Home bitcoin Bitpay COO Promotes Bitcoin as “Means of Payment”

Bitpay COO Promotes Bitcoin as “Means of Payment”

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Bitpay’s chief operating officer, says that other than just speculation and trading, Bitcoin is being used all around the world as a means of payment.

Sony Singh, who is the COO of Bitpay, 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.”

BITCOIN EDUCATION NEEDED

The COO, Mr Singh, also believes that there is a need for cryptocurrency awareness. An education of bitcoin and other cryptocurrencies to the public won’t be a bad idea. He emphasized the need for greater education regarding the benefits of cryptocurrency in order to foster adoption.

He further explained how easy bitcoin as a means of payment is when compared to the use of credit cards. In his words, Mr Singh stated: “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. But yet they don’t understand it, they have to be educated about it. And the consumers have to get the habit of spending with bitcoin. For them, it’s better and quicker than credit cards, and better for privacy,”

He further encouraged young college kids and others who own bitcoin to use it or spend it other than just buying and keeping it only for speculation. “A lot of people in America have heard of bitcoin, but not a lot of them own bitcoin. Even the tech people and college kids bought bitcoin, they’ll not spend it. They bought it only for speculation. And if you ask them about bitcoin, they can tell you about the price but nothing else, because they treat it as an investment tool. We need to get these people to actually start to spend bitcoin,” he stated.

What do you think of Mr Singh argument on bitcoin as a means of payment other than just to trade and speculate? 

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