The Bitcoin economy has now surpassed 2 billion USD and transactions sizes between USD and BTC continue to rise. Just this morning, lead Bitcoin payment processing company, BitPay, announced the processing of the largest Bitcoin merchant transaction ever of 1 million USD. BitPay not only set a record, but also processed, cleared and settled this transaction next business day for Butterfly Labs. BitPay, unlike PayPal, the lead USD payment processing company, guarantees no reversibility or chargeback of payment.
BitPay issued the following press release:
BitPay Processes $1 Million Bitcoin Merchant Transaction
Processes, Clears, and Settles to Merchant’s Bank the Next Business Day
ATLANTA — October 29, 2013 — BitPay, 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’ bank account.
“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. “Butterfly Labs can now ship this merchandise with confidence that there will be no reversibility or chargeback of the payment, which is a significant risk found when accepting credit cards online or PayPal.”
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. Business 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 items online.
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.