August 12, 2020

Bitcoin developers have proposed abandoning BIP70. This Threatens BitPay Processing

In the new version of the Bitcoin Core client (0.19.0), they proposed to get rid of the BIP70 scheme and implement the generation bech32 addresses by default.

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BIP70 is a payment protocol thatassigns a wallet URL instead of a simple address. This URL responds to the Get request, after which the merchant server sends the address and payment amount. BIP70 introduces a requirement for developers to support legacy dependencies of a public key infrastructure that have a long history of vulnerabilities discovered. The protocol also increases the risks of monitoring on-chain activity within the framework of AML / KYC requirements.

The only known service usingBIP70, is the world's largest cryptocurrency processing BitPay. Many users cannot pay for service invoices because their wallets do not support the protocol, which most service providers have long replaced with the BIP21 scheme.

Bitcoin developers have proposed abandoning BIP70. This Threatens BitPay Processing

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Probably, the processor will have to consider the option of abandoning the BIP70 in the near future.

Recall, the release of Bitcoin Core (0.18.0) with native hardware wallet support took place on May 2.