Review on BitPay by jesus ruiz
BitPay, a solution for electronic commerce
Since its inception, BitPay has specialized in making sellers of goods accept payments in cryptocurrencies, without being exposed to the volatility of these. As we all know, when buying with cryptocurrencies, the seller receives fiat money, i.e. non-fiat money, directly in their bank accounts, that is where BitPay intervenes to take care of converting the cryptocurrencies with which the payment was made.
BitPay seems to position itself at the forefront of technology, and has been creating more tools and services for everyone to use in new and innovative ways.
In this sense, it announced that it will now process payments with merchants that have the service through these three stablecoins: Gemini Dollar (GUSD), Circle's USD Coin (USDC) and the Paxos Standard Token (PAX).
Payment with stablecoins solves one of the problems of cryptocurrencies, which is volatility in the market. They are also thinking of implementing stablecoin settlement options for traders in regions with poor banking infrastructure.
There are countries with economies in frank deterioration, due to the high and growing inflationary index, the economic uncertainty that affects citizens and the constant devaluation of their currencies, makes their inhabitants increasingly seek foreign currency, either to protect in some way the scarce purchasing power they still have or for the purchase of products that, due to shortages and low production, are no longer available in the country or have very high costs. For this, they take advantage of services such as Amazon or eBay.
It is here where BitPay has become a very good alternative, given the properties it has as an exchange platform, but it is especially valuable due to the fact that governments cannot regulate the use given to the currencies it handles, due to its anonymous and exclusively personal nature, in which each individual acts as his own cashier and transactions do not have to pass through the hands of an institution to be processed.
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Pros
- Easy and fast to use
- It has a card for use in physical stores and for cash withdrawals.
Cons
- Not available in Venezuela
