C R Y P T O S T A M P with BITCOIN (solutions? thoughts & questions) - HELP!

Aayan

Member
Hello everyone,

Some of you might have noticed the success of the austrian crypto stamp based on Ethereum. I really liked it, but
I have to admit, I still would love to see a stamp based on BTC. Maybe some of you see it like me.

Well, I assume the Austrian Post decided to take ETH because the transaction fees are cheaper and maybe it is
easier to set up so many wallet adresses, etc...

I will have a meeting with the Vice-president of the Austrian Post and want to convince him to create a BTC stamp,
but I would have some questions to you.


What would be the fastest and easiest way to create 1000-100K BTC wallet adresses?

Is there an option to get cheaper TX fees by using the lightning network?

What are your thoughts and opinions???


THANKS to everyone who contributes here and have a good time!
 

Jayce

Member
Ethereum wasn't chosen because the fees are lower or because it is easier to create so many addresses, but because it is a platform to create tokens on it.

The crypto stamp is an ERC-721 token.

You can't really reproduce this with bitcoin.


Regarding your other questions, generating 1k - 1000k addresses shouldn't take too long. A few minutes at maximum.
Depending on the implementation it might or might not save on fees with the lightning network.

How would you want to build it ? If everyone has to open a channel first, your are paying more fees (opening + closing channels = 2 TX instead of simply 1 to fund it).
And additionally the LN is still in beta and shouldn't be used with more funds than you can stand losing.


The way, the cryptostamp has been designed, it is not feasible using the bitcoin network.
 

Cole

Member
Is there an option to get cheaper TX fees by using the lightning network?
The Lightning Network won't be useful in this case. It is supposed to be used mostly for micro-transactions, but it also requires a specific setup to work. If you want to 'fund a stamp' with some coins then sending an on-chain transaction with the lowest possible fee (1 sat/byte) is the only reasonable choice right now.
 

Maxwell

Member
The idea would be to create 100,000 stamps with 1000 satoshi on it each.

Not much and it just would be 1 BTC, but it would be great to give BTC this honor.


Ok, in technical terms, this would be more complicated than with ETH... and probably more expensive.

I was looking for a cheap solutions, but I afraid if I use 1 satoshi per byte, I am not sure, that the TX goes through... right?
 

Juan

Member
Ok, in technical terms, this would be more complicated than with ETH... and probably more expensive.
No, it should be easier. You won't have to bother with creating your own token. You will just have to send quite a few transactions to addresses you generate. Each transaction might cost you 226 satoshi depending on the type of addresses you use and the fee rate (1 sat/byte assumption here). It will be much cheaper if you fund all stamps in one transaction.
I was looking for a cheap solutions, but I afraid if I use 1 satoshi per byte, I am not sure, that the TX goes through... right?
t will go through. Take a look at the ecommended fee at this website. The fees have been really low for a long time now. 1 sat/byte transactions usually confirm within 24 hours if there is a sudden spike.
 

Camden

Member
Ok, thats definitely good news, that the TX go through for sure! 24h is totally fine!

So let us assume I want to create 1000 wallet adresses and send 10K satoshi to them. How would you do this?

Just asking for a rough sketch with the most important info and not the whole process :)
 

Dennis

New member
So let us assume I want to create 1000 wallet adresses and send 10K satoshi to them. How would you do this?
You would simply generate 1k private keys, and derive the public keys and addresses out of it and create 1 or multiple pay-to-many transactions with your input and 10k satoshi output for each address.

To create a few thousand addresses, you can either use an own script or a wallet like electrum. Electrum needs roughly 1 second per 1k addresses (depending on your machine).


But the important question is.. what would be the sense of funding the address with 10k satoshi ?
Would you print the public-key or address as QR on the stamp ? This doesn't make a lot of sense to me. What would the owner of the stamp do with it ? Import the private key ?
 
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