BitPay Wallet Review

No matter your experience level, keeping your cryptocurrencies safe and accessible is always important. But with so many wallets available in the market, choosing the right one can be a bit overwhelming. That's where my BitPay wallet review comes in to provide you with insights into one of the options.

BitPay’s platform claims to be a secure gateway for crypto payments, packed with many user-friendly features. But is this really true, and how does it fare compared to popular alternatives like Ledger Nano X or the Binance wallet?

Let’s find the answers by evaluating its potential benefits and drawbacks to help you decide whether it can meet your crypto demands!

Verdict at a glance: BitPay wallet offers a reliable, non-custodial solution for managing cryptocurrency with a strong emphasis on optional multi-signature security. It's ideal for those prioritizing safety, allowing users to buy, swap, and spend crypto conveniently in one place. However, it has certain drawbacks, such as a smaller range of available cryptos and key features like BitPay Card being currently available only to US users.

What is BitPay Wallet?

Let's start this BitPay wallet review by addressing the core question: what is BitPay wallet?

BitPay wallet is a cryptocurrency wallet developed by BitPay, Inc., a leading fintech company specializing in payment processing solutions. Since its inception in 2011, BitPay has transformed online payments by offering mobile checkout services to businesses accepting Bitcoin.

BitPay’s platform provides a secure gateway for cryptocurrency payments with numerous user-friendly features. Over the years, it has processed over $5 billion in transactions and has served millions of users worldwide, making it one of the top cryptocurrency processors.

The BitPay wallet is a secure platform designed for managing digital assets. It provides a seamless way to convert cryptocurrency into fiat currency. This feature bridges the gap between digital and traditional currencies, making it convenient to use crypto assets for purchases anywhere.

With this perk, BitPay wallet empowers you to purchase, store, exchange, sell, and use cryptocurrencies within a single platform. On top of that, it can also be paired with a hardware wallet like Ledger Nano X, ensuring a blend of safety and convenience.

As an open-source, non-custodial wallet, it grants you complete ownership of your private keys and your crypto assets. This means even BitPay cannot access your holdings, ensuring you have absolute control over your funds at all times.

BitPay also provides optional multi-signature (multi-sig) support, enhancing the security of your crypto assets. This technology adds an extra layer of protection against unauthorized access, whether from theft, operating system vulnerabilities, or security bugs.

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BitPay Wallet Review: PROS

Now that we've explored its core functionalities, let's dive deeper into this BitPay wallet review by examining its key advantages. This section particularly will address questions you might ask, such as "Is BitPay a legitimate and reliable wallet?" or "Is BitPay safe for storing crypto assets?”.

Complete Control with a Non-Custodial Cryptocurrency Wallet

One notable feature of the BitPay wallet I’ve already mentioned briefly is that it’s a non-custodial wallet. What does this mean, and why is it considered a noteworthy feature of BitPay? Let me explain.

Unlike traditional wallets that physically hold your cash, cryptocurrency wallets don't store your crypto directly. Instead, they function as secure vaults for your private keys.

These private keys are essential digital codes that grant access to your cryptocurrency assets on the blockchain. Think of them as a unique password that only you know. Without these keys, no one can access your funds.

Some cryptocurrency exchanges, like Kraken or Binance, offer built-in custodial wallets, where they take responsibility for safeguarding your keys. When you make a transaction on such exchanges, they digitally "sign" it using your private key stored within their wallet.

Many people like custodial wallets because they offer a user-friendly experience with someone else managing security. However, this convenience comes at the cost of surrendering control of your private keys, which some users find unappealing.

For users who prioritize control over convenience, a non-custodial wallet like BitPay might be preferable. With BitPay, no third party can access your private keys, giving you complete autonomy over your crypto assets.

This increased control comes with a responsibility: you must safeguard your private keys and recovery phrases yourself. Losing them could mean losing your funds forever.

