The crypto payment platform AnyPay announced that the number one cryptocurrency will not be accepted anymore on its payment platform so this platform will no longer serve as a method of how to spend your BTC. Let’s read more about it in the BTC news below.
The co-founder of the crypto payment platform AnyPay Steven Zeiler explained in a YouTube video adding that Bitcoin is worthless for payment which is the main reason for its delisting the cryptocurrency. Bitcoin crossed the $10,000 price level and many believe that it is preparing itself for a huge bull run. The BTC delisting on AnyPay came as a surprise to the entire crypto community so now its users are wondering how to spend BTC far away from this platform.
The Crypto Payment platform blamed the delisting on how susceptible the crypto is to the double-spending problem. Since the advent of cryptocurrency, the core principles of it was its irreversibility. Once the tokens have been sent, there was not a single way to retrieve them. Now, you can apparently cancel already sent BTC tokens and this was one of the reasons that AnyPay decided to give up on Bitcoin.
Prior to these developments, the chargeback crimes were unheard of in the crypto community. The business owners even started accepting Bitcoin as a PoS method of payment. Chargeback is when a fraudulent customer undoes the completed transaction in a bid to scam one trader while still holding on to the product. By introducing Replace by Fee, the chargeback crimes became the cause of huge concerns in the crypto space.
The Replace by Fee was supposed to enable faster transaction speed but it left the option open to completely cancel a transaction. This option was only available on the full mode BTC software but in recent times, there were several other mobile applications that were integrating the feature. This left BTC payments open to chargeback frauds. The former CEO of Gyft Vinny Lingham, disclosed how bad the RBF was for his business in 2018 and he said:
“We processed over 100,000 transactions with amounts from $5-2000/transaction with no double spends. Over $25m in sales and the first time we got a double-spend attack was after RBF was introduced.”
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