Seems like they aren't actually accepting crypto. They made a deal with a crypto exchange to act as an intermediary. A buyer pays Bitpay in crypto and Bitpay exchanges it to cash to pay Ferrari. Ferrari will never actually holds any crypto.
A “crypto exchange” sounds like an interesting, high-risk company. Could be hugely profitable, could tank at any moment.
There's a number of them. Some have tanked, many have been hacked and robbed.
Getting hacked is an extremely foreseeable issue. Unless the hackers were especially clever, unpredictable, or talented, I don’t have a ton of sympathy for crypto businesses that aren’t prepared.
I have some sympathy for their customers... security isn't obvious.
If the crypto is gone its gone. It's not like a data leak or something.
So it's one of those stickers that early crypto mongers put in windows of stores saying that they take crypto and then taking a picture of it to make crypto seem useful.
Bitpay is basically paying Ferrari to not sue them when they claim that Ferrari accepts bitcoin.
Seems like they aren't actually accepting crypto. They made a deal with a crypto exchange to act as an intermediary. A buyer pays Bitpay in crypto and Bitpay exchanges it to cash to pay Ferrari. Ferrari will never actually holds any crypto.
A “crypto exchange” sounds like an interesting, high-risk company. Could be hugely profitable, could tank at any moment.
There's a number of them. Some have tanked, many have been hacked and robbed.
Getting hacked is an extremely foreseeable issue. Unless the hackers were especially clever, unpredictable, or talented, I don’t have a ton of sympathy for crypto businesses that aren’t prepared.
I have some sympathy for their customers... security isn't obvious. If the crypto is gone its gone. It's not like a data leak or something.
So it's one of those stickers that early crypto mongers put in windows of stores saying that they take crypto and then taking a picture of it to make crypto seem useful.
Bitpay is basically paying Ferrari to not sue them when they claim that Ferrari accepts bitcoin.