Anypay disables Bitcoin payments! Anypay disables Bitcoin as transactions can be easily cancelled. Bitcoin was in the news recently as it crossed the $10,000 price point before falling back under $10,000. Anypay is one of the top crypto payments platforms as well – with the platform announcing that the cryptocurrency was “worthless for payments”.
When Bitcoin was launched in 2009, one of its major selling points was that Bitcoin transactions were irreversible. Once the buyer hit send, there was no way for the buyer to undo it. There was not a central authority like a credit card processer or bank that the buyer could contact to reverse the transactions. Businesses know this as a “chargeback”, where a customer could use the credit card company’s ability to undo transactions to scam a merchant. Chargebacks were impossible under Bitcoin and this was a major reason why businesses liked the concept of Bitcoin and accepted it.
Fast forward to today and Satoshi Nakamoto has all but disappeared and development for the cryptocurrency has been taken over by those who do not share Satoshi’s vision. New programmers have introduced a “feature” called “replace by fee” or RBF. The function of the RBF was to allow a sender, after they had pressed send, to update the associated fee and help it get through the network faster. Another side effect of the RBF allows them to cancel the transaction entirely, so long as the transaction had not yet received its first confirmation. RBF essentially cancels one of the fundamental tenets of the original vision of Bitcoin – irreversible transactions.
For a while, RBF was only accessible through the full node of Bitcoin Core software – it wasn’t easily accessible for your everyday individual using Bitcoin to pay for goods and services. However, more mobile wallets are incorporating the feature, which means that accepting Bitcoin at point-of-sale is now highly dangerous.
This has led to Anypay to refuse to service Bitcoin payments on its platform. In reality, many people do not use BTC for payments anyway – BTC’s high fees when compared to other cryptocurrencies preclude BTC as a viable payment method. Plus, Anypay offers Bitcoin Cash Back and Dash-Back programs that will give users 10% back immediately.
Here’s what our own Kurt Wuckert Jr. has to say about Anypay’s disabling of BTC.
We have long been critical of the BTC roadmap. RBF (Replace by Fee) is one of the most controversial soft forks in BTC’s history because it assumes BTC’s dysfunction in mempool reliability. Rather than fixing network connectivity, RBF was touted as a way to allow transactions with too low a fee to be double-spent before they are confirmed.
Of course, this is just one more step in the direction of BTC only being used for “savings” because that crowd does not believe bitcoin is for payments!
We applaud AnyPay for protecting their customers by eliminating the unsafe-to-spend BTC.
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