Bitcoin company Bitpay new business bank won favor

Bitcoin company Bitpay new business bank won favor

Bitpay, is a veteran bitcoin company, a year ago they received $30 million financing, has become the focus of the digital currency now, they began to rethink its position.

Previously, the location of a four year old American company, is to allow enterprises to accept bitcoin payments. Today, the company has signed 6 million merchants, including Microsoft and virgin the Milky Way these giant companies.

However, Bitpay has encountered a big problem, the general population for bitcoin payments, and did not show much interest.

Bitpay co-founder and CEO Stephen (Stephen Pair). Pierre told business Insider (Business Insider) said:

“We are still in business increased constantly, at present we have signed 6 million, but the problem is that early recipients only coins in interactive and businessmen.”

“在Bitpay,我们从未想过人们会在今年甚至明年就会使用它,这需要一些时间。 In the industry, there is a consensus, it is an incredible technology, but it does take some time to become mature.”

Due to the understanding of this phenomenon, Bitpay has begun to transfer the business center, the company will be the construction of infrastructure, so that bitcoin is easier to use. In this process, the discovery of a new market, large banks they inadvertently.

Pierre said: “for we are building something, the bank is very excited, because we need to protect the security of our accounting system, and this is precisely the bank for settlement or settlement between the same problem.”

The settlement, in fact is the movement of funds from one account to another account, in such a way as to solve the transaction. When you have a cup of coffee for credit card payments, money does not immediately move, the bank just recorded, wait until all the tens of thousands of transactions in the daily, unified settlement after the end.

But with bitcoin, the so-called “block chain”, will make the transfer faster. When you use bitcoin tokens to buy things, these tokens will be transferred to the other side of the account within about half an hour. The deal will also be recorded in the block on the chain, it can also prevent people from using the same tokens of repeated consumption (i.e. double pay).

The bank is trying to explore how to use this technique, such as Citigroup, UBS and Santander are very optimistic about the chain block.

“We are in contact with many banks,” Pierre said, “they are very serious, they want to do the test project, but only rely on their own, the progress is too slow.”

It is reported that, Bitpay has established its own software to pay their wages, salaries, of which about 1/3 employees to accept bitcoin wage payment. In addition, Bitpay has also developed their own digital wallet.

Pierre said:

“We are looking for new products or functions to expand the use of bitcoin. We hope that more bitcoin is able to flow into more people’s wallet, then they can use bitcoin to pay.”


Block chain (Blockchain)

Is an important concept of bitcoin, block chain is a string of data using cryptographic methods associated with the each data block contains a bitcoin network trading information is used to verify the validity of the information (Security) and generates the next block. The concept of the Satoshi Nakamoto This paper, Nakamoto holds the first blocks, namely “block creation”

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