Bitnet Introduces Instant Approval Tool for Bitcoin Transactions
Instead of having online merchants for bitcoin transactions to be verified, payments processor Bitnet introduced its instant approval tool that can reduce delays. Merchants who have integrated their online shop platforms with Bitnet can be able to receive bitcoin payments in seconds instead of waiting a long while for confirmation through the bitcoin network. The time it takes for bitcoin transactions to go through has been much longer these days, thanks to a surge in volumes and the current block size limit. There has been a longstanding debate to increase the maximum size of a block, but....
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Payment processor Bitnet has launched an 'Instant Approval' service, reducing the delays faced by merchants as they wait for bitcoin transactions to be confirmed on the blockchain. With its new product, merchants integrated with Bitnet's payment solution will receive funds "within seconds", avoiding the usual wait for between two and six transaction confirmations on the blockchain. The service works by calculating the probability of whether a bitcoin transaction will ultimately confirm on the blockchain. Risk profiling. Despite having partnered with BlockCypher - a bitcoin technology firm....
Bitcoin payments processor Bitnet has launched a new tool that allows merchants to mitigate the risk of accepting bitcoin payments without confirmations. The new “Instant Approval” service applies data provided by blockchain web service company BlockCypher to determine if a transaction is safe to accept. Because of how the Bitcoin network is designed, bitcoin payments cannot be fully trusted until they have been confirmed by miners and included in at least one block, while waiting up to six blocks is advised. But since this can sometimes take more than an hour, it makes Bitcoin a....
One of the major problems Bitcoin acceptance is facing right now is the slow rate of transactions on the network. There's a time lag in receiving cleared funds since a Bitcoin payment can take around 10 minutes to be verified and confirmed on the Blockchain. This is an issue that inhibits both merchants and companies from accepting Bitcoin payments. Even then most efficient payment processors wait for 2-6 confirmations, which can take between 20 to 60 minutes before the transaction is complete and the merchant receiving the funds. This is a declining factor for merchants used to accepting....
Rakuten, the Japanese ecommerce major has finalized the acquisition of Bitnet. The company has also announced the upcoming launch of a new Blockchain Lab in Belfast, Northern Ireland. The Japanese e-commerce and finance Major, Rakuten has confirmed the acquisition of Bitnet. The acquisition is the result of Rakuten’s increased interest in Bitcoin and blockchain related intellectual property owned by Bitnet. Headquartered in San Francisco, Bitnet is a provider of Bitcoin-based payment solutions for merchants and businesses. The company had previously raised investments from various parties....
Bitnet and PAY.ON have announced a partnership allowing PAY.ON’s entire customer base, which includes over 100 PSPs and 56,000 merchants, to accept bitcoin on its platform. Bitnet, an enterprise scale digital commerce platform has connected with PAY.ON, a financial institution which offers white label payment gateway solutions for payment service providers to enable merchants using PAY.ON’s RESTful API to accept bitcoin payments. Today, PAY.ON processed over 1.2 million transaction per day and has an extraordinary user base of more than 56,000 merchants and over 100 multi-national PSPs....