Unlike recovering a lost account password on a crypto exchange, losing your self-custody wallet's recovery phrase could permanently prevent you from accessing your funds^[1]. Therefore, it's crucial to implement secure backup practices for your private keys.

In addition to providing full control over your assets, BitPay wallet’s non-custodial nature allows for greater privacy. Transactions made through the wallet are less likely to be monitored or interfered with by third parties. This feature can especially appeal to those who value confidentiality in their financial dealings.

Enhanced Security Features with Optional Multi-Sig Feature 

When it comes to safeguarding virtual assets, security is always a top priority. You might ask, "Is BitPay legit and safe to use?". Yes, it seems that it's legit and safe to use, thanks to its optional multi-sig technology.

Many crypto wallets typically rely on a single private key for signing and authorizing transactions. If this key is lost or stolen, others could access and spend your funds. To mitigate this risk, BitPay employs a multi-sig protocol to enhance wallet security.

A multi-sig wallet is managed by two or more users^[2], referred to as copayers. The number of signatures required to approve a transaction depends on the wallet's setup, but it will always be less than or equal to the total number of copayers.

This setup adds an extra layer of security by requiring multiple users to approve a transaction before it can be completed.

One significant advantage of multi-sig wallets is their extra protection against compromised private keys. If one key gets hacked, the other keys needed to approve a transaction make the hacked key useless. This method keeps your digital assets safe from cybercriminals.

Plus, multi-sig wallets reduce the risk of losing a seed phrase. Unlike single-signature wallets, where losing the seed phrase means losing access to your assets, multi-sig setups let you recover using other seed phrases.

Here are the benefits of multi-sig wallets:

• Multi-Party Authorization: This setup makes it ideal for businesses needing multiple approvals for transactions, ensuring consensus among stakeholders.
• Shared Access: Similar to a joint bank account that allows multiple users to securely manage shared funds, fostering transparency and accountability.
• Multi-Device Security: Improves security by necessitating approvals from multiple devices, similar to multi-factor authentication, which prevents unauthorized access even if one device is compromised.
• Contingency Planning: Provides recovery options if one recovery phrase is lost or damaged.

On top of that, BitPay wallet also employs Hierarchical Deterministic (HD) address generation and wallet backups. This technology allows you to generate and manage multiple addresses from a single seed, streamlining the key management process.

So, is BitPay safe? In short, it seems that it is. When it comes to security, BitPay has got your back with its robust, layered security measures.

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One-Stop Payment Solutions with Bill Pay and BitPay Debit Card

Another aspect that I must mention in this BitPay wallet review is how its ecosystem serves as a gateway for using your crypto in everyday scenarios.

With features like Bill Pay and the BitPay Debit Card, managing and spending your cryptocurrency could become effortless. These tools seamlessly integrate into your daily routine, allowing you to pay bills and shop online using your digital assets, thereby answering the question, "Is BitPay a legit payment tool?”.

The Bill Pay feature is an example of this convenience. The service allows you to use your cryptocurrency to pay for various expenses, such as mortgages, rent, credit cards, car payments, and more.

This feature is particularly handy for incorporating your crypto assets into your everyday financial activities. It allows you to pay almost any bill directly from your crypto wallet, avoiding the complexities of dealing with banks or wires. It's a standout capability that any BitPay wallet review should commend.

The Bill Pay feature is straightforward to use. You only need to download the BitPay app, which will automatically connect to your bills. Then, you must select your payment preferences and make payments using your crypto choice.

On top of that, as a self-custody wallet, BitPay allows you to import other self-custody wallets or keys using your 12 or 24-word seed phrase. It’s compatible with popular wallets like MetaMask, Coinbase Wallet, and many more. Once imported, funds from these wallets can be used to settle bills directly within the BitPay app.

Alternatively, you can also visit BitPay’s website and navigate to the Bill Pay tab to generate an invoice. This invoice can be settled using any other wallet app, offering flexibility and ease of use.

