Topic: SendBitcoins.net - New Payment processor (no bitcoind needed!) (Read 669 times)

Sorry, but this is just an misunderstandment. The service is kind of prepaid: You send coins to an address which are then credited to your account. (Like when you send money to Paypal)

From there on you can spend it instantanously to other users or via the Paypal IPN api, if a shop changed the address to sendbitcoins.

Cheers.

4 confirmations can take up to one hour.  How is this instantaneous?

What is Sendbitcoins.net?
Sendbitcoins.net is a new payment processor for Bitcoin which uses well known technologies to simplify the day to day use of Bitcoins.
While a regular Bitcoin transaction can take up to one hour to properly confirm Sendbitcoins.net allows to send and receive coins instantanously.
To use this you dont need a new client, a blockchain or any new software - all you need is to register at bitcoinpal.net to start using it.

Why would someone want to use this service?
This service aims at the everyday user who just wants to send and receive Bitcoins without the spending too much time thinking about the easiest way to do this. Shops and merchants can use this software, just like Paypal, to set up simple payment systems or modify their existing software to use Bitcoins just like Eur or USD.

What makes this service unique?
You can adapt pretty much every existing Paypal IPN compatible software by just editing (literally) two lines of code. In every Paypal compatible software you will find a line that leads to "paypal.com/webscr". If you change it to "bitcoinpal.net/backend.php" you are done.
You can find an example of such an adaption in the example package provided on the about page for the OpenCart software. No need to setup a bitcoind, no need for custom payment systems, just your e-mail and standard software available for all shopping carts.

Built in rating system:
Every transaction can be rated from 1 to 10, which is basically a score from "transaction failed" up to "everything worked perfectly" to rate the transaction with another user or shop. Doing so enables users to give and receive scores for and from other users which can be seen in the profile section of the page.
This page lists how many transactions a user has rated, how many ratings he got and send and what his average score is. That should ensure that a user is transparent enough to be sure about him wether he is a scammer (more likely to receive bad scores) or a reliable trading partner with lots of good scores. Of course this offers no safety from scammers, but it is a tool for receiving and giving reputation.
 
Payment options and Fees:
To use Sendbitcoins.net you will just have to register on the website and deposit coins to the address you are given. A deposit is credited to your account after 4 confirmations. The address you have is fixed so you can even point your Pools payout address there. Upon reaching the 4th confirmation you will receive a notification and the coins will be added to your account. From there on you can either send coins directly to any other user using his E-Mail address or withdraw coins to any Bitcoin Address, but waiting for multiple confirmation for the coins to arrive. There also fees on transactions to keep the server running. For user to user transactions (including shops using the backend api) the transaction fee is 0.2% of the transaction volume, for withdrawals a fee of 0.01BTC will be taken.