Further Popularization! Twitch Introduces Cryptocurrency Payment Option, Integrates with Bitpay Payment Platform

Tech giant Amazon's mainstream live streaming platform Twitch has once again integrated cryptocurrency payments, now through the Bitcoin third-party payment processor BitPay. Users will be able to enjoy a 10% subscription discount. Interestingly, this 10% discount comes from Twitch's platform subsidy, not from BitPay.

The Relationship Between BitPay and Twitch

BitPay was initially founded in 2011 to provide Bitcoin settlement and payment services to users and businesses. In 2017, citing high Bitcoin transaction fees, it started supporting other mainstream cryptocurrencies such as Bitcoin Cash, Ethereum, and Ripple. Twitch, on the other hand, was one of the early mainstream platforms to support Bitcoin payments. However, due to regulatory reasons and other factors, the process had its ups and downs as listed below:

• August 2014: Twitch announced support for Bitcoin payments
• August 2016: Integrated with Coinbase to provide Bitcoin payments
• June 2018: Introduced Bitcoin tipping feature
• March 2019: Suspended cryptocurrency payments
• June 2019: Resumed cryptocurrency payments
• July 2020: Integrated with BitPay

Regarding this collaboration, Bill Zielke, the Chief Marketing Officer of BitPay, told the media outlet Cointelegraph:

More and more online platforms are interested in cryptocurrency payments, and Twitch is the first one to run a promotional campaign offering a 10% discount to introduce cryptocurrency. This is surprising and clearly indicates Twitch's stance on cryptocurrency.

BitPay's Controversies Over the Years

Most Bitcoin enthusiasts and members of the crypto community believe that BitPay is unnecessary for Bitcoin. This is because Bitcoin was designed as a peer-to-peer electronic cash system that does not require third-party intermediaries or payment permissions, with the exclusion of intermediaries being one of Bitcoin's original intentions.

BitPay has been involved in several controversies, including last June when it deliberately disguised its own fees as "Bitcoin network fees" to promote the adoption of Bitcoin Cash.

During the Amazon rainforest fires in August last year, BitPay refused to process a $100,000 Bitcoin donation to Amazon Watch claiming it exceeded the charity organization's donation limit.

Furthermore, in September last year during the Hong Kong protests, Tom Grundy, the founder of the Hong Kong Free Press, stated that BitPay refused to transfer Bitcoin donations for up to three weeks and even froze the company's cryptocurrency.

Despite these issues, the integration between BitPay and Twitch marks another step towards the adoption of cryptocurrency. Although cryptocurrency remains relatively unfamiliar to the public and its high speculation and volatility make it challenging for consumers to use, the transition to central bank digital currencies may bring about a change in public perception before further adoption.