Another important aspect I want to discuss in this BitPay wallet review is the BitPay Debit Card. Functioning like a traditional debit card, it allows you to make purchases using funds from your BitPay wallet instead of a bank account.

Once you've added funds to your BitPay Debit Card, you can start using it almost anywhere. Whether you’re shopping in-store or making purchases online, the card is widely accepted.

However, it's important to note that new applications for this feature are currently on hold as the company undergoes program restructuring. Additionally, the card is only available to residents of the United States.

Overall, based on the features I've discussed in this BitPay wallet review, I find that the BitPay ecosystem enhances the convenience of using cryptocurrencies. With its Bill Pay and Debit Card features, BitPay offers comprehensive payment solutions that provide a secure and user-friendly way to use popular cryptocurrencies.

Seamless Online Payment Gateway for Merchants

If you’re a merchant, you might ask, "Is BitPay legit and reliable for managing and processing cryptocurrency payments?". The answer is yes; it appears to be.

One of the core functionalities of BitPay is its online payment gateway. This feature allows you to accept cryptocurrency payments directly within your online store.

BitPay improves this functionality with volatility protection, much like other crypto payment gateway providers. This helps by locking in exchange rates at the time of sale, so you receive the expected value without being affected by market fluctuations.

At the end of each day, all sales are consolidated, and the corresponding value is deposited directly into your bank account. This process can eliminate the need for you to manage cryptocurrency yourself. You can also choose to receive payouts in cryptos.

In addition to the volatility protection feature, BitPay also offers a range of convenient features for merchants or businesses, including:

• Accepting Offline Crypto Payments: Seamlessly integrate cryptocurrency payments at your physical store.
• Streamlined Invoicing: Simplify the billing process by sending invoices in cryptocurrency to your customers.
• Donation Page Creation: Enable crypto donations through a dedicated donation page.
• Recurring Payments: Set up recurring payments for subscriptions or memberships, adding convenience for both you and your customers.
• NFT-Ready Transactions: BitPay facilitates secure crypto payments for your NFT releases.

These features give you the tools to use cryptocurrencies for your business needs. Whether it's accepting payments, receiving donations, or automating recurring transactions, BitPay’s platform offers stability and flexibility.

So, again, is BitPay legit and reliable for merchants? Well, based on the convenience of the online payment gateway it provides, it seems to me that it is.

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BitPay Wallet Review: CONS

My BitPay wallet review wouldn't be complete without acknowledging its potential limitations. While the wallet offers various compelling features, it's crucial to understand any drawbacks that might influence your decision.

BitPay Card is Limited to US Users

While BitPay wallet offers a range of appealing features, it's important to note some limitations in regional availability.

Currently, the BitPay Card, which allows for convenient crypto spending, is only available to users in the United States. This can be a significant drawback for international crypto enthusiasts looking for a wallet that seamlessly integrates their digital assets into everyday purchases.

For users outside the US, not having access to the BitPay Card means they'll need to find other ways to use their cryptocurrency. This might involve using third-party exchanges to convert crypto to fiat currency or opting for other crypto debit card providers with broader global reach.

Relatively Small Coin Support

Another drawback I need to address in this BitPay wallet review is its relatively limited support for cryptocurrencies, as it only supports around 60 different coins.

As of writing, BitPay supports Bitcoin, Bitcoin Cash, Ethereum, and a small selection of ERC-20 tokens, like Tether, Dogecoin, Litecoin, Shiba Inu, and USD Coin. While this covers many major coins, it offers a narrower range compared to some competitors like the Binance wallet.

Crypto enthusiasts looking for a wider variety of coins may find that BitPay wallet lacks the versatility they desire. As the cryptocurrency market continues to expand with new coins and tokens, having wallet support for diverse assets becomes increasingly valuable.

It’s worth mentioning that BitPay is continually expanding its list of supported currencies, with updates announced on its blog. This ongoing development suggests that BitPay may become more accommodating to a broader range of cryptocurrencies in the future.

