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10

There are two basic templates for using multisig for "escrow", 2-of-2 and 2-of-3. In both cases, you can currently use bitcoin-qt's raw transaction API to create the addresses and transactions. In 2-of-2 you do the following: Create a multisig address which requires signatures from both the buyer and seller. The buyer sends funds to this address. Seller ...


4

Electrum allows to escrow transaction but requires you to use the command line interface. I found this gist explaining how to do it.


4

First of all, it is important to distinguish between multiple things, all of which are often called 'forks'. The existence of two or more competing versions of history. These happen unintentionally in proof-of-work consensus systems when two miners produce a candidate block around the same time. These get resolved automatically. Software projects branching ...


3

The Core client will only update its balance when it registers transaction outputs that it is able to fully spend. So, if you don't have all of the multisig keys in your wallet, it won't keep track of the balance. What you're looking for is support for watch-only addresses, which should be coming soon (https://github.com/bitcoin/bitcoin/pull/4045/commits), ...


3

Blockchain doesn't currently offer that and the only way to construct a transaction like that is to build it manually. So as a result both the sender and each recipient must have l33t skills. This capability will come, it is just that since that was introduced, scalability had to take priority over new features for most Bitcoin development. They happen ...


3

That is referred to as M of N transactions. So you have 6 buyers, and at least three must agree to the transaction for the funds to be delivered to the seller. It's coming. Why are m-of-n transactions not used today?


3

1 - If you don't want to use third party systems, you will need a server to host bitcoind. 2 - Install Bitcoin-QT. In your data directory, create bitcoin.conf with the following attributes (you will need more if you are trying to connect to bitcoind from outside of localhost): server=1 rpcuser=username rpcpassword=password 3 - Use the Bitcoin API to ...


2

Anything is possible. David Zimbeck, created this concept for bitcoin back in 2014 BitHalo.org does this and has been running since 2014. It's an automated two party escrow service. Both parties put a deposit, if either one cheats the deal they lose their funds. Since there is no escrow agent then it's completely impossible to break the contracts and gain ...


2

Bitcoin escrow schemes that don't require a third party typically don't require a third party because that is one of their design requirements. It's obviously much easier to design an escrow system that does require a third party, so typically you would only design one that didn't if you had no choice.


2

Struggled with this for a while as well. You need to announce the transaction to your local node and the network via the sendrawtransaction call with the raw transaction id.


2

Take a look at the Bitcoin wiki page on Transaction Fees. First of all, a transaction fee is not always required. Miners decide whether to accept transactions without a fee and most miners follow the same decision protocol for that. A transaction may be safely sent without fees if these conditions are met: It is smaller than 10,000 bytes. All ...


2

Usually they're a multisig transaction between a couple of core developers. One recent one was a 2-of-3 between Greg Maxwell and a couple of others. It's mainly just to prevent hit-by-a-bus scenarios, we trust in these people absolutely.


2

Check the third output script: OP_1 032487c2a32f7c8d57d2a93906a6457afd00697925b0e6e145d89af6d3bca33016 02308673d16987eaa010e540901cc6fe3695e758c19f46ce604e174dac315e685a OP_2 OP_CHECKMULTISIG Essentially it's saying that in order for the transaction to be valid, the input script (scriptSig) must provide signatures for one (OP_1) of the public keys listed ...


2

StrongCoin has been operating since 2011 in the wallet space and now has an escrow service too. The service is based on BIP38 which means it is using an M of N style key exchange. The service does not hold the Bitcoins just one vote which it can use in the case of a dispute. StrongCoin - BIP38 Escrow Service


2

You basically got it. create 2-of-3 multisig addresses (meaning needing two out of three signatures) 1 is for the buyer, 1 is for the seller, and 1 is for the mediator buyer sends money to the multisig address, commiting the funds to the transaction if the transaction goes well, buyer sends a signed transaction spending the multisig output to the seller and ...


