Review of AcceptBit: The Trust-Free Payment Processor #bitcoin

Review of AcceptBit: The Trust-Free Payment Processor | Bitcoin Magazine

Review of AcceptBit: The Trust-Free Payment Processor #bitcoin

Joining the ranks of Coinbase , MtGox and Blockchain , Bitcoin developer Stefan Thomas has released a lightweight Bitcoin payment processor of his own, with a twist: you do not have to trust it to use it. The way that all other payment processors to date have kept track of individual orders is by creating a unique address for each payment, and forwarding any payments that they receive to the merchant. This does prevent the main issue with not bothering with payment processors and instead just having a single address – namely, that if you receive a payment you have no way to tell who sent it, but it also presents a trust problem: the merchant must trust the processor to hand back the bitcoins. Although over the normal course of business the incentives are aligned for the processor to do just that, as otherwise the merchant would immediately abandon the processor and the pro...

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@kangasbros » 04 Jan '13, 4pm
RT @jonmatonis: Review of AcceptBit: The Trust-Free Payment Processor [link] #bitcoin
@jonmatonis » 04 Jan '13, 4pm
Review of AcceptBit: The Trust-Free Payment Processor [link] #bitcoin
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RT @jonmatonis: Review of AcceptBit: The Trust-Free Payment Processor [link] #bitcoin
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RT @jonmatonis: Review of AcceptBit: The Trust-Free Payment Processor [link] #bitcoin
@twiteis » 04 Jan '13, 4pm
RT @jonmatonis: Review of AcceptBit: The Trust-Free Payment Processor [link] #bitcoin