Well, I did tons of research and currently I'm using bitcoinlib for python to have a wallet which should be able to hold over one million addresses and occassionally broadcast transactions.

It has all the features you'd expect, but I'm concerned about performance when I use more than my current 10 addresses.

The thing is that I'm trying to make an online plattform which relies on the Bitcoin infrastructure and there could be millions of users. Also, I am concerned of how secure bitcoinlib actually is and I'm missing a neat Graphical User Interface.

Now, there are wallet services like Coinbase which also offer an API but I don't see any explanation on how many addresses they could hold or how many API requests I'm allowed to make. I've found many of those seemingly free services, so Coinbase just serves as an example.

Hence my question, is there any such thing as a free bitcoin wallet service (we're a free platform, so no budget there) which could scan let's say 100'000 addresses and notify our platform of incoming transactions within a few seconds and broadcast about 1000 transactions per minute ?

  • Have you tried Blockchain.com API? – Allan Romanato Apr 9 '20 at 12:38
  • This is one of the services which websites I checked and didn't find information about limits and pricing in any way. Do you know about them? Thanks. – fameman Apr 9 '20 at 15:18
  • re: "broadcast about 1000 transactions per minute ?" the bitcoin network will not handle this volume of base layer transactions. I don't know what your plan is, but I am almost certain that there will be a way to run your service FAR more efficiently than this. You may want to look at solutions such as transaction batching, and the lightning network. – chytrik Apr 9 '20 at 22:18
  • Oh, this is interesting. I have to admit that it's hard for me to get into the matter of Bitcoin technology. I don't want to do anything wrong and that's why I'd prefer to have a wallet API which just works out of the box or tells me something is wrong. And it's actually not so important to send transactions at such a high volume - I could limit this to 10/minute and put them in a queue. Fast transaction RECEIVING to a bunch of addresses is however crucial. I appreciate your help! Do you, by any chance, know a free online service that would fit my needs? – fameman Apr 10 '20 at 10:50
  • And I understand that Bitcoin experts certainly wouldn't be fans of "Wallets as a Service" but for me I'd really like to get just started. It's some like this: I sent my first mails through Gmail. It was pretty fun. Now I have my own mail server/agent/etc. architecture set up. I would however have done a lot of things wrong or given up if I started the other way around. – fameman Apr 10 '20 at 10:52

While I'm not sure of the technical requirements or limitations you have around building you platform. It sounds to me like your best option is simply running your own Bitcoin node itself. There are lots of online examples that could help you get started. I found bitcoin.org's guides particularly useful:

This will also give you benefit of actually holding the keys to the funds on your platform as well.

For monitor transaction sent to your node's wallet, I'd check out the ListTransactions RPC call, and for broadcasting transactions, you can use SendToAddress, or CreateRawTransaction, SignRawTransactionWithWallet and SendRawTransaction.

I should also add that running your node can be almost free (just need a computer running the server), and that you do not need to actually mine BTC on the node (which consumes a lot of energy & resources). Your node will just be monitoring the chain and broadcasting your transactions.

  • 1
    Thank you. I will dig deeper into it. However I'm still a little concerned about security (own server VS specialized Bitcoin company, I think, I'd lose) and of course performance. I will have to dig deeper, thank you! – fameman Apr 9 '20 at 15:17

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