BitPay is now the largest company to accept Bitcoin, says COO Sonny Singh
Bitpay is now the largest processor of Bitcoin all across the globe. In the year 2017, the US headquartered company had processed $1.2 billion. Sonny Singh, the Chief Operating Officer of Bitpay, in a recent interview confirmed the statement, saying: “Yes, we are the largest processor of bitcoin in the world. We processed around 1.2 billion dollars with the payments last year.”
Apart from establishing the factor that they are the leading Bitcoin processor, his statement further cemented the already established presence of Bitcoin in the world of cryptocurrencies. Singh is hopeful about the future of this top cryptocurrency: “Bitcoin is actually working, it’s amazing, I’m very confident that it will become a main street product in the next couple of years. It just takes a little time, but it’s moving very fast in Fintech time.”
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Bitcoin over Debit and Credit Cards
Singh is of the opinion that transferring one’s payment mode from card transactions to Bitcoin, will only save people their hard-earned money. While the merchants in America save a lot of money by paying with bitcoin, “because they pay 1% of the transaction fee, but with credit cards that’s 4%”. For consumers, “it’s better and quicker than credit cards, and better for privacy”.
The broad implementation of Bitcoin
The Chief Operating Officer further establishes the fact that Bitcoin is implemented “all around the world for things other than speculation and trading”. It is a good means of payment.
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Other cryptos on Bitpay
“BitPay is neutral, we do whats best for our merchants.” The company has added bitcoin cash support about 4 months ago, as the Q4 of 2017 showed bitcoin mining fees were getting so expensive. “When you are going to make a payment, you can choose which one to use according to the miner fee, Bitcoin or Bitcoin Cash. It’s totally up to you.”
In the future, the company has further plans to “methodically” introduce more coins in Bitpay.
Image via Shutterstock
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