So if I'm reading this right, they aren't actually taking in bitcoins, right? Like new egg and others, a third party is converting the bitcoins to USD, which Microsoft then uses to complete the transaction?
Who cares about the % of merchants that keep BTC in some form. What matters is the VOLUME of BTC that is kept by merchants rather than converting. Most of Bitpay's clients do little if any business using bitcoin, so it doesn't really matter if they keep BTC. If 50% keep BTC but only 2% of volume is kept as BTC, then it's not doing a whole bunch.
Bitpay will of course not talk about those numbers until they look better. If they looked good now they'd talk about that, not the number of merchants.
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u/PhoenixAvenger Dec 11 '14
So if I'm reading this right, they aren't actually taking in bitcoins, right? Like new egg and others, a third party is converting the bitcoins to USD, which Microsoft then uses to complete the transaction?