This week the operator of cryptocurrency payments Bitpay integrated BIP70 payment Protocol. According to the company, this feature will help users to avoid errors in making payments and will provide additional protection from attacks through intermediaries.
Bitpay is one of the largest payment processors cryptocurrencies in the world. The company was founded in 2011 and since then has come a long way, before beginning to optimize their business model. In 2018 due to the increasing demand for bitcoins and the load on the core network Bitpay plans to introduce support for other blockchains, Bitcoin from cash. In addition, the company launches the trading services of the payment Protocol BIP70.
Bitcoin Payment Protocol is created in 2013 the implementation of the Bitcoin client aimed at enhancing the security of interaction between the seller and the buyers. The use of protocols will help to improve the invoices, payments and commissions, and avoid underpayments, overpayments and very low commissions. In addition to these benefits, it can prevent attacks through intermediaries, such as malware that changes of bitcoin addresses while copying and pasting.
«A modern bitcoin wallets support the Bitcoin Payment Protocol is a standard developed in 2013 in order to make cryptocurrency payments fast, secure, and less error-prone,» writes Bitpay.
«Payment Protocol of bitcoin does the same thing they did for the Internet a secure Protocol (HTTPS) for payments using the wallet with an integrated Protocol, you can avoid mistakenly sending funds to the attacker’s address, prevent underpayments and overpayments and to ensure prompt receipt of transaction Bitpay».
Infrastructure support Payment Protocol
The only problem innovations Bitpay is that most are based on bitcoin wallets don’t use BIP70 Protocol. Bitpay reports that in the near future the Protocol will become mandatory, and this leaves users only five options of wallets. To the wallet supports BIP70 include Bitpay Wallet, Copay, Mycelium, Electrum, Bitcoin core.
«If your wallet isn’t on this list, he may not be able to work with Bitpay,» explains the company.
That is, the Bitpay invoices tied to the address of the Protocol Payment Protocol will use the average size of commissions. The URL will also use the average size of commissions. At the moment the fastest and most inexpensive Commission is the amount of 660 Satoshi per byte. Thus, today the average size transaction of size 226 bytes will be followed by the Commission in 149 160 Satoshi or $23. When paying with Bitpay invoice with Payment Protocol is generated scannable QR code for the wallet functionality BIP70 and the little green lock icon to copy and paste the URL.
Bitpay has already started to use Payment Protocol in invoices bitcoin dollar your Visa debit cards and, most likely, in 2018 will require this from other invoices.