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Author Topic: A Bitcoin webservice that I do not need to trust, possible?  (Read 1413 times)
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March 07, 2011, 10:06:50 PM

Hey Bitcoiners,

say I wanted to use Bitcoin, but do not want to (or cannot) download and run the client.

You say I should use a service like and cash in some.

I say I wanted to use bitcoin, because I liked the thought that the amount of BTC I possess is stored in a block chain; shared and controlled by the P2P network. When I use a service provider like, the control over my BTCs is at one entity again..

So what I would really appreciate would be a webservice, that runs the transactions for you, without having control over the BTCs, because they do not know the private Keys of your adresses.

They show your balance and dispatch transactions for the adresses you provided, but they can not without you having signed any outgoing transaction. So without your personal Key (which they dont know), any transaction they create with your adresses is invalid and rejected by the swarm.

It could work like that:
I want to send Joe 1000.00 BTC with my BTC-serviceprovider
1. Select one (or more) of my adresses from which I want to send the BTC.
2. Enter one (or more) BTC-adresses of Joe.
3. Enter amount '1000.00'
4. Click "Generate Transaction"
  This generates an unsigned Transaction, which you download onto your terminal.
5. Use my private Key(s) to sign it.
  Maybe stored on my USB-Drive.
6. I upload the signed Transaction back to my BTC-SP, who broadcasts it into the swarm.

Note that my "sign" should only work for this particular transaction; the BTC-SP is not able to modify it. The worst thing he could do would be to not broadcast it.

Is such a webservice technically possible without major changes to the protocol?

I did not find threads about this. If I missed one, please link me.
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March 07, 2011, 10:37:46 PM

It's possible. The service will be able to send you transactions that don't really exist, though it is safer than using MyBitcoin.

In most cases I think it would be better to use a headers-only Bitcoin client, and then rely on some third party to pass you transactions that you have received. Then the service can only neglect to give you transactions, and not trick you into accepting double-spent transactions.

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March 08, 2011, 12:27:34 AM

A few of us in the community are working on a solution that will both increase the usability of bitcoins for newcomers, while preserving the user's control of those coins.  Expect some good things in the near future Smiley.
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March 08, 2011, 01:06:42 AM

I imagine it might be possible to have a client that runs straight out from an webbrowser, which would only require you to load the page and then point the client to your wallet file (you would still need to trust the client enough to not copy the wallet data elsewhere without your consent though)

(I dont always get new reply notifications, pls send a pm when you think it has happened)

Wanna gimme some BTC/BCH for any or no reason? 1FmvtS66LFh6ycrXDwKRQTexGJw4UWiqDX Smiley

The more you believe in Bitcoin, and the more you show you do to other people, the faster the real value will soar!

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March 13, 2011, 10:55:06 AM

Faced with a similar problem when doing exchange site. Unfortunately, http does not support the EDS, except logins through SSL.

New bitcoin lottery:
- Может, ты ещё и в Невидимую Руку Рынка веруешь? - Зачем же веровать в то, что можно наблюдать непосредственно?
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