JUL 16 DIGEST: Bitnet Unveils ‘Instant Approval’ Tool for Merchants; Jersey City get its First Bitcoin ATM
Merchants can now receive bitcoin payments in seconds with Bitnet’s 'Instant Approval' tool; Blockchain Investment Firm Coinsilium to IPO in London and more news.
Merchants can now receive bitcoin payments in seconds with Bitnet’s 'Instant Approval' tool; Blockchain Investment Firm Coinsilium to IPO in London; New Jersey gets its first BTM, and more top stories for July 16.
Merchants to Receive Bitcoin Payments in Seconds with Bitnet’s 'Instant Approval' Tool
Payment processor Bitnet has unveiled 'Instant Approval', a new service that helps merchants receive bitcoin payments within seconds. The new product circumvents the problem of waiting for transactions to be confirmed on the blockchain.
The service operates on calculating the probability of whether a bitcoin transaction is ultimately confirmed. Akif Khan, Chief Commercial Officer at Bitnet:
"Whatever the reason, when a transaction is propagating more slowly, it increases the chance that a double-spend transaction could be present in the network and reach miners before the slowly propagating original transaction reaches them. We notify the merchant accordingly and take liability for funding that transaction."