Bitcoin Forum

it's a simple idea .
user sell something to me.
I send their coins from the hot wallet to his user wallet ( a wallet that I make on my website) , the trick is he can see the bitcoins on his wallet but somehow he can't withdraw them to external wallet, this is kind of automatic escrow , so if his sold goods are defective admin can cancel the transaction as long as it still under X time or X blockchain confirmations.
I know I can do this by just not sending the coins and just saying " X BTC on hold"
but I want user to verify that X ammount of BTC was Really sent To his wallet via blockchain .

I hope I made my idea clear .

also any idea how to moderate a website that send bitcoins in exchange of goods , I mean I need a database and an admin panel ( cancel transaction , user history ..etc)to do that as I'm not a tech savvy person .

also is it safe to hire a 3rd world developper for such financial project?

can you guys just clarify the path for a fellow Bitcoiner .thanks.

I am using coin base and I don't know if that is a good place to start from. Geven the other wallets. I have not used a paper wallet nor a hardware or cold wallet. In coin base I can not buy coins because I am not in the USA. And I will need to buy and put into my account. So How can I buy from a trusted person.

Not sure if you understand how blockchain works.You won't be able to cancel the transaction until you are deliberately trying to double spend.Even if you're,no one would  use your service.If he can't see the bitcoins in his wallet and he can't withdraw,who really has control over his wallet ?  :o

A transaction id works ?  ;)

-> You cannot cancel a transaction lol you can cancel the order and refund the bitcoins to the buyer.You need to hire a web developer.
->There is no such thing as a 3rd world developer.

This could work if you build your Wallet/Market site over the blockchain.
Means you'll be needing a huge Bitcoin capital.

The Trades are happening within the site without sending BTC funds from one address to another (just pseudo-balances per account).
The Seller (of products) and Buyers will be issued with their own wallet(just receiving-addresses) containing BTC Funds which are not directly controlled by them (the private key is hidden, Multisig address will work)

Ex:
The Seller sold a camera worth of 0.1btc to Buyer.
0.1 BTC will directly credited to Seller's wallet and deducted to Buyer's wallet after the purchase within the site. This way, there will be no transaction cost and Item return/warranty refund won't be a problem.
Seller wants to withdraw his balance to his own(outside the site) adress, the site will "process" the withdrawal (Multiple Blockchain Transactions for less Transaction cost)

There will be a huge security risk behind this

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Or just make an online Store that accepts COINS. They process payment within their sytem not directly sending to the blockchain just like what I said above.
But they charge fees in every transaction.

I doubt if this is going to work on the Blockchain. You might be able to do this with a off-chain 3rd party service, like Xapo for instance. In this scenario Xapo will manage the hot wallet on a internal ledger and they will serve as the Escrow service.

The 3rd party service and the Escrow service will want to get paid for their service, so it will add costs to your transaction. <increasing the fees that needs to be paid>

This will obviously not be used for all transactions, so it will be seen as a value added transaction with protection and people will have to pay premium fees for that. <These 3rd party services will be the PayPal for Bitcoin transactions> This is not a good option to introduce centralized services, because it is exploitable.