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For each coin that you have online, there is a wallet backing it. This is either a full node or a cloud wallet. This wallet has a balance on it, which is how many coins are actually available on the site. The plugin then keeps a record of user balances and uses this master wallet to store the coins, to receive new coins, and to withdraw coins to external addresses. Perhaps all this is more clear with an example:
Say you have a new master wallet with 0 coins.
Then user A deposits 10 coins. There are 10 coins on the master wallet and they all belong to user A.
Now user A transfers 2 coins to user B. Now user A has 8 coins, and user B has 2 coins minus whatever the fees are. Your master wallet still has 10 coins. And the fees are in the master wallet that you control.
Now suppose you go to the cold storage section and withdraw 5 coins to a hardware wallet. Now user A still has 8 coins, user B has a bit less than 2 coins, and the master wallet has a balance of 5 coins. User B can withdraw their entire balance, but user A cannot. This is why you need to keep track of the percentage of user balances that is online. You do not want users to not be able to withdraw their coins, but you do not want to have the entire balance online either, because you don’t want to put all your eggs in one basket, security-wise. It’s a trade-off.
Hope this is more clear?
I do not know why you see “60%.” in the “Adapter status” column in the coin adapters list.
It seems that you have set up a Bitcoin and a Litecoin full node.
Normally this column should read “Responding” if all goes well, or it will display an error message coming from the wallet if something is wrong. Have you synced your blockchains? Does the error message persist?
You do not need to have a bank account or a paypal account. You do need to setup a wallet, either a cloud wallet or one of the full node wallets, and to connect it to the plugin via a coin adapter. All of this is detailed in the documentation and website.
To earn cryptocurrencies you do the same things you do to earn other kinds of money: provide goods and services that people want or need.
Via this website I provide access to WordPress software that does specific things with cryptocurrencies, but it is up to you to figure out which ones can help you in your business. For example, if you have setup a shop using the WooCommerce extension, you can use the WooCommerce payment gateway to enable cryptocurrency payments, or if you want to pay microtransactions to encourage recurring traffic you could set up a faucet. These are all app extensions that provide functionality on top of wallets.
I would suggest that you do not start with the question “How do I earn coins?” but with the question “What goods or services can I provide that people value?”. Cryptocurrencies, just like all forms of money, are tools that can help you grow your business, they are not a business in themselves.
To answer your previous question, when fees are paid by users they are deducted from their balance. The actual coins (minus any miner fees) remain on the site’s wallet, they are not added to any of the user accounts. You always have access to the master wallet(s) for the site and the coins are always yours.
The CoinPayments adapter sets the fixed portion of the withdrawal fees to be equal to whatever amount is required by the CoinPayments platform to pay for blockchain mining. Any additional fees that you set are added on top of that. The extra fees that you set are subtracted from the user’s account but not from the wallet address.
Please see this recent post to a similar question for more details: https://www.dashed-slug.net/forums/topic/failed-withdraw-and-fees/page/2/#post-2325
The video you are referring to was done before any of the web wallets were implemented, but the general idea still holds. While earning some transaction fees can make you money, you cannot expect to create a website wallet with only that as your plan. Your users need a reason to use your website as a wallet, so you need a business plan. This is where the app extensions come in. They let you provide functionality on top of wallets.
Hope this is more clear.
Yes, it seems that with the current deployment of the lightning network the mempool is becoming less congested so it’s very likely that fees will soon drop enough for your transaction to go through. If not, here is some general info about what to do with unconfirmed transactions: https://bitcoin.stackexchange.com/questions/9046/why-is-my-transaction-not-getting-confirmed-and-what-can-i-do-about-it
In the plugin, when a coin adapter determines the amount of fees, based on your settings and possibly other factors, the fees that you see in the Transactions table do not get added to any account, but to the wallet.
The plugin maintains a 1-to-N mapping of wallets to users. The wallet balance shown next to the adapter is the actual balance in the wallet. while the user balances are derived from the sum of user transactions. The fees paid cover the network fee paid to the blockchain, and if the fees are larger than that, the extra amount is subtracted from the user and remains in the site’s wallet.
