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BitPay - How does it work?

  • Jun 18, 2024
  • 8 min read
bitpay logo on top of connected globe

BitPay is a leading global payment service provider that allows businesses to accept cryptocurrency payments, including Bitcoin.If you are someone looking to accept cryptocurrency but haven't found a suitable solution yet, BitPay may be the answer you are looking for.

Founded in 2011, Bitpay has become a trusted and reliable platform for merchants who are looking to expand their customer base by accepting cryptocurrency as a form of payment.

On the other side of the coin, if you are a shopper that is wondering, "What companies accept Bitcoin?", look no further than BitPay. With a growing list of over 100,000 merchants using their services, BitPay enables customers to use their cryptocurrency at a variety of different businesses and stores.

As a bonus, if you stick around to the end of the article, we will also highlight a few popular stores and companies that accept Bitcoin payments through BitPay. So, let's dive in and learn more about this popular payment service.

Why BitPay Is Helpful For eCommerce Brands

Online stores that accept Bitcoin and other cryptocurrencies as a form of payment require a trusted and secure payment gateway. BitPay provides this service by allowing online shops to accept Bitcoin and other cryptocurrencies directly into their own digital wallets. This means that merchants can receive cryptocurrency payments without the need for a third-party intermediary, such as an exchange platform.

BitPay also offers features like automatic conversion to the merchant's local currency and daily settlement into their bank accounts, eliminating any volatility risks associated with holding onto cryptocurrency. For merchants that prefer to receive payments in their local currency, BitPay provides a seamless solution that also reduces transaction fees while giving crypto enthusiasts a way to spend their coins.

Why Stores That Accept Bitcoin Are Positioning Themselves For Future Success

Now that we know why BitPay is important for eCommerce, let's take a look at why more and more businesses are jumping on board with accepting Bitcoin. Firstly, by accepting cryptocurrency payments, merchants can tap into a growing customer base that prefers to use digital currencies. This can lead to increased sales and new customers for businesses.

Additionally, with inflation running rampant in some countries, many merchants have started to accept cryptocurrency as a way to protect their profits from fluctuating fiat currency values. The reason for this is that unlike traditional currencies, cryptocurrencies are decentralized and not subject to the same government and economic policies. This makes them a more stable option for merchants looking to safeguard their profits.

Throughout history, bank closures occurred when governments become unstable or economies collapsed. In these times, merchants would not be able to access their funds, disrupting their business and causing financial losses. By accepting Bitcoin and other cryptocurrencies, merchants can avoid this risk as the digital currency is not controlled by any government or central authority. With their private keys, they can pay their suppliers and conduct business as usual, even in times of political or economic instability.

BitPay also offers lower transaction fees compared to traditional payment methods, making it an attractive option for businesses of all sizes. Credit card fees and other intermediaries can significantly eat into a merchant's profits, but with BitPay, the cost of transactions is kept low. This means that businesses can increase their bottom line and reinvest in their growth, rather than losing money to high fees.

Furthermore, accepting Bitcoin can also position businesses as innovative and forward-thinking in the eyes of consumers. By embracing new technologies and offering alternative payment options, eCommerce brands can differentiate themselves from their competitors. Bitcoin and cryptocurrency are both becoming convenient and positioning themselves as the premium asset. This can attract luxury lovers, tech-savvy individuals and crypto-invested customers, expanding a business's reach and customer base.

How Does BitPay Work?

The process of using BitPay is seamless with only four simple steps. First, a merchant orders a product that they want to purchase with Bitcoin or other supported cryptocurrencies. The merchant then generates a BitPay invoice, which contains the total amount due in fiat and the corresponding Bitcoin (or other crypto) exchange rate at that moment. This allows merchants to avoid any price fluctuations and receive the exact amount of payment they desire in relation to the fiat price.

This exchange rate is open until the invoice is paid. Once it is, the price is locked in, and a network fee will be displayed along with the total of the invoice. BitPay converts the customer's payment into the merchant's local currency and initiates a bank settlement. The merchant then receives the funds directly into their bank account, typically within one or two business days.

With BitPay, the merchant never has to touch crypto and shoppers have a simple solution to pay with cryptocurrency. BitPay’s settlement process is both fast and secure, providing peace of mind for both merchants and customers. This seamless system works to make crypto into a viable medium of exchange. With this, more and more brands are working on accepting cryptocurrency, and the use of BitPay is growing in popularity.

Why This Is The Best Way To Liquidate Your Crypto

Now, you might be thinking, "Why should I use BitPay to liquidate my crypto instead of just selling it on a cryptocurrency exchange?" Well, there are a few reasons why BitPay is the preferred method for many individuals and businesses.

First, with traditional exchanges, you have to deal with market fluctuations and timing your sales correctly. This can be stressful and time-consuming, especially if you're looking to sell large amounts of cryptocurrency. With BitPay, you can skip the process of selling your crypto on the exchange and just get right into shopping. Whether it be for a birthday gift or a personal desire, BitPay allows you to easily and quickly convert your crypto into luxury goods.

If you are a trader looking to take profits and establish yourself through products of high value, you will also appreciate BitPay's higher spending limit. Traditional exchanges often have a daily or weekly spending limit, which can hinder your ability to make larger purchases. BitPay has a much higher limit, allowing you to freely spend your crypto on big-ticket items without any restrictions.

Whether it be locking in wins during all-time highs or liquidating poor performing assets, using an online store that has BitPay set up can help you exit the crypto market and into the physical world. This can be especially helpful for those who are interested in diversifying their portfolio and reducing their risk.

Deciding Which Cryptocurrency To Spend

Another great thing about BitPay is that it supports multiple cryptocurrencies, so you don't have to worry about converting your crypto into a specific currency before making a purchase. This gives you the flexibility to spend whichever cryptocurrency you prefer or own.

Additionally, BitPay has partnerships with major retailers and brands such as Microsoft and Newegg, giving you access to a wide range of products and services to choose from. This means that you can use your crypto to buy everyday items like groceries, electronics, or even pay for travel expenses.

With the rise in popularity of cryptocurrency, more and more businesses are starting to accept it as a form of payment. BitPay is continuously expanding its network, making it easier for individuals to spend their crypto on a variety of goods and services. It has even entered into the luxury goods market which we will explain in more detail below!

How To Find Places That Accept Bitcoin

As we mentioned before, we would answer the question of "What stores accept bitcoin in real life?" Well, to find such places, you can browse this website, With the world quickly adapting to the use of cryptocurrency, it is now easier than ever to find places that accept Bitcoin and other cryptocurrencies as payment. provides a comprehensive directory of luxury merchants and businesses that accept Bitcoin, making it effortless for customers to locate and support these establishments. From watches, jewelry, cars, fashion, real estate, yachts and even travel, customers can now purchase these high-end items using their cryptocurrency.

These shops that accept cryptocurrency have been verified by the BitBeast platform which means you can trust that your transactions will be secure and successful. With BitPay as the backbone for processing payments, you can rest assured that your cryptocurrency is in good hands.


In summary, the integration of BitPay into eCommerce platforms has revolutionized the way businesses conduct transactions, particularly with the acceptance of Bitcoin and other cryptocurrencies as payment. This not only provides convenience for customers but also presents an opportunity for businesses to tap into a growing market and stand out in a competitive industry.

With BitPay, businesses can expand their reach and attract potential customers who value the use of cryptocurrency. And with platforms like, customers can easily find places that accept Bitcoin for their everyday purchases, further promoting its use and adoption in the mainstream market. The future looks bright for both businesses and customers as we continue to witness the evolution of cryptocurrency in the world of commerce.

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