Bitcoin Update - $100 minimum purchase [updated]

[EpicNPC]

Our bitcoin processor Bitpay has set a new minimum transaction limit of $100. This means you can't make any purchases under this amount using Bitcoin.

The reason behind this change are the insane bitcoin fees being charged per transaction which currently average about $25. So if you want to buy something for $5, it costs $30.

These bitcoin fees are due to mining fees and Bitpay has no control over them nor do we.

Bitpay is also working on adding support for Bitcoin Cash, another version of Bitcoin whose fees are 99.9% lower and completes transactions in seconds instead of 20-30 minutes.

Once Bitpay adds support for Bitcoin Cash, we will be following suit.

Bitcoin in it's current form is dead. It's unusable at this time, we haven't had a bitcoin transaction in weeks and until the people behind Bitcoin make some significant changes to the network to fix these ridiculously fees and slow transaction times, bitcoin will die in the next year.

Most Bitcoin wallets are adding Bitcoin Cash support, so in the next few months you should see this competing if not overtaking normal bitcoin.

We'll post another update once support for Bitcoin Cash has been added.

 

[EpicNPC]

Bitpay has removed the limitation today. The minimum is once again $5.00, although fees remain high $20+ so I don't recommend using it.

 

[Zoefken]

A small advice, move from bitcoin to litecoin. Transaction fees are way smaller and the speed at which a transaction occurs is faster.

 

[EpicNPC]

Bitpay will be adding Bitcoin Cash soon, it has transaction fees that are about $.03 on average and transaction times much faster than normal bitcoin.

Litecoin requires a new wallet, a Litecoin payment processor, new coding on the site, so it's a big hassle. Bitcoin Cash is being added to all existing Bitcoin companies, so it's very easy for us to add support for that.

However if Litecoin gets really popular, we'll support that also, but it's currently in a distant 5th, so we would add support for other currencies before Litecoin.