Suppose an e-commerce merchant has decided to start accepting Bitcoin directly as payment (i.e., without using a Bitcoin payment processor). They have asked you for advice on how to design the payment infrastructure.

a. Describe briefly how the payment process should work. In particular, explain what information should be shared with the buyer and how the payment should be verified.

b. Does any sensitive payment information from the customer need to be stored by the merchant? If so, explain what and why. If not, explain why not.

c. Does any sensitive payment information for the merchant need to be stored by the merchant? If so, explain what and why. If not, explain why not.

d. How long would you recommend that the merchant wait before shipping the goods? Justify your recommendation.