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The Green SheetGreen Sheet

The Green Sheet Online Edition

November 11, 2013 • Issue 13:11:01

BIPS adds to bitcoin news

Whether bitcoin will flourish in the long term is open to debate, but news about the alternative currency is abundant. In October 2013, the first bitcoin-enabled ATM went live in Vancouver, British Columbia, Canada; a Norwegian man who forgot he purchased $24 worth of bitcoin in 2009 found it was now worth about $690,000; and U.S. authorities seized an estimated $28 million in biticoin from the owner of the notorious online marketplace dubbed the "Silk Road."

Additional news about bitcoin surfaced in the payments industry. Copenhagen,Denmark-based Bitcoin Internet Payment System integrated its bitcoin payment platform with the e-commerce platform of Bigcommerce Pty. Ltd. The integration enables 40,000 plus Bigcommerce merchants to accept bitcoin as payment for products and services.

By accepting bitcoin, merchants will be able to enjoy all of the benefits that the innovative cryptocurrency offers, including "lower fees, no risk of chargebacks, the potential for increased privacy for customers and the ability to accept payments from over 190 countries around the world," BIPS stated.

Beyond bitcoin account signup and linking to Bigcommerce accounts, no additional setup, installation or coding is required, which dramatically lowers the barrier for merchants interested in accepting bitcoin, according to BIPS. The bitcoin processor noted that it gives merchants the option of having bitcoin revenue immediately converted to any of over 160 currencies and have funds transferred to merchant accounts at the end of each business day. end of article

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