Towards the end of 2017, the bitcoin payment processor Bitpay disclosed it would make the processing of transactions by the multiple blockchains possible beginning with the bitcoin cash chain. BCH transfers apply to the firm’s Visa card invoice loads.
Bitpay Aids Bitcoin Cash Visa Loads
The payment company—Bitpay—has started its early rollout to help bitcoin cash payments. According to News.Bitcoin.com’s report, Bitpay announced last December that it would be working with multiple blockchains for payment processing.
Founded in 2011, the company’s only worked for bitcoin core (BTC) payments for an inordinate length of time. Nonetheless, Bitpay elucidated that it had received numerous demands over the years to sustain more than one virtual asset. The company, in depth, detailed that at that time, proposing a choice to customers would assist them to select the best “confirmation times, and miner fee levels that work for them.”
Since the 1st of this month, Bitpay Visa card-holders will be the first to have access to the bitcoin cash integration. When gaining access to the virtual currency debit card’s user interface, there will be options on the screen to load a particular amount of money to the card.
After picking an amount, the user is free to pay in either in BTC or BCH. At this point in time, network costs for the BTC chain is approximately 1.9%.
In the meantime, BCH network costs—according to Bitpay’s load screen—are zilch. After selecting BCH, the holder of the card is welcomed with an invoice that details the estimated payment terms and the user has 14 minutes to pay.
“These two blockchains have differing exchange rates, network fees, and confirmation times. You can do a side by side comparison whenever you are making a payment so you can decide which payment method works best for you,” explains Bit pay’s announcement.
After the announcement, the price of bitcoin cash went up fast exceeding $1,300/BCH and saw over $600Mln in trade volume all through the overnight trading sessions.
The value has moved back to levels earlier, and the price of BCH today is around $1270. Bitcoin cash supporters throughout social media and forums were euphoric with Bitpay’s BCH card integration and cannot wait for the full implementation for all of the company’s commercial invoices. One BCH champion said the decision had urged him to begin using the Visa card again after not utilizing it for quite some time.
“I just showed them support by loading my card again for the first time in 9 months, will go spend some today,” explains a BCH supporter.