2

This certainly is possible---but unless you define the "several ways" to verify that A has the funds, the solution must exclude this key component. Here is one possible solution: Special Multisignature Bitcoin-Address Create a 3-of-5 multisignature Bitcoin address to which A transfers the Bitcoin in question. A owns 3 of the 5 participating addresses, ...


2

Is it fair to compare the decision body responsible for forking a blockchain as 'escrow officers'? Not really. Escrow officers are generally agreed upon by all of the parties in a transaction, but there's no practical way to find someone that every blockchain user trusts. How can users of the blockchain network dare to the treat the distributed ledger as ...


2

You can contact the service provider, and the escrow agent to request a refund, but beyond that there is likely nothing that can be done. If you have lost a substantial amount of money, you could file reports with your local law enforcement agency, but understand that there is almost no chance they will be able to help you recover the funds. Bitcoin ...


1

Partial answer (not a new solution - I merely adapted the micropayment channel protocol): if you allow for public key exchange, one solution seems to me to be: t1: source funds an address A controlled by source and escrow t2: source partially signs transaction T spending A to destination. Then she sends this partially signed transaction to escrow. it is ...


1

A multi-sig address is created in a deterministic manner using the parameters and addresses which can spend funds from the account. For example: I would like to sell you a GPU, but we do not know each other We find an escrow service (or common contact to serve as escrow) we both trust We create a multisig address with parameters 2 signatures required < ...


1

There's Bitrated, which lets you explore a variety of independent escrow agents from the Bitcoin community. The service uses multisignature Bitcoin transactions, meaning the escrow agent has no direct control of the escrowed amount, and won't be called upon unless arbitration is requested by the other two parties. Accounts have people vouching for their ...


1

I think what you really need here is to be able to, on demand, get a new address for the receiver that is specific to a new order. So, for example, if the receiver of the coins is to get 1 BTC, then you get a new address for that user, associate it with the order, and as soon as it receives the coins you know that this order has been fulfilled. It may not ...


1

Absolutely. The mediator, C, creates an address. After the bet payment(s) have been made, C creates two transactions. One pays to A, and the other pays to B. He keeps both of these transactions secret. Then, he destroys the private key for the address. Depending on who wins, the mediator publishes one of the transactions. An attacker can't send the ...


1

Lets look carefully on https://blockchain.info/tx/3a0c283c8574205c2cc95cea0e603bfff9087af2ab0360ebd2e98740a3193a18 output #0 is msig 1-of-2 to { 0336aa4df526a776e2b72512bb65d8ad5c661360cc1de2ffe460b618c0bba6641e, 20434e5452505254590000000a00000000d806c1d5000000039dc87f4000000000 } the first long number [0336..641e] is public key of address ...


1

Take a look at BIP0016. This new transaction type is redeemed by a standard scriptSig: ...signatures... {serialized script} And... {serialized script} is popped off the initial stack, and the transaction is validated again using the popped stack and the deserialized script as the scriptPubKey. In this case, {serialized script} is {m [pubkey1] [...


1

If bitcoin does not have any centralized entity controlling it, who provides the infrastructure for the trades to happen? Does this has something to do with mining? Whoever wants to do something provides the infrastructure to do it. If you want to perform a transaction, you have to provide enough infrastructure to perform a transaction or use someone else's ...


1

1.) Yes, when mining each block validates all of the transactions that have occurred since the last block. This is also where transaction fees go, if you choose to include one the device that mines the next block will earn it in addition to the set reward for that block. 2.) There is not full anonymity between Bitcoin transactions, there is pseudo-anonymity ...


1

Not exactly a duplicate of this question, so I'm not marking it as such, but I think that question does answer yours. In a nutshell, the Bitcoin reference client can do this. You have to use the command line or JSON-RPC, though. Gavin Andresen wrote a script for it.


1

There are certain sorts of escrow that are very difficult to implement without a trusted party. For example, an escrow system that only sends along the payment when the seller has provided proof of shipping would be impossible without a trusted third party. However, if we change the escrow system a little bit, then we can implement it without a third party. ...


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