29 Jul '14, 12pm

Bitcoin Payment Protocol Explained

Bitcoin Payment Protocol Explained

What do you do with bitcoin? Why, you spend it of course! Or more precisely you pay for something or some service using it. The specific process to pay using bitcoin is called the Bitcoin Payment Protocol and it is codified in a document called BIP70 . A BIP is a Bitcoin Improvement Proposal and is one of the mechanisms used by the Bitcoin “core developers” to improve Bitcoin. There are all sorts of BIPS on lots of great topics but let’s not get diverted. Go to: https://github.com/bitcoin/bips/ and check them out yourself. Now back to BIP70 the payment protocol. The description is at: https://github.com/bitcoin/bips/blob/master/bip-0070.mediawiki and is the basis for the technical content of this article. The abstract of the payment protocol states: This BIP describes a protocol for communication between a merchant and their customer, enabling both a better customer experi...

Full article: http://bitcoinmagazine.com/12774/bitcoin-payment-protocol...

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