3/19/2023 0 Comments Bitpay jobs![]() ![]() While BitPay pivots towards technological infrastructure for banks and enterprises, other prominent bitcoin payment processing startups including GoCoin still plan to address the short term problem for merchants. In the industry there’s a realization that yes it’s an incredible technology but it’s going to take a while for it to mature." "At BitPay we've never thought there'd be this overnight adoption where you get people using it this year or even next year” explained Pair. If the majority of bank transfers are successfully processed via a blockchain, more people will become aware of the technology and realize its importance, which ultimately may lead to mainstream bitcoin adoption. However, if the credit card purchases are processed in a blockchain, payments could be transferred instantaneously, and will be verified within an hour.įurthermore, the transactions are recorded publicly, which allows both the receivers and the senders to track down the payments. There are some use-cases that almost all of them want to do, like how do you do clearing and selling between banks more efficiently.”įor example, credit cards purchases are merely receipts, which guarantee both parties that money will be sent to the receiver at the end of the day. "There are so many use cases in a bank that this technology can address and make better. Pair believes that some of these technologies could solve the problems that the banks and financial institutions suffer from immediately, explaining: Over the last four years, BitPay has developed several Bitcoin based platforms and technologies, which include: a P2P database system ChainDB, recently re-launched multi-signature wallet CoPay, an open source platform for bitcoin and blockchain based apps Bitcore, and Foxtrot, a network that allows nodes to communicate with one another. They’re very serious, they want to do pilot projects and they can’t start working on them fast enough.” Bitcoin payment processor BitPay has announced at the Money Conf Belfast that the startup will shift its focus from merchant payment platforms and services to working with large financial institutions and banks.īitPay plans to implement the payment infrastructure that was initially developed to secure BitPay’s accounting system to settle credit card and bank settlements by simplifying and securing the process of transferring money from one account to another using the Bitcoin blockchain.īitpay CEO Stephen Pair announced that the instantaneous transfer of payments which the Bitcoin blockchain offers could make settlements and transfers between banks and credit cards much more efficient. ![]()
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