BitPay Wallet Review: Pricing

Having explored the pros and cons in this BitPay wallet review, let's now delve into its pricing structure. In addition to examining the cost of the wallet itself, I'll also provide you with information about the fees associated with BitPay's other services within its ecosystem.

Firstly, the BitPay wallet is completely free to download and use. However, specific fees will apply when engaging in transactions such as crypto transfers or payments. These fees vary depending on your activities within the BitPay ecosystem.

For instance, when paying a BitPay invoice, you'll need to account for the miner fee required to process your transaction on the cryptocurrency network. Additionally, there may be network costs associated with your purchase, depending on the cryptocurrency you choose to use.

Invoice Payment Using Bitcoin & Bitcoin Cash

If you conduct transactions using Bitcoin & Bitcoin Cash, you are likely to encounter miner fees. These fees are paid to miners on the blockchain to validate and confirm transactions, otherwise known as network fees.

The amount you pay in miner fees can influence how quickly your transaction is confirmed. Higher fees generally mean faster confirmation times, which can be crucial during periods of high network congestion.

It's important to note that miner fees are variable and depend on network conditions. This variability can cause the network cost fee to fluctuate accordingly.

Another fee to be aware of is the refund miner fee cost. This fee applies when you underpay or overpay an invoice and initiate a refund to yourself.

In such instances, BitPay will deduct the miner fee cost from the total refund amount you receive. Although it may seem insignificant, users need to understand that refunds are not entirely free and will involve some costs associated with the miner fees.

Invoice Payment Involving Ether

Transactions involving ETH may incur gas fees. These are transaction costs on the Ethereum network, similar to miner fees in Bitcoin. They are paid in a unit called "gwei" and vary based on the network's congestion.

The total gas fee is calculated by multiplying the gas price (cost per unit) by the gas limit (the computing power needed for the transaction). By choosing a higher gas price, you can prioritize your transaction for faster processing.

Invoice Payment Involving USD Stablecoins (ERC-20 Tokens)

To pay a BitPay invoice using ERC-20 tokens, you must have an ETH balance. The reason is that ERC-20 transactions require gas, which is needed for operations on the ETH blockchain. You will need gas to interact with the smart contract and to send the payment to the invoice, which involves two separate transactions.

Payment Processing Fees for Merchants

BitPay offers a clear and straightforward pricing plan for businesses using their crypto payment processing service. 

There's a tiered transaction fee ranging from 1% to 2%, with a flat fee of 25 cents added to each processed invoice. This fee is deducted from your merchant ledger balance. Also, it’s important to note that BitPay may apply higher fees for high-risk industries.

Table: BitPay crypto acceptance fees

In cases where a full or partial refund is issued for a paid invoice, BitPay deducts the miner fee associated with the original transaction from your ledger balance. This separate deduction will be reflected in your BitPay ledger once the refund is complete.

BitPay Card Fees

BitPay Card works like a prepaid card, so you can only spend the amount of money you've loaded onto it. Unlike regular credit cards, you can't go over your available balance. 

BitPay Card takes care of converting your cryptocurrency into fiat currency. They do charge a network fee or a wallet miner fee, depending on the type of cryptocurrency you use for payment. 

Also, if you're using the card for purchases within the United States, there are no extra fees. However, if you're traveling abroad, there's a 3% fee added to cover the cost of converting US dollars into the local currency.

Additionally, if you need to make ATM withdrawals or cash-back transactions, whether inside or outside the US, there's a $2.50 fee for each transaction.

And one more thing: if you don’t use your BitPay Card for 90 days, there's a $5.00 dormancy fee charged each month until you use the card again.

To avoid these dormancy fees, simply make a purchase with your BitPay Card at least once every 90 days. The good thing is you can use the card at almost any location that accepts Mastercards.

While BitPay's price structure is generally straightforward, recognizing these costs up ahead may help to avoid surprises. Through this BitPay wallet review, I highlight how these fees work, allowing you to make informed decisions about integrating the wallet into your business transactions.

