Bitnet and BlockCypher Develop a Bitcoin Instant Transactions System
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....
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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....
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....
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....
Catherine Nicholson is the CEO of BlockCypher, which is the company that powers instant trades at ShapeShift. Its Confidence Factor is used in several other applications as well. CCN spoke in depth to BlockCypher's Developer Advocate, Josh Cincinnati, in a recent podcast. In this video, Catherine is sent some very basic questions about Bitcoin, which she handles with vigor. Questions range from the public good to micro transactions. At one point, Catherine says: People who live on $2.50 a day, they don't have a bank account. They don't have access to capital. They can't ever escape the....
BlockCypher, a firm that positions itself as a “blockchain web services” provider for the corporate realm has claimed that it can now facilitate near-instant cross-border payments. As bitcoin and blockchain-based innovation continues to disrupt the payments industry with quicker settlements at a lower cost, one Fintech firm with a focus in the B2B space claims it can now deliver on the promise of instant cross-border settlements at a fraction of the costs incurred with existing avenues, like SWIFT. BllockCypher is a provider of web services that notably enables bitcoin wallet services for....