Payfast
At PayFast rsquo, we &; re striving to expand our retailers & rsquo; accomplish by providing innovative payment solutions. Our pioneering culture led to PayFast function as very primary (and only) South African gateway to create Bitcoin accessible as a radical, new payment process.There are numerous constraints and design defects unique to Bitcoin which make it an impractical substitute for cash, such as high trade fees and long confirmation times for buyers. We’various strategies tried to mitigate those difficulties, but unfortunately, these issues are essential. The resultant poor consumer experience has made us to re-evaluate Bitcoin as a payment method on the platform and a decision was taken to stop service for Bitcoin from midnight 20 July 2019. Bitcoin held promise of a currency that would enable a cheaper, faster, and more easy way to move money on the Internet. Like buying a cup of coffee, this comprised capital to get transactions motion. Our aim was to encourage this alternative, and to enable that promise for our customers and retailers.PayFast was able to process trades that are Bitcoin by partnering Luno, who acted as an intermediary between a customer & rsquo; s PayFast and Bitcoin wallet. A purchaser paid the Bitcoin sum as the rand payment was received by a seller in their PayFast account. Luno locked the Bitcoin to ZAR exchange rate to get a window to remove any danger introduced by Bitcoin & rsquo; s price volatility. The payment was unsuccessful, In case the trade was confirmed within 10 minutes and a refund could be due.Since Bitcoin has increased in popularity, it has become increasingly difficult for the system to trades inside the 10 minute time limitation. Since the network isn’t able to manage the quantity of directions in the speed demanded, transactions on the PayFast platforms vast majority was ineffective.Besides the frustration when their obligations fail that buyers experience, Bitcoin users might incur a non-refundable fee for each and every tried payment. Here is the fee that the network fees to process a trade. Therefore anyone seeking to pay using Bitcoin opens up themselves to the possibility of paying for the Bitcoin processing fee, even if the payment fails. The charges themselves might vary according to the Bitcoin price and the timing necessary for acceptance to this blockchain. The greater Bitcoin profits in value, the greater these charges.The overall performance and computational energy consumed to validate transactions, make Bitcoin less useful as a method of exchange and better-suited within an advantage. It’so estimated the Bitcoin system can only manage about 7 trades per minute. In comparison Visa performs at approximately 24,000 transactions per minute and newer cryptocurrencies fare significantly better than Bitcoin with Ripple processing approximately 1,500 transactions per minute.Continuous innovation and advancements have been made to both network and how cryptocurrencies are built. At we PayFast & rsquo; re following the developments of cryptocurrencies and the supporting technologies that are currently planning to enable faster payments. Once these become alternatives, we look forward to supporting cryptocurrencies.Until such a moment, we have opted to finish support out of 20 for Bitcoin . This means that Bitcoin will not longer be displayed as a payment system on PayFast. If youre a PayFast retailer, now have Bitcoin empowered and are promoting it as a PayFast payment method on your website, we recommend that you eliminate any references and logos to Bitcoin until 20 July 2019.