Bitcoin Purchase Agreement

AnonGirl then signs its entries with SIGHASH_ALL to make sure no one can change the entry or exit details. It hands over the partially signed transaction to Nemo, who signs its entries in the same way and passes them on to Neminem, who also signs it in the same way. Neminem then transfers the transaction to the peer-to-peer bitcoin network and mixes all millibitcoins into a single transaction. The seller wants to sell a device that automates the purchase of bitcoins with banknotes, and the buyer wants to buy a commercial device that fulfills this valuable function; Contracts are transactions that use the decentralized bitcoin system to enforce financial agreements. Bitcoin contracts can often be designed to minimize dependence on external agents, such as the court system, which greatly reduces the risk of negotiating with unknown companies in financial transactions. Now, if Alice does some work worth 1 millibitcoin, she asks Bob to create and sign a new version of the refund transaction. Version two of the transaction releases 1 millibitcoin to Alice and the other 99 back to Bob; There is no ban period, so Alice can sign it and spend it whenever she wants. (But she doesn`t do it right away.) Bob asks Alice for his public key, then creates two transactions. The first transaction pays 100 millibitcoins for a P2SH release whose multisig 2 input script requires signatures from Alice and Bob. It`s the bond transaction.

When Alice sends this transaction, she holds the millibitcoins hostage, so Bob keeps this transaction a secret for now and creates a second transaction. 2.4. No refunds. All sales are final. The seller will not refund the buyer`s money for any reason that is not indicated in this agreement. The down payment of 50% of the purchase price will not be refunded under any circumstances. In cases where the seller makes an exception and accepts a refund, the seller will refund to the buyer all the money received from the seller, reduced by a 10% tax on the bottom, in case of a full order, and the buyer will no longer resort to the seller. The formability of the transaction described above in the Transactions section is another reason to limit the value of micro-payments channels.

If someone uses transactional formability to cut the link between the two transactions, Alice Bobs could hold 100 millibitcoins hostage, even if she hadn`t done a job. Each contributor searches their collection of unspent transaction expenses (UTXOs) for 100 millibitcoins they can spend. You then generate a brand new public key and give UTXO details and pubkey hashs to the host. In this case, the moderator is AnonGirl; It creates a transaction that spends each of the UTXOs for three equal editions. An outing goes to each of the pubkey hashs of contributors. 3.3. Non-responsibility clause of marketing guarantee and guarantee of fitness.