bitpay review

BitPay Review 2022: Fees, Comparisons, Complaints, & Lawsuits

A cryptocurrency wallet software program called BitPay Wallet (formerly referred to as ‘Copay’) enables you to handle multiple wallets/accounts in one place. Unlimited trades are possible since they allow you to receive cryptocurrency transactions through mail invoicing, person-to-person, and the internet.

The service also uses crypto-security safeguards and interfaces with numerous third-party software packages. BitPay Wallet can be installed on Windows, Mac, and Linux computers, and utilized on Android and iOS mobile devices. Find out more in this BitPay Review 2022!

Overall Summary of BitPay Payment Systems

Headquarter  Atlanta 
Contract Length  3-year
Monthly Fee  $10 issuance fee
PCI Fee Undisclosed 
Customer Support  Yes
Owner  Tonny Gallippi and Stephen Pair 

 

BitPay Origin, Headquarters, and Owners

BitPay was established in 2011 and headquartered in Atlanta, Georgia. It has seen remarkable growth in recent years and received $510,000 from various investors at the start of 2013.  

After receiving funding from Horizon Ventures, a venture capital company founded by China’s wealthiest man, the business was able to expand its operations. When BitPay’s chief financial officer fell victim to a phishing scam in late 2014, the company lost more than $1.8 million in Bitcoin. 

Rather than representing a widespread breach of BitPay’s systems or a widespread deception of BitPay members, these losses seem to result from a single occurrence, and the company has paid a high price.

Interesting News in History

When BitPay issued a warning to its customers in November 2018, it referred to an infected code designed to steal private wallet keys from those who used the Copay (its open-source wallet) app. 

A hacker constructed a backdoor into the service by installing malware in an open-source library that Copay relied on, which allowed the hacker to access the service. 

Those who used the Copay app on Android and iOS versions 5.0.2 through 5.1.0 were the most at risk, and it is recommended that they avoid relaunching the app and update their impacted wallets, then move money from compromised accounts to wallets running version 5.2.0. A representative from the company has said that the malicious malware did not impact BitPay wallets.

Services and Features of BitPay

Here are the primary services offered by BitPay:

  • Help Library 

The provider offers a comprehensive assistance library to its customers that aids you in realizing the full potential of the service to get a high return on investment (ROI) from the product purchased.

  • Settlements 

BitPay Wallet’s dynamic settlement options allow you to settle your accounts with bitcoin, conventional money, or a mix of the two, depending on your needs. 

It can deposit money straight into your bank account, and a comprehensive list of the international and cryptos that are supported can be seen on their website.

  • Integrations 

Several third-party software integrations are included with the application. You can sell your products online via interfaces with prominent e-commerce platforms like Shopify and Magento, while interoperability with code libraries enables you to customize your website’s backend further.

  • Merchant Directory 

Access to a complete database of merchants that do business in cryptocurrency is included with the purchase fee; this enables you to spend your coins on products and services just like conventional money.

  • Security 

In light of the fact that no state or commercial organization can protect the safety of cryptocurrencies, BitPay Wallet strives to provide considerable measures to keep your bitcoin money safe and protected.

As a result of using two credentials, a multi-signature account protects you against costly fraudulent activities. Moreover, BitPay serves you with strong data encryption methods to protect your wallets from malicious attackers who try to gain access to your system. 

  • Email Billing 

With easy email billing, you can streamline the invoicing process. BitPay allows you to send automatic bills to your most loyal clients, increasing your revenue. 

There is also the ability to take payments in various local and cryptocurrency currencies, facilitating the invoicing and billing process.

  • Payment Processing 

The service allows you to perform an infinite number of crypto-payment transactions from various sources using a single account. 

With the BitPay Wallet smartphone app, users will be able to collect payments online, through email, and even in person, providing comprehensive bitcoin payment processing capability.

  • Multiple Wallets 

When you use BitPay Wallet, you can combine all of your cryptocurrency holdings into one area, allowing you to maintain several wallets under a single account. 

Because your cryptocurrency assets are consolidated into one page, you won’t have to navigate between numerous platforms, wallets, and exchanges to handle your crypto holdings.

Fees and Charges of BitPay

The issuance charge is the first and most noticeable cost you will encounter while using the card. The first time you get your BitPay card or receive a replacement card, you will be required to pay a $10 issuance fee to BitPay.

This is more than most credit cards charge, yet it is still a very tiny sum in comparison. When you use the card to withdraw money from an ATM, you will also be charged a small $2 fee. 

When you spend money outside of the United States, you will be charged a currency conversion fee of 3 percent. The BitPay software is used to load bitcoin onto your card, and there is a cost for this service.

Is BitPay Worth It?

The service is loaded with various features that will accommodate you in terms of online business transactions safely utilizing cryptocurrencies. Receive funds in person and digital currency, and have money sent directly into your bank account.

If you’re looking for cryptocurrency wallet software that enables you to combine many accounts and cryptocurrencies into a central site, BitPay Wallet could be the right fit for your business.

The Bottom Line

After a thorough assessment in our BitPay Review 2022, we can say that BitPay is a low-cost, dependable Bitcoin and crypto-currency processing service. 

Because the company is expanding fast and  still in its early stages, merchants can expect to see changes (for the better or worse) immediately. 

Many retailers and consumers who are only mildly interested in exchanging virtual currency use BitPay because it is on the bleeding edge of crypto acceptance and one of the most convenient solutions available.