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Terms","updated":false,"chapter":"https://assets.bitdegree.org/crypto/assets/crypto-book/chapters/crypto-101-glossary.jpg","chapter_simple":"https://assets.bitdegree.org/crypto/assets/crypto-book/chapters-simple/crypto-glossary-101.jpg","rating":100,"sections":["A","B","C","D","E","F","G","H","I","J","K","L","M","N","O","P","Q","R","S","T","U","V","W","X","Y","Z"]}],"nextSection":{"id":98,"original_id":null,"author_id":41,"translator_id":null,"title":"What is Bit (Bitcoin)?","slug":"what-is-bit-bitcoin","section":"B","keyword":"Bit (Bitcoin)","status":"published","definition":"a unit of a single Bitcoin.","content":"<p><strong>Bit</strong>, in the context of cryptocurrencies, is <strong>the smallest unit</strong>, or subdivision, of <a href=https://www.bitdegree.org/"https://www.bitdegree.org/crypto/buy-bitcoin-btc/">Bitcoin (BTC)</strong></a>. In exchange transactions, Bitcoin is often used in subdivisions. As a single Bitcoin costs around $40,000 at the time of writing, it is more common to purchase or sell it in smaller subunits.</p>\n<p>Bitcoin was designed using a specific decimal system that allows the digital currency to be divided into eight decimal points. The smallest Bitcoin fraction is 0.00000001, called <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-satoshi-sats/">Satoshi (SAT)</strong></a>, named after the pseudonym of the cryptocurrency’s creator, <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/who-is-satoshi-nakamoto/">Satoshi Nakamoto</strong></a>. 100,000,000 Satoshis make up a single Bitcoin.</p>\n<p>Some of the other Bitcoin units are <strong>microbit (µBTC)</strong> at 0.000 001 BTC, <strong>centibit (cBTC)</strong> at 0.01 BTC, and <strong>decibit (dBTC)</strong> at 0.1 BTC. Some units go over the value of one Bitcoin, like the <strong>decabit (daBTC),</strong> which is worth 10 BTC, or <strong>megabit (MBTC)</strong> which is the equivalent of 1 000 000 BTC.</p>\n<p>The divisibility of Bitcoin makes it a versatile cryptocurrency. Users are able to utilize it for micropayments as well as large-scale transactions.</p>\n<p>The subdivisions of Bitcoin make the digital currency easy to understand. It can be expressed to two decimal places, like 10.99, making it visually comprehensible. As the popularity of Bitcoin grows, more people are likely to possess smaller fractions of bits to use for everyday transactions.</p>","level":"easy","meta_title":"What is Bit (Bitcoin)? Definition & Meaning | Crypto Wiki","meta_description":"Bit (Bitcoin) meaning: Bit (Bitcoin) - a unit of a single Bitcoin.","meta_keywords":null,"language":"en","created_at":"2022-02-15T07:02:22.000000Z","updated_at":"2022-05-13T14:32:23.000000Z","preview_url":"https://www.bitdegree.org/crypto/learn/crypto-terms/what-is-bit-bitcoin"},"prevSection":{"id":96,"original_id":null,"author_id":41,"translator_id":null,"title":"What is BitLicense?","slug":"what-is-bitlicense","section":"B","keyword":"BitLicense","status":"published","definition":"a license issued by the New York State Department of Financial Services. It regulates cryptocurrency business activities in New York.","content":"<p><strong>BitLicense</strong> was one of the first regulatory measures aimed at <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-cryptocurrency/">cryptocurrency companies in the US. It was first introduced in July 2014 and officially came into effect in August 2015.</p>\n<p>BitLicense provides <strong>regulations</strong> for a number of crypto-related business activities, like buying and selling crypto as a customer business, storing and holding crypto on behalf of others, and issuing virtual currencies.</p>\n<p>Any New York resident or non-resident temporarily staying in the state who wishes to engage in the regulated crypto activities must acquire the BitLicense. However, this only affects businesses – individuals who want to make or receive cryptocurrency transactions do not require the permit.</p>\n<p>BitLicense received a lot of backlash upon its implementation, with numerous <a href=https://www.bitdegree.org/"https://www.bitdegree.org/crypto/buy-bitcoin-btc/">Bitcoin (BTC)</strong></a> companies stopping their business activities in New York, causing “<a href=https://www.bitdegree.org/"https://fortune.com/2015/08/14/bitcoin-startups-leave-new-york-bitlicense//" target=\"_blank\" rel=\"nofollow noindex noopener\"><strong>The Great Bitcoin Exodus</strong></a>”.</p>\n<p>One of the main complaints was the restrictions placed on businesses. Furthermore, the application fee of roughly $100,000 was seen as vindictive by some companies.</p>\n<p>Not all companies that applied were granted the BitLicense in 2015. However, in the years since, BitLicense has played a big role in setting the standard for cryptocurrency regulations on a more global scale.</p>","level":"easy","meta_title":"What is BitLicense? Definition & Meaning | Crypto Wiki","meta_description":"BitLicense meaning: BitLicense - a license issued by the New York State Department of Financial Services. It regulates cryptocurrency business activities in New York.","meta_keywords":null,"language":"en","created_at":"2022-02-14T14:27:49.000000Z","updated_at":"2022-05-13T14:32:23.000000Z","preview_url":"https://www.bitdegree.org/crypto/learn/crypto-terms/what-is-bitlicense"},"currentChapter":"B","currentSection":"what-is-bitpay","chapterTitle":"B","readingLevel":"easy"},"url":"/crypto/learn/crypto-terms/what-is-bitpay","version":"cdd198d50cbe5c9c21c9329d7c096ffc"}" class="container-fluid d-flex crypto-book p-0"> Crypto Terms: Letter B
What is BitPay?
BitPay MEANING:
BitPay -
is a Bitcoin payment network operator that enables payments to be sent straight to the seller's bank account.
Let's find out BitPay meaning, definition in crypto,
what is BitPay,
and all other detailed facts.
Simply described, BitPay is a Bitcoin payment network operator, that was launched in May of 2011, by Tony Gallippi and Stephen Pair. The primary function of this payment service provider is to allow payments to be transferred directly to the seller's bank account via a Bitcoin wallet.
This feature is available in over 38 countries. Back in September 2013, the company revealed its milestone of racing 10,000 merchants.
BitPay's headquarters are located in Atlanta, Georgia, United States.
To use BitPay you would need a BitPay card which is essentially a MasterCard that allows users to easily transfer cryptocurrency to fiat currency that is stored on the card. This feature supposedly closes the gap between real and digital currency, by providing an easy way to spend the holdings anywhere around the world.
