Make daily transactions using Bitcoin with CoolWallet!
Amidst all of the great new exchange features added to CoolWallet, we are proud to announce that BitPay has been fully integrated and is now supported. You can now use your CoolWallet to make daily transactions with Bitcoin out in the real world using Bitpay! We are also excited to announce that CoolWallet is the first hardware wallet in the market to fully integrate BitPay’s platform into its ecosystem via the JSON Payment Protocol. With this partnership, we are hoping to further bridge the gap between fiat and cryptocurrency.
Michael Ou, CEO of CoolBitX said:
“This partnership with BitPay is not only a crucial landmark for CoolBitX, but for the wider mainstream adoption of cryptocurrencies as CoolWallet S users are now able to spend their cryptocurrencies on everyday items. BitPay is at the forefront of the future of payments and we are honoured that CoolWallet S has become the very first hardware wallet to fully integrate the open source JSON Payment Protocol, further highlighting the fact that CoolWallet S is the most agile and secure hardware wallet for cryptocurrencies. This exciting partnership will allow both CoolBitX and BitPay to drive greater acceptance of cryptocurrency and take the industry to new heights.”
What is BitPay?
Founded in 2011, BitPay is a pioneer in the building of payment technology that utilizes blockchain. Their platform allows for those in the blockchain community to spend their cryptocurrency for daily transactions.
BitPay is also known for their BitPay Visa card that makes it possible for their customers to pay with balances in their smartphone app. It works like any debit or credit card does.
Bill Zielke, CMO of BitPay said:
“BitPay is seeing an increased demand for hardware wallets and we recognize that users want to store their cryptocurrencies in many different ways. As an ongoing commitment to the accelerate the market adoption of cryptocurrencies, this partnership with CoolBitX enables users to spend directly from their CoolWallet S, making for a simple, easy and secure way to purchase everyday items. The future for cryptocurrency looks bright—BitPay has seen a 7.2% growth in Q1 2020 while volume was up 9.1% over the same period in 2019—further suggesting that the adoption for cryptocurrencies will continue to rise in the months to come.”
Many major retailers and corporations support payments through BitPay such as AT&T, Twitch, Microsoft, Newegg, and even the Tony Hawk Foundation. BitPay is constantly adding to its thousands of merchants who accept crypto through its service. A complete list of places that support BitPay can be found here.
We are also excited to announce that new customers who wish to purchase a CoolWallet S with cryptocurrency using BitPay can enjoy 25% off their entire purchase for the month of August! All you have to do is select BitPay as the payment method and use the coupon code “bitpay25” to receive the discount.
How does BitPay work?
BitPay works as a payment service that allows businesses to accept payments in cryptocurrency, mainly Bitcoin, and transfers it into fiat. Here is a simple explanation of the process:
- A customer will purchase an item at a supported retailer (let’s say Twitch)
- At checkout, instead of using a credit card or PayPal, they choose BitPay
- BitPay will lock-in an exchange rate that will tell the customer the item’s price in BTC
- When the transaction is completed, the BTC from the customer is sent to BitPay while BitPay will transfer its value in fiat to the retailer
How do I use CoolWallet and BitPay?
Paying for daily goods with your crypto stored in CoolWallet is made simple using BitPay. Now that the CoolWallet app now fully supports BitPay, you can purchase items by simply scanning the BitPay QR code. BitPay can be found in the Trade section of the app, under the Send tab. Instead of entering an address to send, you can now tap the ‘Pay with BitPay’ icon.
Tapping the BitPay icon will open your smartphone’s camera. This is where you will scan the QR code that a retailer will give you when checking out.
After scanning, our app will retrieve all of the necessary payment information and automatically fill in for you. And that’s it, you’re done! You have successfully made a purchase with your cryptocurrency using CoolWallet S and BitPay!