In their newest effort, BitPay, the largest online Bitcoin payment processor in the world, is now addressing Bitcoin-associated challenges. This new protocol, which has been on BitPay’s roadmap since 2014, is called The Bitcoin Payment Protocol, and will be soon mandatory for transactions so as to avert any potential errors in the process.
For a clearer picture, few people encounter problems with paying an invoice from BitPay. It’s as simple as copying the wallet address or even scanning a QR code. However, beginners are a different story. Because they are novice users, errors may be encountered, and some of these errors are hard to fix. One such error that beginners often face is sending the wrong amount of Bitcoin, and without any auto correction feature integrated into the system, this may lead to bigger problems if left unchecked.
An interesting change by BitPay
Other issues that BitPay customers and merchants are tired of are erroneous transactions, such as paying a low fee resulting in delays and sending your tokens to the wrong address. Scenarios such as these have become unacceptable to BitPay’s users, and not having a “cookie-cutter” solution right now only adds to the overall problem.
This is where The Bitcoin Payment Protocol comes in. Designed to get rid of any user error in Bitcoin payments, this will make all transactions go through an SSL-based connection that will directly connect the customer to BitPay. Through this, the users’ client will automatically fill in the details for the payment requests that is to be collected, meaning there will be no need for manually entering any information or payment amounts.
All in all, this newest feature will allow miner fees to be automatically determined by way of an appropriate and thorough analysis of the transactions. Moving forward, it’s easy to see its benefits and it certainly holds much promise, although, since it also takes away some control that users have over their funds, it’s not that ideal of a situation. At the end of the day, however, this will all depend on whether wallet service providers will be adapting it for the long run.