For those who don’t know what bitcoin is, this excellent and highly simplified analogy from coindesk should answer every question you have about it — except how to actually get your hands on some! No worries, we’re going to tell you how you can easily buy bitcoin, exchange bitcoin to USD, withdraw bitcoin to your bank, or accept it as a merchant with seamless exchanges directly into your SolidTrust Pay account!
Buying Bitcoin with SolidTrust Pay
Once you’ve set up an account and a bitcoin wallet, buying bitcoin with SolidTrust Pay is fast, easy, and highly secure. We’ve been around for over 10 years, and our dedicated support staff is always ready to lend a helping hand with any transaction or account issues, as well as to clarify anything you don’t quite understand. In order to buy bitcoin with a SolidTrust Pay account, simply follow these steps:
- Create an account at SolidTrustPay.com.
- Verify your account to the Standard Verified level.
- Set up two-factor authentication using your mobile device or desktop/laptop.
- Create a bitcoin wallet of your choice and connect it to your STP account.
- Deposit the amount you want to spend on bitcoin into your account via Bank, Credit Card, or transfer from another user.
- Go to the My Money –> Withdraw Funds section of your account and choose the Bitcoin option.
- Withdraw your desired amount and wait up to 24 hours for it to appear in your bitcoin wallet.
Steps 1 – 4 will only need to be completed once, of course, and then you will be able to easily buy bitcoin with steps 5 – 7. Once your account is Standard Verified and connected to a wallet, you may withdraw up to $2500 per 24 hours from your STP account to your BTC wallet (the Bank Verified limit is $5000 per 24 hours).
Selling Bitcoin with SolidTrust Pay
Selling bitcoin is even easier with SolidTrust Pay than buying it! You only need to have your account Card Verified in order to deposit up to $250 (automatically converted to USD) from your bitcoin wallet to your SolidTrust Pay account per 24 hours. This will allow you to spend or transfer your funds online as you see fit, or make a withdrawal to your credit card in USD. The deposit limit for a Standard Verified Account is $500 per 24 hours, and Bank Verified accounts are limited to $1000 per 24 hours.
Getting Bitcoin from your Wallet to your Bank
One of the biggest challenges people often have is how to withdraw bitcoin from your wallet to your bank. Using the same steps above to connect your wallet to your SolidTrust Pay account, you simply need to go a step further and connect your Bank account to your SolidTrust Pay account. From here, all you need to do is go to the My Money –> Deposit Funds area of your account and choose the Bitcoin option (bitcoin will be automatically converted into USD). Your funds may take up to 24 hours to appear in your account, at which time you will have the option to withdraw them directly into your bank.
Accepting Bitcoin as an Online Merchant
As an online merchant, likely chest-deep in all the responsibilities that come with running a business online, it can be hard to predict and adapt to trends in the market that aren’t currently affecting your business. Luckily, adding the bitcoin option to your SolidTrust Pay button will give your customers the option to pay with bitcoin, which is then automatically converted into USD and placed in your merchant account — no bitcoin wallet required!
With 2017 barreling in and 2016 a fading memory, we wanted to take one last look back at our year and share with our members some of the memories we have. We learned new ways to connect with you and celebrated our ten year anniversary, which coincided with our member appreciation week. We saw tremendous growth with our valued merchants and loyal members, and we finished the year strong thanks to our fantastic group of dedicated employees!
Our Facebook Christmas Contest was a great experience, and a great way to learn about some of our members. We connected with many of you, and were able to help out some great people along the way. We want to do more things like this in the future! Lets see what some of our winners had to say.
Wow ! What a pleasant surprise, and I can only say with a grateful heart that God is good all the time, and all the time God is good! Thank you SolidTrust Pay for your prompt and efficient service, and for your heart to help everyone in need. Thank you also for the prize!
Best wishes and God Bless,
Thank you very much, this is a really nice Christmas gift and a really good feeling to donate something to World Vision that will help a mother and a baby in need.Best regards, Marry Christmas and Happy New Year,
We gave $500 to 5 randomly chosen members who signed up for the contest, and then we gave them $500 to purchase donation packages from World Vision. With our added contribution, we were able to fully stock two medical clinics, build and properly install two latrines, and send much needed food, baby care and school supplies to communities affected by poverty and war. Click the World Vision logo if you’re able to help as well.
We Started Working With Transpay!
We made a significant decision to partner with Transpay to offer our members an option that’s cheaper than a traditional wire and faster than an ACH. We released an extensive guide with a video tutorial for this option so that everybody will be able to take advantage of this exciting new way to pay!
