Payment systems innovation
The Coinbit protocol is not only about sending money from A to B. It has many different features that still remain unexplored for the community. Here we give a list of some of the technologies being researched and sometimes, turned into real products and services. The most interesting uses of Coinbit are probably still to be discovered.
Control against fraud
Any Coinbit transaction cannot be reversed, though they can be refunded by the receiver. An unprecedented level of security is possible with Coinbit. Credit cards or PayPal have the problem of payments that are later reversed. Chargeback frauds result in prices increase and limited market reach, which in turn penalizes customers. Coinbit, in its turn, provides irreversible and secure payments, so that the cost of fraud should no longer be pushed onto the merchants.
All payments in the world are completely interoperable. Coinbit allows any individual, business or bank to send and receive payments securely anywhere at any time, with or without a bank account. Coinbit is available in a large number of countries that still remains out of reach for most payment systems due to their own limitations. Coinbit increases global access to commerce and may help commerce in such countries to flourish.
Cryptography enables to make payments secure and fast, without help from bankers. We think Coinbit has potential to become a common way to transfer any currency in the future because of its advantages. In fact, Coinbit could even play a role in decreasing of poverty in many countries by cutting high transaction fees on workers' salary.
Tips and donations
Coinbit has been a particularly useful solution for tips and donations in several cases. Payments are only one-click, while receiving donations can be as simple as displaying a QR code. Donations from non-profit organisations can be visible for the public, giving increased transparency for non-profit organizations.
Kickstarter-like crowdfunding campaigns can be easily started using Coinbit network. Coinbit protocol makes it possible by preventing a transaction from taking place until all conditions have been met.
Imagine viewing web pages with a small tip for each ad not shown, listening to the music from the Internet paid by the second, or buying bandwidth from a WiFi hotspot by the kilobyte. We consider Coinbit is efficient enough to make all of these ideas possible. Our coinbit micro payment system is currently under construction, though we are working on making it accessible as soon as possible.
These services would likely lead to free competition and higher quality standards, as they would be compatible with any user and merchant using Coinbit. Dispute mediation services, which use multiple signatures, could make it possible for a third party to approve or reject a transaction in case of disagreement between the other parties without having control on their money.
Multi-signature in Coinbit allows to spent coinbits only in case a part of the group of people authorizes the transaction. For example, multi-signature can be used by a board of directors to prevent any member to spend money without enough consent from other members, and, in addition, to track members who allowed each payment.
Trust and integrity
Coinbit may offer solutions to various trust problems. With digital contracts, selective accounting transparency, and irreversible transactions, Coinbit can be used as a ground to restore trust and agreement. A future in which major banks would support Coinbit could help to reinstate integrity and trust in financial institutions.
Resilience and decentralization
Coinbit may create a different form of payment network with an increased level of resilience and redundancy with its high decentralization. Coinbit can handle millions of dollars in trades without military protection or anything similar. Coinbit’s central point will be difficult to attack as there won’t be any central points in Coinbit network. Global financial system powered by Coinbit would rise anew.
As many organizations are required to produce accounting documents about their activity, Coinbit helps with this. Coinbit offers you the highest level of transparency as you can provide information your members can use to verify your transactions and balances. Non-profit organizations can also easily publish how much they receive in donations. Organizations can also work with flexible rules of transparency, such as: let company show the salary of its workers in the same way as non-profit organisations publish their donations.
Coinbit may be used in a new generation of automated services, which will definitely cut their operating costs. Imagine self-driving taxis, or vending machines which are just better than current ones but with Coinbit support.