Friday, October 7, 2022

BitPay Announces Payment Processing Support for Bitcoin Cash

BitPay Announces Payment Processing Support for Bitcoin Cash

BitPay, a longtime backbone of Bitcoin’s infrastructure, has announced today that it will expand its payment processing services to other cryptocurrencies — starting with Bitcoin Cash.

Also read: TD Ameritrade Jumps on the Bitcoin Futures Bandwagon

BitPay Explores Other Payment Processing Options Outside of Bitcoin

This is the first time BitPay has seriously considered processing non-bitcoin payments since its founding in 2011.

The company made the announcement on their official blog, saying that it was founded on the idea that the “Bitcoin blockchain could make payments faster, safer, and more efficient than ever before.”

Citing growing demand for alternatives from merchants, however, BitPay made the decision to support altcoin payments. In doing so, the company made sure people understood that extended support did not mean they were abandoning Bitcoin.

Indeed, they claim their decision stems from the fact that top altcoins were inspired by the original Bitcoin blockchain, hence they are staying true to their original vision as a company.

Furthermore, BitPay will also continue their developmental efforts in supporting original bitcoin payments. According to the blog write-up, this means experimenting with and trialing SegWit transactions as they continue to advance the currency as a payment option

Is Bitcoin Finally Feeling the Repercussions of the Scaling Race?

It seems Bitcoin’s scaling problem has finally come home to roost as the currency has recently gotten a taste of mainstream success, and with it, a demonstration of its current limitations.

As a result, Bitcoin Cash, the original chain’s primary crypto rival, is now seeing unprecedented support from Bitcoin’s own infrastructure with BitPay’s recent announcement.

Additionally, on the same exact day as BitPay’s announcement, Coinbase’s president hinted at potential support for the crypto in an interview with CNBC.

He claimed that it would be it would be “directionally accurate” to consider Bitcoin Cash as a cryptocurrency that satisfies the company’s guidelines for listing, thus opening up the door for a possible listing in 2018.

Bitcoin effectively turned to an exclusively off-chain approach to scaling with the Bitcoin Cash fork and rejection of the 2X compromise. They did so with an understanding that such an approach would likely take longer to implement.

SegWit is something that Bitcoin supporters are hoping acts as a long-term answer to network congestion and high fees; a problem that seemingly boiled over after Steam announced it would stop supporting Bitcoin as a payment option last week.

Is the long-run already here, is it time to get sober?

What do you think of BitPay announcing Bitcoin Cash support for its payment processing services? Let us know in the comments below.

Images via BitPay, Bitcoin Cash

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