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Author Topic: Transaction Built in with an Exchange  (Read 864 times)
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December 16, 2010, 04:34:37 AM

The goal is to let people accept bitcoins as if they were USD. An example is the easiest way to explain this so here it is:

Situation:: A consumer has bitcoins but wants to pay USD to a website.

The website would contain a button that transfers the consumer to the exchange (along with the USD expected and the websites account info). The exchange creates a transaction between the consumer and people who want bitcoins for USD and gives them the websites account info.*

This system would allow website owners to accept bitcoins without trusting them. For the consumer it is as easy as paypal.

*If the website denies that they received the USD, it is extremely difficult to work out who owes who. This could be solved if the exchange accepts the money & the bitcoins, then sends it to who it is owed.
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