It’s tough to put all your eggs in one basket. After all, what if something goes wrong?In the world of cryptocurrency, that is a distinct possibility. Hacks do happen and exchanges do lose customers’ funds. Then there are eWallets but those can be intimidating for people who don’t feel that they are very sophisticated technologically.That’s what makes a service that can do it all so valuable.
Cryptopay, like many exchanges, is a jack-of-all-trades service. That has a lot of advantages. But it also comes with a lot of disadvantages – mainly, you wonder what it does best (and you worry about what it does worst). As mentioned above, these aren’t just idle concerns.
But Cryptopay does have one feature that sets it apart from its competition, and that is the ability to use Bitcoin to fund everyday purchases on both the web and in stores. You read that right: Cryptopay allows you to buy, sell, and use Bitcoins to fund your life. Isn’t that what it is all about anyway? Right off the bat, that makes it different. Another awesome thing in Cryptopay’s column is that it is one of the founders of the segment, getting its start in 2013.
In this article, we’re going to give you a review of Cryptopay to help you decide whether or not the service is right for your needs. It’s cool, but it’s not for everybody. We’ll give you the pros, cons, and our final verdict. As with all things, the final decision is up to you. Weighing the pros and the cons as well as your individual situation, we think you’ll know whether Cryptopay is the right choice.
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Cryptopay Review: The history of Cryptopay
One of the first things any new customer worries about with a crypto exchange is whether or not the place is legit. Cryptopay is legit. There’s really no more to say about it. We’re talking Coinbase level.
There are no scams currently associated with the service and its global user base has showered it with relatively warm reviews. That is a rare thing in the world of cryptocurrency exchanges that tend to form polarized camps of those who think a service is great and those who do not.
Cryptopay Review: The Pros and Cons
Like Coinbase, you can buy, sell, and hold Bitcoin using Cryptopay. This means the service combines the features of an eWallet and exchange, all in one. Cryptopay’s competitive advantages is that it offers a Visa debit card service that draws on the funds in the user’s Cryptopay account. This allows users to actually transact in Bitcoin.
It is also available to consumers who use British Pounds, US Dollars, or Euros. That’s a pretty large swath of the crypto world and means Cryptopay has amazing flexbility for users who travel. This means that Cryptopay also conforms to the regulations, as they exist, in those areas. Conversion to fiat currencies is easy and straight forward. Here, Cryptopay is a real winner.
You don’t have to stick to brick-and-mortar uses, either. Cryptopay has a robust system that draws on Bitcoin stored in your Cryptopay eWallet to pay for things. Best of all, some websites are specifically linked to the Cryptopay service to take advantage of its eWallet feature. This means you can pay for goods on that website using your Cryptopay account. The number of sites that use this are growing by the day and it is a specific market that Cryptopay has targeted heavily.
The only major downside to Cryptopay as an exchange and payments system is that it really only uses Bitcoin. There is the possibility the service could expand its offerings in the future but, for now, Bitcoin is the order of the day. That’s not really surprising as it is the darling of the cryptocurrency world, but it’s a tough pill to swallow for dedicated Litecoin or Ethereum users.
Like other exchanges, users have to go through an identity verification process to buy, sell, and use Bitcoin for transactions. You can get an account without doing this, but you will be very limited in what you can use that account for and will ultimately have to sign up for a full account.
Initially, Cryptopay is only available as a desktop application. However at the time of writing this article, The IOS and Android version of the Cryptopay app is now available for download. This is a great news. On top of all the cool and amazing features Cryptopay provides, it nows support multiple platfom as well ! This prevented the fate of Cryptopay from being shut out from users who prefer to transact their crypto on a mobile platform as people nowsadys often appreciate the flexibility of being able to choose the platform they feel most comfortable to use.
This brings us to the two biggest selling points behind Cryptopay: The Visa debit card and the ability for website owners to develop their own Cryptopay API. Outside of this, many of the disadvantages become readily apparent.
The second advantage is huge for people who want to develop sites on the web that can accept cryptocurrency payments but doesn’t really translate into anything tangible for normal people.
That leaves the debit card as the other big advantage. We think it is worth it if you’re a big Bitcoin trader. A true innovation in the cryptocurrency world, this Visa debit card makes a reality what so many others talk about in theory. And that’s worth something. Is it worth making Cryptopay your only service? That’s up to you.
That’s what makes evaluating Cryptopay so difficult. We can’t help but recommend it for users of Bitcoin. The normal trading account features are robust enough, but the addition of the payment service really puts it over the top. Outside of those fundamentals, Cryptopay has top-notch rated customer service and doesn’t have any security issues of which we are aware.