Last updated: 28 December 2023
Those who prefer to pay in cryptocurrencies at casino sites will be familiar with BitPay. It is a crypto payment provider. It provides cryptocurrencies such as Bitcoin or Bitcoin Cash. Many online casinos provide this payment service option to cryptocurrency users.
The company is based out of Atlanta, Georgia. They have been providing their services since 2011. It was formed by entrepreneurs Stephen Pair and Tony Gallippi. After its foundation in 2011, it started to offer mobile services to companies which accepted Bitcoins. By the next year, 2012, the company had grown with an association of over 1000 merchants linked to their service. They also became the Bitcoin merchant for WordPress.
In 2013, the company changed its headquarters from the previous location of Orlando, Florida to the present location, Atlanta. This change came about after they secured seed funding for $510,000. The choice of Atlanta was because of the proximity it gave them to their fin-tech companies that are based out of Georgia.
By September 2013 the company had reached 10,000 merchants which was an important milestone. Gallippi stated that the company had also processed funds crossing the $34 million mark. It was equivalent to the value of 270,830 Bitcoins as per the Bitcoin Price Index. The company extended its presence to other North American cities in 2014. It included cities such as St Petersburg, San Francisco and New York. This year also saw them signing up for it NBA team Sacramento Kings. This sports franchise signed up BitPay to process payments for their merchandise and tickets. Zynga also started to accept Bitcoin and made BitPay their merchant of choice.
Integrations and collaborations have been key to the success of BitPay. Indeed, it is considered one of the leading providers of cryptocurrency payments. This year the BitPay protocol was taken up by Brave Wallet. Hence, it will allow cryptocurrency users to have another option. They can use the privacy browser of Brave and make payments that are reliable, accurate and easy. It, in turn, allows users to make payments to several online as well as retail merchants. These include brands such as AMC Theatres, PacSun, APMEX, Newegg and several others. It enables users to use their BitPay or Brave wallets to pay for everyday items as well as large ticket purchases. For instance, Ferrari has announced recently that they would be accepting cryptocurrency payments for sales in the US.
- September 2023: BitPay now supports a PayPal stable coin called PayPal USD or PY USD. Hence BitPay users can spend stable coins at merchants which support it. They can also hold the same in the self-custody wallets.
- July 2023: BitPay signed up with Sardine. It enables bank transfers via instant ACH and other unique benefits to the website and app users.
- June 2023: BitPay’s tie-up with Ramp offers more options to cryptocurrency users. They can do so using the BitPay app as well as using their account on the BitPay website.
After it started operations BitPay’s main areas of operation were Atlanta, Georgia and US. After that, it expanded to countries such as the Netherlands and Argentina initially. Hence, the focus has always been to expand and offer their services to international markets. Today the service provider offers its services across 229 countries as well as other territories. Some of the main countries are listed below. Among the list of countries where BitPay is not available are: Algeria, Bolivia, Bangladesh, Cambodia, Egypt, Ecuador, Iraq, Indonesia, Kyrgyzstan, Morocco, Macedonia, Nepal, Vietnam and Pakistan.
Visit the Website or App
Visit the official website of BitPay. You will find the link to sign up or Get Started on the top right-hand corner of the main page. The website provides separate accounts for individuals and businesses. Alternatively, one can also choose to install the app on their device. They can do so by visiting the Apple or the Android store on their device.
Choose the Account You Want
Once you click on the link provided, the website will check the security of your connection. It will also check whether your region or country is eligible for signing up. It will then redirect users to the sign-up initial page; here customers need to choose the type of account they want. They can choose to sign up for a personal or a business account. Alternatively one can also choose to simply sign up for a BitPay wallet.
Fill in Basic Details
Once you have chosen a personal or business account or a wallet option, BitPay requires you to enter your details. These are basic, requiring users to simply enter their first and last names. After that one can enter their email address and choose a password for their account. They can complete the signup process by agreeing to the terms of service.
Other Details to Know
There are other options available as signing up for a BitPay Testnet account. Also, casino users who want to use BitPay can redirect to the site and open up a new account from scratch. After this, they can proceed to fund their wallet by purchasing cryptocurrencies of their choice.
A new tiered price structure has been implemented by BitPay recently. It applies to most of its services related to cryptocurrencies. Under the new model transaction fees range between 1 to 2%. It depends on the following factors:
- The monthly volume of transactions of a customer.
- A fixed fee is applied to every transaction.
- If a customer has a transaction amount of less than $500,000 in a month he or she is charged a 2% fee along with the fixed fee.
- If one’s monthly transactions vary between $500,000 to $999,999 then the fee charged is 1.5%.
- In case of monthly transactions amounting to more than $1,000,000 fee charged is 1%.
- In the case of high-risk businesses, the fees are higher.
In general, BitPay charges higher fees than their competitors. Most other cryptocurrency wallets charge a flat fee of 1% or 0.5%.
When US customers use BitPay to pay for transactions in other countries or currencies a fee of 3% is charged.
