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If you have a online site that accepts bitcoin deposits and users can withdraw their balance, Is it possible to have the deposits go to the watch-only address of a cold storage and the withdraws come from the hot wallet?

If yes, then basically I'll have to give a programmer my private key for the hot wallet and just the master public key for the watch only-address on the server. Am I correct?

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The Answer is No, you can not do this. Reasons are below.

It seems you may be confused.

The point of a cold wallet it to store the coins offline, adding a watch-only address to a cold wallet does nothing, other then letting you see that address.

(I could add your address as a watch-only and see your balance as well, but that doesn't give me access to your coins)

If the coins are in the cold wallet then you have to send them from there, generally by creating and signing an offline transaction.

If they are in the hot wallet (even if being watched by the cold wallet) they you can send them from the hot wallet.

  • Please read my question again. I am asking if a user on my site can deposit coins into my cold storage wallet, and when the user withdraws, it comes from my hot wallet instead of my cold wallet. – bitcoin.lover Sep 1 '15 at 19:39
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    Only if you transfer them from the cold wallet to the hot wallet before the user tries to withdraw the coins. – Drazisil Sep 1 '15 at 20:25
  • Hello Drazisil, thanks for your comment. Let me clarify it a bit. I want users on my site to be able to deposit coins in to my cold storage wallet, but lets say they want to withdraw their balance, I want the withdraw part to come from my hot wallet. So they would deposit to cold wallet address and when they choose to withdraw, it comes from my hot wallet. The reason for this is I do not want to give the programmer my private keys for the cold wallet. – bitcoin.lover Sep 1 '15 at 21:03
  • you will have to give the programmer the hot wallet credentials, passphrase and maintain an amount of bitcoin in the hot wallet , such that can be sufficient enough for withdrawals. you can be in charge over the cold wallet and move bitcoins one in a while from it to the hot wallet , then only small percent of bitcoin is hot and the rest cold – Haddar Macdasi Sep 8 '15 at 19:14

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