Happy Ten Year Anniversary of the Satoshi Bitcoin Client
Sometime on or after January 3rd, 2009, Satoshi Nakamoto created the genesis block. Six days later he mined the first block and released the open source Bitcoin client software. And on the seventh day (we hope) he rested.
To mark the ten year anniversary of Satoshi’s gift to mankind, the Bytabit team has decided to also release the source code to our mobile bitcoin exchange app today (January 9, 2019). For those of you who are technically inclined the Git repository is here (please note we are still in early development so the app is only meant to be used on testnet). We have also finished two new features, support for buy offers and the ability to cooperatively cancel a trade.
Traders can now create buy offers as well as sell offers. When you create a buy offer you specify the details by which you agree to buy bitcoin, including the fiat price and amounts and payment method you will use. A bitcoin seller takes your offer to initiate the trade. A trade created from a buy offer follows the same process as when a trade begins with a sell offer; 1) the seller funds a bitcoin multisig escrow with the bitcoin amount to be sold, 2) the buyer sends their fiat payment directly to the seller, and 3) the seller confirms receipt of the fiat payment and pays out the purchased bitcoin from the escrow to the buyer.
Depending on the current status of a trade the buyer and/or seller can now cancel an in-progress trade. Canceling is an alternative to arbitration and can be initiated by either party before to the seller commits bitcoin to the trade. A bitcoin buyer can also cancel a trade after the seller funds the trade’s escrow as long as the buyer has not yet sent their fiat payment to the seller. When a buyer cancels a funded trade they sign and broadcast a transaction that refunds the seller’s escrowed bitcoin. The ability to cooperatively cancel a trade helps a seller quickly regain access to their bitcoin when a buyer can not complete the fiat side of the trade. We also plan to add a way for sellers to create a blacklist of buyers who abuse this cancel functionality to game the system.
Thanks again for following our work. In this article we announced the open source release of the Bytabit mobile app and presented our two latest enhancements. We look forward to hearing what you think. You can reach us at firstname.lastname@example.org or on Mastodon or Twitter.