Jeff Fawkes is a seasoned investment professional and a crypto analyst. He has a dual degree in Business Administration and Creative Writing and is passionate when it comes to how technology impacts our society.
BitPay Stablecoins Payment Gateway (BPSPG) is a volatility-free payments network boosted thanks to the most popular stablecoins.
Stablecoins are almost completely banned in developed countries and zones like China or the EU. But BitPay claims that they’re launching a worldwide stablecoin payment solution. BP is one of the world’s largest providers of the BTC and BCH merchant API’s. Ever tried to pay for a DDoS service, a cloud server, or a private VPN? They do accept credit card payments, yes. But if they don’t, they will surely take your precious crypto using BitPay.
Now BitPay is allowing the merchants and consumers worldwide to make payments via stablecoins. The company had added support for Circle‘s USDC Coin (USDC), Paxos Standard Token (PAX), and the famous Gemini‘s GUSD.
The three stablecoins, however, are added to the wallet app by BitPay. Allowing consumers to spend dollar-alike assets in Microsoft store, at Avnet, or send the assets with high speed to relatives or dearest ones. The wallet will feature a full stack of usual operations to control, manage and store the stablecoins’ private keys.
BitPay claims that those stablecoins have gained momentum in recent years. At the same time, stablecoins record their transactions on an immutable public ledger, thus they work similarly to classic cryptocurrencies.
Please note that privacy professionals would prefer sending or receiving money via anonymous blockchains, like Monero or Beam, to ensure that:
a) physical activity is not linked with the blockchain
b) the funds are sitting within a favorite coin, supplying the market
c) holding crypto gives liquidity against government issues and inflation, but could hit via volatile prices
Stablecoins Are Good when Backed Well
Have you noticed that there is no Tether stablecoin on the list? It is either because BitPay doesn’t want to spend time on the integration, or the management doesn’t see the need to do so. When you don’t back the stablecoins well with transparent reports and all the docs, the big businesses are staying away from you. Anyways, let’s hear Walter Hessert, CSL at Paxos who explains the benefits of his token:
“By using PAX to make everyday payments through BitPay, customers send USD quickly and retailers get paid immediately. Using PAX in payment and settlement is a crucial step forward as customers can now spend their PAX with more than 30,000 BitPay merchants around the world.”
Don’t forget about the Gemini dollar. Gemini is one of the few exchanges that passed a complete accounting audit. The U.S. dollar fuels their stablecoin, so don’t underestimate assets made by the twins.
Circle’s USDC is a somewhat famous asset, like many other ones. It is currently curated by Justin Sun of Tron. No matter what you think about Sun. One thing is clear: he will make the best he can to promote any projects he relates to. Including preserving their reputation, as with the case of Poloniex being a very strange exchange from 2017 till 2019. One of the interesting tricks they used to practice: Freeze top-up payment in Ethereum Classic in mid-2017 during the bull market. The tokens were hostages for several months, according to several dozens of Reddit claims.
What BitPay Offers to Clients?
Their offer is a B2B payment solution, where BitPay is accepting the crypto payments from anonymous people on behalf of the large international businesses. And the businesses receive dollars from BitPay after transaction gains the holy 3 network confirmations.
BitPay challenges domain and hosting providers, VPN operators, Porn website admins and other web administrators. BitPay agents say: without a convenient way of accepting Bitcoin, your web businesses partially lose the audience because “internet guerillas” need to spend their virtual merit somewhere. And blurred encryption-related services is one of the best fields in the whole crypto industry. BitPay used to charge a fee for Bitcoin payments while avoiding the fees when a user chose Bitcoin Cash payment option. Some Bitcoin maximalists were angry.
Most of the adequate people, however, are comfortable paying for the domain via their fiat debit card. This is one more proof that it is you own the domain name, besides other stuff. By paying for a domain with Bitcoin you’re like saying “Hey, I’m stealing this money from somebody” or “I pay with dirty money”. They doubt that you are one of those “Underground” revolutionists. So there is no need to pay for any encryption-related stuff with Bitcoin to prove yourself that you can undermine the government.