0

Curious how an application would exchange bitcoin between users. Can an application send funds directly from sender to receiver or sender to app-owner to receiver?

1
  • This is boarder line off topic. Relevant part is that, for a transfer one party needs to send, and to do so they need an amount and address. So you are looking at sending those data, to someone, the ins and outs of that are other topics. Aug 19, 2017 at 3:47

1 Answer 1

1

If the service controls the private keys (i.e. they are holding Bitcoin for their users), then they can maintain an internal database with each users balance and just update that database. The Bitcoin is only sent when users wish to transact with people who are not using that service.

If the private keys are held by the user, then the most efficient thing to do would be to have the users transact directly with each other. This reduces transaction fees.

3
  • At the cost of exposing a users ip, and open ports to a potentially malicious individual. But sending an btc public key to said person is safe, what could they do spam you with free money? Aug 19, 2017 at 3:50
  • They could spam you with small outputs which could fill up your wallet and, depending on the software, cause problems. But generally that really isn't a problem except with poorly written software.
    – Ava Chow
    Aug 19, 2017 at 3:57
  • Is there a service or api that facilitates bitcoin exchange between users wallets? Or how would a developer allow direct user interaction (leaving the private keys to the user)?
    – Richard F
    Aug 20, 2017 at 17:20

Your Answer

By clicking “Post Your Answer”, you agree to our terms of service and acknowledge you have read our privacy policy.

Not the answer you're looking for? Browse other questions tagged or ask your own question.