What is BTC Mail?
BTC mail is a peer to peer way to send bitcoin using just an email address.
How to get started?
Please visit https://www.blockonomics.co/btcmail#/
How does it work?
BTC mail uses split key generation for distributed trust.
Basically the sender and blockonomics have only part of the private key but can generate the public bitcoin address. Receiver has both parts of the private key and can claim the bitcoins.
- Sender generates private_key1 on his browser and shares link having private_key1 with receiver.
- Blockonomics generates private_key2 on its server and mails it to the receiver as the redeem code.
- Sender sends public_key1 to blockonomics server which combines public_key1 and public_key2 to generate the final bitcoin address. Sender can then send bitcoins to this address.
- Receiver combines private_key1 with private_key2 on his browser to claim the bitcoins
How is this better than a centralized service that keeps coins in its vault?
Centralized services can be hacked and can go down anytime. In this case even if blockonomics server is compromised, the hacker cannot take your bitcoins because he will only get a part of the private key.
How is this better than me mailing directly my private key?
If sender mails his private key, receiver is not sure of complete control of bitcoins. Anytime the sender can withdraw the bitcoins.
I entered a wrong email address, how do I get a refund?
You can visit the redeem link after one week to automatically claim the refund. Note that this is possible only if bitcoins have been not redeemed. If anyone with the redeem link and the redeem code successfully claims the bitcoins before one week, no refund is possible. We don't verify identities and blockonomics part of private_key is deleted from our server on redeem.
What is the price of the service?
This service is completely free of cost.