Do multi-signature transactions make a 'bitcoin kickstarter' possible? And what state are the bitcoins in, in the meantime?


This isn't a question about kickstarter really, just a way for me to phrase my question about the crypto in terms that I can understand.

My understanding, based on this article.. Stop Saying Bitcoin Transactions Aren’t Reversible is that multi-signature transactions would make something like a bitcoin KickStarter particularly easy.

That is the kickstarter-like bitcoin service would act as a third party to many contracts transferring btc to the second party?

Maybe this has already been done? Hmm @coinstarter.. Yay! Great to see but doesn't really answer my question about how the crypto works.

To make things easier I'll call the people that pledge to the campaign the 'first parties' and the recipients of the funds the 'second party'. Could multi-party signatures to ensure the second party only receives btc after the projects are funded? and at the same time be sure that the third party (eg coinstarter) technically can't abscond with the funds.


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BitPay, one of the earliest payment processors for Bitcoin, has released the Android version of its open-source, multi-signature wallet dubbed Copay. The app is in beta, but it’s already proving to be an innovative implementation of the cryptocurrency’s core protocol. Copay enables multiple people to control the funds of a single wallet — any one of them can propose a transaction, but it takes a certain number of them to approve it.

The wallet is free to use — aside from Bitcoin’s normal transaction fees — and is now available as an Android app, Chrome extension, or a simple web app. This means that the application has a wide reach, and the platforms are all compatible with one other. As long as one has the secret key to join someone else’s wallet, it doesn’t matter if one is on his Android phone and the other is using her Chrome browser.

The Android version of Copay is the first mobile Bitcoin wallet to seamlessly integrate multi-signature transactions, a feature...

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Bitcoin multisig wallets have tremendous potential for increasing the security of funds and giving technology tools to enforce corporate governance. Over the past month we have seen a large number of Bitcoin services dramatically fall over into the abyss. Silk Road 2, the intended successor to the Silk Road anonymous marketplace that was shut down in October last year, lost $2.7 million worth of BTC consisting of all of its users' account balances and is struggling to figure out how and if it will ever be able to relaunch.

MtGox, once the world's largest Bitcoin exchange with over 90% market share, stopped processing withdrawals early in February and has since shut down entirely, admitting to having lost a staggering 750,000 BTC. Flexcoin, an old "bitcoin Bank", shut down after having lost 900 bitcoins, and a site called Poloniex gave its users a Cyprus-style haircut after finding out that it was short around 75 BTC.

Some people, initially including myself, are seeing...

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Bitcoin is the currency of the Internet: a distributed, worldwide, decentralized digital money. Unlike traditional currencies such as dollars, bitcoins are issued and managed without any central authority whatsoever: there is no government, company, or bank in charge of Bitcoin. As such, it is more resistant to wild inflation and corrupt banks. With Bitcoin, you can be your own bank.

If you are new to Bitcoin, check out We Use Coins and You can also explore the Bitcoin Wiki:

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Community guidelines

Do not use URL shortening services: always submit the real link. Begging/asking for bitcoins is absolutely not allowed, no matter how badly you need the bitcoins. Only requests for donations to large, recognized charities are allowed, and only if there is good reason to believe that the person...
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Mike McGovern, head of Investor Services Fintech Offerings at Brown Brothers Harriman. Brown Brothers Harriman & Co.

Cryptocurrencies have been red-hot lately. The price of bitcoin and an ether token, for instance, have been on a tear and are up 121% and 490%, respectively, since April 6.

Ether tokens and bitcoin are built on a technology called blockchain. That's a kind of digital ledger that records and verifies transactions made on it.

Ether tokens, which power Ethereum blockchain, are newer to the crypto-scene than bitcoins, which can trace their origins back to 2009.

Mike McGovern, the new head of Investor Services Fintech Offerings at Brown Brothers Harriman & Co, one of the oldest private banks in the US, thinks one blockchain is clearly superior.

"When looking at bitcoin blockchain versus Ethereum, there's no doubt Ethereum is superior," McGovern told Business Insider in a recent phone...

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CoSign Coin

CoSign Coin is the newest Bitcoin Escrow Service to launch this year. There are several things that CoSign Coin does differently than other more traditional escrow services, though that are worth highlighting. CoSign Coin is a Multi-Signature based Escrow service that, through an intuitive and user-friendly design, is seeking to bring multi-sig to the average Joe. When you use CoSign Coin’s escrow service, the bitcoins you send are never under the sole control of CoSign Coin. This is contrasted by the lucrative and international escrow industry that epitomizes the very definition of centralization; ie,

[dropcap size=small]M[/dropcap]ulti-Signature escrow works by sending bitcoins to a securely created multi-signature Bitcoin address (Starts with a 3 instead of a 1) that requires two-of-three private keys to send a transaction. In smooth escrow transactions,...

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A transaction is a transfer of Bitcoin value that is broadcast to the network and collected into blocks. A transaction typically references previous transaction outputs as new transaction inputs and dedicates all input Bitcoin values to new outputs. Transactions are not encrypted, so it is possible to browse and view every transaction ever collected into a block.

Standard transaction outputs nominate addresses, and the redemption of any future inputs requires a relevant signature.

All transactions are visible in the block chain, and can be viewed with a hex editor. A block chain browser is a site where every transaction included within the block chain can be viewed in human-readable terms. This is useful for seeing the technical details of transactions in action and for verifying payments.

general format of a Bitcoin transaction (inside a block)

Principle example of a Bitcoin transaction with 1 input and 1 output only


Input: Previous...
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