BitPay: Bitcoin network conditions and a change to minimum invoice amounts


Hey there!

As you already know, AltusHost has been using BitPay as a payment processor for Bitcoins for a while now.
Years long partnership with BitPay is one of our favorite ones, and it will stay like that, due to amazing service this processor offers.

In this article, we’ll be the messengers of BitPay news about the upcoming trends and last week’s turmoils in Bitcoin Network.

As we are a client and a partner of BitPay, this rule will be applicable to our clients as well.

The BitPay Team Says:

The Bitcoin network has been seeing record transaction volume in the last few weeks. This growth has also led to record network congestion and record-high bitcoin miner fees.

Miner fees are now more than $30 per transaction on average. To protect purchasers and to continue to offer service for Bitcoin payments, we are now requiring a new invoice minimum payment amount of $100 on all BitPay invoices.

Why BitPay is raising the invoice minimum to $100 Bitcoin miner fees are the costs to purchasers for sending Bitcoin transactions. BitPay also pays these costs as an operational cost for sweeping and processing payments received to BitPay invoices.

Find more details here.

UPDATE:

24th december, 2017

Yesterday we shared an emergency update about Bitcoin network conditions and BitPay invoice amounts. We temporarily raised the minimum BitPay invoice amount to $100 to respond to current bitcoin network conditions.

We continue to monitor bitcoin network conditions, but we have re-enabled BitPay merchant invoices and BitPay card bitcoin-to-dollar loads for $5 or above. BitPay Card orders are also once again available.

Our BitPay payment minimum changes are based in large part on the miner fee costs of sending and refunding mistaken payments which many bitcoin wallets make. Our recent Payment Protocol improvements to the BitPay payment experience have effectively eliminated these payment mistakes. This has allowed us to make $5 or greater invoices available once again.

Many invoice payments under $100 may still be uneconomical for bitcoin purchasers due to high bitcoin network fees. However, they again have the option to send these smaller payments if they choose.

We do not have plans for further immediate changes to the minimum BitPay invoice amount. We will provide as much advance notice as possible to our users in case this changes.

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If you have any questions or concerns about this, feel free to contact us.

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