The first time I heard of the cryptocurrency, it sounded like something from the future: digital gold.
A cryptocurrency that was backed by precious metals, backed by a trust, and backed by nothing but a computer.
Bitcoin was a new, new currency.
“Bitcoin is like gold,” said Matthew Green, the CEO of the digital currency company, Hazbin Hotel.
“It’s like the future of money.”
Green was talking about Hazbin, a hotel company based in San Francisco that, until now, has focused on managing travelers’ Bitcoin balances.
“We’ve been building a business around Bitcoin, which is what we do for a living,” Green told Recode.
“But Bitcoin is something we’re building for the long-term.”
That long-distance business is the kind of thing Hazbin does every day: the hotel’s Bitcoin wallet is the place people send their money to, and the Bitcoin currency is the one they use to pay for their stay.
A week before the Bitcoin tipping day, Hazin’s Bitcoin-based Bitcoin balance would get paid out.
That same week, a user would send Hazin $1,000 worth of Bitcoin, then double-check their Bitcoin balance and see if it was worth $1.
The Bitcoin wallet would then send a new amount of Bitcoin to that same user’s Bitcoin address, and both the new and old Bitcoin balances would be updated in real time.
The bitcoin balance in the Hazin Bitcoin wallet, on the other hand, would remain static, with the Bitcoin amount remaining unchanged.
The amount of bitcoins you send to a Hazin user is tracked by a system called the Bitcoin network.
The network then uses that data to send a Bitcoin payment to that user.
If the user pays the correct amount to Hazin, the Bitcoin balance in their Hazin wallet is subtracted from their Bitcoin account balance.
A Bitcoin transaction in the real world can take days to complete, so the bitcoin balances of every Hazin customer are tracked on the Bitcoin blockchain.
This is the blockchain, a decentralized digital ledger that is shared by every Bitcoin wallet and payment processor.
If a Bitcoin transaction takes longer than a minute, that means the Bitcoin transaction was not completed in time.
Hazin has been able to keep its Bitcoin balance high thanks to a feature called Hazbin’s Bitcoin tipping.
Every time a user sends a Bitcoin to a location that is associated with Hazin hotel, the company automatically adds a Bitcoin tipping event to the Bitcoin wallet’s transaction history.
When a Bitcoin tip is received, the Hazins Bitcoin wallet automatically sends the Bitcoin payment, which will eventually be processed by Hazin and sent to the user’s Hazin account.
When that happens, Hazins bitcoin balance gets subtracted, so that the Bitcoin is sent to a user’s account, which in turn is sent back to the Hazinns Bitcoin wallet.
This bitcoin balance is then transferred to the hotel.
This happens once every 10 minutes.
“A Bitcoin transaction is a one-time transaction that’s going to take a minute or two, so we can’t wait for it to actually happen,” Green said.
“That’s why we need to automate our Bitcoin tipping process.”
Hazin operates through the Hazini Bitcoin Wallet, a mobile application that can be used by guests or other travelers.
It’s like having a smartphone that can track your Bitcoin balance, and send a confirmation email to your Hazini account.
In addition to sending Bitcoin to travelers’ accounts, Hazini also provides a Bitcoin wallet that allows travelers to store their Bitcoin balances in a safe, secured location.
For every Bitcoin tip sent, Hazina will transfer the Bitcoin to the wallet of the hotel, and if the Bitcoin account is used to pay a room’s bill, the payment will be sent to that account.
Green explained that the process for Bitcoin tipping is as simple as sending a tip to the correct user and then sending a Bitcoin balance to the appropriate user.
“The bitcoin tip doesn’t get paid,” Green explained.
“So, if you tip to a wrong user, the money goes to a different user.”
To avoid that scenario, Hazi offers an automated way to send Bitcoin to each Bitcoin user.
The process is called a Bitcoin transfer.
If your Bitcoin is used in a Hazini payment, the bitcoin is sent directly to your account.
“Every time you tip, it’s like sending a credit card,” Green added.
“There’s no money in the Bitcoin.”
Hazini’s Bitcoin transfer process, as it works out, is not the only way to handle Bitcoin tipping in the hotel world.
The company’s Bitcoin payments are also being handled by other payment processors.
Hazins service is also being used by the hotel to process guest orders.
Green said the Bitcoin-transfer process is not a full replacement for the Hazinian Bitcoin service.
“You still have to pay Bitcoin,” Green stated.
“Just like with Bitcoin tipping, you still have a transaction that goes to your Bitcoin wallet