[bitcoin-dev] 2 step confirmation system

[rmcc4444 via bitcoin-dev]

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.

[Rhavar via bitcoin-dev]

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 --------

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.
--
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