Author: Rhavar 2018-01-24 02:05:00
Published on: 2018-01-24T02:05:00+00:00
Bitcoin addresses have a "checksum", making it almost impossible to input the wrong address. However, there is a risk of malware that can replace the intended address with one controlled by the malware author. This makes verifying the correct address still a concern. Google "bitcoin multisig" and "bitcoin escrow" to find support in the core bitcoin protocol for deals. Ryan has done large deals with the use of "2 of 3 multisig", but it is a big pain with poor tooling and expensive transactions. Unless you are dealing with over 100 bitcoin, it is easier to use a trusted (single party) escrow. An individual expressed their concerns about fat-fingering addresses and the option to use a 2-step confirmation system when dealing with people they do not know. The proposed system would act as an escrow, where if the two people involved in the transaction approve within X hours, the coin returns to the original person.
Updated on: 2023-06-13T00:12:58.720973+00:00