BIPS, Bitcoin payment system, allows users to buy or sell online using Bitcoin digital currency. In addition to Bitcoin transaction-based apps and an e-wallet, BIPS provides an API that users can integrate with existing workflows and tools. Merchants can utilize Bitcoin currency alongside traditional currency transactions. BIPS co-founder, Kris Henriksen, commented:
"We hope to provide the best checkout experience for customers using bitcoin to pay,...and the best experience for merchant as a merchant bitcoin gateway.”
BIPS represents the next generation of Bitcoin services, as its founders originally started the popular Bitcoin payment processing platform: WalletBit. The BIPS API opens up Bitcoin related services to new users and platforms as Bitcoin continues to grow as an accepted currency. Although BIPS officially launched in 2013, BIPS already serves more than 10,000 customers.
The Bitcoin Internet Payment System (BIPS) API uses REST protocol and returns calls in a JSON data format. Common methods include buy, sell, trade, withdraw, and accept Bitcoins as payment. Additionally, the API allows users to generate invoices, check balances, and execute other common merchant transactions. Those interested should refer to the API documentation.
Bitcoin remains a controversial form of currency, and its future viability has sparked pointed debate. However, with a USD value of over $1 billion now in supply, the immediate opportunity for Bitcoin related services prevails. While traditional ecommerce platforms compete in common currency exchanges, BIPS has emerged as a leader in its lesser understood space.