BitPay On Pace to Process $1 Billion in Bitcoin Payments in 2017

Carmela Tim

Oct 2, 2017
Bitcoin adoption has soared by virtually every metric imaginable in 2017. The rising bitcoin price garners the most attention from mainstream media outlets, but other factors deserve attention as well. Bitcoin’s trading volume, for instance, has risen by several thousand percent in the past year, ushering in a wave of liquidity to the crypto finance markets.

Another area that demonstrates the growth of the bitcoin ecosystem is payment processing volume. Although many people now view bitcoin primarily as a store of value and less as “digital cash,” a growing number of businesses accept bitcoin payments. Due to price volatility, most retailers contract with third-party payment processors such as BitPay, who automatically convert the bitcoin payments into local currency for a small fee that is often less than those charged by conventional payment intermediaries.