Cryptocurrency payment processor BitPay has been around since 2011. The company allows businesses to accept Bitcoin (and other cryptocurrency) payments and then receive fiat currency (like USD) in their bank account.
This ability to convert Bitcoin into fiat currency makes BitPay different from Bitcoin itself, which cannot be converted back into USD or any other fiat currency.
While BitPay is similar to Bitcoin in that it is a decentralized, peer-to-peer payment system, there are several key ways in which the two differ. Perhaps the most notable difference is that BitPay allows merchants to receive fiat currency for their goods and services, while Bitcoin does not.
NOTE: WARNING: BitPay is not the same as Bitcoin. BitPay is a payment processing system that enables users to accept Bitcoin payments as well as other cryptocurrencies, while Bitcoin is a digital currency that can be used to make payments or investments. Do not confuse the two and make sure you understand the differences before engaging in any transactions.
This means that businesses who accept Bitcoin payments through BitPay can still get paid even if the value of Bitcoin falls.
Another key difference between BitPay and Bitcoin is the fees charged for transactions. When using BitPay, businesses are charged a 1% processing fee, while there are no fees for using Bitcoin itself.
However, users of Bitcoin may have to pay fees to miners in order to have their transactions processed. These fees can vary depending on the amount being sent and the current congestion of the network.
Overall, BitPay and Bitcoin are both payment systems that allow for fast, decentralized transactions. However, there are some key ways in which they differ, most notably in the ability to convert into fiat currency and the fees charged for transactions.
10 Related Question Answers Found
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When it comes to Bitcoin and cryptocurrency, there is a lot of confusion and misunderstanding. People often think that Bitcoin and cryptocurrency are one in the same, when in reality they are two very different things. So, what is the difference between Bitcoin and cryptocurrency?
