As a measure to diminish the risk of erroneous payments and the consequent reimbursements that imply loss of time and money for BitPay merchants and their customers, the Bitcoin payment processor announced that the Bitcoin Payment Protocol will begin to be required for all payments and you can know more about that as well as how to trade crypto here. BitPay transaction invoices.
According to a recent publication in the BitPay blog, when a portfolio with the integrated Payment Protocol interacts with a URL of the Payment Protocol, a secure SSL connection will be created with the true recipient of the address that will receive the bitcoins.
They also explained that in each BitPay invoice, beyond copying and pasting a bitcoin address and entering the amount to be sent, only one click will be required and then copy and paste the URL of the payment protocol in the respective invoice. In case the portfolio also has a payment protocol, the address and the number of correct shipments will be automatically blocked.
With this mode, BitPay servers will reject incorrect payment amounts and will not transmit erroneous transactions. The same will happen if the purse that sends the payment does not handle the protocol. Additionally, through the implementation of this procedure in all invoices, users may receive a message in their portfolio when the transaction fee is not sufficient to confirm it on time in the network.
No fund moves unless it is safe and successful. By preventing erroneous payments from being issued, the Payment Protocol reduces unnecessary congestion of the Bitcoin network. The most important thing is that it will save bitcoin users the cost of bitcoin miners’ fees for unsuccessful payments.
This payment protocol has been available since 2014 for payments in BitPay. In fact, all the BitPay, Copay, Mycelium, and Electrum portfolios are compatible with this. On the other hand, there are wallets that do not admit it. For this last scenario, in case of wanting to pay the BitPay bills, it will be necessary to change to a service that does. Therefore, they announced that they will work jointly with other portfolios and Bitcoin exchange houses to implement it.
In the coming months, we will work with the main portfolios and exchange houses of the bitcoin space to advance in this adoption of the Payment Protocol. We will move as quickly as possible towards the full adoption and full deployment of the single payment protocol payments for all BitPay invoices.
Previously, BitPay had been one of the companies to support the activation of SegWit2X, so a Bitcoin Core developer took the “initiative” to create a service to replace it. Fortunately, the increase in the size of the blocks that divided the bitcoin community and that was going to generate a strong bifurcation in the Bitcoin network was not carried out, so Bitpay keeps operating on the original bitcoin blockchain.