Bitpay’s chief operating officer, Sonny Singh, recently attested to the efficacy of bitcoin as a means of payment, stating that “bitcoin is being used all around the world for things other than speculation and trading.” The COO also reported that Bitpay processed $1.2 billion USD worth of bitcoin payment in 2018.
Also Read: Swissquote Reports 44% Increase in Profit After Adding Cryptocurrency Services
Bitpay COO Promotes Bitcoin as Means of Payment
Sonny Singh, the chief operating officer of Bitpay, recently discussed the use of bitcoin as a means of payment.
Mr. Singh stated that “Bitcoin is actually working,” adding that when “people say ‘wow the price has gone down so much, it’s crashing’ – that’s not relevant to what I’m doing.”
The Bitpay CEO asserted that “The key thing is that bitcoin is actually being used all around the world for things other than speculation and trading.” Mr. Singh claims that Bitpay “did 1.2 billion dollars last year in payments,” adding that such “means people spent $1.2 billion dollars of payments using bitcoin.”
Need for Greater Crypto Education to Foster Adoption
Despite his belief that bitcoin is currently “working” as a means of payment, Mr. Singh emphasized the need for greater education regarding the benefits of cryptocurrency in order to foster adoption.
“In America, everyone’s so used to credit cards or goes online and types credit card numbers. But it’s safer and easier to do this through QR code because you don’t have to give your credit card numbers. […] The merchants save money in America by paying with bitcoin, because they pay 1% of the transaction fee, but with credit cards, that’s 4%. So the merchants can make a lot of money if you are paying with bitcoin.
