Really appreciate all feedback, will try to answer some of the questions
This could be a cool service actually, but relies an awful lot on trust.
Who are you and why should you be trusted?
We have been in bitcoin field
since 2014 and have been providing various bitcoin services since then. We are well known in the community include /r/bitcoin(You can do a quick search)
It's great idea and the idea of using split-key address is appreciated, however i still can't trust your service since you could have both private key at your server.
Thank you . To clarify things here:
- Only one key is generated on our server and mailed to the reciever and that too is deleted once recepient successfully redeems the bitcoins
- The second key is generated on your browser and is sent directly via link to the recepient like this
https://www.blockonomics.co/btcmail#/redeem?key1=L1aad8CEvKv7LSDFZtH3hiAbsRYJ271mMNkHUqg3uoALb7ViQVRc&bitcoin_address=1Dm4xeqrgJDHsFwg1StevSqG4Swd57EWi . Note that the private key is in the anchor part of the url is never sent to the server. So blockonomics, or only third party doesn't have anything knowledge of this.
What this means is that even if our server is hacked or service goes down, the recipient can still redeem the bitcoins without any problems. If needed the recipient can mathematically combine the two private keys himself (without any of our involvement). This is the major difference between our service and others like blockchain and coinbase
Also, I don't see any purpose of this service, i would rather ask their bitcoin address instead.
The major use case of this service is to send bitcoins to someone, whose bitcoin address you don't already have. For example you want to gift someone bitcoins on their birthday.
Sending bitcoins directly using address is the best and most secure way, we are not a replacement for that.
I understand that this is distributed trust and like in multisignature wallets both parties have piece of a full key.
But it is still not fully decentralized service IMO, online wallet providers offering multisignature wallets are not advertising itself as 'decentralized'.
Another question: How can you profit from this service when you offer it completely free?
I'm assuming ad revenue. I guess we'll see once it's out of beta though. It's all automated right? You don't have to wait for someone on the other end to approve with their other half of the private key I'm assuming because that would just be a step in the wrong direction.
Does your service suggest wallets to people? If I send an email to my Grandma she'll never redeem it because she won't know how to get a wallet.
Yes the service will be supported by ad revenue. Yes, it is all automated right. You can try it out right now, there is no need for any approval.
Excellent point of suggesting wallets. Your Grandma is the exact use case we are trying to address
. We will be adding very clear instructions on how to import private key for each of the major wallets very soon.
Happy to answer anymore queries and know your feedback. Feel free to play around with
our service 
