BitPay Cancels New $100 Minimum Payments After 2 Days

On Friday, BitPay announced that the new minimum payment amount that will be processed will be raised to $100. Only two days later, the company has retracted the changes, restoring the $5 minimum that had been previously available. The announcement also exclaimed that BitPay Card orders were temporary unavailable.

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The initial decision to raise the minimum amount to $100 was explained on the BitPay blog: “The Bitcoin network has been seeing record transaction volume in the last few weeks. This growth has also led to record network congestion and record-high bitcoin miner fees.” BitPay cited Bitcoin miner fees at above $30 per average transaction, finding it difficult to justify allowing such low payment amounts, which would not be economically feasible under current conditions. “Bitcoin Payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term under $100 are quickly becoming impractical for users to send and for BitPay to process.”

BitPay offered further explanation regarding the decision, by reiterating the high miner fee costs associated with sending and refunding mistaken payments. On Sunday, the Bitcoin payment processor effectively canceled its decision to implement an increase on the minimum payment amount, saying payments as low as $5 and above will be processed. The sudden change of heart was associated with “recent Payment Protocol improvements to the BitPay payment experience have effectively eliminated these payment mistakes.”

More Changes from BitPay

Similar to other cryptocurrency companies and exchanges, BitPay is determined to lower costs by integrating SegWit to its platform as soon as possible: “We will be working in the coming months to implement Segregated Witness (Segwit) in various parts of our platform. Segregated Witness reduces the size of bitcoin transactions, allowing for an average bitcoin miner fee reduction of over 40%.”

As the dynamic Bitcoin market continues to evolve, many changes are to be expected, as companies are adjusting to the modified marketplace on an ongoing basis. This is evident in BitPay’s active stance on Cryptocurrencies Cryptocurrencies By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw Read this Term, constantly updating its practices and policies. Earlier this month, Bitpay announced that it will support additional blockchains in its ongoing adjustments to demand and changes across the industry. While the situation could certainly be updated again in the near future, the company currently does not have “plans for further immediate changes to the minimum BitPay invoice amount.”