Does BIP 75 Really Threaten Bitcoin’s Fungibility?

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On Wednesday, a Bitcoin village went into a tizzy over BIP 75 (BIP stands for Bitcoin Improvement Proposal) which is, in short, a layer-2 custom for improving a user friendship of Bitcoin payments.

The community, generally on Reddit, is endangered that a choice to brand oneself to a sender or receiver of a remuneration might lead down a highway toward know your customer (KYC) and anti-money laundering (AML) restrictions on a Bitcoin protocol. The violence around this offer appears to have emerged from a post done by Bitcoin Core writer Peter Todd to a Bitcoin growth mailing list.

What is BIP 75?

Before removing into a controversy, it’s critical to know a sum of BIP 75. Bitcoin Magazine reported on a proposal’s ability to facilitate wallets for a normal Joe progressing this year, though here are a pivotal points:

  • BIP 75 attempts to solve some of a remoteness and confidence concerns with a Payment Protocol, that was summarized by former Bitcoin Core lead maintainer, Gavin Andresen and former Bitcoin developer, Mike Hearn in BIP 70.
  • Unlike BIP 70, BIP 75 facilities end-to-end encryption.
  • Human-readable names can be used to make a remuneration routine some-more user-friendly

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