photo by BitcoinNe.ws

This means that, at the current price of $192 per bitcoin, Butterfly Labs received an order for around 5,208 BTC-worth of mining equipment. BitPay then processed this order, depositing the equivalent in fiat currency in Butterfly Labs’ bank account.

Despite the size of the order, the cryptocurrency payment processor processed it in their usual one-business-day timeframe.

Tony Gallippi, co-founder and CEO of BitPay, said: “The speed, reliability, and certainty of payments over the bitcoin network is expanding at a rapid pace, and in many regards has already surpassed the functionality of our 60-year old credit card networks.” Continue reading →