7

We are planning to launch Initial Token Sale for our amazing startup. We are planning to accept Ether and Bitcoin with Ethereum based smart contracts. So, we are just looking forward to have standard way (which is easy for investors) of implementation, that allow us to accept bitcoins as well.

Major challenge with us that with Ether transfer we are immediately showing tokens as balance for Investor's Ethereum Address. Something similar possible with Bitcoins ? If not what is the standard way other startups are following to ease the process, if require we can change our contract conditions accordingly.

Thanks in advance for any help or suggestion.

|improve this question
1

I think it is not possible to do it with a smart contract as the bitcoin blockchain has no existence inside the EVM.

I do not know how the other startups do. A good idea might be to look at an ICO to understand what they do and to ask if necessary.

If I had to do that myself, I think I would ask investors to create an ethereum adress where you can send them the ethereum token. You can do it through an API, I think.

|improve this answer
  • I agree there is no direct way and that is why I am interested to know if there is an easy way to do it. BTW I didn't understand the way you would do it ? With your approach how you accept the Bitcoin ? In fact would it be wise to accept Bitcoin because ultimately we need Ethereum address to send the tokens. – Krunal Soni Aug 3 '17 at 13:22
  • 1
    I have no real experience in that, but I would do something like funder x gives his bitcoin address and his ethereum address to your application. Then he sends bitcoins to your adress, your app checks that on the bitcoin blockchain through a blockchain explorer and if it has really be sent, then you send the token to its ethereum address. This way the funder does not have to buy ether if he does not want to. – Distic Aug 3 '17 at 15:34

Your Answer

By clicking “Post Your Answer”, you agree to our terms of service, privacy policy and cookie policy

Not the answer you're looking for? Browse other questions tagged or ask your own question.