BitPay to eliminate Bitcoin payments errors

BitPay payment processor announced that BitPay invoices will soon require Payment Protocol for Bitcoin transactions
29 November 2017   1099

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.

Avnet to Accept Bitcoin

Avnet is US company from Fortune 500 list; it used BitPay to create this opportunity
20 March 2019   391

The technology provider Avnet, on the Fortune 500 list, announced support for Bitcoin and other cryptocurrencies as payment options. The company from Phoenix, Arizona realized this opportunity with the support of BitPay processing service.

We’re working with BitPay to facilitate secure blockchain payments for all types of customers so they can focus on developing their products, not how to pay for them. Whether it’s Bitcoin or Bitcoin Cash, we can handle it.

Sunny Trinh

Vice president of demand creation, Avnet

The company’s statement also says that it cooperates with the portal regarding “creating a new hardware wallet suitable for storing cryptocurrencies and providing the highest level of transaction security.”

In January of this year, the non-profit organization Wikimedia Foundation, managing the free encyclopedia Wikipedia, entered into a partnership with BitPay to receive donations in Bitcoin and Bitcoin Cash.