Coinbase Wallet Addresses the Compatibility Issues with the Receiving Gateway and Refunds Affected Customers

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    The Coinbase Wallet as well as the exchange have promptly acted to fix the compatibility issues with some of the receiving systems. The fix is implemented in the payment gateway because some of the users have lost their Bitcoins at the receiving end. The issue involving the bitcoin transactions is noticed just 14 days after the launch of SegWit by the Cryptocurrency Exchange.

    The bug fix in the payment system of Coinbase is necessitated when a user of the Coinbase Wallet Dazzling_Substance has shared the problem on March 12, 2018, in a Reddit post that bitcoins sent from the Coinbase Wallet are not reaching the merchant. The user said that the communication is not materialized with the merchant due to a problem in the BIP70, the bitcoin protocol.

    The user further told that BIP70 protocol update might not have been implemented by the Coinbase. As a result, the communication between the sender and the merchant is not taking place and causing the loss of bitcoin transactions. In the event of missing BIP70 update, the bitcoins transactions are sent wrongly to non-segwit address and causing the loss.

    However, Coinbase quickly responded to the post and issued a statement to the Cointelegraph that the company has promptly implemented the BIP70 update, but the transactions were failed due to compatibility issue at those merchants that have not BIP70 update compliant. This issue has affected less than 30 customers and the issue is fully solved through a fix.

    According to Coinbase, the team immediately started working on the issue after getting the news and fixed the bugs within few hours. The company has reimbursed the funds to those affected customers.

    Mr. Mike Hearn and Mr. Gavin Andresen the developers of Bitcoin have rolled out the BIP70 protocol in July 2013 to improve the payment services of Bitcoin and provide reliable transactions. The update prevents the attacks in the transactions.

    BitPay, the payment processor in the US, has indicated the requirement of wallets compatible with Bitcoin Payment protocol on December 14 to prevent the overpayments or underpayments by some users. However, the BitPay announced on January 10 that some users are facing trouble switching to the BIP70 compatible wallets.

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