Bitcoin daemon or API | Bitcointalksearch.org

mihirp83

newbie

Activity: 2

Merit: 0

Thanks Blazr for the guidance.....

My understanding as per your info. I need to have a wallet to store their bitcoins that I earn when user deposits bitcoins, so I will setup a wallet on my server and create 10000 addresses which will be provided to different user to deposit.
- What we do after 10000 addresses are used ?? we generate another set ?
- What is bitcoin - daemon with boom filter ?
- Which API will you suggest I can use to check for deposits, check balance and other info ?
- Process withdrawals yourself manually. I didnt understood this ??
Just as we deposit using API, my website user will send a withdraw request to an address and on confirmation it will deduct bitcoins from my wallet and credit the address. right ? Will it not be done automatically ??

Appreiciate your time

Blazr

hero member

Activity: 882

Merit: 1006

Quote from: mihirp83 on July 23, 2014, 08:36:31 AM

1) Do I need to create individual wallet for each user or just one wallet with multiple accounts ?

One wallet with multiple accounts. You don't need to do this if you plan to do withdrawals manually, if you want automatic withdrawals then use the accounts feature.

Quote from: mihirp83 on July 23, 2014, 08:36:31 AM

2) Will I need to setup a daemon or using just API will suffice my requirements ? Do I need VPS or not ?

API? Which API are you referring to? Is it a third-party service?

If you want to run bitcoin-core daemon you'll probably need a low-end dedicated server. Currently the blockchain is over 20GB and syncing uses up lots of CPU time and IO.

You may be able to run the daemon on some VPS's, but many will kick you off (I was kicked off by my provider recently) and the blockchain is only going to keep growing so eventually your provider will probably kick you off as bitcoin-core will keep getting more resource intensive as the blockchain grows.

The easiest way to get setup is this:

Setup a wallet on a secure machine that you own.
Generate 10,000 bitcoin addresses and put them in a database
When a user clicks deposit, assign their account one of the addresses.
Use bitcoin daemon with bloom filter or use an API to check for deposits and credit them when they confirm.
Process withdrawals yourself manually.

If you use an API be sure that you trust the owner as the API could provide you with fake data and potentially make fake deposits. Additionally check all deposits yourself before processing withdrawals.

mihirp83

newbie

Activity: 2

Merit: 0

There is way too much content on Internet and the more I read the more I am getting confused. I have created website that allows user to play games with chips. Now I want that user should be able to buy hips by depositing bitcoins, convert chips to bitcoins and transfer it to other user, display the list of transactions etc.
Few queries still exist even after reading a lot.
1) Do I need to create individual wallet for each user or just one wallet with multiple accounts ?
2) Will I need to setup a daemon or using just API will suffice my requirements ? Do I need VPS or not ?

I dont need code but a roadmap or brief steps will be highly appreciated.

Topic: Bitcoin daemon or API (Read 876 times)