Topic: BItcoin offline transactions? (Read 1716 times)
How do offline transactions work?
you can create a transaction offline,for example with elextrum. After that you can spread the txid in blockchain for example
elextrum sounds useful, where I can download it please?
Thank you for the link! Never heard about offline transactions...
But if we got rid of that, and used them as actual cash I think it would simplify accepting Bitcoins for people. The only problem would be liquidating to fiat...
We could do that when the price stabilizes.
Once there is acceptance, we may not even need to convert the physical bitcoins into fiat. They could circulate along with the existing fiat.
But if we got rid of that, and used them as actual cash I think it would simplify accepting Bitcoins for people. The only problem would be liquidating to fiat...
What place where I see cash is still better than BTC is offline transactions, AFAIK BTC doesn't work if the Blockchain is not synchronized.IS there a way to transact Bitcoins offline?
Offline transactions can be made using physical coins. There are many people who are selling those coins in goods section. Here is one of the link https://bitcointalksearch.org/topic/wts-casascius-silver-coins-978029
Also the physical coins fo not allow you to send some exact amount of bitcoins to someone.
However nowadays we all have mobile phones and we can use online wallets to make on the go transactions.
Physical coins are worth more than the value of bitcoin they hold. So it is difficult to arrive at a valuation quickly and make offline transactions.
They are usually collectors' items.
you can create a transaction offline,for example with elextrum. After that you can spread the txid in blockchain for example
elextrum sounds useful, where I can download it please?
you can create a transaction offline,for example with elextrum. After that you can spread the txid in blockchain for example
elextrum sounds useful, where I can download it please?
What place where I see cash is still better than BTC is offline transactions, AFAIK BTC doesn't work if the Blockchain is not synchronized.IS there a way to transact Bitcoins offline?
Offline transactions can be made using physical coins. There are many people who are selling those coins in goods section. Here is one of the link https://bitcointalksearch.org/topic/wts-casascius-silver-coins-978029
Also the physical coins fo not allow you to send some exact amount of bitcoins to someone.
However nowadays we all have mobile phones and we can use online wallets to make on the go transactions.
Yes, you can exchange a paper wallet or coin wallet for goods or services.
You're correct in realizing, though, that the greatest weakness to Bitcoin is its dependency on the network (and more so power/electricity). If the power grid goes down it becomes impossible to access the network upon which most wallets exist and transactions occur.
Maybe unrelated, but this makes me want plugs to put between the wall and all my appliances and gadgets to get a breakdown of my electricity usage. You're correct in realizing, though, that the greatest weakness to Bitcoin is its dependency on the network (and more so power/electricity). If the power grid goes down it becomes impossible to access the network upon which most wallets exist and transactions occur.
Both parties do not need to have a complete copy of the blockchain in order to spend your bitcoin. Only the receiving party needs to have a copy of the blockchain.
As long as the person sending the bitcoin knows which of their addresses has unspent inputs, they can give the receiver those addresses, the receiver can prepare an unsigned transaction, give it to the sender to sign, the sender signs it and returns the signed transaction to the receiver who broadcasts the tx to the network.
Additionally you do not need a full copy of the blockchain in order to use bitcoin, there are many instances when using a major block explorer would actually be safer then using your own full node (for example if you have a slow internet connection that would not support a lot of connections to other nodes) as information from a block explorer would give you sufficient information to create, and sign transactions as well as confirm they have been confirmed (and/or accepted) by the network (and nodes).
As long as the person sending the bitcoin knows which of their addresses has unspent inputs, they can give the receiver those addresses, the receiver can prepare an unsigned transaction, give it to the sender to sign, the sender signs it and returns the signed transaction to the receiver who broadcasts the tx to the network.
Additionally you do not need a full copy of the blockchain in order to use bitcoin, there are many instances when using a major block explorer would actually be safer then using your own full node (for example if you have a slow internet connection that would not support a lot of connections to other nodes) as information from a block explorer would give you sufficient information to create, and sign transactions as well as confirm they have been confirmed (and/or accepted) by the network (and nodes).
The question is, who the hell is going to carry around the entire blockchain?
You could quite easily carry it on a microsd card, so a lot of people could....
Both parties do not need to have a complete copy of the blockchain in order to spend your bitcoin. Only the receiving party needs to have a copy of the blockchain.
