Provably Fair Bitcoin Split Payments Have Arrived!

By
April 27, 2014

Real-time Bitcoin split payments solutions have finally arrived, and not a moment too soon. Coinsplit.io is taking a truly revolutionary online approach to provably fair real-time Bitcoin split payments.

From the Coinsplit.io site:

Coinsplit allows you to create multiple bitcoin wallets. Each time a wallet receives coins they are divided into parts, according to shares, and sent to addresses associated with shares.

Current settings

Payment threshold – 0.0005 BTC
Minimum confirmations – 3
Balance checking – every minute
Payouts – every 10 minutes

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[dropcap size=small]O[/dropcap]riginally created for the purpose of sharing mining profits, Coinsplit profiles (called “schemes”) are ideally suited to Bitcoiners looking to:

  • Run a simple affiliate program,
  • Share profits with an equity partner,
  • Or perhaps even raise money for a Bitcoin-friendly charity.

For example, if you’re selling digital information products and wanted to do a charity fundraiser for Sean’s outpost, you could effectively show your potential customers that a certain percentage of the proceeds generated will indeed go to Sean’s Outpost.

The online Coinsplit service would conceivably also work well for ‘closed-loop’ privately-ran investment pools, as well; considering that Coinsplit has the added benefit of adding another layer of transparency to the blockchain itself. And should the need arise, you can always opt to make your Bitcoin split payment schemes privately viewable.

At the time of this writing, Coinsplit is in beta and will reportedly open source the code once they’re no longer in beta. Currently, their service is free, with only the miner confirmation fee passed on per transaction. Default payments threshold is 0.01 BTC (user definable).

To help alleviate any doubts or concerns, you can check out testnet.coinsplit.io, which works with the Bitcoin testnet. According to the official Coinsplit announcement thread, the Lead Developer of Coinsplit is also looking into launching a separate instance of Coinsplit for Litecoin.

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BackBit Bitcoin Split Payments

BackBit is another fascinating project that also accommodates provably fair real-time Bitcoin split payments, as well as seamless escrow. It has the further benefit of being used for provably fair online games of chance.

From the BackBit site:

Key universal benefits of the BackBit concept

  • Seemless escrow.
  • Zero maintenance from the point of transaction owner, content is updated and managed from a centralised network.
  • Publisher / affiliate / gaming IP owner / house / partner/ etc all receive an immediate and consistent revenue stream. Payouts are infinitely configurable, percentage, how many payees, time of payment, size of payment, all on a set-and-forget basis. Yet tailor-able whenever the need arises.
  • All parties receiving revenue are fully and easily audit-able (all transactions are public on the blockchain as long as you know the payment address) making tax and revenue calculation trivial.
  • No cash stored at point of transaction, no cash to steal, empty or sort.
  • No credit card details are shared.
  • No, or incredibly low fees.
  • Immediate payment to unit owner, or centralised unit owner headquarters, great for businesses with multiple machines or multiple locations, or both. Simply put an organisation with 100 machines over 100 locations could all be paying into one centralised audit-able wallet, instantly.
  • No unauthorized charge-backs possible (eg after content is used)
  • User definable cashout options available, any mix of BTC/Fiat payment possible.

Last but not least, is Autosend; a stand-alone Bitcoin split payments open source application written in Python. Instructions for configuration can be found here. Do you know of any other great BTC split payment solutions? If so, please share them below!

Featured Image Attribution: Coinsplit.io

Last modified (UTC): April 27, 2014 17:32