Today I learned about an old feature in bitcoin that is new again. It is a way of transmitting information across the bitcoin network that is faster, more scalable, more peer-to-peer, and allows for more data to be shared than the traditional method.
According to Ivan from HandCash (“the Bitcoin wallet you can recommend”), Satoshi’s original client included a way to do transactions with another peer via IP, but it was vulnerable to man-in-the-middle attacks and was deleted.
Then bitpay came along and got the Bip70 thing going. That made it possible for wallets and payment processors to do something similar but with greater security. But nobody liked it. It was annoying, and not all wallets supported it, and it’s kind of in use now but not ubiquitous.
Fast forward to today: HandCash and Anypay announce P2P transactions at point of sale! That means your transactions will always be:
- Able to include extra information
What kind of extra information? How about stuff like, “Who bought this? What store was this transaction at? What item was purchased?” Stuff like that.