BitPay Cards Secured with New Protocol

BitPay has announced on its company blog that its card will now only work with wallets secured with the 'Bitcoin Bitcoin While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that Read this Term Payment Protocol'.

No refunds

This system was designed because of issues regarding refunds for Bitcoin Payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term. Mistaken and incorrect payments are difficult to resolve because Bitcoin transaction fees are so high. This causes merchants to be even less eager to refund money than they usually are. And when money is refunded with Bitcoin, the process can take days. Transaction fees can even be higher than the refund itself.

Don't make mistakes

The solution to this, as seen by BitPay, is to implement a receipt system which makes it impossible to send an incorrect amount of Bitcoin. Once the Bitcoin Payment Protocol is installed in a wallet, the user will not be able to execute a payment unless the receiving wallet also has the system installed. The system itself prevents incorrect payments via an invoice that must be confirmed by both parties.

BitPay is a Bitcoin payment processor from Atlanta, US. The BitPay Card allows customers to pay with Bitcoin at retail outlets.

The number of companies accepting Bitcoin is growing rapidly - BitPay was processing 200,000 transactions by December of 2016, according to the company's website. A few months ago, the company signed an agreement with Amazon through which gift cards became purchasable with Bitcoin. It also partnered with Aliant this year, further extending its reach.