See More

Highly-Criticized Ripple Partners With Much-Maligned BitPay

2 mins
Updated by Kyle Baird
Join our Trading Community on Telegram
Ripple has announced a strategic partnership with BitPay as a new phase of an expansion plan for its ecosystem.
According to Ripple, thousands of businesses will now be able to accept XRP thanks to the payment processing services provided by BitPay. The full integration between the two platforms should take place before the end of the year, according to an official blog post.
BitPay
Image courtesy of Shutterstock.

BitPay: Not So Popular Among Users

BitPay is one of the most important crypto payment processors in the ecosystem. However, it is also one of those with the worst image, especially among Bitcoin experts and enthusiasts. With a score of two stars out of five in Trustpilot, the platform does not seem to be very popular among users. One of the main controversies around BitPay comes because it forces users to adopt a legacy BTC address incompatible with Segwit. This congests the network and forces customers to pay excessive fees. Also, many experts have issued warnings and criticized BitPay’s decision to adopt the infamous “Payment Protocol” and force its users to work with this protocol. Basically, the Payment Protocol or BIP70 is an implementation that allows merchants and users to conduct a smoother trade. However, users must relinquish control of the transaction to this protocol which prevents any attempt of privacy In fact, BitPay has recently faced major censorship accusations. In August 2019, NGO Amazon Watch received a $100,000 donation which was not processed by BitPay. Just weeks later, it was accused of censoring BTC donations to Hong Kong protestors.

Ripple and BitPay: Birds of a Feather Flock Together

Ripple is not precisely the cryptoverse’s favorite cup of tea, either. Criticisms of centralization, constant sales of XRP, and a philosophy more consonant to that of a financial services company than a real cryptocurrency itself have caused a negative image in the wider community. ripple xrp However, despite these obstacles, Ripple has managed to rank XRP as the third most capitalized cryptocurrency in the market — while BitPay remains at the forefront of crypto payment processors around the world. What do you think about Ripple and BitPay? Let us know in the comments below! 
Images/videos courtesy of Shutterstock, Twitter, YouTube.
Top crypto platforms in the US | March 2024
Coinbase Coinbase Explore →
AlgosOne AlgosOne Explore →
Chain GPT Chain GPT Explore →
iTrustCapital iTrustCapital Explore →

Trusted

Disclaimer

In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.

photo_José_Lanz.jpg
Jose Lanz
José Lanz is a Venezuelan lawyer, professor and writer with a background in economics, specializing in strategic planning. Lanz currently focuses on covering the world of cryptocurrencies, fintech and blockchain technologies. His work has appeared in several English-language publications. Before getting fully involved in this world, he used to write for several local Spanish-language publications on a variety of topics. Also, Lanz is a strong believer that chocolate is better than coffee.
READ FULL BIO
Sponsored
Sponsored