This past November the largest bitcoin payment processor worldwide, Bitpay, announced the company’s move to integrate a process called BIP-70, otherwise known as the Payment Protocol, into the Bitpay invoice platform. At Bitcoin.com we want readers and users of our services to be up to date with the latest technologies and upgrades happening within the cryptocurrency ecosystem. Since the last software update, Bitcoin.com’s Wallet is one of the seven clients compatible with Bitpay’s recent BIP-70 implementation.
Bitcoin.com Wallet Is Fully Compatible With Bitpay’s Payment Protocol Invoices
At Bitcoin.com we provide a plethora of bitcoin-related educational resources, tools, and services. Recently the company Bitpay integrated the Payment Protocol system into the merchant processor’s invoice procedure and we want our Bitcoin.com Wallet users to know our wallet is fully compatible with the BIP-70 (Payment Protocol) process.
All a Bitcoin.com Wallet user has to do is scan the Payment Protocol code (or copy n’ paste the code) that Bitpay requires for merchant invoices, and Visa card debit loads into the ‘recipient send’ section of our wallet. After that all the details of the transaction will be shown on the screen including the network fee, and the total amount being sent. It’s just like sending any other bitcoin transaction as the user simply presses ‘send’ and the funds are sent to Bitpay’s invoice address.
Bitcoin.com Is Proud to Bolster Usability and Security Improvements to the Cryptocurrency Ecosystem
The Payment Protocol change brings usability and security improvements to the cryptocurrency ecosystem by reducing user errors greatly. According to the firm’s data Bitpay invoice payees have been making mistaken underpayments, late payments, and overpayments to Bitpay merchants.
“Payment Protocol wallets instantly lock in the correct sending amount and bitcoin address for a payment to Bitpay — They are not subject to the manual mistakes which cause so many costly payment errors,” explains Bitpay’s CEO Stephen Pair.
Payment Protocol will soon enable us to prevent all payment errors from happening in the first place. With Payment Protocol, a wallet can coordinate a payment directly with Bitpay’s servers before it is broadcast on the Bitcoin network. If there is anything wrong with the transaction, Bitpay can reject it — The transaction would never get broadcast, and the user would not lose money to a mistaken payment.
Adding BIP-70 support is just one of the latest features our wallet has to offer. The non-custodial Bitcoin.com Wallet has a robust interface that allows the secure storage of both bitcoin cash (BCH) and bitcoin core (BTC). The team at Bitcoin.com is pleased to be one of the seven wallets that’s compatible with Bitpay’s new system, and our users can use the system today to pay merchant invoices or load their bitcoin Visa cards.
Have you tried the Payment Protocol yet? Let us know about your experience in the comments below.