Bitpay, the service provider for the crypto payments, has unveiled that in the recent time also, the Bitcoin is showing great performance, as it still dominates payments. The company that has been pioneering in crypto payments services, further notified that currently, it has decided to not use the second layer solutions like Lightning networks or Liquid Networks.
May 29, 2020 Lightning is not in our current plans. Zielke said that for now, BitPay has no plans to utilize second layer, alternative options for transferring Bitcoin such as the Lightning Network or the Liquid sidechain. These additional protocol layers have different tradeoffs than the base Bitcoin blockchain.
- Lightning Network support (LND and c-lightning) Altcoin support; Full compatibility with BitPay API (easy migration) Attach unlimited stores, process payments for friends; Easy-embeddable Payment buttons; Point of Sale app; 3.0.11. Empty release to make wordpress plugin store know we are still alive. Fixed – Fix woocommerce admin.
- Lightning-fast global payments You can send and receive blockchain payments to BitPay invoices in minutes from hundreds of supported countries.
Bitcoin Transaction Volume Increases On Bitpay
On other platforms, Bitcoin has been criticised so many times because of its slow and expensive payment method, but on Bitpay, it is the preferred one.
Regarding the Bitcoin’s performance, the Chief Marketing Officer at Bitpay, Bill Zielke, said that in March, Bitpay experienced a 95 percent surge in the transaction volume of Bitcoin. He further mentioned that Bitcoin remained the largest and the most popular crypto asset for the platform.
Zielke added, “Bitcoin Cash ranks second representing nearly 2%. Bear in mind, BitPay has been processing Bitcoin for almost 9 years and stablecoins for less than one year”.
The aim of the processor is basically to automatically transform the crypto payments into fiat for the merchants.
When it comes to Bitcoin payment processing, Bitpay is the most popular name in the market. One could find thousands of merchant in the Bitpay’s network.
Comparison Between Lightning And Liquid Network
In the year 2011, Bitpay was introduced as a Bitcoin payment service provider company, but as time passed, it integrated Bitcoin Cash, XRP, ETH and many stablecoins too, and now its clients can accept any of these cryptocurrencies.
Bitpay’s chief marketing officer has recently mentioned that as of now, they are not thinking of using any additional protocol layers for transferring Bitcoin.
It is to be noted that, compared to the blockchain of Bitcoin, alternative options have very different tradeoffs.
Zielke, while comparing the Lightning Network and Liquid Network said that the former one is used to start an instant and almost a free payment and later one, develop a permissioned Bitcoin sidechain with the help of different associated exchanges which are present in the Bitcoin space.
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Description
BTCPay Server is a free and open-source cryptocurrency payment processor which allows you to receive payments in Bitcoin and altcoins directly, with no fees, transaction cost or a middleman.
BTCPay is a non-custodial invoicing system which eliminates the involvement of a third-party. Payments with BTCPay go directly to your wallet, which increases the privacy and security. Your private keys are never uploaded to the server. There is no address re-use since each invoice generates a new address deriving from your xpubkey.
You can run BTCPay as a self-hosted solution on your own server, or use a third-party host.
The self-hosted solution allows you not only to attach an unlimited number of stores and use the Lightning Network but also become the payment processor for others.
If you previosly used BitPay’s plugin, you can very easily migrate and use BTCPay.
This plugin is a fork of https://github.com/bitpay/woocommerce-plugin which in turn is a fork of https://github.com/jaafit/bitpayWoocommerce. We have modified the plugin in order to support alternative bitpay compliant servers and enhance usability and functionality. This plugin should be able to run alongside the original bitpay plugin.
