I’m curious as to the Payment ID box on the new wallet. Is it only exchanges like Live Coin that require payment ID? Or does the average person I was to send coins to need it as well?
No need for a payment id for casual send to friends, but if you plan to send to many people frequently you can register your contacts and to do it will be generated a payment id for them in the address book of the gui wallet.
Payment ID is normally used for services like Exchanges, or if you’re buying something from a website (so they can see that a payment has come from you).
It’s mostly for exchanges at this stage though.
An exchange like CoinDeal will have one central deposit wallet and gives each user a unique payment ID to attach to the transaction, so that they can credit you the amount when it’s received.
Other exchanges, like LiveCoin use an Embedded Address, which is basically a unique address with the payment ID embedded into it.
Interesting. Thank you guys.