BitPay Accused Of Unethical Business Practices, Self-Hosted Alternative Is Here

← back to the list


BitPay Accused Of Unethical Business Practices, Self-Hosted Alternative Is Here

Posted on August 20th, 2018 in Bitcoin News,Blockchain News by ICNN News

Bitpay a merchant solution for accepting payments for goods in Bitcoin, has been a controversial topic amongst both entreprenuers using their merchant service and customers buying items through it, the first oddity is it prevents sending to just a standard BTC address and breaks hardware wallet support. 

When ICNN news attempted to send payment with a Bitpay merchant account to verify the claim, we were unable to process the transaction without using a specific approved wallet that supported a non-standard new feature of Bitcoin, the payment url (a url beginning with bitcoin:?r=https://) rather then the conventional method used by the rest of the world of just sending to a bitcoin address.

Now Bitpay have come under heavy critisim for malpractice and 'unethical business practices', which could be interpreted as projecting Bitcoin as an inferior alternative to Bitcoin Cash. 

Coindaily.co is alledging Bitpay have been lying about the state of Bitcoin transactions in order to present BCH as superior in both speed and cost. Stating such a move has been seen as 'corrupt' by the general crypto community.


Some recent tweets have questioned the fees and intentions of Bitpay:

 

 

Bitmain Partnership

Bitpay partnered with Bitmain in 2017 in a multi-million dollar agreement with the beijing based mining company. 

 “At BitPay, we recognize that there is an untapped market of mining companies that require more advanced platforms for their businesses than are available today,” said BitPay CEO Stephen Pair

 “Bitpay has established itself as a leader in open source development for the Bitcoin blockchain,” said Bitmain CEO Jihan Wu. “We believe that together we can make real improvements in how we secure blockchain transactions and grow the impact of blockchain technology in digital payments.”

Since partnering with Bitmain, Coindaily.io alleges the company has followed suit and behaved like a 'puppet'

Favoring Support for BCash

In just the last month, Bitpay announced that they would adopt Bitcoin Cash address formats, URIs and payment requests. Signalling the company is readily developing Bitcoin cash but still does not implement the latest Bitcoin features such as Segwit or use a coherent implementation similar to all other service providers.

The controversial business practices of Bitpay have been consistently anti-bitcoin over the past year.
Primarily reering it's head, as Bitpay being one of the main backers to the "New York Agreement" an infamous movement that the majority of the Bitcoin community were against.

BTCPay - Freedom from Bitpay is here

Bitpay resorted to tarnish the efforts of Bitcoin devs by spreading false narratives about Segregated Witness (Segwit), causing Bitcoin Core dev Nicolas Doreir to create a new alternative to Bitpay - BTCPay Server.

In an article they published stating the steps towards the 20th of August planned Segwit activation, which requires a full Bitcoin node upgrade, Nicolas Doreir replied with his intentions to make Bitpay obsolete. 

 

  

Now there has been this fork in the road, BTCpay Server does look like it can bring us to fertile new horizons to venture forward for merchants, who only require $5 for a small VPS server of their own and can run their own Bitcoin and Altcoin payment processing solution.

Learn more about BTCpay Server here