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Fortune 500 Company Avnet Works With BitBay to Add Bitcoin, Bitcoin Cash Payment Option

One of the global leaders of electronic components distributions is working with BitPay to facilitate a cryptocurrency payment option.

Avnet, Inc, one of the world’s largest distributors of electronic components and technology solutions providers, has announced a collaboration with crypto payment processor BitPay to accept cryptocurrency for the company’s services and products. The development was disclosed in an official press release published on March 19.

Avnet, Inc., which has been listed on Fortune 500 for 24 years, had an annual revenue in 2018 of more than $19 billion.

The press release writes that Avnet will accept payment with Bitcoin (BTC) or Bitcoin Cash (BCH), while BitPay will verify the purchased funds and complete the transaction. The company has also announced that it had “closed several multi-million-dollar cryptocurrency transactions within the first month of accepting bitcoin,” specifying that this also includes their work with Bitcoin.com on a new hardware wallet.

The ability for the company to accept crypto will give Avnet customers more options for completing their financial translations, according to the company. The press release states:

“By accepting bitcoin as a payment option, Avnet is continuing to break down the barriers customers face when getting their ideas to market by enabling easier access to its unique end-to-end ecosystem of design, product, marketing and supply chain expertise at every stage of the product lifecycle.”

As Cointelegraph reported on Jan. 30, BitPay has also partnered with the Wikimedia Foundation, the non-profit and charitable organization that operates Wikipedia, to provide the possibility to accept donations in cryptocurrency.

And, earlier today, leading Swiss online retailer Digitec Galaxus announced that it would accept 10 different cryptocurrencies as payment for its products.

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Bitcoin (BTC) Payments at Chess.com Temporary Suspended

Because of “super frustrating” KYC requirements and  BitPay $10 limit, 27,324,757 members of Chess.com will now have to pay their membership plans with fiat and other alternatives, not Bitcoin. The temporary decision to suspend payment with the world’s most liquid and superior currency was made by the CEO, Erik Allebest.

“I did NOT know that we can’t receive more than $10 at a time on this account!? It didn’t say that anywhere I saw. Anyway, in order to accept our membership payments I have to send in my personal utility bills or mortgage documents, photos of my drivers license or passport, and a bunch of company documents. That’s super frustrating, and given that I’m out of town, impossible until next week :/ Anyway, I will get to it, but I have to say that this is a frustrating amount of bureaucracy, and I hope these KYC issues get resolved one day.”

With Stephen Pair as CEO since 2011, BitPay is the world’s leading Bitcoin and Bitcoin Cash processor allowing merchants from all over the world to receive BTC or BCH instantaneously. Originally formed as the first contribution to the Bitcoin ecosystem, BitPay charges fees for use despite their two-star rating at Trust Pilot, the world’s largest Bitcoin processor has been largely successful in “creating a seamless, secure Bitcoin payment experience in use daily by hundreds of thousands of users.”

These low ratings points to underlying problems and some may be because of the widespread use of the cryptocurrency. The decision to suspend BTC payment is due to tiring KYC rules and the realization that payments above $10 cannot be made. But it appears that it is not all about KYC and what nots, users are complaining of unnecessary fees, bizarre service and the failure of the platform to make refund.

Extracts from Trust Pilot reviews point to dissatisfaction as below:

One user says

“The sole presence of this service is making everyone’s life hard. I could not pay an invoice using their own wallet copay. I don’t know if this is normal for you but to me seems incredible stupid.”

Another adds:

“Absolutely bizarre service. Wrote me an email to say a refund was on its way and then never provided refund. When questioned after dozens of emails their final response was: it was the merchant’s fault and “DON’T BOTHER US ANYMORE” (my capitals).”

However, some are completely satisfied with their service:

“As a buyer I found BitPay to be great. I used it to buy gold with bitcoin. Worked a treat.”

All the same, until BitPay issues are resolved, Chess.com users won’t pay their plans with Bitcoin. Regardless, Erik is a Believer.

The post Bitcoin (BTC) Payments at Chess.com Temporary Suspended appeared first on Ethereum World News.

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Blockchain Payments’ Mass Adoption Is 3-5 Years Away, Says BitPay CEO

Stephen Pair, the CEO of BitPay, declared that speculation is a substantial Bitcoin price driver, while “actual utility” is not.

The CEO of crypto merchant platform BitPay Stephen Pair stated that speculation on future adoption drives Bitcoin’s (BTC) price more than “actual utility,” in an interview on CNBC Dec. 13.

Speaking on the reasons behind Bitcoin’s current value, compared to its historic price highs, Pair told reporters:

“A very big component of the [Bitcoin’s] price is certainly speculation. It’s investors that are speculating on the future usage and adoption of this technology. I’m sure a small component of that price is the actual utility.”

