BitPay Adds Ethereum (ETH) Support, Community Rejoices

The largest blockchain payment processor, BitPay, has finally enabled support for ETH on their platform. Wallet users will be able to store and transact with ETH without the need for third-party integrations. BitPay’s prepaid debit card will also allow for users to transact using ETH, as per the press release, September 16, 2019.

New Option for BitPay Users

For years, BitPay has been the go-to service for transacting in cryptocurrency. With the addition of ETH to their suite of supported cryptocurrencies, they have opened their doors to a new demographic of users.

The company already provides support for Bitcoin, Bitcoin Cash, and several stablecoins including PAX, GUSD, and USDC.

BitPay is bridging the gap between the developed and developing world by allowing investors in these assets to capitalize on their wealth creation by purchasing goods and services with their newfound wealth.

Vitalik Buterin commented on the event, calling it an exciting development to see ETH accepted into global payment systems. Buterin believes this can open up a new world of potential for Ethereum.

Over the last year, BitPay has received extreme criticism for BTC maximalists who believe the company charges too high a fee for transacting using the coin.

Nicolas Dorier took particular offense to this and decided to launch his own payment server: BTCPay. While the platform is much more difficult to use than BitPay, it has gained momentum within the community as hardcore maximalists completely shun BitPay.

The 2017 New York Agreement was supported by BitPay as they faced massive fees for running their service.

Is ETH Money?

One of the more interesting debates emerging on crypto Twitter is that of ETH being considered as money.

Proponents like Ryan Sean Adams and Anthony Sassano provide very detailed arguments as to why ETH can be considered money, and it’s quite hard to ignore the merits of their argument.

DAI is essentially a stabilized version of ETH, and gas fees are paid with ETH. Moreover, an entire ecosystem of financial services i.e. DeFi is being built on top of the Ethereum network.

Ethereum has been making colossal strides in 2019, and with ETH 2.0 marked for January 2020, it’s safe to say the best is yet to come.

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Written by Ashwath Balakrishnan on 2019-09-17 17:00:03.

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