Author: Jeff Garzik 2015-06-21 19:49:41
Published on: 2015-06-21T19:49:41+00:00
In an email conversation, Eric Lombrozo emphasized the importance of a concrete security policy when dealing with zero confirmation transactions. To reduce exposure to risk, he suggested limiting transaction amounts for zero confirmation, setting a limit on unconfirmed revenue at any given moment and allowing merchants of subscription services to shut out users if double-spending is detected. Additionally, collecting legal information on purchasers, creating a risk profile for users, getting insurance, setting up a warning system and a “panic” button, and verifying all inbound transactions were some other suggestions put forth by Lombrozo. BitPay already allows its merchants to choose their level of transaction security, and physically shipped orders and subscriptions are already handled by the system. For electronic goods that are instantly delivered, merchants choose their level of risk. Legal information is requested on orders, and merchants also collect this information as needed. Though BitPay may have implemented some of these measures, Lombrozo refrained from providing details publicly.
Updated on: 2023-06-09T23:51:14.899829+00:00