Adding a Bitcoin Payment Service Provider Future Proofed our Business

Credit: angelbi88 at envato

In 2016, Myntex Inc. was growing as a business and we wanted to better position the company for the digital economy. However Myntex® is based in Canada, where the banks have been slow to adopt crypto and we were getting pushback to accept it.

The Solution To Our Problem Receiving Crypto

Ultimately, we were able to arrange our payments through BitPay. When we released ChatMail™ in 2017, our Certified Executive Partners appreciated being able to use cryptocurrency. While it is not a cryptocurrency exchange, BitPay is a blockchain/cryptocurrency payment processor that enables you to accept cryptocurrencies as a payment method in exchange for goods or services you sell to your customers.

Working through our financial institution, Myntex can accept digital purchases from our CEPs, who have relied on BitPay for many years. At the start of the pandemic, when stores and banks across Europe were forced to close due to lockdowns. Without BitPay, it would have been a challenge to receive transactions from our CEPs. We appreciate the extent to which BitPay went to for our certification.

What Services Does BitPay Provide?

BitPay converts payments to Canadian dollars, depositing them straight into our chequing account. Unlike an exchange, BitPay does not store or manage digital assets. With its Payment Protocol, BitPay allows blockchain wallet and cryptocurrency users to make transactions that are fast and efficient. Shoppers receive quick confirmations that the correct amount and required fee were sent.

For privacy cautious customers like ours, BitPay adds another layer of protection to your transactions. BitPay is easy to use. Individuals, can use their card to turn crypto into cash, secure and use crypto on the go in your wallet and spend crypto from your internet browser. For businesses, you can accept bitcoin on your website for online payments, as well as for billing purposes via email. You can payout bitcoin to anyone, anywhere. And BitPay accepts crypto for NFTs.

How Safe Is Cryptocurrency?

In a blog post about the security of blockchain, Certified Information Systems Security Professional Magda Chelly, PhD notes, “Cryptocurrencies are built on top of blockchain technology,” adding, “blockchain provides the infrastructure for cryptocurrencies, while also allowing them to function in a decentralized manner.” Chelly continues, “For individuals, blockchain offers greater security and privacy when making online transactions. And for businesses, blockchain can help streamline processes, reduce costs, and speed up transactions.”

The first and most prevalent crypto, Bitcoin, was built on the blockchain. According to Investopedia, more than 10,000 other cryptocurrency systems are running on the same technology today.

Blockchain and cryptocurrency have a distinct yet connected relationship. “Defined as a digital or virtual currency, crypto uses cryptography for security and is not owned by any particular authority, making it difficult for governments to manipulate . . . By moving the means of transaction out of siloed, closed networks, blockchain is helping to solve some of the challenges around the interoperability of disparate financial systems around the world.”

We believe in BitPay’s mission to transform how businesses and people send, receive, and store money around the world.