Change is inevitable, especially in this internet world. With so many people doing transactions online it is only fair that they get the best way to move their money. What was needed was a peer-to-peer electronic cash system. This was what Satoshi Nakamoto described in this whitepaper and Bitcoin was born. It created decentralized trust. Companies working in such environment are supposed to be following the rules and regulations, policies of this peer-to-peer system but as they endeavor to wind up more standard, more companies like Bitpay, embrace more common principles in the business world. BitPay payment processor has banned prohibited activities on its platform.
The company’s contract states that the use of the company’s services is subject to several important restrictions, including the sale of explicit sexual content.
Following are the important restrictions:
- Your use of the Services will not relate to the following prohibited activities:
- Sales of narcotics, research chemicals or any controlled substances.
- Sales of cash or cash equivalents, including items used for speculation or hedging purposes (such as derivatives), and the sale or trade of virtual currencies.
- Items that infringe or violate any intellectual property rights such as copyrights, trademarks, trade secrets, or patents.
- Ammunition, firearms, explosives (including fireworks), or weapons regulated under applicable law or as determined by us.
- Transactions that show the personal information of third parties in violation of applicable law.
- Transactions that support pyramid, Ponzi, or other “get rich quick” schemes.
- Transactions that are related to cloud-mining.
- Provide credit repair or debt settlement services.
- Explicit sexual content
- Sales of Kratom or Nootropics.
After announcing this ban, Bitpay is now searching for websites that don’t follow its terms and conditions and suspending the relationship with them. Some people have reported in community forums that the company has given two months to find an alternative and leave.