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Author Topic: [2017-12-26] BitPay Stops Processing Payments Less Than $100, Backpedals Two Day  (Read 40 times)
cybersofts
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December 26, 2017, 04:13:58 PM
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BitPay Stops Processing Payments Less Than $100, Backpedals Two Days Later



Bitcoin payment service provider BitPay has announced Friday, Dec. 22, that it is updating the minimum payment amount on its platform from $5 to $100, only to retract the change two days later, as reported in a blog post on Sunday.

BitPay has shared an update Dec. 22, notifying its users that the platform will no longer process invoices that are less than $100 equivalent in Bitcoin, a vast increase over the previous limit of $5.

The company cited unprecedented Bitcoin transaction volume and the resulting record-high network congestion and miner fees as the reason for this change.

The blog post states:

    “Bitcoin miner fees are now more than $30 per transaction on average … Bitcoin payments under $100 are quickly becoming impractical for users to send and for BitPay to process.”

It was further specified that the change “does not affect person to person payments in the BitPay wallet” and “only [affects] payments to BitPay merchants and Bitcoin-to-dollar loads for the BitPay Card.”


BitPay backpedals

However, just two days later, the payment processor has retracted the change, returning the minimum invoice limit back to its previous value of $5, based on a claim that “Payment Protocol improvements” recently implemented on the platform have allowed it to do so.

“We do not have plans for further immediate changes to the minimum BitPay invoice amount,” the announcement continued.

Notably, the company has still not implemented support for the SegWit scaling solution on its platform as of Dec. 25, despite admitting that it would help increase the capacity of the network and allow “an average Bitcoin miner fee reduction of over 40 percent.”

This failure to enable SegWit support four months after it has been activated on the Bitcoin network has resulted in a degree of frustration for the users of BitPay, as almost every single person replying to the company’s latest announcement on Twitter is asking for the urgent addition of the scaling solution:

    SegWit - do it
    — Honey Badger ¯\_(ツ)_/¯ (@allenscottoshi) December 24, 2017

    Have you guys implemented segwit to help with the situation?
    — Matias (@MatiasTrader) December 24, 2017

Source: https://cointelegraph.com/news/bitpay-stops-processing-payments-less-than-100-backpedals-two-days-later
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December 26, 2017, 08:02:26 PM
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At least good that they reverted back to their initial minimum value. It would affect a lot merchants if they kept holding the $100 purchase minimum, and it might actually have been reason for some to ditch BitPay. To a certain extent I can understand BitPay to up the minimum, but $100 is just beyond insane. Most of the purchases people make are below $100, which says enough. I have made use of Namecheap to extend some of the running services with Bitcoin a few days ago, and at that point this $100 minimum wasn't in effect, so it was a lucky shot for me turns out.
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Segwit please.


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December 26, 2017, 10:51:22 PM
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It would affect a lot merchants if they kept holding the $100 purchase minimum, and it might actually have been reason for some to ditch BitPay.

BitPay is one of the services not having utilized Segwit, which is a shame, and probably adds fuel to the fire. Segwit by no means is a solution of any magnitude, but I do believe that it can take off a decent amount of pressure enough to reduce the current fees a notch or two. In the same way we can blame Coinbase and blockchain.info as lare parties in this market that aren't doing anything to update their operations. It's basically the entire ecosystem that we cam blame for Segwit not being fulled adopted yet. Aside from the few important security measures, what's the point of having Segwit activated when no one is using it? Have we gone through so much drama for nothing? This is just not acceptable, for real. Lips sealed

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December 27, 2017, 11:43:11 AM
Last edit: December 28, 2017, 04:15:23 PM by TriplexXx
 #4

It would affect a lot merchants if they kept holding the $100 purchase minimum, and it might actually have been reason for some to ditch BitPay.

BitPay is one of the services not having utilized Segwit, which is a shame, and probably adds fuel to the fire. Segwit by no means is a solution of any magnitude, but I do believe that it can take off a decent amount of pressure enough to reduce the current fees a notch or two. In the same way we can blame Coinbase and blockchain.info as lare parties in this market that aren't doing anything to update their operations. It's basically the entire ecosystem that we cam blame for Segwit not being fulled adopted yet. Aside from the few important security measures, what's the point of having Segwit activated when no one is using it? Have we gone through so much drama for nothing? This is just not acceptable, for real. Lips sealed
BitPay should at least be one of the guys trying to speed up the bitcoin transaction speed in one way or the other, instead they are claiming this bullsh*t! where are they going with this, anyway?

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December 27, 2017, 11:51:11 AM
 #5

Who's fault is it exactly? If they started accepting bc1 addresses only, old wallets wouldn't be able to send and everyone will be forced to upgrade. Bitpay and other services such as Coinbase are clearly against the community. It's just a matter of time until everyone switch to the new BTCPay by Nicholas Dorier where even LN is for their plans.


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