Bitcoin users are provideda crypto- debit card named Bit pay. It has gained more popularity than bitcoin. In any brick or mortar institution, it’s used to make payments wherever there is acceptance of credit cards. It charges a 1% processing fee to its merchants. It includes
- Multiuser login access
- Supports email
It’s also called bitcoin wallets. The customers are of various types ranging from small businesses to large enterprises. The amount can be received from any part of the world via a computer or a mobile device. An easy way to handle transactions can be donethrough Bit pay
Security issues involved in such transactions
If there is no security then there shall be privacy hindrance and a person can lose access to his funds. The software does not share bitcoin information with a third party like a website or bank. One can increase security by enabling a password, touch ID or pin. If a person multi signatures his wallet address it can reduce the theft of funds.
Another way is the bitcoin exchange account- Generally, it’s like a bank which holds a person’s money. But the demerit is that there is no insurance covered if it’s lost or it can be hacked. Those who make a regular payment to find it difficult to use a bitcoin exchange account. Adding funds to a bit pay card is a hassle-free. There are 3ways to add fund
- Cryptocurrency –A person will have to pay miner fees. It’s cost-free while there is an invoice. The easiest and quickest way to load dollars into the card.
- Direct deposit- There are basic details like a deposit account number and routing number share which has to be updated and the amount so which gets deposited.
Bit pay needs to do something more efficient to the average consumer. The fees are too high and even if there is a small transaction there shall be deductions.
