Bitcoin payments take small steps towards improvement

A flawed system makes the evolution of Bitcoin payment systems difficult but developers are working on it.   Responding to

A flawed system makes the evolution of Bitcoin payment systems difficult but developers are working on it.  

Responding to the need for a more user-friendly system for merchants, a new payment request system is in the works, which will enable bitcoins to be sent directly and more safely between people without, of course, removing transactions from the block chain (public record of Bitcoin transactions available to all users). This, as opposed to the current system whereby bitcoins are sent with an alphanumeric address to clients.

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The old way presents several concerns:

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  • It allows for phishing expeditions and once you’ve been reeled in, there is no way of getting your money back because bitcoin payments are permanent.
  • Bitcoin payments are difficult to document and do not have a return address for refund purposes.
  • As developer, Jeff Garzik says: “It’s great technically but it looks like a monkey banging on a keyboard to the average person.”

The new way:

Instead of sending payments to a complicated bitcoin address, the customer waits for a merchant request via email, or via a website and then uses the Payment Request to make a payment. A digital certificate will be used to prove that the sites are owned and operated legitimately.

All so that safer and easier Bitcoin experience may be achieved.

 

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