n China Merchants Bank International is partnering with Nervos to apply blockchain technology to its financial servicesn
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39,000 More Merchants Can Accept Litecoin With Flexa Integration
n Litecoin is now accepted by around 40,000 more merchants including Whole Foods, following integration with Flexa networkn
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Coinbase Now Lets Merchants Accept Payments in USDC Stablecoin
Coinbase Commerce, the crypto exchange’s merchants payments offering, has added support for dollar-pegged stablecoin USD Coin.
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Paying the Price WeChat Merchants Banned From Crypto Payments
n It is precisely this type of restriction of freedom that will push people to use crypto, Chinas crypto community remains positive despite tightening restrictionsn
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Payment Services Provider Aliant Introduces Free Crypto Processing to Some Merchants
n U.S. payment processing firm Aliant Payments offers free crypto processing to qualified U.S. and EU merchantsn
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New Zap Point-of-Sale App Enables Merchants to Accept Lightning
n nn nn A new point-of-sale PoS app released by Zap allows merchants to independently accept transactions on the Lightning Network.Jack Mallers, the founder of Zap, described some of the properties of this new app on a recent Twitter thread. Mallers also spoke with Bitcoin Magazine to elaborate on some of the inner workings of the project.Zaps new PoS protocol was recently put to the test at a Chicago cocktail lounge, uploading the menu onto the app and allowing c
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Blockchain-Based E-Commerce Platform to Help Merchants Open Shops Without Startup Capital
n A blockchain-based e-commerce ecosystem says billions of social media users represent a form of idle labor. Heres how it plans to change that SPONSOREDn
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You Can Now Pay With Bitcoin Via Lightning at CoinGates 4,000 Merchants
n nn nn CoinGate, a bitcoin payment processor, has launched bitcoin Lightning Network payments on its platform, bringing the option to accept Lightning payments to its 4,000 clients.The Lithuanian company enables merchants to accept bitcoin payments for their products or services. Merchants can keep the funds in bitcoin or CoinGate will convert those funds to Euros or U.S. dollars for customers who want to avoid dealing with bitcoins volatility. In a blog post ann
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BitPay Announces the Launch of Its Bitcoin Cash Option for Merchants
Bitcoin payment services provider BitPay, a global leader in processing payments for merchants, has announced the much-awaited option of receiving settlement in the form of Bitcoin Cash.
The news hasn’t had an effect on the price of the cryptocurrency as of yet, as BCH continues its downslope towards the 0 line.
BitPay Responds to Merchant Demand by Launching Bitcoin Cash Option
Founded in 2011, BitPay has made a name for itself by giving merchants tools for accepting blockchain payments from their customers, as well as providing its customers with reliable bank settlements. This includes their own local currency (USD, EUR, etc.) without the risk of volatility. Bitpay mitigates the risk of Bitcoin price volatility by converting Bitcoin to a local currency immediately.
The company based in Atlanta, Georgia, USA, announced Bitcoin Cash as its second digital currency settlement option for BitPay merchants.
“Since our springtime launch of Bitcoin Cash payment processing, BitPay merchants have been able to accept Bitcoin Cash payments from customers alongside Bitcoin payments. Now they can get their settlement payments in Bitcoin Cash, too. We’ve been hard at work to deliver this new settlement option and close the payments loop for merchants serving Bitcoin Cash customers.”
The BitPay community on Reddit cheered the news and some concluded that the cryptocurrency payment services provider has worked hard to offer the altcoin option in response to merchant demand.
Fees on the Bitcoin Cash network have historically been considerably lower than those on the Bitcoin network. The BCH average transaction fee on Thursday was 0.0157, while Bitcoin cost 0.704, according to BitInfoCharts.com.
During the peak of the cryptocurrency fever in late 2017, Bitcoin fees jumped above 50%, which caught the attention of BitPay CEO Tony Gallipi.
“How many #Bitcoin UTXOs are currently unspendable? I just received and now it will cost me more than that to spend it”, he wrote on Twitter in November 2017.
the average #bitcoin transaction has a fee of 100,000 satoshis.
source: https://t.co/5qGCKGRtMo57.26% of all bitcoin addresses contain less than 100,000 satoshis.
source: https://t.co/F7Oz4c2GWh— Tony Gallippi (@TonyGallippi) November 17, 2017
BitPay first announced the decision to add the Bitcoin Cash option in March 2018, including the ability to use BCH tokens to purchase gift cards in-app from Amazon and Mercado Livre, a leading Brazilian online marketplace. Since then, it was possible to use BCH with the BitPay Visa debit card with no fees.
The platform, however, began integrating BCH support with almost all of its partner merchants several weeks prior to that first announcement.
Bitcoin Cash, with a market capitalization value over billion, has been stuck below the 0 mark since losing the handle in early August. Despite the good news for the BCH ecosystem, the cryptocurrency remains priced below 0.08 BTC.
Featured image from Shutterstock.
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PayPal CFO: Merchants Don’t Use Crypto Because of Its Volatility
The CFO of PayPal has stated that merchants using the service are not in favour of accepting cryptocurrency payments. John Rainey, the chief financial officer of the online payments company, said that the volatility of digital currencies makes them unsuitable for use as a currency at present.
Bitcoin Proving Too Volatile to Use as a Currency
Speaking in an exclusive interview for CNBC’s ‘Mad Money’ segment yesterday, John Rainey stated that merchants using PayPal were not fans of accepting payments for goods and services in cryptocurrency. The CFO of the online payments company blamed the ever-swinging prices of digital currencies such as Bitcoin and Ether for the lack of acceptance amongst sellers on the platform. Rainey told presenter Jim Cramer:
“If you’re a merchant and you have, let’s say, a 10 percent margin on a product that you sell and you accept Bitcoin, for example, and the very next day it moves 15 percent, you’re now underwater on that transaction.”
PayPal started accepting Bitcoin payments back in 2014. The company bought Braintree five years ago who became PayPal’s go-to developer platform. Merchants on the platform then had the option to opt-in if they wanted to receive funds in cryptocurrency for their goods and services. Partnerships with BitPay, GoCoin, and Coinbase facilitated the option.
However, the PayPal CFO claimed that the option had not proven popular as a means of payment. He said that those that were accepting it quickly converted their funds to a more stable currency to protect against the volatility:
“So what happens, or what was happening, is they were immediately moving that to a more stable currency.”
Whilst Rainey admitted that there were consumers who supported cryptocurrency payments, he ultimately surmised that this didn’t amount to much without the backing of the platform’s merchants:
“You could have something that appeals to consumers, but if merchants don’t accept it, it’s of little value… Right now, we don’t see a lot of interest from our merchants. But if it’s something that stabilizes in the future and is a better currency, then we’ll certainly support that.”
We last reported on PayPal back in March of this year. According to an application with the U.S. Patent and Trademark Office (USPTO), the company were working on a way to speed up processing times for crypto payments using what they call an ‘Expedited Virtual Currency Transaction System.’
Meanwhile, Jack Dorsey, the CEO of fellow payments platform Square, spoke of his desire to see Bitcoin become the ‘native currency’ of the Internet. Dorsey, who is a long time crypto advocate, appeared at Consensus 2018 this week. There, he spoke about Bitcoin’s future and how the use of crypto as a true currency would allow the Square app to be listed at every application store on the planet instead of the five they were currently limited to.
Featured image from Shutterstock.
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