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Author Topic: Electrum, inputs.io and bitcoind (.01 BTC REWARD)  (Read 1086 times)
bkc888
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September 18, 2013, 10:38:35 AM
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So if I were to develop a webapp that will have multiple users depositing and withdrawing bitcoins. What is currently the best bitcoin wallet to use? Bitcoind?

Any other bitcoin wallet other than bitcoind can generate unique bitcoin address through API and can do callbacks when funds arrive and confirm?


Thanks!
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Sukrim
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September 18, 2013, 12:07:44 PM
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inputs.io is not storing Bitcoins, it stores Bitcoin debt that can be redeemed on demand. You do NOT have the private keys for your coins there.

Electrum as far as I know has implemented the "Seed key" feature to generate many addresses from a single seed (so that's the only thing you need to back up and keep secret) while Bitcoind still generates addresses in a purely random way (that you all need to back up and keep secret).

For other wallets, maybe check the subforum here.

https://www.coinlend.org <-- automated lending at various exchanges. No fees(!).
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September 19, 2013, 06:02:32 AM
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Not sure about "best", but I would probably go with bitcoind.  Once it is installed and running on your server, you can use the RPC interface relatively easy (if you write your code in either PHP or C++, I could even point you to my code that does the interaction in those languages and is AGPL if that's ok for you).  You have to take care about the security yourself, though, both with regular backups (use the keypool feature) and to prevent theft (using a cold storage system of some form).

As was already mentioned, for inputs.io you have to trust them to keep "your" bitcoins safe for you, but you don't have to run bitcoind yourself.  An alternative would possibly be blockchain.info, which also has a very easy-to-use web API for performing operations.  I think with them it is even possible to hold your private key yourself, at least as a backup so you have access to the coins should they go down.  But trusting that they don't steal the coins is still necessary.

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September 19, 2013, 06:05:17 AM
 #4

So if I were to develop a webapp that will have multiple users depositing and withdrawing bitcoins. What is currently the best bitcoin wallet to use? Bitcoind?

Any other bitcoin wallet other than bitcoind can generate unique bitcoin address through API and can do callbacks when funds arrive and confirm?


Thanks!
Inputs.io is offchain so you or your users don't have to pay TX fees, nor wait for confirmations. As with any off chain solution this means you'll need to trust the operators of the offchain network.

It's also pretty easy to set up callbacks, just enter a callback URL in the Security tab of a newly created account and enter your callback URL.
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September 23, 2013, 02:15:36 PM
 #5

Inputs.io is a new step for Bitcoin wallets in that it combines every great wallet feature into one.

Instant Transactions

No Fees

Airtight Security

Inputs.io mixes their coins and encrypts every transaction made on and off the blockchain which means added security from any prying eyes. This way you don’t have to pay for a secondary mixing service to create true anonymity using Bitcoin. Inputs.io also features 2 factor authorization at sign in, SSL certification, and password hashing to make it completely secure
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September 23, 2013, 04:37:39 PM
 #6

...but you give your Bitcoins to them and get only a promise in return that they might pay them back. They are centralized, closed source and trust based (while Bitcoin itself is designed to NOT require trust). Kinda like Paypal vs. cash.

Edit:
Check out their disclaimer:
Quote
As with any Bitcoin service, any storage on inputs.io is at the users own risk.

https://www.coinlend.org <-- automated lending at various exchanges. No fees(!).
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karmazynt
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September 25, 2013, 07:08:39 AM
 #7

Take in consideration that inputs.io had big problems in last days and there was about 1 day lag in transactions.

In other hand your own server being ddos-ed would be probably in worst conditions.
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September 25, 2013, 10:16:14 AM
 #8

Any other bitcoin wallet other than bitcoind can generate unique bitcoin address through API and can do callbacks when funds arrive and confirm?
With an electrum wallet, your app needs only to know the master public key to generate addresses (no need for an API).

That's how the microbitcoin.net app I developped is working to generate a new address for each new invoice.
You need a watch only electrum wallet to get payment notifications but akaik an electrum API is still to be developped.
Anyhow, for a webshop, checking the electrum wallet from time to time is sufficient at this point.
If your project entails withrawals in bitcoins, you may want to consider imposing a lead time and checking the withdraws manually or via an audit node.
Maintaining a hot wallet for instant withdraws is a risky business unless you are ready to spend on infrastructure.

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