Don’t Let Your Wallet Make A Fool Out Of You!

Jul 28, 2021

Your favorite wallet works great for sending from one address to another. That’s simple. Every wallet does it. You’ve done it a hundred times, no problem. But don’t think paying at a restaurant or online store is going to work that way. It doesn’t!

If a cashier says, “That’ll be $10.94, Sir,” and you hand over a single ten dollar note, she is going to furrow her brow and stare at you with a look of utter confusion.

But this is exactly what it is like when you pay at a business with your old bitcoin wallet! “Ah, but not my wallet,” you say. “My wallet implemented Bip21 a long time ago! It can scan an address and an amount!”

Well that’s pretty good for paying your friends. But your wallet will leave you in the lurch when paying at a business. You will be embarrassed, unable to pay, and left sourly reaching into your back pocket for your hefty leather wallet to hand over that worn plastic card.

You know deep down that you don’t really have confidence when you send. You find yourself asking, “Are we good?” after every payment.

Don’t let this be you! Know with 100% confidence that your payment is good without even looking up to check.

Here is how you impress everyone around you and make cashiers actually look forward to seeing you. Have your mobile wallet open and ready to scan when you ask to pay with Anypay. When the cashier shows you the QR code, you swipe to pay, and in a split second, you made confetti fly all over the screen. Cha-ching!

What happens in the backend is somewhat technical, but the short of it is this:

 

 

Your Wallet Can’t Fail — It Works Every Time!

All it needs to do is support the Payment Protocol.

The Payment Protocol is the way your wallet wants to communicate with the world. With a single tap, you can pay 100 addresses. One swipe and you can pay the business, the supplier, the bartender, the doorman, the DJ, the manager, the server, the insurance on the building — the possibilities are limitless.

Not only can you pay multiple addresses with a single touch (which is already amazing and worth the upgrade just for this feature alone) — but you can also pay faster, and more directly, and more perfectly than ever before. Here’s why:

The way classic payments work is that your wallet scans an address and an amount. Your wallet says, “Ok, here are the bitcoins you requested, and broadcasts the transaction to the network. Nodes who are listening to the traffic on the network say, “Oh hey! A payment! I better rebroadcast this to let everyone know what just happened!” The signal bounces around across the network and word gets around about your transaction. Eventually, the recipient’s wallet hears about the transaction from the network and says, “Hey, gee thanks! I see that you sent this payment. That’s great!”

Uh oh. There’s a problem. The amount requested in bitcoin was $10.94, but your wallet said that the amount of bitcoins was actually $11.00, so you changed the amount down so your wallet said you were sending $10.94. But what your wallet views as $11.00, the recipient’s wallet views as $10.94. And since you marked your payment down by $0.06, now you have underpaid. You now have to construct a new payment for $0.06 and pay another transaction fee to move this stupidly small amount of money from one person to another.

“Ah, forget it.” Your friend feels shorted. And you feel frustrated and annoyed that the wallets messed up and now you have to pay a double transaction fee or be thought a cheapskate. Think this doesn’t happen? Think again. It happens ALL THE TIME.

Besides being inaccurate and allowing for human intervention to foul up your payments, this style of payment is also slow! It relies on broadcasting to the network your irreversible payment, then the recipient has to listen to all the transactions on the blockchain and look for the one that is relevant to him. Yikes! Imagine sifting through hundreds of transactions a minute, all day every day, to find the needle in the haystack that is your payment. Forget it!

With the Pay Protocol, payments go directly from your wallet to the recipient without going through the network. They go peer-to-peer. In this case, your wallet constructs the signed transaction and says, “Here you go!” It sends the transaction right to the recipient. In a split second, the recipient checks the transaction to see if it is exactly correct. If so, the recipient broadcasts the transaction to the network. If not, it hands the transaction back to your wallet and says, “Something’s not right. Try again.”

This way, you never make a wrong payment. You can never pay the wrong amount. Not by a single satoshi. Every single payment is perfect, or it doesn’t happen. And it’s blazing fast because instead of listening for the needle in the haystack, the recipient’s wallet is the one delivering your signed transaction to network! It’s the FIRST one to hear about it rather than hearing about it from a noisy, congested network.

How Do I Know If My Wallet Supports the Payment Protocol?

If your wallet is on this list, then you’re going to have a good time. If not, use the form at the bottom of the page to contact your favorite wallet and tell them to support the Pay Protocol.

Wallets that support the Payment Protocol:

Edge
Bitcoin.com
HandCash
ElectrumSV
Dash
Simply Cash
Centbee

Wallets that do not yet support the Payment Protocol:

Coinomi – Contact | Twitter
Exodus – Contact | Twitter
RelayX – Contact | Twitter
Mycelium – Contact | Twitter
BRD – Twitter

Try saying something like this:

Hey there,

I LOVE using your wallet, and I don’t want to change. But there’s something important I need your help with. I want your wallet to support the Pay Protocol. This is a super simple protocol for making perfect payments every time. Simple specifications are available here and can be implemented by a single coder in a day.

This is important to me because I want to use your wallet for payments at retail businesses and online stores that demand perfect payments with no errors. It would mean a lot to me and it would make your wallet more useful for me and millions more who have not yet discovered or used bitcoin. Can you do it?

Sincerely,

(Your name)