Bitpay is constantly at the receiving end of flak from the Bitcoin community for various reasons. There are three many reasons for this:
High Network Fee
for the Its open support to BCash, poor customer support are the usual ones and the latest being the “network fees” it is charging merchants accepting Bitcoin payments.
These network fees are being imposed at a time when the transaction fees are at its lowest levels in the past few months and transfers are getting verified for a few satoshi. This cannot be justified for as no other payment gateway is imposing such fees, pushing merchants to look for various alternatives to Bitpay.
No Segwit support
Despite being the largest payment process in bitcoin, BitPay has been lagging in adding segwit support unnecessarily increasing transaction cost and network load. Earlier this year @BitPay announced to much fanfare that they support SegWit. Udi Wertheimer points out that this was just their usual misinformation PR at work. All they actually did was “adding support for receiving funds *from* SegWit users”. Which is meaningless.
In his research on this so called “network fees” figured out that Bitpay’s SegWit claim was just a PR stunt :
TODO : Add permalink to tweets
#Tweet 1: “ BitPay isn’t receiving funds on SegWit addresses. SegWit would save them 60%+ on the consolidation fees that they’re rolling over to customers..”
#Tweet 2: “..All they actually did was “adding support for receiving funds *from* SegWit users”. Which is meaningless.”
#Tweet 3: “Accepting payments “from SegWit wallets” doesn’t require any change on the receiver’s end (unless they had a *really bad*, unsafe, non-standard system to begin with).”
Restrictions on buisnesses
Bitpay is now one of the largest payments processor for Bitcoin payments and yet there are some strong divergences from Bitcoin’s philosophy.
Merchants are now looking for alternatives, as can be seen in this reddit thread. Each business has its own requirements and therefore one must choose a payment gateway suitable to their business model.This article lists out the various gateways in the market and their pros and cons to help you get started with accepting Bitcoin payments based on your needs.
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