Re: [bitcoin-dev] 2 step confirmation system

[Rhavar <rhavar@protonmail.com>]

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1. Bitcoin addresses contain a "checksum", which means it's pretty much impossible to fat finger any address. (Note: most altcoins don't seem to do this, so fat-fingering is very much a risk). If you can send to an address, you can be sure there is no mistake.

However, there is a real risk of malware. I see on a daily basis people who send to the *wrong* address, because for example they have malware on their computer which replaces a the intended address with one controlled by the malware author. So verifying you are sending to the correct address is very much still a concern, but there's no risk you type a 2 instead of 3 and send to the wrong place.

2.  Google "bitcoin multisig" and "bitcoin escrow". In the core bitcoin protocol there's a lot of support that enables stuff like that -- but nothing that is really commonly used. I've done some very large deals with bitcoin, with the use of "2 of 3 multisig" (basically 2 of: me, counter-party, arbitrator)  need to sign off on it. However it's a big pain in the ass, with poor tooling and expensive transactions. Unless you're dealing with 100+ bitcoin, it's a lot easier for everyone to just use a trusted (single party) escrow.

-Ryan

-------- Original Message --------
On January 23, 2018 7:42 PM, rmcc4444 via bitcoin-dev <bitcoin-dev@lists.linuxfoundation.org> wrote:

> I know from speaking to my friends not involved with Bitcoin that two of their major concerns are as follows:
>
> 1. They are afraid if they fat finger the address there is nothing they can do about it and not get their Bitcoin back.
>
> and/or
>
> 2. They would like to at least have the option to use some sort of 2 step confirmation system when dealing ith people they do not know. For example, after sending the Bitcoin to a seller they would like to be able to do a final approval of the tm transaction. If the 2 people involved in the transaction approve of it within X hours, the coin returns to the original person. This system would basically act as an escrow.
>
> This 2 step system could work with both of these.
>
> I apologize if this is the incorrect place to post this. I did not know where else to share these thoughts.
>
> Thanks for your time.
>
> --
>
> ** This message was likely sent using voice to text. Please ignore any typos.**

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