When you make payments as deposits at casino sites using BitPay the transactions usually take one to two hours. Once the casino receives confirmation from your BitPay wallet you will find the funds credited to your casino account. The deposits are usually automated when they are of value below 5000 USD. On the other hand, when customers are making deposits of more than 5000 USD in value then the funding department usually reviews such transactions. As a result, such deposits are usually cleared within a single working day.
When customers are opting for withdrawals they need to ensure that all necessary KYC verifications are done for their casino account. After that, most transactions are processed within the hour. It is especially true when there are fees charged on withdrawals. In case there are no fees charged then it can take a few hours to a few days. It is especially true if there are holidays in between.
When it comes to casino payments using BitPay, customers need to adhere to the minimum and maximum limits set by the individual casino sites. In most cases, casinos restrict the amount of funds one can deposit in their casino account. Also, there are limits on the maximum amount you can withdraw from your casino account on a day, a week or a month.
When it comes to transactions using the BitPay wallet, there are limits set for fiat as well as cryptocurrencies. In the case of fiat currencies, the minimum amount that one can settle is $20. The maximum loan amount is $10,000 per day. On the other hand, there is no minimum limit for cryptocurrencies. Customers can maintain a daily load balance amounting to $10,000. Their wallets can hold up to $25,000 value of cryptocurrencies. However, these limits vary as per the kind of wallet you opt for. The limits vary as per personal or business usage.
Whether you are using a BitPay wallet or a card you get the following security features:
- Device based blockchain security where all private keys are locally stored.
- Multi-factor wallets split up payment authorisation.
- There is multi-signature security for shared wallets; self-custody wallets provide sole control to users.
There is an extensive setup for support on the BitPay app or website. One can visit the Contact Support section and find separate segments for personal and business clients.
Also, there are different FAQ sub-sections depending on the category of queries. If one wishes to raise a query they can use the Help chat option by Zendesk or use the chatbot option.
Besides these options there are no visible lines of communication. Some people have rated their experience as favourable with the support team. However, some do complain that they have had to wait long for their queries to be answered. Many are not satisfied with the resolutions they have received.
The app provides access to one’s BitPay wallet. It is available on the Android Google Pay store as well as on the Apple Store. Its user interface is intuitive and straightforward to use. Once a customer keys in their details, they can set it up. The app has five segments such as Home, Scan, Receive, Settings and Send. For receiving funds a customer can use the Scan or the Receive option.
The app assumes beginner usage as well. Hence, it lays out information on how to use the different functions. In general, it is an easy, user-friendly app to use. However, it is not that popular yet, probably because of some limitations of BitPay. For instance, it currently supports only BCH and BTC as crypto funds that one can hold here. Also, transaction fees are high.
Some experiences of players using BitPay:
- I have found it to be one of the fastest websites where I can easily access my money. Also, whenever I have contacted the customer support service they have been fast and responsive as well as courteous. Hence, it has always been a positive experience gambling with BitPay at different sites.
- I have found BitPay account setup at gambling sites most convenient. Unlike other services, there are no glitches. Also, customer service is prompt. I have found their support to be knowledgeable and quick to answer.
- With all KYC in place, withdrawals usually take less than an hour when you use BitPay. However, this also depends on the website and their policies. Some sites, if they do not charge or have negligible fees, can take up to 12 hours to process your payment.
BitPay was recognised as Company of the Year in the space of alternative payments in 2020.
By 2022 BitPay payments by cryptocurrencies have grown by 20%.
By 2017 BitPay processed Bitcoin payments of about $1 billion.
It is also called a multi-signature wallet. Such a wallet of cryptocurrencies requires two or several signatures to confirm transactions. There can be several key holders and a single user can use the wallet on different devices.
It is a prepaid MasterCard that is available only to US residents. It is issued by the Metropolitan Commercial Bank of the US. However, it is not available for residents in certain US territories.
When US customers need to make payments exceeding 3000 USD in value or refunds greater than 1000 USD then users are asked to give additional Ids for verification. The requirements differ as per amount as well as by region. KYC requirements are different for EU customers. They need to complete a one-time verification for transactions above 1000 EUR.
To prevent fraud and for security reasons, the confirmation process goes through six blocks. It is common for DOGE, BCH and BTC blockchains. It is done before funds get credited to merchant accounts. In the case of ETH, it takes 50 confirmation blocks. The timelines are determined by the networks. It can vary from a few seconds to even a few days. In most cases, customers receive confirmation within 60 minutes, especially when fees are charged.
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Biljana is an experienced content writer who started building her career in 2004. In 2013, she began to work for a Swiss telco company, where she wrote texts for websites and created various marketing collateral. She started her iGaming “adventure” in 2020 during the pandemic and never regrated the decision she made. Biljana is a Content Manager in charge of preparing content plans for websites such as CasinoBloke.com, LiveCasino24.com and OnlineGambling24.com. One of the latest projects she’s particularly keen on is CasinoBankingMethods.com.