nIt was announced by BTC.com that its wallet will enable bitcoin Improvement Proposal 70 (BIP-70) for payment transactions. Apparently, this will be helpful between customers and merchants, becoming an industry standard of sorts.
Merchants enjoy BIP-70 because it gives secured end-to-end communication to customers worldwide. All payments are routed and confirmed onchain. Since BTC.com now allows users to safely store their private keys on its multi-sig wallet. Its more than one million users can now retain control over their coins and have a choice of more goods and services than ever.
Sean Rolland, Director of Product at Bitpay, explained, “We appreciate BTC.com’s support for BIP-70 as Bitpay works to make Bitcoin commerce payments easier and even more secure. With BIP-70, we have seen a drop from an 8%+ payment error rate (in dollars) to a 0.27% error rate. It’s this ability to ensure correct payments using BIP-70 helps the entire industry to grow.”
According to BTC.com, they have processed since 2015, more than $5B worth of bitcoin cash (BCH) and bitcoin core (BTC) for one million users. Bitpay’s hundreds of thousands of merchants only accept BIP-70 wallets.
Alejandro de la Torre, BTC.com’s VP of Business Operations, detailed, “We’re always striving for new methods and partnerships to expand the use of BTC and BCH as a currency and integrating with Bitpay is an important step towards transacting with retailers and merchants. Cryptocurrencies can begin to compete with a credit card and mobile transactions by capitalizing on current inefficiencies in traditional payment processing services and extend the boundaries of commerce. Enabling customers, merchants and the Bitcoin community to utilize Bitcoin in commerce will sow the seeds for cultivating deep and sustainable growth from the whole bitcoin community.”
Crypto’s extended bear market’s statistics reveal that proponents of mainstreaming have had a tough sell so far this year. Maybe all it takes to convince skeptical retailers is the convenience of onboarding for customers, low transaction fees and fast confirmation times.