Bitpay Starts Implementing Bitcoin Payment Protocol Invoices Decreasing Wallet Support

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Because we require Payment Protocol payments, some users have had to switch to one of bitcoin payment protocol bitpay compatible wallets to make payments. We've written before about our reasons for moving quickly to a Payment Protocol requirement. We wanted to take a moment now to give some more background on our decision.

These are not isolated incidents. Before Payment Protocol, wallets or exchange accounts not suitable for spending along with user error created more than a thousand of these errors bitcoin payment protocol bitpay BitPay purchasers every week.

As bitcoin has grown, more and more bitcoin users rely on BitPay merchants for their day to day expenses. Our merchants rely on us to make sure payments happen successfully, and their teams feel the pain of payment errors. While a terrible user experience is one thing, adding to the congestion on the Bitcoin network and paying unnecessary fees to miners is another. In recent months, miner fees have increased dramatically as usage of the Bitcoin network has skyrocketed.

This situation increased the urgency for us to eliminate these payment errors. Payment Protocol wallets instantly lock in the correct sending amount and bitcoin address for a payment to BitPay. They are not subject to the manual mistakes which cause so many costly payment errors. Payment Protocol will soon enable us to prevent all payment errors from happening in the first place. If there is anything wrong with the transaction, BitPay can reject it. The transaction would never get broadcast, and the user would not lose money to a mistaken payment.

Payment Protocol gives us the opportunity to prevent incorrect BitPay invoice payments from ever being broadcast on the Bitcoin network. While we wanted to accomplish this in a manner that was simpler than BIP, due to bitcoin payment protocol bitpay rocketing bitcoin miner fees, we needed to take action immediately.

BIP is already implemented by multiple major wallets. While not perfect, it is available now and it is solving the problem. BIP has the added benefit of being far more secure than simply copying and pasting addresses. Man-in-the-middle attacks have plagued the bitcoin ecosystem for some time. It's possible for malicious third-party scripts and extensionsvirusesor malicious Tor exit nodes to change the bitcoin address shown on a web page to route funds toward attackers.

The Payment Protocol eliminates this security threat. We know that BIP can be difficult for wallets to implement it was difficult for us when we implemented it a few years ago. We are already working to help other wallet providers become compatible, and bitcoin payment protocol bitpay are going to deploy new capabilities that will make it easier in the future.

Ultimately, our goal is to build a great, problem-free bitcoin payment experience, and we want to work with the bitcoin ecosystem to make that happen. This option will also help other cryptocurrencies' bitcoin payment protocol bitpay implement error-free payments as we add support for other block chains in addition to Bitcoin. Our team has been closely monitoring the payment error improvements since we implemented the Payment Protocol requirement. This week we will share a post on our results with Bitcoin payment protocol bitpay Protocol so far.

Protecting Users from Unnecessary Miner Fees While a terrible user experience is one thing, adding to the congestion on the Bitcoin network and paying unnecessary fees to miners is another. How Payment Protocol Solves the Bitcoin payment protocol bitpay Payment Protocol wallets instantly lock in the correct sending amount and bitcoin address for a payment to BitPay.

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Earlier this week our CEO Stephen Pair shared a deeper look at the costs of bitcoin payment errors and why we implemented the Bitcoin Payment Protocol to eliminate them.

Prior to our Payment Protocol requirement on BitPay invoices, thousands of purchasers per week were making mistaken underpayments, late payments, and overpayments to BitPay merchants. We've dealt with these errors since the start of BitPay, and we've spent a lot of time working on ways to reduce them. Today BitPay refunds mistake payments automatically, and we've built a growing body of resources to help purchasers learn how to avoid common payment errors. Bitcoin users can't afford to make mistakes with transactions and still pay the cost of miner fees for orders which don't complete successfully.

The miner fee amounts required to send many refund transactions are frequently now higher than the refundable amounts themselves. And our merchants can't afford the support costs of customers who lose money due to these mistakes. The good news is that Payment Protocol is working to eliminate bitcoin payment errors.

And it's working in a dramatic way. We've seen the seven-day moving average for underpayments to BitPay merchants fall by approximately So far, the switch to a Payment Protocol requirement has saved thousands of bitcoin purchasers from making costly and sometimes irreversible payment mistakes.

It's also prevented the loss of large amounts of bitcoin to miner fees which users must front to send mistaken transactions and get refunds for them. For BitPay's merchants, Payment Protocol means fewer support issues and a far smoother payment experience for new bitcoin users. The vast majority of new payments received will complete seamlessly.

We're not done yet. These are just the results from the first stage of our Payment Protocol requirement rollout. In the next couple of months, we will deploy improvements which will completely eliminate payment errors.

Our Payment Protocol requirement has been the single most effective improvement to date for secure, seamless bitcoin payments on the BitPay platform. But we know that we still have work to do to deliver a great payment experience for our merchants and their customers. Since fewer wallets currently support the Bitcoin Payment Protocol currently six major wallets support it, including BitPay's BitPay and Copay wallets , many purchasers will have to switch wallets before paying.

We've created a video guide to help people switch easily, and we're currently developing new design concepts to make the payment experience even easier for first-time bitcoin purchasers. We will continue to drive toward creating more payment options for BitPay merchants' customers. We're already working to help two more top bitcoin wallet providers become compatible with BitPay invoices.

Please monitor the BitPay blog for updates as we add more compatible wallet options for purchasers. We will soon begin work on a new json implementation of Payment Protocol's features, which will make implementing these payment improvements far simpler for wallets across the bitcoin payment ecosystem. Read our original blog post on why we are adopting a Payment Protocol requirement for BitPay payments.

Subscribe to the BitPay blog for more updates as we move toward our goal. A previous version of this post briefly referenced "tens of thousands of bitcoin purchasers" who have avoided payment errors. Conservatively, the payment exception reductions would have prevented payment errors in the thousands, not tens of thousands.

How is Payment Protocol helping? What still needs work? What's coming up next?