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BitPay and Cryptocurrencies



What Is

BitPay was founded in 2011, while Bitcoin was still in its early stages. They set out to revolutionize the financial industry - making payments faster, more secure and less expensive globally. BitPay pioneered blockchain payment technology to transform how businesses and people send, receive and store money worldwide. A decade later, BitPay is still creating more tools and services for everyone to use in innovative ways.

What Are

A cryptocurrency is a digital currency that is secured by cryptography. Many cryptocurrencies are decentralized networks based on blockchain technology — a distributed ledger enforced by a disparate network of computers. The word cryptocurrency is derived from the encryption techniques which are used to secure the network. Examples of cryptocurrencies include those that Oaza accepts, including Bitcoin, Bitcoin Cash, XRP, Ethereum and Dogecoin.

What Is

In 2009, Bitcoin was created as a digital currency. Bitcoin is the world's largest cryptocurrency by market cap. There are no physical bitcoins, only balances kept on a public ledger. A substantial amount of computing power verifies Bitcoin transactions. Bitcoins are not issued or backed by any bank or government. Also, Bitcoins are not considered a commodity.

What is the Difference Between Fiat Currency and Cryptocurrencies?

Fiat Currency is issued by a government and regulated by a central authority. These currencies act as legal tender and are not necessarily backed by a physical commodity. Instead, they are based on the credit of the economy. Examples of Fiat Currencies include the U.S. Dollar, Pound or Euro.

Fiat Currency has continued to remain legal tender in most countries because they are highly stable and regulated. Their stability allows governments to protect their economies from recession or inflation. Though Fiat Currency is considered stable, economic recessions and hyperinflation over the years have highlighted some of the weaknesses of Fiat Currency.

Unlike Fiat Currencies, cryptocurrencies are not controlled by a central authority. Instead, they are entries in a database that no one can change or manipulate unless specific circumstances are met. Cryptocurrencies are accessible to people all over the world and provide quick settlement times. Unlike other electronic cash settlement systems, cryptocurrencies allow for instant settlements. In addition, lower transaction fees and privacy are other attributes that have made cryptocurrency desirable to some customers.


NOTE: Please note that when using BitPay as your payment method, once you have clicked the "Pay with BitPay" button, you will have only 15 minutes to complete your payment. If you are unable to complete your payment, you will have two options: You can try again later to place a new order or you can change your payment method later from Order History in My Account.

All orders fully paid by BitPay are final and cannot be returned for BitPay or hard currency. All returns will be made in the form of a store gift card. All returns follow our return policy.