BitPay to eliminate Bitcoin payments errors

BitPay payment processor announced that BitPay invoices will soon require Payment Protocol for Bitcoin transactions
29 November 2017   280

On November 28, BitPay, one of the world’s leaders in Bitcoin payments, made an announcement on the official blog concerning Payment Protocol which is designed to eliminate user error in bitcoin payments. 

When a Payment Protocol wallet interacts with a Payment Protocol URL, it creates an SSL-secured connection to the true owner of the receiving bitcoin address (in this case, BitPay) and instead of copying and pasting a bitcoin address and entering any BTC amount, customers simply click or copy/paste a payment protocol URL on a BitPay invoice. If their wallet also "speaks" Payment Protocol, the correct receiving bitcoin address and the correct sending amount are locked in automatically.
 

BitPay Team

The servers of BitPay will not make a transaction if the user tries to send the incorrect amount of payment, and the transactions will be analyzed in order to ensure that correct Bitcoin fee is included. Mistaken payments will not reach the Bitcoin network and if the fee is not adequate for the transaction to be allowed on the Bitcoin network on time, BitPay service will let the user know about it by returning a helpful message back to the wallet.

Previously, on October 31, BitPay issued a statement confirming that in case of the SegWit2x hardfork the “services will follow the chain with the most accumulated difficulty”, but the hardfork was temporarily cancelled.

Bitpay announces payments through Bitcoin Cash

Bitpay will add support for multiple chains, starting with Bitcoin Cash
18 December 2017   362

Bitpay is a service provider for processing payments and invoices through blockchain. Currently, the only available cryptocurrency to do that is Bitcoin, but the company announced the addition of Bitcoin Cash blockchain. Customers will have the option to use not only Bitcoin for their purchases but also Bitcoin Cash and, coming soon, other types of cryptocurrency.

On their website, the Bitpay says that from now on they will be notifying users way in advance about the addition of new blockchains to the payment system, so the businesses will be able to opt out of enforcing some fixed payment method and customers will be able to use less-congested chains to transfer funds faster. If, however, the users want to rely on single chain to stay safe from possible price swings, than they will be able arrange to fix their transactions to a single cryptocurrency.

Also, the Bitpay team announced that the adoption of new blockchains will depend on key usability factors, such as the network hashing power, security, usefulness in payments and market value.