Today we’re glad to introduce our latest upgrade to our platform: direct payments to Bitcoin addresses from your favourite paymail.
So far your paymails could only direct payments to other paymail addresses. While this is a great way to send funds to different popular wallets such as MoneyButton, HandCash, RelayX or Centbee, the myPaymail platform was born to allow users to customise paymails for interesting use cases not necessarily supported by popular wallets. Thus, starting from today, you can direct payments to custom BitCoin addresses from any paymails available on the platform. And of course, this can be combined with all the existing features, for example, you can create a paymail where payees attached are a mix of paymail and BitCoin addresses.
In the Bitcoin SV world, we frequently use paymails to send and receive payments. However, there are services that do not use paymail and still rely on fixed BitCoin addresses. An example of such a service would be a cryptocurrency exchange. Because these services usually support many coins, they do not put a lot of effort into supporting tools or protocols supported by the coin ecosystem. Because other blockchains generally have the same concept of “address”, they use fixed addresses for all deposits, including BitCoin SV. Using fixed addresses has some privacy issues, but they are still used and will continue to be used in the short term.
With our new upgrade, we provide a service that allows you to keep using paymails to deposit coins even though they do not support paymail directly. If they decide to support paymail later in the future, you can always change the payment destination of your paymails and stop using the fixed address.
There are more things you can do with BitCoin addresses, and in the next section we explore a few example use cases.
So, what can you do with this new feature? Here are some use cases where you might find it useful:
You can create a paymail that directs funds to a cryptocurrency exchange that supports BSV, such as Bittrex. Simply get your wallet address from the exchange holdings page and associate a paymail with that address. Then, you’ll be able to deposit BSV to the exchange just by typing a paymail handle from your preferred wallets.
The Celsius Network lets you earn interest from your BSV, and they use a fixed address to deposit your BSV. You can create a paymail that directs funds to your Celsius Network account, and start earning interest immediately.
Using our multiple payees feature, you can create a paymail that directs funds to your preferred wallet but diverts a percentage of the money received to a savings account. The savings account could be a Celsius Network account or another service.
You can create a paymail associated with a vanity address (an address that starts with a certain set of characters). Then, when users look at a block explorer, they can identify your service. Users can send BitCoin to paymail address, and myPaymail will return a Pay-to-Public-Key-Hash output with the vanity address transparently.
You can create a paymail not associated with a popular wallet and handle the key management by yourself. We will offer better ways to do this in the future, so stay tuned!
We’ve just started scratching the surface of what you can do with paymail. Possibilities are almost infinite, and we are working hard to add more and more options for our users. 2021 will be a promising year, not only for myPaymail but for the entire BitCoin SV ecosystem. Stay tuned!