Bitpay Changed The Minimum Bitcoin They Accept to $100 and Would Only Accept From A Certain Type Of BTC Wallets?

ahmadmanga (65)in #bitcoin • 7 years ago

Most of the sites that accept Bitcoin payments, do so through Bitpay these days... And since in Libya, Bitcoin is one of the few remaining ways to pay online this is a very sad update for me. As they introduced two new rules because of the high fees of Bitcoin.

# Bitpay Will Only Take Payments From Payment Protocol Wallets (BIP)

They announced because many people send payments with fees lower than acceptable, some wallets send with underpayments, overpayments, or late payments.

Now, by requiring that loads to the BitPay Card come from Payment Protocol-compatible wallets, we can help to eliminate the frustration and cost of wallet mistakes.

These wallets takes the payment QR and sets the amount to send by themselves, this also contains the fee they send too so there won't be any under/over/late payments using them.

Wallets that have this feature include
BitPay, Copay, Bitcoin Core, Mycelium, and Electrum.

(source: link above)

# The Minimum Amount To Pay A Merchant With Bitpay is $100

Due to the increase of the fees and the requirement of using Payment Protocol wallet, that set the fees themselves... Anything lower than $100 would be impractical... This is also a rule that was made to protect the costumers.

Though these rules will only serve to not let me buy for a while, because I used to use Poloniex wallet for payments, which decreases fees a lot, and I learned how to not make it underpay or send payments late. Now I can't use it anymore to pay most of things I want.

# Bitcoin Cash Payments Will Be Supported by Early 2018.

This is a hope for me, BCH is... The coin is already supported by both Bitpay wallets... But not supported yet to pay merchants. They are working on making BCH payments possible and the fees will be much lower.

I won't say which is better, BTC or BCH or which one I believe in more. But I need lower fees cryptocurrency to pay small things with.