03 Sep '13, 9pm

BitMonet: Pay-per-view for the Internet

BitMonet: Pay-per-view for the Internet

To bring down the cost, Nandwani and his cohorts designed BitMonet to route payments through BitPay , a Bitcoin payment processor that charges a 0.99 percent transaction fee and gives the merchant the option of receiving payments in Bitcoin or having them automatically converted to dollars and channeled to a bank account by direct deposit. Of course, the whole point of Bitcoin is to eliminate the middleman from this equation, and anyone wishing to use the cryptocurrency can simply publish a Bitcoin address on their website. But BitPay has had provided an attractive entry point for those businesses that want to start accepting Bitcoin without exposing their profits to the considerable volatility of the currency. Furthermore, the project is open-source and anyone with the coding chops is welcome to configure it to work through a different Bitcoin payment processor (

Full article: http://spectrum.ieee.org/tech-talk/telecom/internet/payas...

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