Bitcoin Forum

Due to many of the large wallet providers and exchanges holding the private keys of their users, the crypto ecosystem can currently be considered rather centralized.

In order to offer a solution to this, we are currently thinking of launching a global crypto wallet service which is entirely based on secure full nodes, i.e. each user would be able to run his own full node and thus be in complete control of his private keys. This stands in line with Satoshi Nakamoto’s vision of decentralization and users’ full control over their coins as stated in the original BTC Bitcoin whitepaper (https://bitcoin.org/bitcoin.pdf). Our crypto wallet service would feature several currencies and would come with a user-friendly interface (browser/ mobile apps for all platforms) and would allow users to initiate transactions instantly with the comfort level of a centralized wallet service while at the same time enjoying the security level comparable to a cold storage solution. Furthermore, users wouldn’t have to deal themselves with the hassle of setting up and running their own full nodes at home or on a hosted third-party VPS provider, etc.

We are currently investigating as to whether there is a market demand for such a solution. Therefore, we would like to receive your feedback.

If you would like to learn more, get in touch with us: info@we-accept-bitcoin.ch

Thanks and cheers!

Mind explaining this further as I'm not sure I got it. You're going to launch a crypto wallet that let users connect to their full nodes? But... people won't have to go through the process of setting everything themselves?


What I understood from this is that you'll be doing it for the user, in other words, hosting the full nodes in your servers? doesn't that defeat the whole purpose of what you're trying to do?

What's the differences between this and SPV client like Electrum for example? Tbh I'm confused too. So far, what I get from your idea is that you'll deploy a wallet and your own full node. Each wallet that you make will has a connection to your full node. So essentially it's like Electrum with limited server, but it support lots of coins. Is this correct?

Also a question on my mind too where his statements are really contradicting to each other.I do presume that he would definitely host the full nodes.So it isnt really different on what  we are currently using as of this moment.

I'm sure your intentions are good, but honestly speaking, you're trying to invent something that has already been invented.

I don't see much of a difference between my mobile client connecting to X node or my mobile client connecting to your node. I still have to trust your node just as much as I have to trust the X node.

I rather use nodes that a client such as Electrum or GreenWallet suggests me to use, than a node set up by a brand new service.

Another thing is.... What's the purpose behind this? It costs money to develop and host, where and how do you make your money?

I guess everyone is fine with Electrum, although it has been attack as of late, but they're quick to patch things up and stay ahead of the competition. And I also don't understand the rationale behind, I mean if someone is really interested running a full node then they should run it, simply as that. And there are no secrets behind, everyone goes through the same process. But for those who doesn't want to but still wanted to have full control of their private keys, then Electrum is the best solution.

If you are not running a full node then it may be said that you do not own any bitcoin.

It sounds a lot like you are proposing to run a service to run full nodes on behalf of your customers. It would be unnecessary to run a node for each of your customers if they are not running the nodes themselves. There are currently many “light wallets” that obtain information from a full node that feed information to many other light wallets.

People interested in running their own node will do it themselves. They do it because they don't want to rely on other nodes. Bitcoin is all about storing your own coins and running your own node to support the network.

The market you're targeting is very small because most people who care enough run their own nodes themselves already. I don't think this is a profitable or useful service at all.

Another thing, how am I supposed to know what proposal you support would there be a new one? Will people have the option to choose to support or ignore proposals or will you make that decision for them?

These days with tools and detailed info someone could manage to set it up. Wonder if you could manage to beat the cost of a vps.