As long as the person sending the bitcoin knows which of their addresses has unspent inputs, they can give the receiver those addresses, the receiver can prepare an unsigned transaction, give it to the sender to sign, the sender signs it and returns the signed transaction to the receiver who broadcasts the tx to the network.
Additionally you do not need a full copy of the blockchain in order to use bitcoin, there are many instances when using a major block explorer would actually be safer then using your own full node (for example if you have a slow internet connection that would not support a lot of connections to other nodes) as information from a block explorer would give you sufficient information to create, and sign transactions as well as confirm they have been confirmed (and/or accepted) by the network (and nodes).
As long as the person sending the bitcoin knows which of their addresses has unspent inputs, they can give the receiver those addresses, the receiver can prepare an unsigned transaction, give it to the sender to sign, the sender signs it and returns the signed transaction to the receiver who broadcasts the tx to the network.
Additionally you do not need a full copy of the blockchain in order to use bitcoin, there are many instances when using a major block explorer would actually be safer then using your own full node (for example if you have a slow internet connection that would not support a lot of connections to other nodes) as information from a block explorer would give you sufficient information to create, and sign transactions as well as confirm they have been confirmed (and/or accepted) by the network (and nodes).
The question is, who the hell is going to carry around the entire blockchain?
Bitcoin is a basic building block of a new payment system. Off-chain and off-line transactions will be possible when we have "clearing services". These "clearing services" may not be decentralised or trustless, I believe this compromise is fine for small transactions.
Just want to say that what you are talking about is called "off-chain transaction" instead of "off-line transaction", isn't it?
Yes, you can exchange a paper wallet or coin wallet for goods or services.
But until the buyer can import or send the key, so still can the seller. The keys need to be safely in your possession for them to be truly yours.
This is where I thought of an Idea. Some kind of device that everyone uses, and it connects and offline moves the BTC or perhaps using an externalized service? I just had a eureka moment and might make a business out of this one day 
Do you think theres a need for this?
Do you think theres a need for this?
If you have a "device" that "everyone uses" and it "connects", you aren't "offline" anymore.
But not everyone has that device, specially not in some developing countries.
Is it possible, feasible even, to do numerous offline transactions and sync with the transactions every once in a while? It needs to be convenient enough for regular people to use like cash.
Its not that hard mate..mayb might take a bit to get used to it..but now I do it flawlessly..doesnt take much time.
Is it possible, feasible even, to do numerous offline transactions and sync with the transactions every once in a while? It needs to be convenient enough for regular people to use like cash.
Both parties do not need to have a complete copy of the blockchain in order to spend your bitcoin. Only the receiving party needs to have a copy of the blockchain.
As long as the person sending the bitcoin knows which of their addresses has unspent inputs, they can give the receiver those addresses, the receiver can prepare an unsigned transaction, give it to the sender to sign, the sender signs it and returns the signed transaction to the receiver who broadcasts the tx to the network.
Additionally you do not need a full copy of the blockchain in order to use bitcoin, there are many instances when using a major block explorer would actually be safer then using your own full node (for example if you have a slow internet connection that would not support a lot of connections to other nodes) as information from a block explorer would give you sufficient information to create, and sign transactions as well as confirm they have been confirmed (and/or accepted) by the network (and nodes).
As long as the person sending the bitcoin knows which of their addresses has unspent inputs, they can give the receiver those addresses, the receiver can prepare an unsigned transaction, give it to the sender to sign, the sender signs it and returns the signed transaction to the receiver who broadcasts the tx to the network.
Additionally you do not need a full copy of the blockchain in order to use bitcoin, there are many instances when using a major block explorer would actually be safer then using your own full node (for example if you have a slow internet connection that would not support a lot of connections to other nodes) as information from a block explorer would give you sufficient information to create, and sign transactions as well as confirm they have been confirmed (and/or accepted) by the network (and nodes).
But that's yet another barrier for people to cross. Hard enough to get people into Bitcoin, then use there digital bitcoin to buy physical versions of it.
But i was just wondering is there a way for Bitcoin to gain a status even 90% of cash? Offline, and instant transactions. Sure it might not be trustless, but there are ways to still protect users.
I suppose you could use physical bitcoins for offline instant transactions. They have a key stored inside them and you have to smash them open to get it. I have never seen one in real life yet, but I have heard of them. If they become popular enough you could use them just like cash.
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