Payment service provider for online Bitcoin payment has experienced extensive growth in its client base.
Even though bitcoins have been created without the need for a service provider or middle-man, the common consumer is not yet familiar with the how’s and whys of this digital currency which is the reason that Bitpay and others like it provide a payment processing service for merchants to accept bitcoins from their customers who choose to pay accordingly.
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The extensive growth in clients by Bitpay shows that e-merchants are jumping on the Bitcoin band-wagon and expanding the payment avenues for Bitcoin owners and enthusiasts. 90% of Bitpay’s merchants are in the ecommerce arena and most within the businesses of precious metals, electronic goods and IT service provision.
But as a cautionary warning before we get ahead of ourselves, Bitpay CEO Tony, Gallippi said of Bitcoin: “We’re still early in the adopter cycle…only three to four million people around the world have Bitcoins.”
So it may be too early to start making assumptions about the future success of the currency (even though (Bitcoin ATMs are already a physical reality in Canada) but I do not think that it is premature to suggest that this may become a payment option which online merchants will need to look into in the not-so-distant future.