New partnership brings recurring payments to Bitcoin

Bitcoin Bitcoin While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that Read this Term payment processor Coinbase has partnered with traditional payment service provided Balanced to introduce recurring Payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term to BTC transactions.

While the notion of recurring payments may go against parts of the ideology surrounding the cryptocurrency, the idea of being able to offer subscriptions or one click payments is something merchants utilize often to offer a seamless and enhanced shopper experience.

"This will end up making Bitcoin a lot more mainstream because you're making the experience of purchasing with Bitcoin as close to the understood e-commerce experience as possible," says Matin Tamizi, co-founder and CEO of Balanced, which provides technology for marketplaces.

The partnership between Coinbase and Balanced will work of a token system. User data including Coinbase-wallet information will be stored on Balanced PCI-Level 1 compliant vault, alongside other valuable shopper information, such as debit and credit card data. As with similar card based services users will have the option to cease automated payments at any given time.

"Our focus has been, from the beginning, what we can do to enable more commerce. There are a growing number of people that want to be able to spend the bitcoins they have," says Tamizi.

A large number of chargebacks and shopper disputes originate from subscriptions and recurring charges. As Bitcoin transactions cannot be charged-back or disputed, it will be interesting to see how the firms plan to handle such customer complaints.

The first platform to use the new service will be Gittip, a company which allows users to set up recurring payments for groups such as charities. The new partnership will raise Bitcoin acceptance to over 450 online Balanced marketplaces.

"For Gittip specifically there's been a lot of demand from people publicly requesting [Bitcoin]," added Tamizi.

Apart from the partnership with Balanced, Coinbase is also the payment entity behinds Overstock.com’s new Bitcoin venture.