Bitcoin Processor Handles $1 Million Transaction

Oct. 31, 2013

BitPay, the world’s largest Bitcoin processor, said this week it has processed its first million-dollar transaction using the increasingly popular virtual currency. The $1 million order was placed with Butterfly Labs, a Kansas City-based manufacturer of bitcoin-mining hardware. BitPay noted that the seven-figure transaction cleared and settled to Butterfly’s bank account in its normal one-day time frame.

“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,” said Tony Gallippi, co-founder and CEO of BitPay. “Butterfly Labs can now ship this merchandise with confidence that there will be no reversibility or chargeback of the payment, which is a significant risk when accepting credit cards online or PayPal.”

The company said it expects an increasing number of high-value transactions using Bitcoin and other virtual currencies because of that lack of chargebacks.