Thursday, BitQuick .co, a peer-to-peer Bitcoin trading platform which processes around US$1.4 million worth of bitcoinCT r: 8 transactions every month, announced the integration of BitGo Instant. The company aims at securing zero-confirmation payments that will improve user experience and overall security of the trading platform.
Using BitGo’s prominent multi-signature technology, the company ensures protection against double spending. The service fee for BitGo Instant is free of charge for transactions that are less than 1 BTC. For payments that are worth more than 1 Bitcoin, BitQuick charges a 0.1% sender’s fee.
Jab Mubaslat, a BitQuick CEO and Founder commented: "The new BitGo Instant feature comes at a perfect time. Due to Bitcoin Core’s unwillingness to increase the block size, innovations such as BitGo Instant are more useful than ever.” Instant Mechanism to accept Bitcoin BitGo Instant is a zero-confirmation mechanism which allows bitcoin wallet and trading platforms to accept bitcoin instantly without waiting 10 minutes or more for the transaction to be secured in a block by miners all over the world. Typically, it is possible to spend unconfirmed bitcoin at multiple outlets with little technical knowledge and this was demonstrated by Bitcoin Core developer , Peter Todd , when he launched successful double spending attacks on Coinbase to purchase Reddit Gold on January 5. Pretty amusing that @coinbase rejects opt-in RBF, yet happily accepts txs for zeroconf with fees low enough to be trivial to doublespend. — Peter Todd (@petertoddbtc) January 6, 2016 While Todd’s solution called Opt-in Replace-by-Fee has been criticized for its ineffectiveness by bitcoin experts and entrepreneurs, including CoinbaseCT r: 2 CEO, Brian Armstrong , and ShapeShift founder and CEO, Erik Voorhees , it is understood that transactions with zero confirmation are unsecure for both the senders and receivers.
BitGo recognized this major problem of many bitcoin startups […]
