Record $1 Billion in transactions for BitPay in 2018
BitPay, the blockchain payment network, saw a record $1 Billion in transactions in 2018, according to a press release. BitPay’s continued growth shows that the future of cryptocurrency lies in creating a usable financial network to bolster payments.
BitPay is the largest blockchain payment network, and last year was so successful for them in huge part to the addition of customers such as Dish Network and the State of Ohio, which has greatly expanded their reach. What BitPay’s success shows, is that the use of cryptocurrency will be most relevant to companies utilizing protocols which give security, reliability, and convenience.
While Bitcoin was designed originally for individual payments as a replacement for cash and fiat currency, the main niche use which looks most similar to this is the case of cross-border payments for the global network of corporations doing international business. BitPay has fit neatly into this use case, and made a business out of facilitating these transactions.
While this might not be as exciting a victory as many of the cypherpunks and Bitcoin radicals had envisioned Bitcoin achieving at this stage in its roll out, BitPay’s CEO has consistently been quite bullish on Bitcoin’s eventual future as a well-used and mainstream currency. Indeed, if efforts like BitPay introduce a network of easily usable, secure payment protocols, cryptocurrency will be all the more acceptable to the general public.
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