The Series of Situations Plaguing That Are Troubling Bitpay

Bitpay has been around since the year of 2011, so it is not new to the cryptocurrency ecosystem, yet, it continues to find itself in hot water.

Late last year, the company was in some trouble with users as it fielded the allegations of fraud. Bitpay released a blog post that many found issues with, claiming that the post was a misrepresentation. People reacted in various ways; one mentioned that he would fork the code of the company.

The firm was then accused of fraud by people like Peter Todd, a Bitcoin Core developer. The problem with the blog post was that the firm implied that (Segwit) was conducted through that of a hard fork when in reality, it was done through a soft fork. Meaning that the upgrade would be accessible and work with nodes that had yet to upgrade. The firm seemed to have confused Segwit2x with Segwit and might have misrepresented some facts. Their blog post would have called for people to switch from the nodes of Bitcoin Core to that of Segwit2x.

Peter Todd@peterktodd

On second thought, I’m changing my mind: what @BitPay just did *is* fraud.

They need to take down their “segwit” upgrade post immediately. https://twitter.com/Beautyon_/status/898196305989775360 …

The company then corrected a short time later.

Then, afterward, they ran into some more trouble in December of last year, taking flack because of some of its announcements like its recent statement notifying users that they will only be processing transactions past a certain limit.

An announcement which they backtracked on a few days later and notified users that they would continue to process all payments and charges.

Latest Debacle

It is now January 2018, and the company has found itself in another predicament. This time, it’s because their cards are not available to be utilized in Europe.

Bitpay noted via twitter:

The BitPay Card is no longer available from our European card issuer Wave Crest Holdings, Ltd. Learn more and see what’s next for the international BitPay Card: http://mailchi.mp/bitpay/wave-crest-card-closure …

NOTE: BitPay Card users in the United States are unaffected by this change.

The company finalized their further statements on their site: 

Your BitPay Card account is now deactivated, and you will not be able to use it for further payments or withdrawals.

Users like Edward Benton are not too pleased with this occurrence. He inquired of Bitpay if their supplier provided more information on when the cards can be up and running.

“Have they provided no ETA? I had several thousand pounds on that card which I urgently needed access to over the coming week. The inconvenience is considerable. Is it simply a case of waiting whatever days/weeks/months Wavecrest need to get moving?”

Bitpay is working with their providers on resolving this as soon as possible, and to the credit of the company, this is an issue that is affecting Bitcoin Visa card providers across the cryptoworld.

Bitcoin Core Developer Jonas Schnelli comments

The developer echoes statements and feelings of Bitpay consumers in the present and past issues that they have faced.

He shared the email he received from the provider and commented further on the overall experience received.

He states via twitter:

Jonas Schnelli@_jonasschnelli_

@Bitpay immediately closes all non-US (EUR) Bitpay Cards accounts.

Fund are blocked/unavailable for now.http://mailchi.mp/bitpay/wave-crest-card-closure …

Then continues:

Disabling <100USD payments, then back down to <5USD. Enforce BIP70 payment protocol… instead of deploying SegWit?!

Commenting on the fact the company has dragged its feet on the implementation of Segwit.

Overall

It seems that providers have to improve their performance overall for the cryptocurrency market to steadily progress.

By | 2018-01-05T21:53:33+00:00 January 5th, 2018|Cryptocurrency News|0 Comments

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