In your IPN history, at the deposit that was not sent successfully, click on the date/time field. This should show you details of why the IPN did not succeed.
Can you send me that error message? Thanks.
Yes, thank you for changing from the Electrum wallet to CoinPayments. The CoinPayments adapter is well-tested and is being used in a lot of installations. The Electrum adapter needs some more work because the wallet has changed recently.
The plugin does a mapping of one wallet to many users. The balance you see in the adapters list and in the cold storage screen is the full balance of the wallet, not the balance assigned to each user.
For a user to have a balance, they need to do a deposit to one of their deposit addresses. When you go to the Wallets -> Transactions page, do you see any transactions with type = “deposit”? If so, do they have status = “done”? If not, then there shouldn’t be any balance on the user accounts.
Do a deposit to one of the user deposit addresses. This will work if you have set up the CoinPayments adapter correctly, by following all the installation instructions on the adapter page. Common pitfalls:
Remember that deposits work via an IPN callback from the CP platform, therefore they will not work in your local dev environment. The plugin needs to be running on an internet-facing server.
To do your tests, you can enable the Litecoin testnet coin (LTCT) and use this faucet to do your test deposits: http://testnet.litecointools.com/
Do tell me how this went and if you face any further problems. But make sure that you have followed all the installation instructions for the adapter and that your server can accept IPN callbacks.
That is my intention, yes.
Thanks for your interest in this. You are very right in that I had said it would be done and it’s not.
It is still in my immediate plans and I was delayed for a number of reasons, most of which were outside my control.
In the future I will refrain from making promises and setting public deadlines. Lesson learned.
It’s good it works but when I open bitcoin qt j wing message Status: 0/unconfirmed, in memory pool
Do you see 0 confirmations only in the plugin or in the blockchain as well?
If you do not see your transaction having been confirmed on blockchain.info, then it is possible that your transaction has not yet been mined. This would be the case if you have set the fees too low. This is an issue with the bitcoin network at the moment as I explained before. If on the other hand you do see your transaction with confirmations on blockchain.info, then we can discuss why this is not reflected in the plugin. The plugin is notified about network confirmation changes both via the
-walletnotifymechanism of the full node, and via polling the node.
thank you very much, (it has no report but what studies did you do ?)
Do you mean what I have studied personally? My academic credentials are on LinkedIn https://www.linkedin.com/in/alexandrosgeorgiou/
Let me know what happened with your transaction.
As you know the Bitcoin fees are quite high at the moment due to the Lightning network not having been deployed yet.
The actual fees that your Bitcoin core wallet pays to the blockchain are controlled by your bitcoin.conf, not the plugin.
In your coin adapter there is some text about this, I’m pasting it here:
This withdrawal fee is NOT the network fee, and you are advised to set the withdrawal fee to an amount that will cover the network fee of a typical transaction, possibly with some slack that will generate profit. To control network fees use the wallet settings in bitcoin.conf: paytxfee, mintxfee, maxtxfee, etc. Refer to the documentation for details.
So you will need to configure a sensible amount of fees for a single transaction, depending on how fast you want it confirmed. The withdraw transaction is from one address to one address. You should set this in your
bitcoin.conf. Then, make sure that the withdrawal fees set in the plugin are at least as high as this, or higher.
You can estimate a sensible value for the current time period from this webpage: https://bitcoinfees.earn.com/
Also take the time to read this: https://support.earn.com/digital-currency/bitcoin-transactions-and-fees/how-do-i-calculate-my-transaction-fee
Hope this helps.
Yes, this is the purpose of this plugin. Users whose role have the
has_walletscapability automatically get wallets in all the cryptocurrencies that you have enabled adapters for.
Can you please describe in more detail what “doesn’t work”? I need some more info. What do you see in the Adapters screen? Are your coins listed there? Is the adapter status “responding”? Are the UIs displayed in the frontend?
You also helped me notice that I’ve misspelled “transaction”, so thank you for that! 🙂
Ah yes, this is a bug that was fixed in the latest version. Sorry about that.
Either update to the latest version, or add a passphrase to your wallet.
Ideally you should do both.