Author: Lucas Ontivero 2021-01-18 20:38:51
Published on: 2021-01-18T20:38:51+00:00
The author of a Bitcoin privacy technology called PayJoin recently thanked the creator of a Wiki page tracking its adoption. Despite the economic benefits of using SegWit transactions, many users have yet to adopt the technology. While PayJoin offers privacy benefits for the global transactions graph as a whole, it requires an altruistic attitude from payers, and its user experience is not optimal since many users are not familiar with bip21 uris. One possible solution to this issue would be for wallets' developers to make PayJoin payment by default, without any extra cost or effort required from users. To achieve this, wallets must be able to communicate and interact, allowing users to select a contact from their address book and make payments without being aware that they are using PayJoin. This could help fight against surveillance aimed at spying on Bitcoin users and improve Bitcoin's fungibility.PayJoin is already implemented in several projects such as BTCPayServer, Wasabi Wallet, JoinMarket, and BlueWallet, and a protocol standard has been defined. However, the recent shutdown of a UK Bitcoin exchange due to new regulations highlights the need for increased adoption of PayJoin. The exchange owner explained that users are considered suspicious if they use a marketplace instead of an exchange and that Coinjoin is also considered high risk. As risk scores continue to increase, users may face difficulties depositing funds, supplying documents, or even losing their coins without knowing why. To prevent Bitcoin from becoming a permissioned money system akin to regular bank accounts, more efforts should be made to increase PayJoin adoption.
Updated on: 2023-06-14T17:11:25.668933+00:00