1/7/2024 0 Comments Bitpay kycAmazingly, once they tried charging my $75 in fees for a $25 exchange! Take heed! My complaint is OVERLY common and not a weird one time bug or fluke. You might be correct in that customers may eventually have to create an account to buy anything from a merchant using BitPay, but they have given no indication this is coming. Every time they collect KYC, they might not be able to close the sale which means less revenue for them. So now I have a month of mining income literally held hostage by Bitpay, unable to spend it or transfer it anywhere due to the fees being near the same as the transaction amount. BitPay will only collect KYC information to the extent that they have to. but now it's obvious they're just bad humans. The Exchange rates to Gwei are like 5 times higher than market rates. Bitpay now requires the identity information from users when they make the high-value payments, refunds, and payouts. BS! 4 other wallets quoted me under $4 for the SAME transaction at the same Gas fees. Last updated World largest bitcoin and cryptocurrency payment processor BitPay just mandatory identity verification (KYC) for bitcoin transfers above 3000 reported on 1 August 2019. They notify MANY TIMES they get $0 of the fees, like as thoughb they do this for free. When I tried to send my funds back to Atomic wallet, Bitpay wanted a $12 fee for sending $15. After funding my Bitpay wallet for $3.95 in Fees from Atomic Wallet, Bitpay wanted over a $15 fee for a $20 Giftcard. I pretty much lost it all on Bitpay with nothing in return. Since BitPay Prepaid Mastercard is issued in the US, you need to provide them the following for verification: Full Name. There are no rewards for using this card, you just become part of the future, which is all things blockchain KYC Explained. So it is quite valuable to me, especially with Covid going on. When you pass KYC and your card is confirmed you can use it anywhere you would use a prepaid card. I was looking for a way of using some of my Mining income that I started doing to have extra money, and I only get $100 a month for forcing my PC to work 24 hours a day. XRP Ledger If you follow these steps, its possible to use an XRP Ledger cryptocurrency gateway without KYC. The Bitpay server is able to accept multiple currencies and works with several ecommerce platforms. "Lost all at Bitpay" is way to common of an occurrence Bitpay has two-factor authentication, which helps in preventing fraud and security.
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