Startup Atomicpay.io announced the beta launch of its cryptocurrency payment gateway on Dec. 3, with support for six different digital assets. The payment processor eliminates third parties and allows merchants to accept cryptocurrencies in a noncustodial fashion.
Also read: US Law Enforcement Wants Blockchain Surveillance Tools for Privacy Coins
Developers Launch Cryptocurrency Payment Gateway
The private beta version of Atomicpay will be available to a limited group of testers, but anyone who is interested can register to try it, the developers said. The founders of Atomicpay claim that the new software is a “decentralized” cryptocurrency payment processor that allows merchants to accept cryptocurrencies directly from customers in a “trustless environment.”
“We process payments but we do not hold any funds and no more middlemen. Money goes directly to your wallet. You have immediate ownership and full control of your money,” the team explained during the beta launch announcement.
Atomicpay supports 156 fiat currencies and offers full support for BTC’s Segregated Witness (Segwit) protocol as well. The application can be used to create a payment URL and payment buttons, while providing traditional Point-of-Sale (PoS) services. The gateway also comes with an application program interface (API) and e-commerce plugins for website developers.
At the time of publication, the Atomicpay platform supported bitcoin cash (BCH), bitcoin core (BTC), bitcoin gold (BTG), litecoin (LTC), dash (DASH) and dogecoin (DOGE). In the first quarter of 2019, the developers plan to add ether (ETH) and various ERC20 tokens, alongside stellar (XLM).
Atomicpay to Compete Against Free Payment Processors
The payment gateway generates a new payment address for each invoice by using Hierarchical Deterministic (HD) wallet support. The service also offers a business plan for individuals and organizations that want to comply with know-your-customer requirements. In addition, the startup is offering an optional feature for cryptocurrency-to-fiat payments that automates transfers directly to local exchanges through the CCXT protocol.
“The API will allow merchants to set an interval where funds will be automatically sent to the exchange, create an order from crypto to fiat and lastly request a withdrawal back to their bank,” the Atomicpay developers explained.
Atomicpay does have a number of competitors, including the reigning leader of cryptocurrency payment gateways, Bitpay. However, unlike Atomicpay, the Atlanta-based company only accepts two digital currencies.
The Atomicpay service is actually more similar to open-source payment processor Btcpay, as well as the Coinbase Commerce platform and Anypay Global, which produces cryptocurrency invoices that can be paid for by text message (SMS) using the Cointext application. But the main thing distinguishing Atomicpay from Btcpay, Coinbase Commerce and Anypay is that the new startup charges a fee for its services. Normal users will pay a flat rate of 1 percent to use the Atomicpay platform, while business users will pay 0.9 percent. Monthly invoice fees will be billed to users, rather than being taken from each transaction. However most payment gateways provide their services for free, which may deter some people from using the Atomicpay application.
What do you think about the Atomicpay cryptocurrency payment gateway platform? Let us know in the comments section below.
Disclaimer: Bitcoin.com does not endorse nor support any of these mentioned products/services. Readers should do their own due diligence before taking any actions related to the mentioned company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, applications, protocols or services mentioned in this article.
Images via Shutterstock, Atomicpay, and Pixabay.
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The latest version of Coinshares’s bi-annual bitcoin mining report is now available, and it includes some fascinating conclusions in terms of the types of energy sources involved in the bitcoin mining process. According to the report, at least 77.6% of bitcoin mining is powered by renewable energy, which is in direct contrast to the sorts of over-the-top claims often made in the media in regard to the Bitcoin network’s potentially harmful effect on the environment.
In fact, the report goes as far as to claim that bitcoin mining likely has a positive impact on future developments in the renewable energy industry.
The report from Coinshares focuses on the levels of renewable energy use in China, where a 2017 Cambridge University study (PDF) estimated 60% of mining hardware is located, and other parts of the world, such as the Pacific northwest in the United States, where mining activity has increased over the past year or two.
Is Bitcoin Mining Going to Kill Us All?
There have been many outrageous claims made in the media when it comes to bitcoin miners’ potentially negative effect on the environment. Some of these reports point out that the Bitcoin network is using more energy than entire countries, while the most incredible claims go as far as to say bitcoin mining alone will eventually account for a two degrees celsius increase in global temperatures.
These sorts of reports in the media also tend to ignore the potential benefit of the existence of a global, apolitical medium of exchange and store of value.
In the report from Coinshares, both of these points are quickly tackled in an introductory section.
“Our view is that cryptocurrency mining—while costly—is doing little meaningful harm as far as the environment is concerned, and is also unlikely to do so in the foreseeable future,” says the report. “We also believe the benefits of a global, censorship-resistant, highly transferable money with a rock- solid monetary policy behind it is worth that cost.”
The report goes as far as to indicate that bitcoin mining could be subsidizing the development of renewable energy generation because miners are always looking for the cheapest possible energy sources to improve their bottom lines.
Notably, the Bitcoin network’s overall hashrate has increased from 30 exahashes per second to 40 exahashes per second since Coinshares’s last report on the matter in May.
A Report Based on Rough Estimates
While the report is conservative in its estimates around the use of renewable energy for bitcoin mining, it should be noted that the conclusions are based on rough estimates in terms of where miners are located and what kinds of energy sources they’re using.
For example, Cambridge University’s estimate of 60% of bitcoin mining taking place in China and a variety of other isolated sources were used as the basis for the geographic location of miners in this study. The nature of bitcoin mining is such that miners do not necessarily need to reveal their location or the size of their operations. This is a key part of what allows Bitcoin to remain apolitical as systems with identified parties processing transactions could be more easily coerced by governments or other parties to implement censorship policies.
Additionally, it would be practically impossible to physically confirm the energy resources used by every bitcoin miner in the world. Instead, the report cross-references analysis of the energy mix used by a particular region with publicly available curtailment data.
“[This] should offer insight into the most likely source of electricity supply for these miners by region,” says the report.
Renewable Energy in China
While the report is based on rough estimates around bitcoin mining data, the authors are still confident in their conclusions, especially in terms of the types of energy used to mine bitcoin in China.
“A cursory look at the combined data leads to an observation which cannot simply be explained by coincidence: the bulk of Chinese Bitcoin mining is located in provinces where either wind [or] solar curtailment is high, or where total installed hydropower capacity is large,” says the report.
The report adds that it is “clearly not by chance” that miners have decided to locate themselves in areas of the world where the supply of electricity is in surplus, as the authors estimate just below 50% of a miner’s total cost of operation are electricity bills.
“The correlation is crystal clear: the very provinces that house the majority of cryptocurrency mining
operations in China are also the ones that derive sizeable proportions of their energy generation mix from renewables,” reiterates the report.
As an example, the Sichuan province is estimated by the report to be home to 80% of all the bitcoin mining in China and 48% of global bitcoin mining. In Sichuan, the area’s energy source mix is 90% renewable. This means 43.2% of global bitcoin mining is estimated to be powered by renewable energy sources in Sichuan.
“[I]t would be reasonable to assume, given the impossibility of confirming on an individual miner basis, that the energy mix most miners face on the provincial wholesale market would be at least renewable to a similar extent,” adds the report.
Read about renewable energy in mining outside of China in part 2