Instant bitcoin transactions have always been difficult to achieve. In fact, it only seems to become harder to have operations confirmed promptly in general. Bit|Go developed BitGo Instant a while ago, a solution that surpassed 10,000 BTC weekly volume not too long ago. Quite a significant step in the right direction, even though it remains to be seen if the company will experience future growth.
BitGo Instant Sees An Uptick In Weekly Volume
It has to be said; BitGo may not have the best of reputations in the Bitcoin world right now. Every since the Bitfinex hack took place, cryptocurrency community members have taken a dislike to this company for some reason. But that that not diminished the success of BitGo Instant, as the instant bitcoin transaction solution is more popular than ever before.
To be more precise, BitGo Instant exceeded 19,000 transactions per week, which is quite a significant amount. This translates to over 10,000 BTC being transferred through this platform, which is not a surprising amount. Cryptocurrency users want to transfer value fast, and waiting for 10 minutes or more to confirm is not something people enjoy.
BitGo Instant allows users to complete zero confirmation transactions that occur on-chain. The service is being used by virtually every popular Bitcoin service in the world right now, including major exchanges and debit card providers. In a way, this concept positions itself as a way to bring Bitcoin to the masses, albeit there is still a very long way to go.
Even though the concept of zero-confirmation transactions is nothing new in the Bitcoin world, BitGO Instant offers an extra layer of protection. It doesn’t matter if the transfer has a network confirmation, as the recipient can spend the funds immediately. However BitGo insures every transaction, and funds are stored in wallets locked by three private keys.
Multi-signature technology prevents transactions from being double spent, according to the company blog. Moreover, BitGo takes on a financial obligation to honor every transaction once it is co-signed by them. The growth of this service is quite significant, although the weekly volume is only a drop in the bucket of all transactions taking place on the Bitcoin network. Similar service like these can help cryptocurrency gain mainstream appeal, though.
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