Blockchain Wallet owners will be able to make transactions through BitPay

Millions of users and currency keepers on Blockchain will now be able to use the BitPay service without restrictions - such news is full of cryptocurrency reports for the last month. Some were wary of this information, but the data turned out to be true.

Blockchain Wallet integrated support for the crypto payment service BitPay on 23 August. It is stated that from this point on, customers can copy, scan accounts, make Bitcoin transactions automatically through the wallet application.

The developers made it clear that the new functionality opens up a lot of possibilities. Each wallet owner can make purchases, pay for services through the BitPay network platform, storing access keys in the Blockchain Wallet storage.

What is BitPay?

Every third user of cryptographic assets knows this payment platform. The system is designed to accept bitcoin coins. The main goal of the management is to simply receive digital money, payment, as VISA or MasterCard did.

BitPay ranks among the largest online payment processors. The system is offered by many online stores and services. According to analysts, the platform has processed about 3 billion client dollars since 2011.

The internal structure of BitPay strongly resembles a Forex company. It is a broker that brings sellers and assets together. Nearly 45,000 client companies, including Microsoft, can automatically exchange bitcoin (BTC) crypto for standard fiat money. The benefit lies in the fact that firms independently determine the amount of convertible funds, while remaining independent of the exchanger. Miners actively use the BitPay system to exchange bitcoins for dollars.
 

Uninterrupted work

To establish trouble-free operation, an exchange system was organized according to the principle of exchange operations. The method allows you to sort orders by a number of parameters:

    urgency of implementation;
    requests from over-the-counter agents;
    intra-platform transaction requests.

A large number of OTC platforms work closely with systems: Buttercoin, Xapo, SSPartners, Bitfinex, Coinbase and others. The order execution protocol offers the user a safer way to verify cryptographic coins.

Complicated concepts, terms often cause confusion among inexperienced, but interested in the crypto-theme clients. Everything is explained simply:

    The user wants to pay with Bitcoin for a game on the Xbox service. He lists the required number of coins on the Microsoft website. But it is worth recalling: Microsoft is interested in getting classic fiat money for its lights.
    BitPay enters the scene, accepts coins and executes an order to sell the crypt to its partner exchange.
    After completing the operation, the platform receives the money back, but in its usual form.
    BitPay transfers the amount to the Xbox wallet. Everyone is happy - from the player to Microsoft.

The whole process is automated as much as possible and does not require human participation. Receipt, exchange and payment occurs imperceptibly for a person who can receive the desired product (in our example, a game) in the shortest possible time.

The transaction procedure and its progress are implemented on the side of the service seller. The client needs to select the required crypt as payment. A prerequisite is that BitPay must support it. The payment is made from the users wallet. Further implementation of the conversion, transfer and reverse reception of already fiat money is undertaken by the platform. The consumer receives the finished result, in the form of payment for his needs.

BitPay account addresses are radically different from the usual cryptographic ones.

Orders are now executed via Blockchain Wallet

In the August update, Blockchain confirmed the collaboration and integration of the BitPay service. Now the cue ball can be directly transferred between addressees, which will increase the convenience of virtual payments. The official information says that BitPay support has been “painlessly” implemented in Blockchain Wallet. Customers can execute transactions directly from the official platform software.

Press release of the authors of the integration:

“We are certainly delighted to see the new technology connecting customers with merchants willing to accept Bitcoin and other coins. As a direct payment tool, it is a key way to interact and grow the virtual asset ecosystem. ”

The emphasis that executives have placed on online payments shows the direction in which Blockchain Wallet is shaping the future of cryptoassets. 

Combining Blockchain Wallet and BitPay: What Awaits Users?

BitPay is without a doubt one of the top platforms for working with virtual money. Todays partnership with Blockchain will stimulate the market for more active use of coins in various fields. Lets remind: the blockchain audience numbers over 41 million people. Attracting such a volume of the public cannot but go unnoticed in the crypto world.

The BitPay transaction protocol guarantees the speed of sending a specific amount of coins as a payment for business services. It resembles a cash register in a store when a customer pays for an item in cash. If a person gave the wrong amount, the seller will always notice and correct the mistake. BitPay works similarly, only the Bitcoin cryptocurrency acts as money.

For the period of peak load of the blockchain system, the commission for instant confirmation of the operation increases significantly. An unpleasant moment excludes the integration of BitPay into the Blockchain wallet. The protocol correctly forms the transaction, which includes the residual amount of the commission for instant authorization of the operation. Other cryptoprocessors do not have such a "chip".
 

What BitPay gives

Lets summarize. BitPay support by the Blockchain Wallet platform will help:

    attract a wide audience of clients both in the crypto world and in real business;
    simplify and automate the execution of any orders;
    take a step towards integrating the virtual economy into the real one.

The combination of services will allow users to perform any operations available on the BitPay network without fear for the security of their data. All information will be reliably protected by the Blockchain wallet.