The leading cryptocurrency wallet, BTC.com announced that it now supports Bitcoin Improvement Proposal 70 (BIP-70) for processing bitcoin payment transactions between customers and merchants that will enable its million users to buy products from Bitpay which has a $1 Billion merchant market.
Since 2015, BTC.com has processed more than $5 billion worth of bitcoin (BTC) and bitcoin cash (BCH) and is set to connect its users to thousands of merchants on Bitpay who only accept BIP-70 compliant wallets.
BIP-70 is particularly favored by merchants because it provides a better customer experience and a more secure end-to-end transaction framework. It also enables users to safely store their private keys on its multi-signature mobile wallet and grants full control over their cryptocurrencies with access to more goods and services than ever before.
Sean Rolland, Director of Product, explains
“We appreciate BTC.com’s support for BIP-70 as Bitpay works to make Bitcoin commerce payments easier and even more secure. With BIP-70, we have seen a drop from an 8%+ payment error rate (in dollars) to a 0.27% error rate. It’s this ability to ensure correct payments using BIP-70 helps the entire industry to grow.”
Alejandro de la Torre, VP of Business Operations, BTC.com, said:
“We’re always striving for new methods and partnerships to expand the use of BTC and BCH as a currency and integrating with BitPay is an important step towards transacting with retailers and merchants.”
He also believes that the cryptocurrencies can now begin to compete with traditional financial service providers. He went on to add ” By enabling customers, merchants and the Bitcoin community to utilize Bitcoin in commerce will sow the seeds for cultivating deep and sustainable growth from the whole bitcoin community. ”
Merchants have gradually started adopting Bitcoin payments since Bitpay currently charges One percent (1%) fee which is much lower than the two to three percent (2%-3%) charged by traditional credit and debit card processors. Confirmation time is also faster and KYC/AML is also not mandatory which will appeal to a lot to first-timers.
Blockmanity’s Take
The partnership between BTC.com and Bitpay is a monumental announcement that will help cryptocurrency payments go mainstream. Payments will be instantaneous and much cheaper than before. We hope that Crypto payment adoption will fasten after this news.
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