BitPay is a popular Bitcoin payment processor and they have now surpassed 10,000 Bitcoin Accepting Merchants that use the services to take on the payments digitally. BitPay had just accepted the 1,000th merchant last year around the same time so that proves BitPay is growing at a rate that is extremely fast.
BitPay was only founded back in the year 2011 and its base is in Atlanta. The Founders Fund managed to raise around $2 million and in January the round closed with $501,000. When the raise happened at BitPay they only had around 2,100 merchants and it was not very popular at that time.
One thing that helps BitPay is the fact it can cross the borders and that it has a network which spans to around 164 countries. People take interest in this system due to the fact that the fees are much lower and people won’t have to worry much about charge backs and not having to worry about this means that the chance of fraud is eliminated for the merchants. Fraud could still happen but if it does happen then the merchant will not have to worry about losing out on their money.
Many of BitPay’s merchants are located in North America. In Europe at least a quarter of merchants are located there and the rest of the quarter is located throughout the world. However, the merchants in the USA continue to grow.
In 2013 the volume of transactions was over $34 million dollars and people used those Bitcoins on services plus goods. In August there was also another record breaking month because they had transactions for over $6.4 million and they also feel that the number will continue to grow.
Investor Shakil Khan said that BitPay was doing a wonderful job with helping to educate the merchants of all the benefits they had when it came to accepting the Bitcoins. The company is young and considering that it has over 10,000 merchants is just amazing. Shakil is an investor and he’s very proud of the progress that is being made with the team Tony has and he’s also proud of all the hard work Tony is doing in order to help ensure that it grows. Khan said Bitcoin has helped with slowing down the banking system. Bitcoins shows that people want a new currency and payment system and they hunger for it.
People use Bitcoin for a variety of things. It is used as a way for people to have digital money but they can also buy goods, services and many other things and this has helped to attract investors who might want to hoard their Bitcoins. Everyone will be watching Bitcoins to see if it continues to grow and find out if this changes the current money policy online.