it's a simple idea .
user sell something to me.
I send their coins from the hot wallet to his user wallet ( a wallet that I make on my website) , the trick is he can see the bitcoins on his wallet but somehow he can't withdraw them to external wallet, this is kind of automatic escrow , so if his sold goods are defective admin can cancel the transaction as long as it still under X time or X blockchain confirmations.
I know I can do this by just not sending the coins and just saying " X BTC on hold"
but I want user to verify that X ammount of BTC was Really sent To his wallet via blockchain .
This could work if you build your
Wallet/Market site
over the blockchain.Means you'll be needing a huge Bitcoin capital.
The Trades are happening within the site without sending BTC funds from one address to another (just pseudo-balances per account).
The
Seller (of products) and
Buyers will be issued with their own wallet(just receiving-addresses) containing BTC Funds which are not directly controlled by them (the private key is hidden, Multisig address will work)
Ex:
The Seller sold a camera worth of 0.1btc to Buyer.
0.1 BTC will directly credited to Seller's wallet and deducted to Buyer's wallet after the purchase
within the site. This way, there will be no transaction cost and Item return/warranty refund won't be a problem.
Seller wants to withdraw his balance to his
own(outside the site) adress, the site will "process" the withdrawal (Multiple Blockchain Transactions for less Transaction cost)
There will be a huge security risk behind this
Or just make an online Store that accepts COINS. They process payment within their sytem not directly sending to the blockchain just like what I said above.
But they charge fees in every transaction.
