Seattle-based iPayYou has launched a new bitcoin wallet with multiple features, including the ability to cancel transactions. Would this prove to be a hit among users?
Features of the iPayYou wallet
The new bitcoin wallet launched by iPayYou has been designed keeping in mind the users’ need for simplicity and practicality in a wallet.
iPayYou enables users to cancel transaction and send payments via email. iPayYou has 2 levels of verification for deposit/withdrawals.
The wallet is web-based and iPayYou has plans to release wallets on the iOS and Android platforms in the coming months.
iPayYou is a Seattle-based company which has been founded by Gene Kavner, a former Amazon executive. Gene was Worldwide Director of Amazon Associates, Amazon’s affiliate program.
He has also worked at Microsoft and Expedia, besides being the founder of multiple technology businesses. iPayYou is focused on building secure, consumer-friendly technology. Their stated mission is to enable Bitcoin to be used as a payment platform for anyone.
Gene Kavner, the CEO and Founder of the Company, says:
“Our aim from the beginning was to create a consumer-friendly bitcoin wallet that is intuitive and secure. Consumer technology continues to improve but for most people, payment methods have been stuck in the past. That’s why our team has developed the easiest way ever to get access to Bitcoin’s revolutionary technology. Our team comes from a background of creating extraordinary consumer products at a global level and we are bringing all of this experience to provide a Bitcoin wallet that truly matches their needs.”
How cancelling Bitcoin transactions works
One of the main advantages of Bitcoin is that once a transaction is confirmed by the Bitcoin network, the sender of the Bitcoins no longer has control over them.
This is how double spending of Bitcoins is prevented. So how does iPayYou offer the ability to cancel transactions?
It is important to note that a transaction sent from an iPayYou wallet can only be cancelled if it has not been confirmed. Bitcoins sent to another iPayYou user through email can be cancelled until the other user logs in.
Since these transactions are just internal entries in iPayYou’s accounts and are not confirmed on Bitcoin’s blockchain, cancellation is possible.
While this feature may be helpful for new users while sending Bitcoins, they have to be extra careful while receiving Bitcoins.