THELOGICALINDIAN - US cryptocurrency acquittal processor BitPay has appear beneath blaze afresh afterwards actualization to beacon consumers to use altcoin Bitcoin Cash
BitPay Disguises Revenue Ploy As BTC ‘Network Fee’
A screenshot uploaded to Reddit June 5 appears to appearance allotment of the checkout action for area name ability Namecheap, which allows cryptocurrency payments via a BitPay plugin.
Confirmed by Bitcoinist, Namecheap allows you to top up an annual application what it describes as “Bitcoin.”
A user enters the bulk they ambition to pay, whereupon they are taken to a BitPay window, which presents them with an advantage to use either bitcoin [coin_price] or bitcoin banknote [coin_price coin=bitcoin-cash].
Under the Bitcoin option, however, BitPay now includes an added allegation it calls a “network cost,” while the Bitcoin Cash acreage stays empty.
This “network cost” would arise to accredit to the transaction fee appropriate to accelerate bitcoin payments over the network, but its admeasurement gives account for suspicion.
For the Reddit user, a $15 Namecheap acquittal incurred a $2.19 “network fee,” while in Bitcoinist’s case, topping up $10 led BitPay to allegation an added $2.20.
These ‘fees’ bulk to 14.6 percent and 22 percent of the absolute transaction bulk appropriately – abundant added than the absolute fee appropriate to accelerate affairs of that size.
BitPay Continues To Deceive Bitcoin Users
Reddit commentators appropriate that BitPay was in actuality including a account allegation and camouflage it as the transaction fee, befitting the added for its own books. In addition, it served to accomplish BCH attending like a better, added cellophane advantage than BTC.
The solution, the best accepted acknowledgment claimed, was to appetite Namecheap to chase added businesses and ditch BitPay in favor of an accessible antecedent acquittal aperture such as BTCPay.
“BitPay sucks. We should try to get Namecheap to run their own BTCPay server,” it reads.
The PR adventure is by no agency an abandoned adventure for BitPay, which previously lied about the admeasurement of fees appropriate to accelerate BTC.
Shunning SegWit to Save on Fees
The aggregation has acquired the contemptuousness of users and industry abstracts akin for its abutment of BCH and abridgement of advance implementing appearance which would abate BTC transaction fees.
As Bitcoinist reported, application SegWit, for example, would abate the amount and time to accelerate a transaction, and its absence finer armament the company’s own users to pay added unnecessarily.
Similar criticism has landed at the aperture of accepted wallet provider Blockchain.com, as able-bodied as US barter Coinbase, which launched SegWit aftermost year but has so far bootless to accept added procedures.
BitPay’s abode is already limited, as a association backfire agency that award a wallet which supports its invoices is difficult. Invoices do not calmly acquiesce users to manually pay application a Bitcoin address, article which has formed added area for frustration.
What do you anticipate about BitPay’s hidden fees and Bitcoin Cash advocacy? Let us apperceive in the comments below!
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