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Bitpay was cashing to fiat from unconfirmed bitcoin tx's? SMH If its a bitpay to bitpay tx its all internal and likely didnt actually touch the bitcoin blockch
by 45h34jh53k4j 9y ago
Bitpay was cashing to fiat from unconfirmed bitcoin tx's? SMH
If its a bitpay to bitpay tx its all internal and likely didnt actually touch the bitcoin blockchain.
- celticninja 9y agoThis was merchant payments. Essentially bitpay guaranteed the USD you would get at the point the transaction occurred. They didn't send the USD, that happened a day later. So buyer pays in btc, bitpay handle the transaction, probably sell the same amount on an exchange at that point, tx confirms and they pay out the USD. The BTC then goes into the bitpay reserve for the next merchant.
- tlrobinson 9y agoNote that they guarantee the exchange rate, assuming the transaction is eventually confirmed. https://support.bitpay.com/hc/en-us/articles/115002990823-How-do-I-prevent-double-spend-fraud-on-unconfirmed-payments- https://support.bitpay.com/hc/en-us/articles/115002990823-Ho...