When asked about a Bitcoin ETF’s potential to stimulate a price rally, Pair argued that “not just ETF adoption or ETF launches” could be catalysts for price movement, but that “adoption will push the prices higher,” adding optimistically:

“I do think we’ll see those kinds of prices at some point in the future, if history is any guide.”

Answering a question about blockchain-based currencies’ use in daily transactions, the BitPay CEO told CNBC that he expects such adoption to occur on a mass scale in under half a decade, stating that:

“I used to say 10 years, but now I think it’s more like 3-5 years until you can go into a restaurant, a retail establishment, and just everybody’s going to expect that that store will be able to accept a blockchain payment.”

Pair then further noted that he was not just referring to “Bitcoin or the various tokens that we see today [but] also about issuing dollars on a blockchain or euros on a blockchain.”

According to Hester Peirce, a commissioner for the United States Securities and Exchange Commission (SEC), the approval of a Bitcoin ETF is not necessarily close at hand. As Cointelegraph recently reported earlier this month, Peirce said that an approval “could be 20 years from now” or “tomorrow,” urging the crypto community to not “ hold [its] breath.”

A study published by the Cambridge Centre for Alternative Finance this week stated that the number of verified cryptocurrency users nearly doubled this year. A Bloomberg analysis of the study claims that the increase in crypto’s user base, despite prices declining, “could signal that an eventual recovery could be coming.”

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Bitpay CEO: Bitcoin Price Built Off “Speculation”

Big Component Of Bitcoin Price Is “Speculation”

Since the monumental run-up in the Bitcoin price during 2017, pundits have speculated that traders have ousted investors, creating an environment that has been rife with price speculation. In a recent interview with CNBC’s Squawk Box, Stephen Pair, CEO of the world-renowned crypto-friendly payment processor that is BitPay, confirmed this theory.

Speaking on the aforementioned outlet’s “Squawk Box” segment, Pair, presumably located in BitPay’s Atlanta headquarters, was first asked if BTC at $3,200 (current prices) is a fair value for the well-recognized digital asset. Turning the question somewhat on its head, long-time crypto savant Pair, formerly of IBM, noted that “it’s hard to say,” as a big component of the asset’s value is centered around speculative orders, which attempt to gauge how much impact BTC will have on society.

Yet, he added that a “small component” of BTC’s U.S. dollar valuation is tied to the utility of the asset, like as a digital store of value or an extremely secure digital medium of value — the latter of which being BitPay’s focus as an innovative startup.

BitPay CEO Speaks On (Bullish) Crypto Catalysts 

Pair, when questioned about his colleague’s prediction that the Bitcoin price could surpass $15,000 to $20,000 in 2019, went on to discuss catalysts that could push this cryptocurrency higher in the years to come. The CEO of the American fintech startup noted that while BitPay already processes $1 billion in BTC/BCH transactions yearly, he wants this sum to grow to $10 billion and $100 billion in the years to come, as a sign of the growing influence of cryptocurrencies on a global scale.

With adoption comes higher prices, Pair added, as is dictated by the principles of network value, and the simple fact that consumers will purchase BTC en-masse if payment solutions are seamless and cheap.

The industry chief also alluded to the theory that the arrival of institutional players and products, like a Bitcoin-backed exchange-traded fund (ETF), Bakkt’s crypto futures, and other related forays, could push prices higher, as such efforts could also drive adoption, and subsequently, the Bitcoin price.

Pair Has Confidence In Blockchain

An overarching theme in 2018’s crypto market has been a shift from cryptocurrencies to blockchain applications. So, it should as no surprise that the CNBC anchor went on to query Pair about decentralized ledger technologies, which underpins the Bitcoin Network and its altcoin brethren. Pair stated that he has confidence in the decade-old innovation, but added that when it comes down to the nitty-gritty, blockchains are just a form of a database, rather than an abstract concept that some see it as.

Yet, he added that over time, as the world progresses, companies will begin to adopt blockchain-like data management techniques for a range of use cases, one of which being cryptocurrencies, of course.

In closing, touching on what lies in this industry’s future, the insider noted that Bitpay’s thesis is that within three to five years, most payments will be conducted on blockchains, while a majority of assets would be situated on the same technology.

Bitcoin, Ethernet, Computer Board Title Image Courtesy of Marco Verch on Flickr

The post Bitpay CEO: Bitcoin Price Built Off “Speculation” appeared first on Ethereum World News.

