mtwelve (OP)
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February 11, 2015, 08:00:03 PM |
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What place where I see cash is still better than BTC is offline transactions, AFAIK BTC doesn't work if the Blockchain is not synchronized.IS there a way to transact Bitcoins offline?
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Possum577
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February 11, 2015, 08:09:30 PM |
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Yes, you can exchange a paper wallet or coin wallet for goods or services.
You're correct in realizing, though, that the greatest weakness to Bitcoin is its dependency on the network (and more so power/electricity). If the power grid goes down it becomes impossible to access the network upon which most wallets exist and transactions occur.
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readysalted89
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February 11, 2015, 08:36:15 PM |
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Yes, you can exchange a paper wallet or coin wallet for goods or services.
You're correct in realizing, though, that the greatest weakness to Bitcoin is its dependency on the network (and more so power/electricity). If the power grid goes down it becomes impossible to access the network upon which most wallets exist and transactions occur.
True, you can still use hard cash in the event of a power cut. However, most money is stored in bank databases electronically. Most people use debit/credit cards for big purchases and withdraw hard cash from ATMs. In the event of a power cut or network failure they cannot access their money electronically stored in bank databases. |
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Blazr
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February 11, 2015, 08:38:18 PM |
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If you trust the person, I guess they can just give you the private key, though you will have no way of knowing what the balance actually is and the sender can take the money back until you sweep the funds, which requires network access.
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bitllionaire
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February 11, 2015, 08:46:20 PM |
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you can create a transaction offline,for example with elextrum. After that you can spread the txid in blockchain for example
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mtwelve (OP)
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February 11, 2015, 08:57:08 PM |
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This is where I thought of an Idea. Some kind of device that everyone uses, and it connects and offline moves the BTC or perhaps using an externalized service? I just had a eureka moment and might make a business out of this one day  Do you think theres a need for this? |
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Blazr
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February 11, 2015, 08:59:15 PM |
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This is where I thought of an Idea. Some kind of device that everyone uses, and it connects and offline moves the BTC or perhaps using an externalized service? I just had a eureka moment and might make a business out of this one day Do you think theres a need for this? It's difficult to implement in a trustless way without direct access to the Bitcoin network. |
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R2D221
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February 11, 2015, 09:21:44 PM |
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You're correct in realizing, though, that the greatest weakness to Bitcoin is its dependency on the network (and more so power/electricity). If the power grid goes down it becomes impossible to access the network upon which most wallets exist and transactions occur.
If the power grid goes down, Bitcoin is the least of your worries. Almost every human activity nowadays depends on electricity. |
An economy based on endless growth is unsustainable.
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mtwelve (OP)
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February 11, 2015, 10:30:58 PM |
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But i was just wondering is there a way for Bitcoin to gain a status even 90% of cash? Offline, and instant transactions. Sure it might not be trustless, but there are ways to still protect users.
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readysalted89
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February 11, 2015, 10:45:13 PM |
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But i was just wondering is there a way for Bitcoin to gain a status even 90% of cash? Offline, and instant transactions. Sure it might not be trustless, but there are ways to still protect users.
I suppose you could use physical bitcoins for offline instant transactions. They have a key stored inside them and you have to smash them open to get it. I have never seen one in real life yet, but I have heard of them. If they become popular enough you could use them just like cash. |
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mtwelve (OP)
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February 11, 2015, 11:05:12 PM |
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But that's yet another barrier for people to cross. Hard enough to get people into Bitcoin, then use there digital bitcoin to buy physical versions of it.
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thriftshopping
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February 12, 2015, 11:46:55 PM |
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Both parties do not need to have a complete copy of the blockchain in order to spend your bitcoin. Only the receiving party needs to have a copy of the blockchain.
As long as the person sending the bitcoin knows which of their addresses has unspent inputs, they can give the receiver those addresses, the receiver can prepare an unsigned transaction, give it to the sender to sign, the sender signs it and returns the signed transaction to the receiver who broadcasts the tx to the network.
