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Topic: C R Y P T O S T A M P with BITCOIN (solutions? thoughts & questions) - HELP! - page 2. (Read 402 times)

legendary
Activity: 1876
Merit: 3132
Ok, in technical terms, this would be more complicated than with ETH... and probably more expensive.

No, it should be easier. You won't have to bother with creating your own token. You will just have to send quite a few transactions to addresses you generate. Each transaction might cost you 226 satoshi depending on the type of addresses you use and the fee rate (1 sat/byte assumption here). It will be much cheaper if you fund all stamps in one transaction.

I was looking for a cheap solutions, but I afraid if I use 1 satoshi per byte, I am not sure, that the TX goes through... right?

It will go through. Take a look at the ecommended fee at this website. The fees have been really low for a long time now. 1 sat/byte transactions usually confirm within 24 hours if there is a sudden spike.
member
Activity: 275
Merit: 72
cryptoenthusiast, artist, BTC propagandist!
and please apologize I am not the best in technical understanding of BTC.

Just try to figure out, if it is possible to keep the costs low and how to setup 100K adresses :-)

THANKS
member
Activity: 275
Merit: 72
cryptoenthusiast, artist, BTC propagandist!
hey guys, thanks a lot for taking your time and getting back to me so quickly.

The idea would be to create 100,000 stamps with 1000 satoshi on it each.

Not much and it just would be 1 BTC, but it would be great to give BTC this honor.


Ok, in technical terms, this would be more complicated than with ETH... and probably more expensive.

I was looking for a cheap solutions, but I afraid if I use 1 satoshi per byte, I am not sure, that the TX goes through... right?

legendary
Activity: 1876
Merit: 3132
Is there an option to get cheaper TX fees by using the lightning network?

The Lightning Network won't be useful in this case. It is supposed to be used mostly for micro-transactions, but it also requires a specific setup to work. If you want to 'fund a stamp' with some coins then sending an on-chain transaction with the lowest possible fee (1 sat/byte) is the only reasonable choice right now.
legendary
Activity: 1624
Merit: 2481
Ethereum wasn't chosen because the fees are lower or because it is easier to create so many addresses, but because it is a platform to create tokens on it.

The crypto stamp is an ERC-721 token.

You can't really reproduce this with bitcoin.


Regarding your other questions, generating 1k - 1000k addresses shouldn't take too long. A few minutes at maximum.
Depending on the implementation it might or might not save on fees with the lightning network.

How would you want to build it ? If everyone has to open a channel first, your are paying more fees (opening + closing channels = 2 TX instead of simply 1 to fund it).
And additionally the LN is still in beta and shouldn't be used with more funds than you can stand losing.


The way, the cryptostamp has been designed, it is not feasible using the bitcoin network.
member
Activity: 275
Merit: 72
cryptoenthusiast, artist, BTC propagandist!
Hello everyone,

Some of you might have noticed the success of the austrian crypto stamp based on Ethereum. I really liked it, but
I have to admit, I still would love to see a stamp based on BTC. Maybe some of you see it like me.

Well, I assume the Austrian Post decided to take ETH because the transaction fees are cheaper and maybe it is
easier to set up so many wallet adresses, etc...

I will have a meeting with the Vice-president of the Austrian Post and want to convince him to create a BTC stamp,
but I would have some questions to you.


What would be the fastest and easiest way to create 1000-100K BTC wallet adresses?

Is there an option to get cheaper TX fees by using the lightning network?

What are your thoughts and opinions???


THANKS to everyone who contributes here and have a good time!
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