Can I make direct transaction? | Bitcointalksearch.org

WSDN

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Quote from: Stephen Gornick on August 30, 2013, 09:50:30 PM

Quote from: Oldgamer on August 30, 2013, 09:34:37 PM

I think I can make direct transfer, but I want to be sure.

Technically it will work.

The main problem in keeping your funds with a hosted (shared) E-Wallet (like how most pool accounts and exchange accounts operate as) is that when you request a withdraw, you are at that service's mercy. If they have an empty hot wallet and need to transfer more funds from their cold wallet, you have no options other than to wait.

Instead, if you have the funds in your own wallet -- your transaction goes out immediately.

Additionally, let's say you were withdrawing to an address someone else gave you. If that other person happens to use the same E-Wallet service, then that transaction may not get broadcast to the network (i.e., is handled internally within the wallet as an account-to-account transfer). So you wouldn't have the blockchain as proof that you had sent payment.

So generally, you don't want to get in the habit of using your pool's withdraw feature as the method for sending bitcoins to other people.

+1

lavalampoon

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Quote from: Oldgamer on August 30, 2013, 09:34:37 PM

I already asked this question on Litecoin forum, but still did not get the answer:
Let say I want to make transaction from mining pool to BTC-e or MTGox or any other recipient. Should I withdraw coins to my wallet first and only then send to recipient, or I can just enter recipient address and make direct transaction? In other words, in order to send coins from A to C, should I first send from A to my wallet, and only then send from my wallet to C?
I think I can make direct transfer, but I want to be sure. Sorry if this question is too stupid.

The Mycelium Wallet for Android allows you to spend all or some amount from a private key (cold storage) to another public address. No need to waste the time associating the money with your normal accounts. It is an extremely useful feature that I wish all bitcoin wallets included.

Oldgamer

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Thank you very much for your help Steven.
Sure, when I transfer money from my wallet "on my own" it will go to network right away, and with withdraw i am on a mercy of account owner.
Now, talking about transaction within the same service, I do think that it also should work, because all transactions are processed the same way, using exposure to the network. There are no human involvement, and system probably "does not know" if recipient address is in the same wallet... while I was typing it I guess I realized that yes, it can be the same wallet.
Actually, I think I can make test transaction from my wallet to my wallet and check what is going to happened.
P.S.
I found omething here: http://bitcoin.stackexchange.com/questions/11260/sending-bitcoins-to-myself

Stephen Gornick

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Quote from: Oldgamer on August 30, 2013, 09:34:37 PM

I think I can make direct transfer, but I want to be sure.

Technically it will work.

The main problem in keeping your funds with a hosted (shared) E-Wallet (like how most pool accounts and exchange accounts operate as) is that when you request a withdraw, you are at that service's mercy. If they have an empty hot wallet and need to transfer more funds from their cold wallet, you have no options other than to wait.

Instead, if you have the funds in your own wallet -- your transaction goes out immediately.

Additionally, let's say you were withdrawing to an address someone else gave you. If that other person happens to use the same E-Wallet service, then that transaction may not get broadcast to the network (i.e., is handled internally within the wallet as an account-to-account transfer). So you wouldn't have the blockchain as proof that you had sent payment.

So generally, you don't want to get in the habit of using your pool's withdraw feature as the method for sending bitcoins to other people.

Oldgamer

full member

Activity: 134

Merit: 100

I already asked this question on Litecoin forum, but still did not get the answer:
Let say I want to make transaction from mining pool to BTC-e or MTGox or any other recipient. Should I withdraw coins to my wallet first and only then send to recipient, or I can just enter recipient address and make direct transaction? In other words, in order to send coins from A to C, should I first send from A to my wallet, and only then send from my wallet to C?
I think I can make direct transfer, but I want to be sure. Sorry if this question is too stupid.

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