Proposal “bitnik_reload_integration“ (Completed)Back

Title:Integrate DASH support into Bitnik Reload
One-time payment: 105 DASH (3155 USD)
Completed payments: 1 totaling in 105 DASH (0 month remaining)
Payment start/end: 2017-04-20 / 2017-05-20 (added on 2017-04-18)
Votes: 706 Yes / 59 No / 13 Abstain

Proposal description


Bitnik Reload is a rebuy-on-the-fly tool for over-the-counter cryptocurrency traders and other users. It tracks the user’s cryptocurrency wallet for outgoing/incoming transactions and automatically purchases/sells the outgoing/incoming amount on the chosen exchange.

It allows automation and mitigates effects of price volatility. Service is anonymous and secure; Reload never touches its users’ coins.

Bitnik reload currently only supports BTC; the proposal is to integrate DASH support.

Notable use cases are:
  1. Part of a BTM set-up: a BTM sells and buys cryptocurrency at a markup above/below the market price, while Reload reflects the same trades on an exchage at market price, leaving the BTM operator with the markup as profit.
  2. Similar use case for Localbitcoins traders etc.
  3. Personal use: pay for stuff with BTC or DASH and rebuy BTC or DASH immediately on an exchange, effectively spending fiat from the exchange and using cryptocurrency only as the payment rails.

About Bitnik

Bitnik is a notable Slovenian cryptocurrency company that has existed for 3 years. We are local experts organizing meetups and lectures. Our main business are bitcoin ATMs. We currently serve a market of 2M with 6 ATMs.

About Bitnik Reload: Details

The User registers his wallet/service on one side and crypto exchange on the other. Reload will observe the wallet (either directly on the blockchain or via an API for selected wallet providers) and re-buy coins right after they are spent from the wallet, or sell when received in the wallet. Such flow is prefered for all kinds of brokers/BTM operators as it ensures consistent take from trade.

Currently Bitnik Reload only supports BTC as the cryptocurrency. Over 20 exchanges are currently supported.

For BTC, several types of wallets are supported: single-address wallets, BitGo wallets, LocalBitcoins wallets. Support for HD-wallets (BIP32) is in the works. For DASH, only single-address wallets will be supported at first as the BitGo integration doesn’t seem likely soon.

Why we came here

We plan to support currencies other than BTC. Support for DASH has been requested by our users before. Seing that DASH is being integrated in certain services like Blockcypher that Reload integrates with, DASH is an obvious choice.

Most basic Reload functionality is free for all users. We also have customers that get advanced features and better support. We'd like to keep the service free for casual use. So we decided to reach out to DASH governence to check if there is interest in such a service and if it is possible to get some funding for development.

Amount requested

100 DASH + 5 DASH (refund of proposal fee), 1 payment

Execution details

The amount will cover development costs. The time to deliver is about one month. Development can start immediately.

Pre-proposal discussion

Show full description ...

Discussion: Should we fund this proposal?

Submit comment
2 points,7 years ago
Service that Bitnik try to deliver in my humble opinion is very important to create equilibrium in crypto-economy. If this type of service will be widely accepted and will become a market standard - than it will only create additional value for the whole system.
We should vote YES to test it and use it as a proof-of-concept for a wider market acceptance.

Think about RELOAD service as a payment-processor-in-reverse.
We desperately need this kind of ideas to balance in and out fiat settlements. Especially now, when we are able to convert DASH to fiat directly.

We should not mimic path of BTC, when every new adoption create only downtick.
Let's make it happens!

I know BITNIK from past meetups - and I can say the Bitnik team is very skilled and talented.
I voted YES!
1 point,7 years ago
Maybe I don't get, seem to be the only one who doesn't see a use-case.

It's similar to a debit credit card, that is linked to your savings account and gets reloaded as soon as you spend something.
For credit cards that's useful because CC-money is sometimes superior to bank money or cash (internet purchase, foreign country ATM) and you trust your bank with your book money anyway. And amounts are usually small (<$1000) so manually reloading would be just cumbersome.

With BTC/DASH the only use case where you need bitcoins on daily routine would be buying drugs, which I would not do with coins bought on an exchange.

For all other bitcoins spending it's one of the below:

* small amount: Why bother? If you are invested in BTC it's probably more that a cup of coffees worth, so a 0,1% decrease in your bitcoin investment doesn't make any difference.

* big amount: really?, do you spend big sums in bitcoin that would imbalace your portfolio on a regular basis? Well, if you are a drug trafficker than this service is not for you. If not, do it yourself. They plan to charge a fee for bigger players and you could save a lot buying back on your own.

Am I missing something?
I like the idea pretty much, but can't think of a good use for it.
1 point,7 years ago
I'm a hodler and I like the hands-off approach when I pay for certain stuff, be it infrequent as it may.
There's also the 'can you lend me some money' moment. When a mate wants to borrow crypto, but I want to peg the loan to fiat. I send him funds and tell him how much he owes in fiat (as Reload reports my precise cost on exchange).
I can enter ICO with crypto, but will in fact be investing fiat via Reload and exchange.
Yes I can do all this manually, but I can also have a designated wallet that I know will 'topup'.

But you are correct. Personal use case is less predominant. We see more volume from resellers. Our own BTMs rely heavily on Reloads. Those 'professional' users are the 'bigger players' that we charge a modest subscription fee to. Our service can save hours of manual work in such cases.

BItnik Reload has so far 'reloaded' 6,061.84 BTC.

Reload is by design generic enough, so that users can find their own use cases. Another example could be payment processing on payee side. Stick dynamic QR codes on your products with DASH price in real time. Once Reload dumps based on sale you only need to manually withdraw from exchange. Who needs BitPay, right? ;)