Bitcoin Contributes 95% Of BitPay's Business, CEO Confirms –

Esther Kim

Bitcoin payment processor BitPay conducts almost all its business using Bitcoin (BTC), its CEO has revealed in a marked U-turn on previous claims.

BitPay Drops Bitcoin Bashing

Speaking during a recent panel, Stephen Pair discussed the recent hard fork activity around the Bitcoin blockchain as a result of the Bitcoin Cash (BCH) split last November.

“95 percent of our payments are done in Bitcoin,” he said quoted on social media by commentator StopAndDecrypt.

While the figure itself is unsurprisingly, Pair’s advocacy contrasts dramatically with comments he made just two years ago. As StopAndDecrypt noted uploading videos of two appearances, at the Consensus conference in May 2017, BitPay appeared to want to abandon Bitcoin altogether.

At the time, the likely alternative was already on the horizon; Bitcoin Cash launched two months later.

“At BitPay, the Bitcoin blockchain has stopped working for us,” Pair said.

…We have a couple of options: one is we start using a fork of Bitcoin, the second option is we start using a fork of Bitcoin and the third option is we start using a fork of Bitcoin.

Easy Come, Easy Go?

Pair added that BitPay’s “bread and butter” two years ago was payments between $5000 and $20,000.

As Bitcoinist has reported, fees for the Bitcoin network have decreased dramatically since the advent of BCH, leading to the suggestion from StopAndDecrypt that Pair’s aversion to the BTC network was due to its then higher transaction cost.

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