|[October 29, 2013]
BitPay Processes $1 Million Bitcoin Merchant Transaction
ATLANTA --(Business Wire)--
the world's largest payment processor for virtual currencies, announces
that it has processed its largest bitcoin merchant transaction ever, a
single order for $1,000,000 for Kansas City-based bitcoin mining
hardware manufacturer Butterfly
Labs. BitPay processed, cleared, and settled the transaction within
their normal one business day time frame directly to Butterfly Labs'
"The speed, reliability, and certainty of payments over the bitcoin
network is expanding at a rapid pace, and in many regards has already
surpassed the functionality of our 60-year old credit card networks,"
states Tony Gallippi, co-founder and CEO of BitPay. "Butterfy Labs can
now ship this merchandise with confidence that there will be no
reversibility or chargeback of the payment, which is a significant risk
when accepting credit cards online or PayPal (News - Alert)."
Butterfly Labs sells bitcoin mining hardware, which is part of the
distributed computing network that secures the bitcoin accounting
ledger. The amount of computing power of the bitcoin network has grown
exponentially this year, from 20 Terahashes per second (Th/s) on January
1, 2013, to 3000 Terahashes per second today. The network took 4.5 years
to reach 1000 Th/s, then one month to reach 2000 Th/s, then and week to
reach 3000 Th/s.
BitPay has also expanded the translations of its checkout process into
40 languages, with new additions including French, Chinese, and
Portuguese. Customers making a bitcoin purchase with BitPay can now view
and complete the entire checkout process in their native language.
Businesses selling electronics, jewelry, and computers can now increase
their exports to emerging markets as these items tend to be the most
often purchased internationally.
For businesses reaching international customers, accepting bitcoin
through BitPay offers a tremendous value. The business can accept a
payment from customers in any country on earth, with no risk of fraud or
chargebacks, which makes it ideal for businesses selling high-priced
CEO Tony Gallippi will be speaking on Bitcoin's Place in the Global
Financial Market at Webit
Congress November 6th in Istanbul, Turkey.
BitPay is a Payment Service Provider (PSP) specializing in eCommerce,
B2B, and enterprise solutions for virtual currencies. Visit https://bitpay.com.
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