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Crypto Millionares Can Still Buy Bugatti Cars With Bitcoin, Even In A Bear Market

Post Oak Motors Introduces BitPay Integration, Can Accept Bitcoin

The words “Lambo” and its equivalents are some of the most commonly used terms in the vernacular of a cryptocurrency trader, as some, whether they are jokesters or high-achieving individuals, claim that the exquisite lifestyle can be achieved via crypto investing. And although these statements involving these terms are often seen as jokes or a near-unachievable aspiration at best, with a recent press release, it seems that the dream to obtain fancy cars via cryptocurrency investments could finally become a reality.

As reported by TheStreet, a New York-based financial news and information provider, Post Oak Motors, a popular luxury car shop in Houston, Texas, has just revealed that it will be implementing the popular BitPay Bitcoin-focused payment processing solution.

Post Oak Motors is now the first Rolls-Royce, Bentley, and Bugatti dealership in America to accept Bitcoin and Bitcoin Cash as a bona fide method to purchase products. With this integration, customers from all across the globe can purchase cars from the automobile retailer, with it being as simple as sending a payment through BitPay.

For now, it seems that this is more than a money grab, as the owner of the retailer overtly expressed his excitement for this move in the aforementioned press release, noting that Bitcoin’s 2017 bull run piqued his interest in the integration of BitPay, as he realized it would likely benefit his business. Owner Tilman Fertitta, who is also a multi-billionaire business magnate, elaborated, stating:

The rising of bitcoin sparked my interest. Being a premier luxury car dealer, I always want to offer my customers the very best buying experience and this partnership will allow anyone around the world to purchase our vehicles faster and easier

BitPay representatives also conveyed their excitement for this move, with Sonny Singh, the chief commercial officer of BitPay, adding that this integration is in line with the growing popularity of utilizing Bitcoin for larger purchases. Singh noted:

We’ve noticed people prefer to make larger purchases with bitcoin since it is a simple way to make payments. This partnership is timely with the increasing popularity of Rolls-Royce, Bentley and Bugatti vehicles. Post Oak Motors has a great reputation of selling the finest cars and we are thrilled to be partnering with Tilman.

Post Oak Motors Owner: Bitcoin Here To Stay 

Taking a look at Tilman Fertitta’s previous comments regarding cryptocurrencies, it makes sense why he would decide to integrate BitPay without much of a second thought. As BTC peaked in late 2017, Tilman Fertitta, who appeared on CNBC’s Power Lunch segment, openly divulged his personal opinion on this relatively new asset class. He noted that although this space is often over-hyped, blockchain and crypto assets are likely here to stay.

He then added that blockchain could be likened to the second coming of the internet, stating:

I think it’s going to happen… I mean, I remember somebody walking into my office and saying, ‘The world’s going to change. There’s this thing called the internet.’ And that wasn’t that long ago. So we have to remember this. It’s just something new and everything moves at a quicker pace today.

Photo by Alex Holyoake on Unsplash

The post Crypto Millionares Can Still Buy Bugatti Cars With Bitcoin, Even In A Bear Market appeared first on Ethereum World News.

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Bentley, Bugatti & Rolls-Royce Retailer Announces It’s Now Accepting Bitcoin

Luxury auto retailer Post Oak Motor Cars integrates BitPay to support payments for cars in Bitcoin and Bitcoin Cash.

Luxury automobile retailer Post Oak Motor Cars is reportedly the first Rolls-Royce, Bentley and Bugatti dealership in the U.S. to accept Bitcoin (BTC) and Bitcoin Cash (BCH) as payment, according to an official press release published September 5.

The luxury auto retailer, owned by American businessman Tilman Fertitta, has integrated crypto payment service provider BitPay to let clients purchase cars with crypto. According to the press release, the Texas-based firm will accept purchases in crypto from customers worldwide.

Fertitta commented that the company decided to provide the new payment option in order to offer their customers “the very best buying experience,” as well as enable “anyon around the world” to buy their vehicles “faster and easier.”

Late last year, billionaire mogul Fertitta had told reporters that most people are “never going to buy [Bitcoin],” since “it’s not insured by the FDIC [Federal Deposit Insurance Corporation].”

Earlier this year, major American car manufacturer Ford filed a patent for a system for vehicle-to-vehicle communication methods that involve the exchange of crypto tokens to facilitate traffic flow.

In early March 2018, Germany-based car manufacturing giant Daimler AG,  known for its Mercedes-Benz and Smart brands, introduced its own digital currency MobiCoin in order to reward drivers for eco-friendly driving practices, such as low speed driving.

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California Police Arrest Teenage ‘SIM Swapper’ Who Allegedly Stole Crypto From Cell Phones

Police in California have arrested an alleged hacker who stole Bitcoin (BTC) totalling more than $1 million by hijacking cellphones, investigative cybercrime blog Krebs on Security reported Wednesday, August 22.

