Published on July 20th, 2015 | by bitcoin0
Merchants Can Now Instantly Accept Bitcoin Transactions With A New Bitnet Tool
Bitcoin payments processor Bitnet has launched a new tool that allows merchants to mitigate the risk of accepting bitcoin payments without confirmations.
The new “Instant Approval” service applies data provided by blockchain web service company BlockCypher to determine if a transaction is safe to accept.
But since this can sometimes take more than an hour, it makes Bitcoin a less-than-perfect payments system.
Bitnet, therefore, has now introduced its Instant Approval tool to solve this problem to a large extent.
[…] We partnered with BlockCypher to provide key data for our ‘Instant Approval’ service due to their best-in-class metrics and enterprise service.”
Together with BlockCypher, Bitnet analyzes all ongoing transactions on the Bitcoin network.