On June 15, 2016, SolidTrust Pay became ten years old! We celebrated with a contest similar to our Facebook contest, and had more great chances to connect with our members. This was during our Member Appreciation Week, and we’re excited to do it again this year!
SolidTrust Pay Growth in 2016
In the last quarter of 2016, we saw an explosion of payment button requests from merchants and entrepreneurs looking to find the best payment processor for 2017. With so many merchant service requests, we saw our daily user signups double in Q4! This is why we value our merchants so much; it’s also what keeps our customer support, payments and verification staff working so hard to stay on top of it all! That being said, it’s you, our members, who we owe everything to. Thank you all!
We Rode the Bitcoin Roller-Coaster
We continued to allow users to deposit from their bitcoin wallets into their STP wallets, having their BTC converted to USD automatically and then having the option to spend, exchange or withdraw it directly into their bank accounts. We also continued to offer our payment button services to merchants who want to accept bitcoin directly on their websites. All this, in spite of the volatility of BTC towards the end of 2016, made for some pretty trying times!
We look forward to growing with the blockchain over 2017 though. Many of our members love the option to buy, exchange and withdraw bitcoin, so it’s not going anywhere any time soon!
Looking Toward the Future and 2017
Looking back, we’re nothing but happy and grateful for the year that we had. Looking into the future, we want to make sure we continue to grow as a company, but also as a community. Many of our merchants bring entire communities to our doorstep, and we would be remiss if we did not take the opportunity to join those communities, and also to build our own. Follow us on Facebook and Twitter @solidtrustpay to keep up with us!
In addition to major site updates to SolidtrustPay.com, we aim to reach out and connect more with both our existing members, and the industry at large. We have more chances to win cash prizes through Facebook and social media contests planned, updates to the site that will bring you closer to your digital wallet, and a few other surprises to that will keep SolidTrust Pay on the cutting edge of the online payment processing industry, and the preferred eWallet of millions of users worldwide!
Recent weeks have been reminiscent of the 2013-2014 Bitcoin explosion for many Bitcoin enthusiasts. Though it’s nothing like going from under $200 to over $1000 in just 2 months, the steady climb back to $1000+ has been encouraging. For many regular people around the world who have yet to use Bitcoin, recent weeks have been a swift introduction. In India alone, major Bitcoin exchanges such as Zebpay and Unocoin have reported a surge in user registration and trading volume since November, at least doubling registration and trading volume from previous months.
This is all coming off the heals of Indian Prime Minister Narendra Modi’s November 8th decision to withdraw all 500 – 1000 rupee notes from the Indian economy. With 86% of India’s in-circulation cash being made worthless overnight, it’s not surprising that people are quickly looking for alternatives to spend and store their hard-earned money.
In a recent article on the topic of India’s economy and Bitcoin, Forbes tells us that, “with India’s recent demonetization, the volume of bitcoins being traded there has substantially increased to nearly two times its prior levels”. Furthermore, “Data from the ministry of electronics and information technology shows that the number of daily transactions through e-wallet services . . . has shot up from 1.7 million — recorded on November 8 when demonetization was announced — to 6.3 million as of December 7.” That number has continued to rise into the new year, with no signs of slowing down!
Today however, Thursday, January 5th, the stability of Bitcoin was called into question when we got a bit of a surprise from CoinDesk’s Bitcoin Price Index (BPI). Bitcoin dropped by nearly $200 in just 1 hour, though it quickly began to recover. However, volatility such as this is part of the reason Bitcoin has struggled historically to go mainstream with consumers and investors.
CoinDesk released a statement regarding the unexpected dip in the BTC trading price. “Today’s price move raises the question of whether the rally that began last month will continue into the new year – or if we’re in for a repeat of 2013-2014, when bitcoin peaked and quickly fell.”
CoinDesk offered some additional perspective from Chinese bitcoin exchange Huobi, stating that “current trading volume is 37x of that in 2013 and bitcoin price fluctuates 15.95%, which is much more stable than the year 2013.” The Huobi rep goes on to explain that “in 2013, when the price was 8,000 yuan (around $1100), the weekly trading volume was 393,000 BTC, with an amplitude of the week up to 103%. The trading volume was very small. Today, bitcoin [prices] broke 8,000 yuan with 735m BTC trading volume, which is expected to double in a week.”
With all this excitement about Bitcoin, it’s easy to forget that there are plenty of other ways to spend, store and transfer money online. Digital wallets, phone apps and various UPIs have seen growth explosions in India since November 8th, and they’re following a global trend that has money going digital more and more each day.