Citing a police report, the publication reveals Xzavyer Narvaez, 19, used “SIM swapping,” a technique also known as a “port out scam,” to reportedly steal cryptocurrency from victims’ devices. Over a period of several years, Narvaez and another suspect already under arrest used the funds to buy items such as luxury sports cars.

From March to June 2018 alone, Narvaez’s account on cryptocurrency exchange Bittrex processed 157 BTC (around $1,009,000). The police report also confirms that crypto payment processor BitPay was used in Narvaez’s purchase of a 2018 McLaren from a car dealership in Southern California.

According to the report reproduced by Krebs On Security, Narvaez had used the same device to commit the crimes multiple times, which the publication summarizes “ultimately gave him away,” as “approximately 28 SIM swaps were conducted using the same employee ID number over an approximately two-week time period in November 2017.”

Further investigations by Vice revealed that the SIM swapping underworld regarded the 19-year-old as “one of the best SIM swappers out there.”

Nonetheless, Narvaez was unsubtle about his reportedly illegitimate cryptocurrency gains, posting photographs of cars he purchased on Instagram, Vice reports.

Earlier in August, a U.S. investor filed a $224 million lawsuit against telecoms giant AT&T over alleged negligence, claiming that $24 million in cryptocurrency was stolen via a “digital identity theft” of his cell phone account.

The episodes come as attitudes among U.S. law enforcement have become more nuanced regarding the use of cryptocurrency by malicious parties.

In an interview with Bloomberg earlier this month, Lilia Infante, an agent working on the Cyber Investigative Task Force at the U.S. Drug Enforcement Administration (DEA), said she hoped cryptocurrencies remained in favor in criminal circles, noting:

“The blockchain actually gives us a lot of tools to be able to identify people. I actually want them to keep using [cryptocurrencies].’’

The police report notes that the investigators had used the Bitcoin blockchain in order to “trace the flow of the bitcoins used to purchase the McLaren back to an address attributed to the cryptocurrency exchanger Bittrex,” also noting that “BitPay provided records that identified the Bitcoin transactions in which the vehicles were purchased.”

At the same time, the DEA reported the percentage of crimes involving Bitcoin had dropped dramatically since 2013.

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US: Satellite Service DISH Adds BCH Payment Option, Moves to BitPay Payments Provider

U.S. satellite service provider DISH has announced it has added Bitcoin Cash (BCH) as a payment option and migrated to the BitPay payments provider, according to an official press release August 9.

The DISH Network Corporation was among the first satellite service providers in the world to accept Bitcoin (BTC) payments back in 2014.

John Swieringa, the executive vice president and chief operating officer at DISH, said in the press release that the company has “a steady volume of customers paying with cryptocurrency each month”, adding:

“We’ve added Bitcoin Cash just as we chose to accept Bitcoin to serve customers who have adopted a new way of doing business.”

According to the press release, DISH customers will be able to pay with both BTC and BCH for monthly subscriptions and pay-per-view movies by sending the exact amount of cryptocurrency in a push transaction to the company.

Sonny Singh, the chief commercial officer with BitPay, noted in the press release that they aim to have a “seamless transition” from DISH’s old payment service to the new one. Singh added that cryptocurrency purchases are becoming more popular both because they reduce the chances for credit card fraud, as well as provide a cheaper payment service option for merchants.

Previously, crypto payments processor BitPay had acquired a virtual currency license from New York’s Department of Financial Services (NYDFS), as Cointelegraph reported July 16.

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Early Crypto Adopter Dish Network Now Accepts Bitcoin Cash

Dish Network, one of the first major firms to accept bitcoin as method of payment, has announced it now also accepts bitcoin cash.

The support for a second cryptocurrency comes a full four years after the U.S.-based subscription TV provider first decided to accept bitcoin in 2014. At the time it was the world’s largest firm to accept bitcoin for its services, boasting 14 million subscribers.

Dish customers can now use both cryptocurrencies to pay for monthly subscriptions and pay-per-view movies.

According to the release, customers must send the precise amount of bitcoin or bitcoin cash needed to make a one-time payment on either its website or set-top box.

“We’ve added bitcoin cash just as we chose to accept bitcoin to serve customers who have adopted a new way of doing business,” said Dish executive vice president and COO John Swieringa in a press release.

Alongside the announcement, DISH indicated it has switched its crypto payment processor and will use services provided by BitPay, saying the move will bring a greater degree of “choice and convenience” to users.

BitPay is one of the largest cryptocurrency payment providers. It notably raised $40 million in a Series B funding round in April.

Discussing the integration with Dish, BitPay CCO Sonny Singh said:

“Cryptocurrency is an increasingly popular way for consumers to make purchases online as it reduces credit card fraud and is cheaper for the merchants.”

Online payments image via Shutterstock

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