The Troubles of “Bitcoin’s PayPal” Show Why the Cryptocurrency Is Not a Good Payment Mechanism
Leading Bitcoin startup BitPay is cutting costs, suggesting that the currency won’t be catching on soon.
In 2014, a Bitcoin startup called BitPay raised $30 million from investors and was dubbed the “PayPal of Bitcoin” for helping companies such as Microsoft accept payments in the digital currency. But 2015 has been less kind. Last week BitPay made significant layoffs, and earlier in the month it admitted to having $1.8 million in Bitcoins stolen.