Bitcoin wallet provider BTC.com is all set to adopt a new payment protocol that is extremely customer-friendly as compared to its predecessors.
The protocol, known as Bitcoin Improvement Proposal 70 (BIP70) eases user payment experience by allowing them to make transactions to normal human-readable addresses, as opposed to the bitcoin addresses that other protocols use. The latter, being very long, cumbersome and confusing to read, has been a major cause of erroneous payments in cryptocurrency.
BitPay, after employing BIP70 as its invoicing standard earlier this year, found that errors in transactions dropped from nearly 10% in June 2017 to a mere 0.27% in the recent times, says the firm.
BTC.com’s VP of business operations, Alejandro de la Torre expressed to CCN that
“When a merchant uses BitPay, in order for their customers to pay using bitcoin or bitcoin cash, they must use a BIP 70 compatible wallet to complete the transaction. BitPay is one of the biggest providers of crypto-merchant services, and we believe in offering the best payment experience for our users that also supports onboarding merchants.”
However, BIP70 has not just seen all positive feedback. Other wallet providers such as Samourai Wallet hold the view that the protocol may lead to an increased chance of AML/KYC surveillance and make bitcoin transactions more susceptible to security bugs in OpenSSL. These critics serve as faithful proponents of the universally supported BIP21.
In any case, BTC.com seems firm in their move to adopt BIP70 and has recently even assured that they have “taken the time to carefully evaluate all security and privacy concerns” associated with this decision.
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