• Advertise
  • Submit a Press Release
NewsBTC
Bitcoin & cryptocurrency news today, price & technical analysis
Price & Market
Cap Data from
Nomics Logo
  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Cardano
    • Tezos
    • EOS
    • Chainlink
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Education
    • Accepting Bitcoin payments
    • Using Bitcoin
    • What is Bitcoin Mining
    • How to Trade Bitcoin
    • How to Buy Bitcoin
    • Digital Currency Exchange
    • Proof of Existence
    • Is Bitcoin legal?
    • Bitcoin Books
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • TradeeToro
  • Invest BTCTry
  • Join STC ICOBuy
No Result
View All Result
  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Cardano
    • Tezos
    • EOS
    • Chainlink
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Education
    • Accepting Bitcoin payments
    • Using Bitcoin
    • What is Bitcoin Mining
    • How to Trade Bitcoin
    • How to Buy Bitcoin
    • Digital Currency Exchange
    • Proof of Existence
    • Is Bitcoin legal?
    • Bitcoin Books
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • TradeeToro
  • Invest BTCTry
  • Join STC ICOBuy
No Result
View All Result
NewsBTC
No Result
View All Result
Price & Market
Cap Data from
Nomics Logo

BIP75 to Improve Bitcoin Payments Protocol

Gautham by Gautham
5 years ago
in Uncategorized
Reading Time: 3min read
Now OpenCart Online Shops Can Add Bitcoin Payment. newsbtc bitcoin news
Advertisement

Bitcoin has grown into a promising payments platform which is being increasingly adopted by both big and small-time e-commerce players. There are select brick and mortar shops too which accept bitcoin payments for goods and services sold. As people become familiar with the concept of bitcoin as a payment option, there is still some apprehension about using it for buying goods and services online due to few underlying shortcomings.

Bitcoin transactions are one-way, once a transaction has been executed, it can’t be reversed. In such a circumstance, if there is a deficiency in the goods and services bought using bitcoin, the customer has to rely on the vendor to manually refund the bitcoin payment by initiating a new transaction to the customer. Similarly, if someone ends up sending bitcoin to a wrong wallet address by mistake, it is lost forever, unless the person grows a conscience and returns them.

The Bitcoin Protocol introduced as part of the Bitcoin Improvement Proposal, BIP70 has so far been responsible for supporting payments on the Bitcoin blockchain. Now, the Bitcoin Payment Protocol is set to become even better with the introduction of BIP75. The new proposal is an extension of its predecessor, BIP70. Drafted by 4 people – Matt David and Justin Newton from Netki along with the Breadwallet duo, Aaron Voisine, and James MacWhyte.

5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!

Bitcoin Payments and BIP75

BIP75 calls for 3 major enhancements to the Bitcoin Payments Protocol. Starting with support for 2-way identity exchange where the bitcoin payment information can be exchanged between both parties to the transaction. Exchange of payment information is secured by strong encryption which prevents the chances of the man in the middle encryption.

The flexibility of payments offered by Bitcoin makes it ideal for mobile based payments. One can just scan the recipient/vendors bitcoin wallet address using the bitcoin wallet application installed on their phones and transfer required amount of bitcoin to the recipient in one or two clicks. The increasing use of mobile based bitcoin payments and prevalence of malware and viruses targeting many smartphones calls for better-upgraded security features and BIP75 promises just that.

BIP75 augments the previous BIP70 to make Bitcoin Payments Protocol more mobile wallet friendly. Until now, the Bitcoin Payment Protocol was suitable only for online commerce, where people could send bitcoin to the merchant by clicking the payment instruction sent from merchant’s wallet. BIP70 got rid of the long string of wallet address while making payment on an online e-commerce platform. It also kept an off-chain record of transactions along with the address of the corresponding wallet from which the payment originated. However, it was not mobile Bitcoin wallet friendly.

