Cryptopay is a Bitcoin payment platform operated by Cryptopay Ltd for the ease of Bitcoin payment and processing by the consumers and merchants. The company is registered in England and came into existence as CPAY in 2013 an started its operations in 2014. It is a crypto-based payment platform that helps the users to purchase, sell, and exchange Bitcoin all across the world. Cryptopay is compatible with mobile apps and iOS; therefore, users can complete the transactions using Cryptopay on their phones or desktops.
It mainly offers debit card services and Bitcoin exchange for clients settled in the UK and the EU. Cryptopay acts as a linking bridge between the traditional financial world and the digital currency world. Though the company offers wallet services for clients settled all across the world, but the prepaid cards are accessible only to the European traders. Therefore, the onus of operations of Cryptopay lies in the issue of debit cards, that the users can avail by converting Bitcoin into the US Dollars and Euros. Then the users can withdraw fiat currency by depositing Bitcoin into an ATM.
Features
Flex accounts
With Cryptopay, it becomes easier to securely hold Bitcoin in a flex account, which makes it even easier to hedge Bitcoin against popular currencies. Bitcoin can be sent anywhere across the world and can be transacted in businesses that accept cryptocurrency payments.
Free withdrawals and deposits
With Cryptopay, the withdrawals and deposits become faster and easier. Users can send money from any of the 26 countries included under the SEPA zone. Waiting days are almost nil and the processing is done within the next business day.
Secure
Cryptopay provides its users with the benefits of multi-sig support, which is at par with the Data Protection Act of 1998. To bolster the security factors, Cryptopay is also registered under the ICO along with the two-factor authentication (2FA) systems.
B2B cooperation
This helps in optimizing the benefits of blockchain technology and also opens up new opportunities for users to receive additional incomes.
PROS
- There are no hidden charges with Cryptopay.
- Cryptopay supports all popular cryptocurrencies and not only Bitcoin.
- No hassles of confirmation are required when users use Cryptopay.
CONS
- It is slightly costlier than other cards.
- There is a daily limit for withdrawing cash from ATMs for validated users up to $2000 daily.
- Only the European countries can avail Cryptopay debit cards.
Products and Components of Cryptopay
Cryptopay has three main components namely, the CryptoPay Wireless Swiper, CryptoPay Coordinator and the MyCryptoPay Cloud-Based Site Management Tool, which are discussed briefly hereunder.
CryptoPay Swiper
The CryptoPay Swiper is programmed by utilizing the MyCryptoPay Cloud-Based Site Management Tool.
The Cryptopay coordinator
The Coordinator finalizes transactions by connecting to the internet and is primarily used to re-configure the swipers whenever it becomes necessary. One coordinator supports around 50 Swipers.
How it is different from other Bitcoin wallets
The main difference of Cryptopay with other wallets lies in the fact that, unlike other bitcoin wallets, Cryptopay allows other cryptocurrencies as well alongside Bitcoin, which is not available in any other Bitcoin wallet. It also eliminates the volatility that lies in the inherent nature of Bitcoin.
Major achievement of Cryptopay in 2019
Given its popularity, Cryptopay has been widely used by big market players. Recently, Luckbox, the esports betting site has officially launched Cryptopay, as its new cryptocurrency payment system.
Therefore, Cryptopay is the most legit Bitcoin wallet platform that offers a flat 1% fee for purchasing and selling Bitcoin, with no other fees involved in it. Users just need to visit the official website, Cyptopay.me and enter the email address to register. Then they need to choose their modes of deposit which can be anything among USD SWIFT, SEPA, GBP SWIFT, or voucher code and then commence using their wallet. It protects the users from the Bitcoin volatility while reaping their benefits to a manifold. Therefore, the platform serves as the most sought-after Bitcoin wallets for newbies.