Just this February 4, BitPay, the primary provider of Bitcoin (BTC) and cryptocurrency payment services, officially state that they will now enable invoices to be paid from other exchanges or any form of Bitcoin wallet. This news was brought by the CEO of BitPay himself, Stephen Pair. He states that the decision for this was due to various merchant feedbacks that want more control back within their grasps. As it currently stands, BitPay has over 30 thousand active merchants under its name.
Pair explained that once the feature is firmly implemented, BitPay merchants will have the right to decide which wallets they would be willing to accept payments from. At the same time, consumers will be able to use any form of wallet to make desired purchases from said merchants. Pair then added that they have already begun phasing rollout support among all Bitcoin wallets.
Lastly, he noted that their merchants could take full advantage of transactions that are peer-to-peer without further technical development or required implementation. He then clarified that BitPay would automate the whole process, saying that they are confident to push through with it as they have experience doing so already.
What happens to their other payment protocols?
With BitPay’s ultimate decision to reinstate service among all Bitcoin wallets, it would be just right to be curious about what the future holds regarding their other payment protocols, notably the BIP70 and the JSON protocol.
BitPay’s current success was not easily earned. Back in 2017, when the value of Bitcoin was at an all-time high, the company was reported to have experienced massive delays among customer payments – reaching up to 9% of all total payments. Pair noted that countless customer support issues plagued them at that point of time, which then became the spark for their implementation of a new payment protocol. They later dubbed it as “BIP70.”
BIP70 did help a lot in resolving its network congestion problems. However, this particular payment protocol limited users to certain types of Bitcoin, namely the Bitcoin Cash (BCH) and Ether (ETH). A Reddit post made in 2018 then surfaced wherein users criticized BitPay heavily as they cannot utilize some of the most popular crypto wallets such as Bitcoin Wallet and Coinbase. Now, it seems that the BIP70 payment protocol will be dropped by BitPay moving forward.
The JSON protocol, on the other hand, will continue to be used by BitPay. Pair clarified this by saying that they currently hold wallets within their pipeline that still supports the payment protocol.
The payment protocol was implemented back in February 2018 alongside the previously mentioned, BIP70. The JSON is one of the primary reasons for the reduced error rates within BitPay – even reaching nearly zero percent. The JSON’s effectivity is evidenced by the massive drop of errors concerning dollar volumes being lost to cryptocurrency from December 2017’s recorded 8% to well less than 1%.