Additionally you do not need a full copy of the blockchain in order to use bitcoin, there are many instances when using a major block explorer would actually be safer then using your own full node (for example if you have a slow internet connection that would not support a lot of connections to other nodes) as information from a block explorer would give you sufficient information to create, and sign transactions as well as confirm they have been confirmed (and/or accepted) by the network (and nodes).
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mtwelve (OP)
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February 13, 2015, 12:27:30 AM |
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Is it possible, feasible even, to do numerous offline transactions and sync with the transactions every once in a while? It needs to be convenient enough for regular people to use like cash.
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vennali
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February 13, 2015, 09:26:33 AM |
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Is it possible, feasible even, to do numerous offline transactions and sync with the transactions every once in a while? It needs to be convenient enough for regular people to use like cash.
Its not that hard mate..mayb might take a bit to get used to it..but now I do it flawlessly..doesnt take much time. |
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cheekychap
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February 13, 2015, 10:16:29 AM |
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This is where I thought of an Idea. Some kind of device that everyone uses, and it connects and offline moves the BTC or perhaps using an externalized service? I just had a eureka moment and might make a business out of this one day Do you think theres a need for this? If you have a "device" that "everyone uses" and it "connects", you aren't "offline" anymore.  But not everyone has that device, specially not in some developing countries. |
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Whitehouse
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February 13, 2015, 11:01:59 AM |
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Yes, you can exchange a paper wallet or coin wallet for goods or services.
But until the buyer can import or send the key, so still can the seller. The keys need to be safely in your possession for them to be truly yours. |
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Abbey_j
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February 13, 2015, 11:06:27 AM |
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Just want to say that what you are talking about is called "off-chain transaction" instead of "off-line transaction", isn't it?
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medUSA
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February 13, 2015, 11:39:01 AM |
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Bitcoin is a basic building block of a new payment system. Off-chain and off-line transactions will be possible when we have "clearing services". These "clearing services" may not be decentralised or trustless, I believe this compromise is fine for small transactions.
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AtheistAKASaneBrain
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February 13, 2015, 12:01:52 PM |
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Both parties do not need to have a complete copy of the blockchain in order to spend your bitcoin. Only the receiving party needs to have a copy of the blockchain.
As long as the person sending the bitcoin knows which of their addresses has unspent inputs, they can give the receiver those addresses, the receiver can prepare an unsigned transaction, give it to the sender to sign, the sender signs it and returns the signed transaction to the receiver who broadcasts the tx to the network.
Additionally you do not need a full copy of the blockchain in order to use bitcoin, there are many instances when using a major block explorer would actually be safer then using your own full node (for example if you have a slow internet connection that would not support a lot of connections to other nodes) as information from a block explorer would give you sufficient information to create, and sign transactions as well as confirm they have been confirmed (and/or accepted) by the network (and nodes).
The question is, who the hell is going to carry around the entire blockchain? |
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mtwelve (OP)
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February 13, 2015, 12:58:17 PM |
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Both parties do not need to have a complete copy of the blockchain in order to spend your bitcoin. Only the receiving party needs to have a copy of the blockchain.
As long as the person sending the bitcoin knows which of their addresses has unspent inputs, they can give the receiver those addresses, the receiver can prepare an unsigned transaction, give it to the sender to sign, the sender signs it and returns the signed transaction to the receiver who broadcasts the tx to the network.
Additionally you do not need a full copy of the blockchain in order to use bitcoin, there are many instances when using a major block explorer would actually be safer then using your own full node (for example if you have a slow internet connection that would not support a lot of connections to other nodes) as information from a block explorer would give you sufficient information to create, and sign transactions as well as confirm they have been confirmed (and/or accepted) by the network (and nodes).
The question is, who the hell is going to carry around the entire blockchain? You could quite easily carry it on a microsd card, so a lot of people could.... |
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