After receiving several requests over the years to integrate more than one digital asset, Bitpay has now taken action by launching top ups though Bitcoin Cash. This is in line with the promise made by Bitpay last December that it would be ready to streamline payment processing by working with multiple blockchains. It is indeed a step in the right direction considering that the company has, since its inception, only served Bitcoin (BTC) payments.
By enabling top ups through cash debit cards, the company seeks to give customers a choice to make informed choices with regards to miner feel levels and confirmation times that best suit them. Notably, Bitpay now makes it possible for customers to make Bitcoin Cash Visa loads as from March 1st, 2018 as part of the pilot program before it expands to other debit cards.
How to Access the User Interface
One can access the user interface for the cryptocurrency debit card by choosing their preferred option to top up a given amount of cash. The user will then be taken to the option of choosing between BCH and BTC payment options. Currently BTC chain charges are roughly 1.9 percent as network fees. The card holder will then be provided with an invoice after choosing BCH, with up to 14 minutes of wait time to make the payment.
According to Bitpay’s announcement, BTC and BCH differ in terms of network fees, exchange rates and confirmation times. As such, the user is given a chance to make comparisons in order to determine the blockchain payment method that favors them most.
The Bitpay team in a statement notes,
You can order a BitPay Card for $9.95 and pay with Bitcoin Cash, and you can load your card with dollars using Bitcoin Cash.
The Impact on the Price of Bitcoin Cash
It is interesting to note how this announcement has greatly affected the price of Bitcoin Cash. In fact, it shot to up to over $1300, with over $600 million in overnight sessions being traded. However, the price has since dropped back to around $1270.
Social media was awash with excitement following the integration of Bitpay’s BCH card. These supporters are therefore looking forward to the full implementation all merchant invoices related to the company. In fact, this development has seen many BCH proponents get back to using their dormant Visa cards.
With such development in the industry, more enthusiasm is expected as technology makes it even more convenient to make payments and top ups. Following Bitpay’s pioneering move, more are expected to follow suit and bring even more vibrancy to the industry which had stagnated when it comes to top up and payment options.
What do you think about Bitpay’s move? Is this a step in the right direction? Let us know you thoughts in the comments below.