Coinbase now supports the Bitcoin payment protocol, which serves to make transactions between merchant and buyer more secure and user friendly.
The protocol was developed and rolled out in 2013 and is now being integrated with wallet and payment providers. Others looking to support it include BitPay, MultiBit and CoinPunk.
The benefits and features of the protocol are outlined on Github. They are (1) a human-readable presentation of a payment destination, as opposed to a 34-character string, (2) a secure proof of payment (receipt), useful in the event of disputes (or business expense reporting?), (3) resistance to man-in-the middle attacks which replace the merchant's address with the attacker's before the transaction in authorized in a hardware wallet, (4) messages confirming receipt of payment by the merchant, and (5) the ability to "refund"- in the traditional sense i.e. return a payment to the address of origin, as opposed to hunting down the original payer and make a custom payment to offset the original.
What is Bitcoin payment protocol?
The protocol is well explained on Bitcointalk. Ironically, the protocol resurrects elements of Satoshi's original which were later phased out. Originally, Satoshi thought that Payments will be made in two ways- either to a Bitcoin address or an IP address. People eventually stopped using the latter because it wasn't secure- anyone sharing your wifi can steal coins sent this way. Also, there weren't online stores yet accepting Bitcoin and you never knew if the recipient was online.
Bitcoin addresses have their own issues though. In the words of Mike Hearn, "Lots. They lead to privacy leaks, they are inflexible and tough to extend with new features, they aren't authenticated and they're one way only."
So Satoshi's concept was brought back and improved. A series of messages and data are exchanged, securely linking the sender and receiver. It also embeds instructions on how the payment should be routed. Thus, you don't need to rely on an internet connection to make payments. The protocol allows for customizing instructions for the method of payment. Via Bluetooth, an Android user can securely send payments to another Android user without having to rely on an IP. Memos can also be embedded, similar to what was observed with the "stoned" virus. These can be useful to describe details of the transaction.
In addition to making payments more secure, the protocol makes payments private, effectively achieving the objective sought by Darkcoin. The protocol breaks up the payment into many outputs, negating any single path to retrace origin.
Coinbase now supports the Bitcoin payment protocol, which serves to make transactions between merchant and buyer more secure and user friendly.
The protocol was developed and rolled out in 2013 and is now being integrated with wallet and payment providers. Others looking to support it include BitPay, MultiBit and CoinPunk.
The benefits and features of the protocol are outlined on Github. They are (1) a human-readable presentation of a payment destination, as opposed to a 34-character string, (2) a secure proof of payment (receipt), useful in the event of disputes (or business expense reporting?), (3) resistance to man-in-the middle attacks which replace the merchant's address with the attacker's before the transaction in authorized in a hardware wallet, (4) messages confirming receipt of payment by the merchant, and (5) the ability to "refund"- in the traditional sense i.e. return a payment to the address of origin, as opposed to hunting down the original payer and make a custom payment to offset the original.
What is Bitcoin payment protocol?
The protocol is well explained on Bitcointalk. Ironically, the protocol resurrects elements of Satoshi's original which were later phased out. Originally, Satoshi thought that Payments will be made in two ways- either to a Bitcoin address or an IP address. People eventually stopped using the latter because it wasn't secure- anyone sharing your wifi can steal coins sent this way. Also, there weren't online stores yet accepting Bitcoin and you never knew if the recipient was online.
Bitcoin addresses have their own issues though. In the words of Mike Hearn, "Lots. They lead to privacy leaks, they are inflexible and tough to extend with new features, they aren't authenticated and they're one way only."
So Satoshi's concept was brought back and improved. A series of messages and data are exchanged, securely linking the sender and receiver. It also embeds instructions on how the payment should be routed. Thus, you don't need to rely on an internet connection to make payments. The protocol allows for customizing instructions for the method of payment. Via Bluetooth, an Android user can securely send payments to another Android user without having to rely on an IP. Memos can also be embedded, similar to what was observed with the "stoned" virus. These can be useful to describe details of the transaction.
In addition to making payments more secure, the protocol makes payments private, effectively achieving the objective sought by Darkcoin. The protocol breaks up the payment into many outputs, negating any single path to retrace origin.
Bitget's Bitcoin Reserve Ratio Soars Over 300% Following Halving
Network, Learn, Grow | FMAS:24
Network, Learn, Grow | FMAS:24
Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
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Don't miss out on our latest videos, interviews, and event coverage. Subscribe to our YouTube channel for more!
Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
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Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
📣 Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
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Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
📣 Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
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Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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