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Intolerable bitcoin premiums, BitPay announced it will accept BCH and other digital currency payments

BitPay is one of the most popular bitcoin payment processing companies in the world. Today, they announced support for more cryptocurrencies, adding Bitcoin cash (BCH) support to their payment platforms and debit cards, signaling the platform's support for the start of more cryptocurrency payments.

BitPay is a sales terminal support company that allows traditional businesses to use bitcoin. BitPay provides users with an easy-to-use way for users to pay in popular digital currency. This is particularly appealing to businesses that have a customer base but do not have the capacity to encrypt money. Through the BitPay platform, bitcoin is automatically converted to local currency, allowing companies to bypass bitcoin coaster-style price fluctuations, while the platform can also handle setting up a secure wallet to store bitcoin revenue. BitPay also provides users with bitcoin wallet and debit card, so that users in real life.

As costs rise, companies start looking for alternatives

In the past year, the cost of Bitcoin networks soared. "Low fees and charges" is one of the main motivations for using bitcoins before attracting people. Before the transaction per transaction fee is 4 dollars, and now during the peak, whether it is credited into account or charge up to 20 dollars per fee. This is not only due to the increased number of users on the network, but also to the rise in bitcoin prices. Those transactions the same size as a year ago now cost 17 times or more. These factors led some companies that have been accepting bitcoin payments for years to announce their cessation of bitcoin payments.

One of the most recent news is Steam, the world's largest integrated digital distribution platform. The platform has been accepting Bitcoin payments since April 2016, but last week decided to remove Bitcoin from the accepted list of payment methods on the grounds that "transaction costs on the Bitcoin network have increased substantially."

Bitpay Announces Support for Competitive Currency

Today, BitPay announced plans to gradually support the payment of multiple blockchain digital currencies, starting with bitcoin cash (BCH). Bitcoins Cash is a bitcoin that bifurcated in August of this year. Compared to BTC, it has higher block capacity and lower cost, and the block capacity of bitcoin cash generated after fork is upgraded to 8MB.

BitPay plans to fully activate this payment method by the end of the year.
The statement was posted through BitPay's blog, which posted their decision. Since its opening in 2011, BitPay has processed more than $ 1 billion in payments.

The original blog is written like this:

"Over the years, we have received multiple requests from businesses and users in the hope of adding additional blockchain payment methods, and many of the top alternative cryptocurrency blockchain technologies have been made with Bitcoin's original payment capabilities Their own innovations include faster transaction confirmation and better privacy protection. "
Of course, BitPay also said they will not give up bitcoin and will continue to work to develop better bitcoin payment systems. In addition, they announced that Bitcoin cash will be an option for people to buy BitPay Visa cards during the payment process, as well as providing full bitcoin cash support for their software wallets.