How to Use BitPay Wallet?

If my BitPay wallet review has you curious to try it out, the first step is to install and set up the BitPay app. It's quite easy, but I'll walk you through it step by step.

How to Install BitPay Wallet?

BitPay wallet is designed to be flexible and accessible. It’s available on a range of platforms to suit different user needs.

You can install the wallet on Windows, Mac, and Linux operating systems. There are also mobile app versions for Android and iOS devices.

However, you should note that BitPay no longer supports the Windows Phone and Chrome app versions of the wallet. This is because Microsoft has stopped updating Windows Phone, and Google is phasing out support for Chrome apps.

In this part of the BitPay wallet review, I'll show you how to install the application on a Windows computer.

Step 1: Visit the Microsoft Store website and download the installation file. To do that, find BitPay for Windows in the store and click the [Get] button. Please note that you might be asked to log into your Microsoft account in order to download the app.

Step 2: Wait for the process to complete and double-click the installer file. Then click [Open] when prompted.

Step 3: Follow the instructions to complete the installation. After it’s done, you’ll find the BitPay wallet in the Windows Start menu.

That’s it! Installing the BitPay wallet app is easy and quick. Once you're set up, you'll have a secure and user-friendly platform to manage your cryptocurrency assets.

How to Create a New BitPay Wallet?

Now that I've covered the installation in this BitPay wallet review, let's go over the setup process. Creating your own BitPay wallet is surprisingly straightforward. Here's a step-by-step guide to get you started.

Step 1: Launch the BitPay app on your device and click the gear icon to open the settings menu.

Step 2: Scroll down to the [Wallets and Keys] section and click on [Create or Import Key].

Step 3: Click the [New Key] option and select the cryptocurrencies you want to include from the list.

Step 4: After choosing the cryptocurrencies, click the [Create Key] option.

Step 5: Click on [Backup your Recovery Phrase] and follow the instructions for the backup process. 

BitPay makes creating multiple wallets that share the same recovery phrase easy. This feature simplifies recovering and transferring your wallets, making everything more convenient.

However, it's really important to back up your 12-word recovery phrase. Without this backup, you won’t be able to receive any funds. Additionally, if you lose your recovery phrase, you’ll permanently lose access to your assets. So, be sure to store this phrase somewhere safe and accessible.

Pros

• Can be managed from mobile device
• Very secure
• Supports more than 5500 cryptocurrencies

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Pros

• Supports over 7000 crypto assets
• Easy navigation
• Open-source

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Pros

• Top-tier security
• DeFi app support
• Store over 5500 assets, install up to 100 apps simultaneously

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Conclusions

To wrap up my BitPay wallet review, I can say that the wallet provides secure and user-friendly features for buying, storing, and spending cryptocurrency. With its optional multi-sig and key encryption features, I can also say that it's a strong choice for those who prioritize security.

In addition to facilitating coin swaps at competitive rates, BitPay allows you to connect existing wallets and purchase gift cards for convenient spending. Features like Bill Pay and the BitPay Card also enhance its appeal for everyday transactions, particularly for US residents.

Overall, the BitPay wallet seems a solid option for anyone looking for a straightforward, all-in-one solution for managing crypto with reliable security features. However, if your priority is accessing a wider variety of cryptocurrencies or connecting to exciting dApps, exploring alternatives like Ledger Nano X or Trezor Safe 5 may be worthwhile.

The content published on this website is not aimed to give any kind of financial, investment, trading, or any other form of advice. BitDegree.org does not endorse or suggest you to buy, sell or hold any kind of cryptocurrency. Before making financial investment decisions, do consult your financial advisor.

Scientific References

1. T. Sans, Z. Liu, K. Oh: ‘A decentralized mnemonic backup system for non-custodial cryptocurrency wallets’;

2. Y. Xiao, P. Zhang, Y. Liu: ‘Secure and efficient multi-signature schemes for fabric: An enterprise blockchain platform’.