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BitPay CEO Says Bitcoin Is Solving Real Problems Around the World

· 18 Jan 2019 in Crypto News
Carlos is an international relations' analyst specializing in cryptocurrencies and blockchain technology. Since 2017, Carlos has written extensively for UseTheBitcoin and other leading cryptocurrency sites; with over 2,000 articles published.

BitPay co-founder and CEO, Stephen Pair, has recently commented that Bitcoin (BTC) is solving several issues around the world. He said that in a press release uploaded a few days ago. In this official announcement, BitPay reported a record year for revenue in 2018. During the last year, Bitcoin and cryptocurrency prices fell more than 80% and several companies have been affected by this bear trend.

BitPay Registers $1 Billion in Payments in 2018

The popular and largest global blockchain payments provider BitPay has registered a new record in 2018. After adding new customers such as Dish Networks, HackerOne and the State of Ohio, BitPay’s transaction fee revenue has registered a new record high. Compared to 2017, this is an increase of 255%.

Stephen Pair emphasized that their services are quicker and cheaper than bank wires. Additionally, he mentioned that Bitcoin is growing and solving several problems around the world.

Mr. Pair said about it:

“ButPay’s B2B business continues to grow rapidly as our solution is cheaper and quicker than a bank wire from most regions of the world. To process over a $1 billion for the second year in a row despite bitcoin’s large price drop shows that Bitcoin is being used to solve real pain points around the world.”

2018 was also a good year for BitPay in terms of improvements. The company was able to reduce the dollar volume lost to cryptocurrency payment errors. It went down from 8% in December 2017 to well under 1% of BitPay’s total dollar volume processed.

According to Sean Rolland, the Head of Product of BitPay, the adoption of support for Payment Protocol wallets has made a big difference for the merchants using their services. Shops are now able to accept Bitcoin payment in a very easy way. In addition to it, Rolland said that they are extremely bullish on Bitcoin and the whole crypto and Bitcoin ecosystem.

Bitcoin has experienced a very hard 2018. Since its all-time high in December 2017, the popular digital asset dropped more than 82%. A few weeks ago, Bitcoin reached its lowest point in more than a year, close to $3,200. Due to this situation, several companies in the space had to shut down their crypto projects.

At the time of writing this article, Bitcoin is being traded around $3,648. It also has a market capitalization of $63.79 billion.

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