The BitPay Wallet – An Easy to Follow Guide for New Users

Wallet Reviews / 20.11.2020

The BitPay Wallet entered the market to provide users a simplified Bitcoin experience. Notably, BitPay focuses on merchant services as one of its core strategies. Consequently, merchants can use the platform to quickly accept top cryptocurrencies such as Bitcoin via an online portal. Consequently, the wallet is recognized as an ideal choice for both businesses and average users that want to accept Bitcoin.

Benefits of BitPay Wallet

There are many benefits that the BitPay wallet brings to the market. For one, the platform is one of the most convenient options available today. Both users and merchants enjoy an easy setup. The platform also provides a high level of personalization to fit your needs. Here are the top reasons to give BitPay a try:

International

BitPay was built from the ground up to support the needs of an international community. The platform supports multiple languages. Impressively, you can send invoices in 40 different languages. Additionally, you can see the value of your holdings in 150 different currencies. This strategy makes BitPay a wise choice for major firms seeking a Bitcoin wallet alternative.

Streamline

Another huge benefit BitPay users enjoy is access to a fiat on-ramp. Fiat on-ramps are how people convert their fiat currency to cryptocurrency. BitPay eliminates the need to use an exchange to accomplish this task. This elimination saves users in fees and time. Along the same line of thought, BitPay also supports direct bank transfers.

Business Oriented

BitPay’s merchant wallet options include a clear user interface and a web-based checkout portal. Impressively, this portal supports multiple user capabilities. This feature falls in line with the wallet’s multi-sig features. Multi-signature wallets are more secure to use for organizations because they require multiple parties to sign off on any withdrawals. Consequently, these wallets are tough to hack.

BitPay Security

Speaking on security, BitPay has a reputation for high standards in the market. The platform was built on Bitcoin’s blockchain, so it enjoys support from the world’s largest blockchain. Also, users gain protection from other advanced security features such as 2-factor authentication and cryptographically secure APIs.

Customer Service

BitPay offers a variety of ways to get help when needed. You can submit a live ticket, phone, or email. Notably, the firm only offers live support to large companies. The average user will need to utilize the ticket functions. In most instances, the firm responds in around 6-hours.

Interoperability

BitPay offers merchants a lot of interoperability to increase its overall value. For example, the wallet supports multiple billing plug-ins. The network can also accommodate direct point-of-sale integrations. Both features make BitPay more flexible.

How Does BitPay Wallet Work

BitPay leverages an array of cutting edge technologies to provide you with a top-quality Bitcoin experience. The platform relies on two open-source wallets to accomplish these goals – BitPay and CoPay. Currently, both are available as both a desktop client and mobile app. Best of all, the wallets are free to download.

BitPay Wallet

The BitPay wallet is the firm’s primary service. This wallet entered the market in 2016. Notably, it was built on top of the firm’s other product, the CoPay Wallet platform. Unlike its predecessor, BitPay offers more functionality. Users can convert, spend, and purchase items using this platform.

Gildera

BitPay’s wallet leverages a new feature known as Gildera to increase usability. The feature allows users to trade Bitcoin without storing them in exchange. This system also allows users to manage their BitPay Visa Card. Users can check their balance and load more funds with a click.

BitPay Wallet Card

The BitPay Card is one of the best features of the network. The card entered the market in 2016. Users can make and accept crypto payments using the card. Additionally, the card functions as a Debit/Credit Card. It allows you to utilize your Bitcoins anywhere that accepts Visa.

Notably, the network executes transactions at a physical point-of-sale register. When you swipe your BitPay card, it registers the purchase amount and instantly sells that amount of Bitcoin. The fiat currency is then deposited in the merchant’s account. This strategy allows BitPay wallet users to spend their Bitcoin nearly anywhere, globally.

CoPay and BitPay

CoPay is the second wallet application BitPay operates. This wallet is a stand-alone application that doesn’t directly interact with BitPay’s primary wallet system. The hierarchical deterministic (HD) wallet provides a high level of security for commercial clients. For example, your keys remain cryptographically encrypted. Also, the system supports multi-signature applications. This is a good feature for businesses or groups that rely on large crypto transactions with multiple administrators.

History of BitPay Wallet

BitPay is one of the oldest wallet options in the market. The wallet was established in 2011 by long time Bitcoinist Tony Gallipi. Today, BitPay has its main headquarters in Atlanta, Georgia. The platform is one of the most popular wallet options globally. The wallet currently services 38 countries. Additionally, the firm managed to secure multiple high-level partnerships with Paypal, WordPress, NewEgg, and Microsoft.

How To Use BitPay

Signing up for BitPay is simple and free. You will need to download the Dapp first. It’s currently available on Windows, Android, Apple, and Linux. Once you have the wallet installed, you will need to verify your account. Since BitPay facilitates fiat-to-crypto conversions, you will need to verify your identity to use its services.

Once you complete the KYC/AML verification, you are ready to start using your wallet. You can also sign up for the debit card at this time. The card will arrive in the mail in around a week. You will need to activate the card once t arrives to use it. From there, the wallet’s operations are all standard. You can send and receive Bitcoin directly. You can choose to send and receive using addresses or QR scan codes to make things easier. 

BitPay – The Best Option for Businesses

When you compare all the features and security gained from integrating BitPay, it’s no surprise this platform will gain popularity. As one of the most reputable crypto debit card options available, BitPay is set to retain its title as a top cryptocurrency wallet and platform for the foreseeable future.

David Hamilton aka DavidtheWriter is a long time Bitcoinist and cryptocurrency journalist. Currently, he has over a thousand articles published on blockchain technology. His expertise and experience makes him one of the most reputable writers in the sector.