Author: Btc Drak 2015-06-21 08:41:44
Published on: 2015-06-21T08:41:44+00:00
BitPay does not accept zero confirmation transactions. When a payment is seen on the network, the payment screen reports that the invoice has been paid but on the back end, it is marked as paid, and the API exposes the confirmation status allowing the merchant to make business decisions about when to progress to fulfillment. Coinbase does not expose the confirmation status and guarantees payment to merchants for 0-confirm, whether they confirm or not. Cryptographic certainty should not be conflated with human behavior because humans make mistakes all the time. With regards to upgrading their stuff to be more resilient, Eric Lombrozo suggests some concrete measures for merchants who must accept zero confirmation transactions, including limiting transaction amounts, total amount of unconfirmed revenue tolerated at any given moment, and collecting legal information on purchasers. Further measures include creating a risk profile for users, getting insurance, setting up a warning system and panic button, and independently verifying all inbound transactions and connecting to multiple network nodes.
Updated on: 2023-06-09T23:56:01.053354+00:00