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BitPay is having some BitTrouble….

By Ilene
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It looks as if one of the world's best-funded bitcoin companies is running into trouble

By  at Business Insider

The bitcoin payment processing company BitPay is scaling back its business.

The industry news site CoinDesk reports that BitPay has cut about 20 positions, just a day after it scrapped its "free and unlimited" bitcoin processing offer for new merchants.

In an email sent to its staff and seen by CoinDesk, BitPay CEO Stephen Pair said the decision to cut staffing number was necessary to "reduce costs" and "better align with the pace of growth" in the industry.

Does this signal major problems with the Bitcoin business model? While people use Bitcoin, the acceptance of it as a main payment method appears to be stalling. 

 

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