White Paper


GENERAL

Historically, bitcoin has been an enigma to most people. Cryptography, hashes, blockchain. At this stage in its 10 h year, it doesn’t seem to be getting any clearer. Obvious as it may seem, it is necessary to understand that precisely because it is still in its early stages of development, developers are hard put to make any attempts at simplifying the technology to develop easy to use interfaces for everyday users. Of course, this is in detriment to the need for bitcoin to gain acceptance and use in order for it to grow.

The real success story of bitcoin can only be measured in its adoption. If we take an in-depth look at what interfaces are out there today, we will find that though the technology is slowly being molded to everyone’s needs, it still lacks refinement. This refinement in ease of use is directly tied to the growth of adoption in any product or service. Eezybtc is involved in providing an easy way for merchants to introduce bitcoin acceptance into any website by copy & pasting one line of code to any HTML enabled website page.



Way to adoption

Though obtaining bitcoin today is certainly much easier than a few years ago. There remain many barriers that are yet preventing most people from diving head first into bitcoin.Purchasing bitcoin online:

Pros:

  1. Speed
  2. Ease
  3. Security

Cons:

  1. Sacrifice anonymity
  2. Expose identifiable information
  3. Slow account approval times



Privacy

There seems to be an online movement to gather as much information about the buyer as can be possibly gotten before selling them even a small amount of bitcoin. It is very surprising how without there being a legal obligation to collect said information, companies are actually collecting terabytes of data on customers that will most likely purchase bitcoins in quantities that will never exceed volumes that may otherwise trigger the Famous KYC regulatory reporting requirements.

For a coin that most certainly and practically guarantees a certain level of privacy to its owner, the industry has sure deviated from that and now the data out there tied to bitcoin ownership is probably more extensive than data tied to your credit card number.

With a credit card, it is the issuer that holds personal data. Everyone automatically assumes that accepting your credit card as payment is enough to ensure that someone knows who you are, and that a trail is most certainly available to determine, at some point, whether the person in possession of said card is the person authorized to use that card.

With bitcoin, the trail is wider and made less secure as virtually unknown companies, without any serious regulatory obligation to keep said data in an acceptable and secure form, request and succeed in obtaining data of the most sensitive nature from its customers without an explanation as to what they will do with said data, and even worse, no clear statements as to how this data is stored and what is done with this data for whatever duration it’s kept nor what actual regulations they specifically follow for data retention.Security

In and of itself, bitcoin can be considered to be fully secure. Where does its security fail? Why in human error of course. Most of the security flaws that repeat themselves stem from the human’s inability, or negligence in securing his/her wallet whether it be online or off.

It is imperative that information about securing bitcoin be as easy to find as possible. All in all, most products out there today do a laudable job of helping people secure their bitcoin. Of course, it is also important for developers to continue to create easier to manage security features.



Information Security

In today’s climate, a user’s personal information is worth several magnitudes of its own weight in bytes. Instead of users buying a product or using a product, they are the product. Business savvy companies have long known that data is more valuable than any service they can charge you for. Anyone asked themselves why Google trampled a multi billion dollar industry such as maps and gave it away for free? The answer to that question can certainly help explain away the value that personal data has in today’s world.



Ease of Use

It is widely known that using bitcoin is of great benefit. The learning curve can be as long as any user wants to make it. In the future, companies that achieve the proverbial easy to use for their products will lead the way in adoption.

It is not enough to offer users a wallet where they can collect bitcoin. Integration onto websites must reach a critical mass scenario so that bitcoin is as easy to use as a charging method as it presently is to pay with. Once the vast majority of merchants on the internet are turned on to the benefits of bitcoin and can easily cross the barriers to accepting bitcoin on their sites, bitcoin adoption should be well on its way to the kind of growth everyone is looking forward to on the bitcoin front.


Enter eezybtc


Eezybtc is specifically designed to allow merchants to easily integrate a payment system onto their website. One line of code is all they need to effectively begin to use bitcoin as a payment method. This one line of code can be pasted onto any html page. It consists of code to insert an i-frame into the page. This i-frame loads html that has a cashier system which points to the merchant’s identification number in the eezybtc database.


New Addresses


Eezybtc issues a new bitcoin address for each transaction that is recorded once the cashier is loaded. This new bitcoin address is assigned to the merchant to ensure any future transfers to that address are credited to the merchant. Reusing a used address is greatly discouraged, but the possibility of a customer reusing an older address cannot be discounted. Eezybtc handles these conditions flawlessly.


Automatic Payouts


Bitcoin received by any merchant are automatically sent to the wallet address provided by the merchant at time of registration or anytime thereafter. The system will not allow a merchant to begin to accept bitcoin until such time as said merchant has provided an outside bitcoin address to receive bitcoin. The automatic payment system runs every 5 minutes and is programmed to ensure that the server never accumulates bitcoin. We believe bitcoin should be well stored in a user controlled wallet.


Reporting

The merchant dashboard includes charts for month to date transactions, live and up to the minute transaction reports as well as the ability to search transactions, manage addresses, as well as view all data collected by eezybtc from the cashier. Currently, the only end user data collected is the end user IP address which we make available to the merchant so that they can compare with any data they collect in order to explicitly identify the merchant.

The dashboard systems are constantly under development as we strive to provide the merchant with as much functionality as possible.



Third Party Software

eezybtc does not use third party software other than the very popular and widely used programming languages. All programming is done in house and there is no use of frameworks in our development.



Cookies

eezybtc uses only Google Analytics cookies with the least intrusive settings available in the Google Analytics dashboard. We set cookies for language preferences and session cookies. Our cashier sets no cookies whatsoever.



User Data

eezybtc collects no other data than the IP address of the end user which is collected by the Apache web server.



Merchant registration consists of:

  1. email address
  2. name
  3. phone number

Long debates were had over the benefit to the user by collecting his phone number. It was decided that having a route to contact the merchant is a very sound business practice as we do need to feel like we can contact a merchant in the event of any emergencies that may arise from the use of our services.



API

We provide a callback script that can give the merchant the ability to poll his transactions in the event they are knowledgeable enough to program this into their system.

As well, the i frame code accepts variables that the merchant can enter via coding on his site that will further facilitate end user identification for the merchant.



Contact eezybtc:

info@eezybtc.com

eezybtc.com is owned and operated by Rhino Capital Group EOOD, a company duly incorporated in the country of Bulgaria and dedicated to the investing, promotion, and software development of blockchain software.

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