BTC.com to Implement BIP70

BIP 70 has been criticized by the crypto community since its implementation
27 September 2018   1767

BTC.com, the "daughter" of the Bitmain mining company, introduced support for the questionable payment protocol BIP70.

According to representatives of BTC.com, the implementation of the protocol will allow to replace long purse addresses with readable ones (for example, example.com instead of 1BQ9qza7fn9snSCyJQB3ZcN46biBtkt4ee).

The system will also include a transaction confirmation function and automatic generation of return addresses.

At the beginning of the year, BitPay began using BIP 70 as the standard for generating invoices, forcing users who create Bitcoin and Bitcoin Cash payments for BitPay sales agents to use BW-70 compatible wallets.

According to BitPay, this solution allowed reducing the number of errors in the payment network to 0.27%. For comparison, in June 2017, the same indicator was 10%.

We’re always striving for new methods and partnerships to expand the use of BTC and BCH as a currency and integrating with BitPay is an important step towards transacting with retailers and merchants.
 

Alejandro de la Torre
VP of Business Operations, BTC.com

For the first time the BIP70 scheme was proposed by the developers of bitcoin Gavin Addressen and Mike Hern. With its help, they planned to improve the quality of conducting crypto-currency transactions in the commercial segment of the market.

BIP 70 has been criticized by the crypto community since its implementation, unlike the generally accepted BIP 21 scheme. Some believe that it has introduced the risk of tracking transactions in blockchain records. The situation was also aggravated by the emergence of OpenSSL vulnerabilities.

However, representatives of BTC.com assure that users should not be afraid of anything.

Earlier, the developers of Samourai Wallet urged companies and users to boycott BitPay services. The BIP70 was named as the reason.

PBoC to Continue Anti-Crypto Propaganda

The regulator published a warning in its WeChat account called “Protection of the rights and interests of consumers of financial services”
23 March 2020   302

The People's Bank of China has returned to criticism of cryptocurrencies amid a worsening economic situation in the world.

On March 22, the regulator published a large-scale warning in its WeChat account under the heading “Protection of the rights and interests of consumers of financial services”. It describes three ways in which cryptocurrency service providers can mislead consumers.

First of all, the amount of fraud transactions with bots is serious. The average turnover rate of the top three overseas crypto currency exchanges is much higher than that of foreign licensed exchanges. Second, market manipulation exists in these exchanges where forced leveraged trading eventually causes the exchanges to explode. Third, money laundering is a big issue.

 

People's Bank of China

In addition, the Chinese Central Bank calls the opinion that Bitcoin may serve as a protective asset, erroneous. The regulator indicates its high volatility and recommends that citizens not follow the example of other investors and refuse to participate in cryptocurrency trading.