Sunday, April 23, 2017
  • Texas Department Of Banking Crystallizes Treatment of Virtual Currencies Under the Texas Money Services Act

    Texas has it right on cryptocurrency regulation. The full text, including introduction and analysis, of the Texas Department of Banking memorandum can be found here: Regulatory-Treatment-of-Virtual- ...

    Rate this blog entry:
    1
    Thursday, April 03 2014
  • Sacramento Kings Become First Professional Sports Team to Accept Virtual Currency Bitcoin

    SACRAMENTO, CA – January 16, 2014 – Today, theSacramento Kings announced they will become the first major professional sports franchise to accept Bitcoin, a popular online currency. The bitcoin purcha ...

    Rate this blog entry:
    0
    Thursday, January 16 2014
  • BitPay Exceeds $100,000,000 in Bitcoin Transactions Processed

    Also Surpasses 15,500 Merchants   ATLANTA -- December 11, 2013 --BitPay Inc, the world leader in business solutions for virtual currencies, announces it has processed over $100 million in trans ...

    Rate this blog entry:
    0
    Wednesday, December 18 2013
  • BitPay Drives Explosive Growth in Bitcoin Commerce

    BitPay Drives Explosive Growth in Bitcoin Commerce Also sees rapid enrollments in all-inclusive processing plans   ATLANTA -- December 2, 2013 --  BitPay, the world’s leading merchant p ...

    Rate this blog entry:
    0
    Monday, December 02 2013
  • BitPay Launches Bitcoin Merchant Directory

    BitPay, in keeping with its mission to build a better e-payments world, has launched a new global bitcoin directory which features many of the world’s greatest bitcoin-accepting merchants. Shoppers lo ...

    Rate this blog entry:
    0
    Monday, November 25 2013
  • BitPay Processes $1 Million Bitcoin Merchant Transaction

    Bitcoin Magazine Original author:  Elizabeth Ploshay The Bitcoin economy has now surpassed 2 billion USD and transactions sizes between USD and BTC continue to rise. Just this morning, lead Bit ...

    Rate this blog entry:
    0
    Tuesday, October 29 2013
  • The Austin Bitcoin and Cryptocurrency Group Will Meet Tuesday, October 1, 2013

    The weekly Bitcoin and Cryptocurrency Meetup Group will be meeting this Tuesday, October 1, 2013, at 7:00 pm at Central Market. Feel free to stop by and join the conversation. ...

    Rate this blog entry:
    0
    Monday, September 30 2013
View more blog entries

Blog

  • Home
    Home This is where you can find all the blog posts throughout the site.
  • Categories
    Categories Displays a list of categories from this blog.
  • Tags
    Tags Displays a list of tags that have been used in the blog.

BitPay Processes $1 Million Bitcoin Merchant Transaction

on in Business

Bitcoin Magazine

Original author:  Elizabeth Ploshay

The Bitcoin economy has now surpassed 2 billion USD and transactions sizes between USD and BTC continue to rise. Just this morning, lead Bitcoin payment processing company, BitPay, announced the processing of the largest Bitcoin merchant transaction ever of 1 million USD. BitPay not only set a record, but also processed, cleared and settled this transaction next business day for Butterfly Labs. BitPay, unlike PayPal, the lead USD payment processing company, guarantees no reversibility or chargeback of payment.

BitPay issued the following press release:

BitPay Processes $1 Million Bitcoin Merchant Transaction  

Processes, Clears, and Settles to Merchant’s Bank the Next Business Day

ATLANTA — October 29, 2013 — BitPay, the world’s largest payment processor for virtual currencies, announces that it has processed its largest bitcoin merchant transaction ever, a single order for $1,000,000 for Kansas City-based bitcoin mining hardware manufacturer Butterfly Labs.  BitPay  processed, cleared, and settled the transaction within their normal one business day time frame directly to Butterfly Labs’ bank account.

 “The speed, reliability, and certainty of payments over the bitcoin network is expanding at a rapid pace, and in many regards has already surpassed the functionality of our 60-year old credit card networks,” states Tony Gallippi, co-founder and CEO of BitPay.  “Butterfly Labs can now ship this merchandise with confidence that there will be no reversibility or chargeback of the payment, which is a significant risk found when accepting credit cards online or PayPal.”

Butterfly Labs sells bitcoin mining hardware, which is part of the distributed computing network that secures the bitcoin accounting ledger.  The amount of computing power of the bitcoin network has grown exponentially this year, from 20 Terahashes per second (Th/s) on January 1, 2013, to 3000 Terahashes per second today.  The network took 4.5 years to reach 1000 Th/s, then one month to reach 2000 Th/s, then and week to reach 3000 Th/s.  

BitPay has also expanded the translations of its checkout process into 40 languages, with new additions including French, Chinese, and Portuguese.  Customers making a bitcoin purchase with BitPay can now view and complete the entire checkout process in their native language. Business selling electronics, jewelry,  and  computers can now increase their exports to emerging markets as these items tend to be the most often purchased internationally.

For businesses reaching international customers, accepting bitcoin through BitPay offers a tremendous value.  The business can accept a payment from customers in any country on earth, with no risk of fraud or chargebacks, which makes it ideal for businesses selling high-priced items online.

CEO Tony Gallippi will be speaking on Bitcoin’s Place in the Global Financial Market at Webit Congress November 6th in  Istanbul, Turkey.

About BitPay

BitPay is a Payment Service Provider (PSP) specializing in eCommerce, B2B, and enterprise solutions for virtual currencies. Visit https://bitpay.com.

Rate this blog entry:
0
Tagged in: BitPay

Comments

  • No comments made yet. Be the first to submit a comment

Leave your comment

Guest
Guest Sunday, April 23 2017