- Direct, peer-to-peer Bitcoin and altcoin payments
- No transaction fees (other than mining fees by crypto network itself)
- No processing fees
- No middleman
- No KYC
- User has complete control over private keys
- Enhanced privacy (no address re-use, no IP leaks to third parties)
- Enhanced security
- Self-hosted
- SegWit support
- Lightning Network support (LND and c-lightning)
- Altcoin support
- Full compatibility with BitPay API (easy migration)
- Attach unlimited stores, process payments for friends
- Easy-embeddable Payment buttons
- Point of Sale app
3.0.11
Empty release to make wordpress plugin store know we are still alive
Bitpay Lightning Pro
3.0.10
Fixed
– Fix woocommerce admin compatibility
– Add country code in btcpay invoice
3.0.8
Fixed
– Fix bug with Woocommerce Admin plugin
3.0.7
Fixed
– Update php-bitpay-lib
– Fix misleading error messages
– Fix bug on some format of orderId
3.0.6
Fixed
– Fix: Invalid code 0 during pairing on some install
3.0.5
Added:
– Pass tax information to BTCPay Server
3.0.4
Fixed:
– Fix JS Error on pairing mechanism
Added:
– Ensure compatibility with WordPress 5
3.0.3
Fixed:
– Remove legacy currency decimal precision checks
3.0.2
Fixed:
– Fix float decimal issue
– Make migrator pull from versions before 3.0.1 not 3.1
3.0.1
Changed:
– When upgrading from any version smaller than 3.1 and settings are not set, attempt to load older version. Also display a warning prompt in plugins page after it has been activated to double check settings.
3.0
Changed:
– Rebrand to be properly BTCPay labelled
– Revert to using original Bitpay php lib and used Customnet for btcpay host urls
– Update default order states to more reasonable values
– Prepare plugin for WordPress Plugin Repository
=2.2.24 =
Fixed
– Bug: In some circumstances the auto update might crash the wordpress dashboard
2.2.23
Fixed
– Setting Keep store level settings to transaction speed would still override store’s setting
Added
– Add low-medium transaction speed
2.2.22
Fixed
– Fix crash on some stores Cannot use object of type stdClass as array in... on the dashboard
2.2.21
Added
– Add event_invoice_expiredPaidPartial handling
2.2.20
Fixed
– Do not crash plugin page if update detection fails, be more resilient
2.2.19
Fixed
– Ignore IPN if another payment method for the order has been chosen (#2)
– Can detect new update in plugin page
2.2.18
Bitpay Lightning Extension
Fixed
– Ignore IPN if another payment method for the order has been chosen (#2)
2.2.17
Fixed
– Fix a race condition if process_payment called twice
– Can decide to ignore a BTCPay event
2.2.16
Fixed
– Handle ’expired’ IPN
– Handle ’invoice_paidAfterExpiration’ IPN event
Earlier versions
For the changelog of earlier versions, please refer to https://github.com/btcpayserver/woocommerce-plugin/releases
Installation
This plugin requires Woocommerce. Please make sure you have Woocommerce installed.
To integrate BTCPay Server into an existing WooCommerce store, follow the steps below.
1. Install BTCPay WooCommerce Plugin
2. Deploy BTCPay Server
To launch your BTCPay server, you can self-host it, or use a third party host.
2.1 Self-hosted BTCPay
Bitpay Lightning Protection
There are various ways to launch a self-hosted BTCPay. If you do not have technical knowledge, use the web-wizard method and follow the video below.
For the self-hosted solutions, you’ll have to wait for your node to sync fully before proceeding to step 3.
2.2 Third-party host
Those who want to test BTCPay out, or are okay with the limitations of a third-party hosting (dependency and privacy, as well as lack of some features) can use a one of many third-party hosts.
The video below shows you how to connect your store to such host.
3. Pairing the store
BTCPay WooCommerce plugin is a bridge between your server (payment processor) and your e-commerce store. No matter if you’re using a self-hosted or third-party solution from step 2, the pairing process is identical.
Go to your store dashboard. WooCommerce > Settings > Payments. Click BTCPay.
- In the field, enter the full URL of your host (including the https) – https://btcpay.mydomain.com
- Click on the generated link which will redirect you back to your BTCPay Server.
- Click on request pairing
- Approve the pairing
- Copy the pairing code
- Go back to your store and paste the pairing code
- Click “Pair”
- When you see the image, it means you successfully paired your server and your store.
The process of pairing a store with BTCPay is explained in a video below, starting at 1:59
4. Connecting your wallet
No matter if you’re using self-hosted or server hosted by a third-party, the process of configuring your wallet is the same.
Bitpay Lightning Cable
5. Testing the checkout
Making a small test-purchase from your own store, will give you a piece of mind. Always make sure that everything is set up correctly before going live. The final video, guides you through the steps of setting a gap limit in your Electrum wallet and testing the checkout process.
Depending on your business model and store settings, you may want to configure your order statuses.
FAQ
You’ll find extensive documentation and answers to many of your questions on docs.btcpayserver.org.
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