Global Payment Platform Payza Goes Full Bitcoin

Global Payment Platform Payza Goes Full BitcoinPayza on Monday announced the addition of a wide range of bitcoin services. The company also claims to be the first ewallet provider “to treat bitcoin like any fiat currency.” Merchants can now hold bitcoin in their accounts instead of having them automatically converted into fiat currencies. Furthermore, bitcoin payments are protected by Payza’s Resolution

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Global Payment Platform Payza Goes Full Bitcoin

Payza on Monday announced the addition of a wide range of bitcoin services. The company also claims to be the first ewallet provider “to treat bitcoin like any fiat currency.” Merchants can now hold bitcoin in their accounts instead of having them automatically converted into fiat currencies. Furthermore, bitcoin payments are protected by Payza’s Resolution Center.

Also read: Early Version of Tumblebit-Enabling Hiddenwallet Released

New Bitcoin Services

Payment technology company Payza helps more than 13 million members in over 190 countries and 26 currencies process online payments. Monday’s announcement adds cryptocurrency exchange services to the mix. The company announced:

Payza, an award-winning global payment platform, today announced that it has become the first ewallet provider to treat bitcoin like any fiat currency.

Global Payment Platform Payza Goes Full BitcoinPayza began offering Bitcoin services to account holders in August 2014, starting with the ability to buy bitcoin using funds in their Payza accounts. In October that year, the company announced a service to allow users to sell bitcoin in order to fund their Payza accounts. Customers’ bitcoins were automatically exchanged into USD “at a competitive exchange rate that is updated in real-time,” the company noted.

Additional bitcoin services introduced on Monday include “instant bitcoin-fiat exchanges and the option to hold bitcoin alongside fiat currency within Payza ewallets.” Payza’s members can now hold bitcoins directly in their Payza ewallets, bypassing the need to have a separate bitcoin wallet to exchange between bitcoin and fiat currencies.

Bitcoin can now be sent and received between Payza members instantly just like fiat currencies such as the USD, euros, or sterling, the company details, adding that:

The fee to receive bitcoin is just 1.2% per transaction, which is lower than the standard Payza receiving fee of 2.9% + $0.30.

Better Bitcoin Payment Solutions for Merchants

Global Payment Platform Payza Goes Full BitcoinIn May 2015, Payza launched a bitcoin payment option for merchants to accept bitcoin payments. However, these payments were immediately converted and settled in USD. While their customers could pay in bitcoin before, merchants did not have the option to hold bitcoin as they were all automatically converted into fiat currency.

Now merchants who use Payza for online payment processing will have the additional option of holding bitcoin they receive. The company details:

Merchants will have the option to retain those payments in bitcoin in their ewallets until they choose to convert the funds themselves. Merchants will also have the option to set their prices directly in bitcoin without setting that price in a traditional currency like U.S. dollars.

While Bitcoin transactions are irreversible, all purchases made in bitcoin through Payza’s online payment platform “will remain protected by Payza’s Resolution Center, a section within Payza accounts dedicated to resolving transaction disputes between buyers and sellers,” the company noted.

Future Plans

According to Payza’s global executive vice president, Firoz Patel, more bitcoin and cryptocurrency features will be announced in the coming weeks and months. For example, Payza members will soon be able to exchange bitcoin in their Payza ewallets to instantly load their Payza Cards with U.S. dollars. He said:

We are on track to launch full cryptocurrency exchange services, providing current and future crypto-enthusiasts the ability to exchange dozens of cryptocurrencies, not just bitcoin, within their Payza accounts.

What do you think of Payza’s new Bitcoin services? Let us know in the comments section below.


Images courtesy of Shutterstock and Payza


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Early Version of Tumblebit-Enabling Hiddenwallet Released

Early Version of Tumblebit-Enabling Hiddenwallet ReleasedThe first release of Hiddenwallet was announced on Sunday. Its Gibhub page describes the wallet as a “privacy focused, full block downloading SPV Bitcoin wallet with Tumblebit support.” Also read: Breeze Bitcoin Wallet to Deploy Production-Ready Tumblebit Anonymizer First Release of Hiddenwallet The release was announced on Sunday by Tumblebit developer Adam Ficsor. He said: I

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Early Version of Tumblebit-Enabling Hiddenwallet Released

The first release of Hiddenwallet was announced on Sunday. Its Gibhub page describes the wallet as a “privacy focused, full block downloading SPV Bitcoin wallet with Tumblebit support.”

