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How Does BitPay Wallet Work?

BitPay Wallet was launched in 2011 in Atlanta, Georgia, and was initially known as Copay. It uses P2P synchronization and network interfacing and acts as a crypto wallet for Bitcoin (BTC), Bitcoin Cash (BCH), Ethereum (ETH), and ERC20 tokens.

The main objective of BitPay is to transform the crypto finance industry as it evolves over time. BitPay provides businesses and individuals with a highly secure and inexpensive payment system. Due to all of its advanced features, BitPay has expanded across six continents and is now among the largest Bitcoin payment processors globally.

Connecting Your BitPay Wallet To ZenLedger

  • To import your Bitpay transactions, all we need is your public wallet address. Paste your wallet address into the Bitpay wallet address field in ZenLedger.
  • Select the proper coin from the dropdown list. Select if the wallet is based in the USA or not. Then hit add coin.

How To Use BitPay Wallet?

Setting up and using your BitPay crypto wallet is pretty easy. Here's a step-by-step guide. 

1. Create A Wallet

Here's how to create a new BitPay wallet:

  • Download the BitPay app from the Google Play Store or App Store and open it.
  • Tap the Wallet icon and click on 'Get Started'
  • Select the coins that you want to create a wallet for and tap on 'Create'
  • Some prompts will pop up on the screen. Read them and tap on 'I understand'

Your wallet has now been created, but there are two things that you must take into consideration.

  • If you want to create an ERC20 token wallet, you must create an Ethereum wallet for gas.
  • You'll be prompted whether you want to keep your wallet password protected. You can skip this step and do it later. In case you do set a password, make sure you remember it.

2. Send Cryptocurrency

You can either send funds using the QR code or by pasting the address you want to send funds to. The QR code is next to the recipient field.

  • On the BitPay App, click the Wallet icon.
  • Select the wallet you want to make the transaction from. Tap on 'Send'
  • You can enter the amount that you want to send on the Send tab. You can also transfer the whole amount from your wallet. The Send Max option will allow you to do so.

On selection of the 'Priority Fee' option in the app settings, you'll increase the possibility of timely confirmation while sending Bitcoin (BTC) transactions as per the payment protocol of BitPay.

3. Receive Cryptocurrency

You can either receive the fund using the QR code or by pasting the address displayed on the screen.

  • Firstly, select the wallet in which you want to receive the amount.
  • Click 'Select'
  • Use either the address or the QR code to proceed with the transaction.

How Does BitPay Work?

BitPay gives you full control of your crypto finances making it a safe option. It also provides you a lot of other options than just storing Bitcoin and Bitcoin Cash in the wallet, such as you can purchase and sell your crypto using the app. Apart from that, the BitPay card can be used for transactions as it is accepted by all Visa merchants and supported by all ATMs.

Using BitPay wallet you can make payments with Bitcoin at checkout. The invoice can be then paid to BitPay at a fixed exchange rate. Using modern technology, BitPay can convert the payment into the local fiat currency while protecting the customer from market risk. Lastly, the payee will have the money directly deposited into their account.

The Bottom Line: Why Choose BitPay Wallet?

Now that we know how to use BitPay wallet, here's a list of all the key features to help you understand why you should choose the BitPay wallet:

  • Supports Bitcoin (BTC), Bitcoin Cash (BCH), Ethereum (ETH), and Ripple (XRP)
  • Supports multiple creations of multiple wallets
  • Security: Multi-signature (shared and personal wallets) and encryption of private key with BIP38 support
  • Email and push notifications are available
  • Testnet wallets for supported coins
  • Web and mobile (iOS and Android) accessibility
  • Secure transactions by payment protocol (BIP70-BIP73)
  • Multi-lingual support

BitPay is not only a reliable payment service for businesses but also for individuals. Considering the ease of use, security features, and other benefits, BitPay can be a great place to start for beginners and professionals alike.

BitPay Wallet FAQs

1. How does BitPay wallet work?

Using BitPay wallet you can make payments with Bitcoin at checkout. The invoice can be then paid to BitPay at a fixed exchange rate. Using modern technology, BitPay can convert the payment into the local fiat currency while protecting the customer from market risk. Lastly, the payee will have the money directly deposited into their account.

2. Is BitPay a good wallet?

BitPay is not only a reliable payment service for businesses but also for individuals. Some key features to help you understand why you should choose the BitPay wallet:
  • Supports Bitcoin (BTC), Bitcoin Cash (BCH), Ethereum (ETH), and Ripple (XRP)
  • Supports multiple creations of multiple wallets
  • Security: Multi-signature (shared and personal wallets) and encryption of private key with BIP38 support
  • Email and push notifications are available
  • Testnet wallets for supported coins
  • Web and mobile (iOS and Android) accessibility
  • Secure transactions by payment protocol (BIP70-BIP73)
  • Multi-lingual support
  • 3. Is BitPay safe?

    BitPay wallet has a very strong security system including multi-signature (shared and personal wallets) and encryption of private key with BIP38 support.

    4. Does BitPay report to IRS?

    BitPay reports to the IRS thorough the Form 1099-K reporting as it falls in line with the provisions of Section 6050W of the Internal Revenue Code.


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