Topic: Secure way to process withdraws automatically (Read 765 times)
What good method stable this?
Hello. Im developing a Bitcoin trading related site.
I would like to know how mtgox and cex.io for example could transfer funds automatically to clients with a reduced exposure. The only measure i can schematize is having two wallets one constantly transfering to cold-wallet so that it doesn't have more than like 0.5% of all funds, and process withdraws as requested. This case in case of server being hacked, only a small portion of funds are stolen. Any other sugestion to implement this? Thanks
Send all customer deposits directly to cold storage, and only keep enough in the hot wallet to process n hours of withdrawals. Make sure you always have an employee available to process a cold wallet -> hot wallet transaction every n hours, or sooner if there is a sudden increase in withdrawal demand. I would like to know how mtgox and cex.io for example could transfer funds automatically to clients with a reduced exposure. The only measure i can schematize is having two wallets one constantly transfering to cold-wallet so that it doesn't have more than like 0.5% of all funds, and process withdraws as requested. This case in case of server being hacked, only a small portion of funds are stolen. Any other sugestion to implement this? Thanks
bad terms but im afraid im around on ideologgy hm?
"Hot wallet"
"Cold storage"
Are the terms you are looking for
"Cold storage"
Are the terms you are looking for
Hello. Im developing a Bitcoin trading related site.
I would like to know how mtgox and cex.io for example could transfer funds automatically to clients with a reduced exposure. The only measure i can schematize is having two wallets one constantly transfering to cold-wallet so that it doesn't have more than like 0.5% of all funds, and process withdraws as requested. This case in case of server being hacked, only a small portion of funds are stolen. Any other sugestion to implement this? Thanks
I would like to know how mtgox and cex.io for example could transfer funds automatically to clients with a reduced exposure. The only measure i can schematize is having two wallets one constantly transfering to cold-wallet so that it doesn't have more than like 0.5% of all funds, and process withdraws as requested. This case in case of server being hacked, only a small portion of funds are stolen. Any other sugestion to implement this? Thanks
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