website.

Article reposted on Markethive by Jeffrey Sloe