Also read: Breeze Bitcoin Wallet to Deploy Production-Ready Tumblebit Anonymizer

First Release of Hiddenwallet

The release was announced on Sunday by Tumblebit developer Adam Ficsor. He said:

I am announcing the first release of Hiddenwallet, which I believe is a major step down the road of making Bitcoin anonymous again.

He claims that “this is the type of SPV wallet that Satoshi described in his whitepaper, but none of today’s SPV wallets implemented.” SPV or Simple Payment Verification is the most common type of Bitcoin wallet in use today. They do not need users to download the whole blockchain, which is currently 115 gigabytes of data. Instead, they retrieve information from other nodes on the network in order to verify wallet balances and avoid double spending.

Privacy-Enhanced SPV Wallet

Early Version of Tumblebit-Enabling Hiddenwallet ReleasedUntil now, a drawback to SPV wallets has been the lack of privacy. “Blockchain surveillance companies or various third parties can re-establish the links between your [SPV] wallet addresses by combining blockchain and network analysis techniques,” Ficsor explained.

The alternative is to run a full node that downloads the entire blockchain. This method is more private, he noted, citing using a full node defeats the possibility of network analysis. “However running a Bitcoin full node is cumbersome and it is expected to get much worse over time as Bitcoin is pressured to scale,” he detailed, adding “that’s where Hiddenwallet and full block downloading SVP wallets come in.”

Instead of storing the blockchain and validating the blocks, Hiddenwallets use “merkle proofs, like other SPV wallets to make sure a transaction is valid,” Ficsor described:

Unlike other SPV wallets and like full nodes, it downloads full blocks, so a curious listener has no idea what information we are interested in, therefore it cannot re-establish the link between our wallet addresses. This is the kind of privacy that is needed for the ideal working of Tumblebit.

While there are other great wallets that can integrate with Tumblebit such as Electrum or Blockchain.info, Ficsor said there is a need for a dedicated wallet for Tumblebit. Without it, your anonymity set could be compromised if “what your peers are using in the mix is screwed up from a privacy point of view, even if you are using Tumblebit in the correct way with a full node,” he conveyed.

How the Project Began & Connection to Breeze Wallet

Ficsor has been working on Hiddenwallet as a pet project for several years while also working on Tumblebit. He describes Tumblebit as “a trustless Bitcoin mixer, where the tumbler cannot steal your coins, nor can it deanonymize you.”

Early Version of Tumblebit-Enabling Hiddenwallet ReleasedIn February, he asked the Stratis team to help build a dedicated Tumblebit wallet called the Breeze wallet. “They would handle the marketing and the user interface, while I would work on the backend, in exchange their own cryptocurrency: Stratis would be integrated,” he detailed.

However, unbeknownst to him, Stratis announced that this wallet will use master nodes. Ficsor believes “decentralizing the tumblers is an anonymity set nightmare” and thought that some of the promises Stratis made about the Breeze wallet were impossible. That was when they parted ways. Now, while Stratis continues to work on the Breeze wallet, he is working on the Hiddenwallet. He said:

I’m sure either one of us or both of us will bring Tumblebit to the masses.[…] The competition is on!

Currently, Tumblebit is not integrated into Hiddenwallet yet, but Ficsor said that it is the next step on the roadmap. Then he will add “Transaction Filtered Block Downloading,” a way to retain the privacy aspects of Hiddenwallet while increasing performance 10–100 percent, the developer claims. After that, he plans to finally release a stable version. Until then, everyone is welcome to download and test his current work on Github.

Do you think Hiddenwallet will make a big difference for Bitcoin privacy? Let us know in the comments section below.


Images courtesy of Shutterstock and Stratis


Need to calculate your bitcoin holdings? Check our tools section.

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