BitPay and Cryptocurrencies
What Is BitPay?
BitPay was founded in 2011, while Bitcoin was still in its early stages. They set out to revolutionize the financial industry - making payments faster, more secure and less expensive globally. BitPay pioneered blockchain payment technology to transform how businesses and people send, receive and store money worldwide. A decade later, BitPay is still creating more tools and services for everyone to use in innovative ways.
What Are Cryptocurrencies?
A cryptocurrency is a digital currency that is secured by cryptography. Many cryptocurrencies are decentralized networks based on blockchain technology — a distributed ledger enforced by a disparate network of computers. The word cryptocurrency is derived from the encryption techniques which are used to secure the network. Examples of cryptocurrencies include those that APMEX accepts, including Bitcoin, Bitcoin Cash, XRP, Ethereum and Dogecoin.
What is Bitcoin?
In 2009, Bitcoin was created as a digital currency. Bitcoin is the world's largest cryptocurrency by market cap. There are no physical bitcoins, only balances kept on a public ledger. A substantial amount of computing power verifies Bitcoin transactions. Bitcoins are not issued or backed by any bank or government. Also, Bitcoins are not considered a commodity.
What is the Difference Between Fiat Currency and Cryptocurrencies?
Fiat Currency is issued by a government and regulated by a central authority. These currencies act as legal tender and are not necessarily backed by a physical commodity. Instead, they are based on the credit of the economy. Examples of Fiat Currencies include the U.S. Dollar, Pound or Euro.
Fiat Currency has continued to remain legal tender in most countries because they are highly stable and regulated. Their stability allows governments to protect their economies from recession or inflation. Though Fiat Currency is considered stable, economic recessions and hyperinflation over the years have highlighted some of the weaknesses of Fiat Currency.
Unlike Fiat Currencies, cryptocurrencies are not controlled by a central authority. Instead, they are entries in a database that no one can change or manipulate unless specific circumstances are met. Cryptocurrencies are accessible to people all over the world and provide quick settlement times. Unlike other electronic cash settlement systems, cryptocurrencies allow for instant settlements. In addition, lower transaction fees and privacy are other attributes that have made cryptocurrency desirable to some customers.
What are the Benefits of Using Bitpay at APMEX?
For more than 20 years, APMEX has been a leader in the Precious Metals industry. Along the way, we have adapted to the growing needs of our customer base. As cryptocurrencies become more popular and widely accepted, we are thrilled to offer Bitpay as a payment option for our customers. With BitPay integration, APMEX customers can pay using Bitcoin, Bitcoin Cash, Ethereum and Dogecoin for orders up to $250,000 and complete their order in seconds.
Purchasing with Bitpay allows for a quick and secure method to purchase Gold, Silver, Platinum and Palladium online. All eligible BitPay orders will be processed and shipped within one business day of your payment's clearing and processing with the QuickShip® guarantee (domestic orders only). Like credit or debit cards, buyers can purchase Precious Metals with Bitcoin, Bitcoin Cash, Ethereum and Dogecoin anywhere at any time. BitPay makes purchasing Precious Metals even easier for international buyers, as cryptocurrencies are accepted worldwide without conversion.