![]() I’ve been generally interested in cryptographic payment systems since the early 1990s. BitPay founder and CEO Stephen Pair, who was one of the earliest entrepreneurs to tackle a product that employs the bitcoin system, gave Hype his take on the future of bitcoin and cryptocurrency, how the debit card actually works, and how this growing Atlanta company is taking on the challenges.īitpay was one of the first companies to create an entire product based on cryptocurrency. ![]() Cryptocurrency is still a new concept: the community is constantly discovering new uses, dealing with challenges like saturation of the blockchain, and struggling with infighting. In theory, consumers can now keep as much of their money as they want on the bitcoin blockchain and move a few hundred dollars at a time over to be spent on the debit card. Cryptocurrencys’ strength lies in security - the decentralized nature of the blockchain makes fraud impossible. It’s a particularly-appealing product for those in countries where financial systems are volatile. this past May, the card recently became available in over 130 countries around the world. Launched domestically about a year ago, after hitting 12,000 users in the U.S. The card lets you use the BitPay platform, which processes around $2 million in bitcoin payments daily, to transfer the cryptocurrency into real dollars, euros or pounds to spend on groceries, your mom’s birthday present, or to pay for that iced mocha latte. Not if you’re the owner of BitPay’s Visa prepaid debit card. Safe, secure, but mostly inaccessible for physical purchases. ![]() There are directories to search for merchants that accept cryptocurrency, but until recently, users couldn’t exactly head into a Starbucks and pay for an order with bitcoin - the currency is stored in the blockchain, generally within a bitcoin wallet. ![]() Though cryptocurrency is becoming more mainstream, it’s still somewhat of a challenge to find brick-and-mortar businesses that let you spend it in real-time. ![]()
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