With BIP75, users will be able to generate a payment request, similar to an invoice by verifying their identity. Once the request is received by the other party, they can directly make the payment without second thoughts as the identity of the recipient will be verified in the payment request. The chances of making payment to a wrong wallet are very slim. At the same time, BIP75 ensures that the payment requests are encrypted before it is sent from the client, making sure that no one else accesses the information while it is in transit (on third party servers). The payment requests can be saved into a wallet address book, in human readable form so that people can choose to send payments repeatedly to stored addresses without having to ask for a payment request from the other party.

BIP75 makes bitcoin payments much easier than it already is by incorporating verification process and wallet address book capabilities while providing additional security. We can expect BIP75 to increase the adoption of bitcoin payments among individuals and businesses alike in the future.

Ref: A Bitcoin Improvement Proposal - Jeff Handler
Tags: bip70bip75bitcoinBitcoin Newsbitcoin payments protocolblockchainBlockchain TechnologybreadwalletnetkiNews
TweetShare
Nexo Logo
BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner? Win up to $1,000,000 in One Spin at CryptoSlots
Gautham

Gautham

Related Posts

bitcoin price prediction

Bitcoin At $100,000: Estimating The Chance Of Six Figure BTC In 2021

13 hours ago
Coinbase’s $86bn Valuation Has Been Grossly Exaggerated by Misleading Media

Coinbase’s $86bn Valuation Has Been Grossly Exaggerated by Misleading Media

14 hours ago
Ripple XRP XRPUSDT

How The XRP Community Reply To The SEC’s “Shady” Move

17 hours ago
bitcoin

Two Patterns, One Coin: Is Bitcoin Currently Bearish Or Bullish?

18 hours ago
Cardano ADA

How This Cardano Platform Will Benefit From Chainlink Oracles

18 hours ago
Litecoin LTC

How Litecoin Can Follow DOGE To The Moon And Reach $2,000

19 hours ago

Premium Partners

Top Brokers

eToro

eToro

Review · Visit
Evolve Markets

Evolve Markets

Review · Visit
Bybit

Bybit

Review · Visit
ArbiSmart

ArbiSmart

Review · Visit
PrimeXBT

PrimeXBT

Review · Visit
Moneta Markets

Moneta Markets

Review · Visit

Top Casinos

BitStarz

BitStarz

Review · Visit
mBit

mBit

Review · Visit
CryptoGames

CryptoGames

Review · Visit
Bonusfinder DE

Bonusfinder DE

Review · Visit
Bspin

Bspin

Review · Visit
Wolf Bet

Wolf Bet

Review · Visit

Top Sportsbooks

1xBit

1xBit

Review · Visit

Top ICOs

Student Coin

Student Coin

Review · Visit

Token sale

Holdefi

Holdefi

Review · Visit

Press Releases

XRP Triples Within Weeks, Will the Bull Run Continue?

April 17, 2021

User-Friendly Interface Is Key to Wisebitcoin’s Steady Growth

April 16, 2021

Sign up and Get Free $30 Coupon With Nhash Cloud Mining Services

April 15, 2021

Newsletter Signup


ABOUT US

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

COMPANY

  • Advertising
  • Comments Policy
  • Privacy Center
  • Sitemap
  • About Us
  • Contact

Technical Analysis

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Ripple (XRP)
  • Chainlink (LINK)
  • Cardano (ADA)
  • Tezos (XTZ)

LINKS

Auto Trading Software ▸

Cryptocurrency news

  • Bitcoin
  • Ethereum
  • Ripple
  • Chainlink
  • Cardano
  • EOS
  • Tezos

© 2020 NewsBTC. All Rights Reserved.

  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Cardano
    • Tezos
    • EOS
    • Chainlink
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Education
    • Accepting Bitcoin payments
    • Using Bitcoin
    • What is Bitcoin Mining
    • How to Trade Bitcoin
    • How to Buy Bitcoin
    • Digital Currency Exchange
    • Proof of Existence
    • Is Bitcoin legal?
    • Bitcoin Books
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Trade
  • Invest BTC
  • Join STC ICO

© 2020 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.