Details: Tortuga Market
If you do not trust our escrow system we provide an alternative. Multisignature payments. The idea is generally that two out of three Bitcoin signatures are needed to release a payment. This guide will explain how these payments are processed on Tortuga.
Multisig for buyers
The following steps will guide buyers through our multisig process. Note that you can only request multisig if your vendor supports it.
- Take an order.
- Go to My orders, select your order (Status Payment pending) and choose “Request multisig”. The status will change to Multisig requested. If your vendor does require multisig this step is not necessary.
- Go to Multisig. Here you have to provide the public key of one of your Bitcoin or Litecoin addresses. Click save.
See here to find out how to provide a public key
- After your vendor and Tortuga have provided their public keys you can go to Multisig > Pending to get the payment address. This is the address you have to make the payment to.
- Your vendor will be notified as the payment arrives at the multisig address. From now on two parties are required to sign the payment transaction to release the payment.
- Usually you should receive your order and everything is fine. In this case you can get infos about your multisig payments via Multisig > Completed. To get everything you need to sign a multisig transaction go to Multisig > Sign. In most cases you wont have to do this. Tortuga and the vendor will sign the transaction if everything went fine.
Mark your order as received to indicate everything was fine
Multisig for vendors
As a vendor you have the option to reject, accept or even require multisignature payments. Please note that we do not tolerate FE. If you used to request FE from your customers consider requiring multisig payments.
Please note that buyers can always request multisig if you accept it. You should check Your orders > Upcoming or Multisig > Requested on a regular basis.
- Multisig > Requested shows requested multisig payments. You have to provide the public key of one of your Bitcoin or Litecoin addresses to continue payment process. See here to find out how to provide a public key.
- For your information Multisig > Pending shows multisig payments which have not been payed by the buyer yet. Orders will automatically be cancelled if no payment arrives within two days.
- Similar to using our centralised escrow payment system your orders will switch to Processing as soon as the payment arrives. At this point you should ship the order and mark it as shipped.
- If everything goes well the order arrives and the buyer marks the order as received. Again this is the same procedure as with our escrow system.
- Multisig > Signed will show multisig transaction which have already been signed by the buyer or Tortuga. We will automatically sign the payment transaction if everything went well. You just have to take this signedtransaction, sign it with your private key and propagate it to the Bitcoin or Litecoin network.
Transactions signed by Tortuga after a order was completed successfully
You can see details about your multisignature payments as soon as all three public keys have been collected. You may have to use the XLS Button on bottom of the page to get a Excel file which contains all the information you need.
During the multisig payment process you will have to provide a public key of a Bitcoin or Litecoin address and you will have to sign a payment transaction. You may even want to create your own raw payment transaction. These are not the most common features of Bitcoin wallets. The following will show two applications which provide the features you need for multisig payments.
Original Satoshi Wallets
You can perform every task needed for multisig with the original Bitcoin or Litecoin wallet. However it is still not easy to use them for multisig payments. The community provided Pybitcointools make multisig a bit easier. Therefore we will not reinvent the wheel here and recommend using Pybitcointools. There is a very good tutorial available here.