Money Button has optimized the Bitcoin ecosystem once again, this time around, Money Button has released a feature that makes Bitcoin integration seamless: Invisible Money Button.
With Invisible Money Button, Bitcoin app users no longer have to swipe their Money Button on websites to execute actions. Instead, paying to execute actions on Bitcoin apps can be customized to the app-creators liking. This means that Bitcoin payments can now take several shapes and forms and is no longer limited to swiping a Money Button.
What is Invisible Money Button?
“Invisible Money Button is a new way for users to let apps do the work for them. Instead of swiping the button by hand, the user can grant permission for the app to swipe for them,” said Ryan X. Charles, the Founder and CEO of Money Button.
“The button is completely invisible, meaning the user experience is something that can be completely customized by the app.”
Charles said: “This makes many applications much better. Social media can now have ‘like’ buttons with a click, messengers can automatically encrypt and decrypt data without the user having swipe, and file uploads can broadcast many transactions without the user having to do anything.”
Invisible Money Button cuts out many steps and therefore simplifies the experience for Bitcoin users. Instead of having to swipe a Money Button for every action that requires payment on a Bitcoin app, the creator of the app can make a button that still executes payment on the user’s behalf without the user having to swipe a Money Button.
Invisible Money Button ultimately increases efficiency in the Bitcoin ecosystem by reducing the amount of time it takes to transact. Some Bitcoin apps require the user to swipe frequently, however, this means that it will ultimately take the user executing the transaction the amount of time it takes the Money Button to load, multiplied by the number of transactions they are trying to make. On apps and services where transactions are frequently made, this could significantly slow down the time it takes for a user to reach their end-goal. But with Invisible Money Button, a user can fire off more transactions in less time.
“Invisible Money Button is better for users because it allows applications to have a much better user experience,” said Charles.
“The most important advance is that applications can now automatically swipe the button with permission from the user.
For instance, file uploads on add.bico.media now occur with just one swipe, whereas before, the user would have to swipe once per chunk of 100 KB. If you upload a 10 MB file, you used to have to swipe 100 times. But now, you only have to swipe once. Thus, the number of swipes is radically reduced. This makes the user experience much, much better for file uploads.
Social media is similarly improved. On Twetch, users can simply press the ‘post’ button to post content, or the ‘like’ button to like content. The user does not need to swipe for these actions anymore. The user only has to swipe once to grant permission, and then periodically swipe again when the app uses all the money it was granted permission to spend. Thus, the number of swipes is much less for Twetch.
Another significant improvement is in the automatic encryption and decryption of data. On Baemail, a peer-to-peer messaging app powered by Invisible Money Button, users can now automatically encrypt and decrypt messages without the user having to swipe. Thus, you can read messages simply by clicking on them, rather than having to swipe to decrypt. This makes Baemail as user-friendly as a normal email application, except that everything is now also encrypted end-to-end.
Invisible Money Button simplifies several Bitcoin apps and services and made them more efficient in a number of areas, including transaction speed, transaction volume and user-friendliness.
How it works
The Money Button team has created a video that makes it easy to understand how you can enable Invisible Money Button access.
Ryan Charles also gave us a TL;DR that will help you get started, here is what he told us, and here is us setting up Invisible Money Button access for Twetch:
First, the app must request permission from the user, and the user can choose to grant permission or ignore permission. The user can choose how much money the app can spend and can lower or raise the amount whenever they want.
On Twetch, we granted Twetch permission to spend $5 from our Money Button wallet.
“The user can also delete a permission from any app at any time by visiting their settings page.”
After the app has spent all the money granted to it by the user, the app must ask permission again to continue spending money.
Once the $5 we have allocated to Twetch is spent, we simply have to go through the permission process again, permitting Twetch to spend a specified amount of money from our Money Button wallet once again.
Opening the door to innovation
Invisible Money Button opens the door to innovation; Bitcoin companies now have the freedom to implement a payment system that is not limited to a user swiping their Money Button. Among several other benefits, this allows Bitcoin businesses to create a better experience for their users by giving them the ability to generate more transactions at faster speeds than were possible before.
We are already seeing Invisible Money Button used in a variety of ways that enhance platforms, such as it is on Twetch, Baemail, and Bico.media. But what Invisible Money Button makes possible is unprecedented. That being said, it will be interesting to see how Bitcoin companies will use this new feature in their platforms moving forward.
New to Bitcoin? Check out CoinGeek’s Bitcoin for Beginners section, the ultimate resource guide to learn more about Bitcoin—as originally envisioned by Satoshi Nakamoto—and blockchain.