BeInNews Academy Ltd © Street: Suite 1701 – 02A, 17/F, 625 King’s Road, North Point. Hong Kong.
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 acceptthanks 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 is one of the most important crypto payment processors in the ecosystem. However, it is also one of those with the worst image, especially amongexperts 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.
@BitPay @BitPaySupport a donor, no doubt upset about horrific #AmazonFires tried to donate $100,000 to our account today and it was rejected as too high. We want to reach out to this person to resolve this issue, but have no way to do so. We need your help, ASAP. Thank you.
— AMAZON WATCH (@AmazonWatch) August 23, 2019
Just weeks later, it was accused of censoring BTC donations to Hong Kong protestors.
BIG THANKS to HKFP's supporters who donated HK$14,817 in Bitcoin since 2015.
— Tom Grundy (@tomgrundy) September 11, 2019
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.
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.
Do you want to Be In Crypto?Join our Telegram Trading Group for FREE Trading Signals,a FREE Trading Course for Beginners and Advanced Tradersand a lot of fun! Images courtesy of Shutterstock, Trading View and Twitter.