Education FAQ

What Is BTCP Pay?

The launch of Bitcoin Private has not generated the big buzz some speculators had hoped for. In fact, most people had almost forgotten about it until recently. That is all coming to change thanks to the BTCP Pay platform, which will bring Bitcoin Private to online retailers across the globe.

BTCP Pay is a Merchant Solution

Accepting cryptocurrency payments is still very problematic for a lot of online shop owners. Although there are solutions to easily integrate Bitcoin transactions, options are fairly limited when it comes to any other currency. BTCP Pay shows this can be done for Bitcoin Private, as it is a very convenient solution in the form of a payments widget.

How Does it Work?

As one would expect from a payments widget, website owners can integrate it into their online platforms to accept Bitcoin Private payments. The team has ensured this method of accepting BTCP is affordable, fast, and anonymous, which will be of great value to the right people. It also helps brings cryptocurrencies to the masses, although it may struggle for traction at first.

There are still some features of BTCP Pay which will need to be fleshed out prior to making it a worthwhile solution for merchants. Although the acceptance of Bitcoin Private will entice some people, it is not the go-to solution most store owners are looking for. Instead, retailers often convert incoming cryptocurrency payments to fiat currency at their earliest convenience. This is usually done to address market volatility first and foremost.

For the time being, it is not possible to convert one’s BTCP to fiat currency directly using this service, but that ability will be introduced at some point in the future. Not too many exchanges openly support Bitcoin Private right now, although this merchant solution is an important step in the right direction.

Can it Gain Traction?

That is the big question which will prove difficult to answer. There is no real reason to believe this solution will make Bitcoin Private a lot more appealing all of a sudden, even though it gives retailers another option to work with. As more cryptocurrencies receive such functionality, the industry will continue to grow as a whole.


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