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Put a human connection to commerce and suddenly it becomes more intriguing. Gox, formerly one of the world's largest Bitcoin exchanges. The data is "something that no Bitcoin service has ever done, which is our proof of solvency. We show our cold storage addresses as proof of funds and our total liabilities," says Givens.
Each of our users can verify how much money we should have and that their balance is included in that number. BitcoinWallet will also focus heavily on customer service, says Charfen. For example, the site will show how many customer service requests have been made and which ones have been resolved.
The service can also simplify transactions by replacing the digit alpha-numeric public key consumers use to send Bitcoin funds. BitcoinWallet will tie the key to a name, so users can send and receive funds with their name instead of entering the case-sensitive digits of a public key.
BitcoinWallet does not currently have a review and rating system, but Charfen says this is a feature that could be added in the future if merchants start using the platform. Transactions spiked at the end of March, with nearly 2, of the 2, overall transactions happening in a two-week span, Charfen says. Transactions between BitcoinWallet users are instantaneous and free since they take place off the blockchain, the public ledger of Bitcoin transactions.
When a transaction goes through the blockchain, it takes about 10 minutes to get verified. Charfen and Givens have launched several projects together in the two decades they've known each other.
In , while the pair was attending California State University, they launched their first company, which managed consumer funds. BitcoinWallet is their first foray into Bitcoin. Other businesses are also focusing on making Bitcoin easier to use, including OneName , which links a Bitcoin address to a username in a directory similar to the White Pages, and Robocoin , which allows users of its Bitcoin ATM to send funds to a user's mobile phone number.
The company is working on launching an escrow and crowdfunding feature soon. Subscribe Now Authoritative analysis and perspective for every segment of the payments industry. Authoritative analysis and perspective for every segment of the industry. Get Day Free Trial. Partner Insights Sponsor Content From: How Peru built the mobile wallet that other nations are starting to copy.
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