Following the integration of bitcoin purchases via Pocket into the BitBox App in March 2023, users can now also sell bitcoin directly through the app. In essence, this development reflects the companies' common effort to facilitate user access to bitcoin.
In the company press release, representatives from Pocket Bitcoin commented on the feature, explaining that their goal is to simplify bitcoin usage by addressing potential technical challenges.
A main feature of this update is the integration of the Payment Request standard (SLIP-24), which helps ensure that the bitcoin address provided during a transaction belongs to Pocket Bitcoin. This standard addresses the risk of ‘man-in-the-middle’ attacks, where a malicious actor intercepts and alters the recipient’s bitcoin address.
Through SLIP-24, the BitBox02 hardware wallet signs the payment request, verifying that the bitcoin address is legitimate before a transaction is made. This additional security measure significantly reduces the likelihood of fraudulent bitcoin transfers.
The integration of Payment Requests aims to set a new benchmark for secure bitcoin transactions within the BitBox App. Users selling bitcoin through the app can rely on the wallet’s display to confirm the authenticity of Pocket Bitcoin as the transaction recipient. Additionally, the app displays the user's IBAN to confirm that the correct account will receive the fiat payout, further improving both security and ease of use.
Representatives from Shift Crypto emphasized the company’s focus on security and described the introduction of payment requests in their app as a significant step forward.
In a bid to celebrate this expansion, Pocket is gearing up to launch a promotion in October 2024. Throughout this month, Pocket is Pocket is giving away 10 CHF/EUR in bitcoin (instead of 5 CHF/EUR) to all new customers that input a referral code.
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