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Pre-Proposal: Integrate DASH support into Bitnik Reload

PeTrcek

PeTrcek

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Overview

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.


URL: bitnik.eu/en

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.


URL: reload.bitnik.eu

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, 1 payment

Execution details
The amount will cover development costs. The time to deliver is about one month. Development can start immediately.
 
Last edited by a moderator:
Dashmaximalist said:
Can you split what you need 100 dash for ??
Click to expand...

100 dash will be used to cover the work costs of development and testing, totaling to an estimated one man-month of work, plus some basic marketlng. Mostly development though.

Let us know if you need more defined split detailing high level tasks with time estimates.
 
This would be instramental in using dash in daily spending. If I spend DASH this service buys back what i spent at current market rate so you dont lose to price slippage. I dont need to bring up exchange and buy back spent DASH to maintain my DASH balance. If I had a full node I would vote for this, i hope the Masternode owners see the value in this and will support your effort...

Would it have api access to new exchange kraken?
 
I am not 100% sure if i get this service sorry but it sounds quite interesting

Can someone care to explain a bit more simple manner and how it helps real life cases
 
Dashmaximalist said:
I am not 100% sure if i get this service sorry but it sounds quite interesting

Can someone care to explain a bit more simple manner and how it helps real life cases
Click to expand...

So let me re describe this in another way.... Think of this like a Starbucks card or any store card program, you load money onto these "gift cards" essentially as you spend it with that merchant you can refill it from your credit card when it is low so you can keep using it right...

Now bring this idea to DASH, you have your DASH wallet, you spend DASH on something, Bitnik Reload is watching your DASH address sees an output and buys a matching amount of DASH from a linked exchange or API service. This way when you spend DASH you buy back right at the same time and any price change should have no effect. You always get to buy back the DASH that was spent. And you could reverse this idea and if received any amounts on monitored wallet, matching amounts can be sold at exchanges using API to allow merchants to capture real time selling prices without having to login into the exchange to sell DASH.

This service can refill or top-up your DASH balance every time you send DASH from a monitored wallet....

PeTrcek said:
Overview

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.
Click to expand...
 
DashNation said:
Would it have api access to new exchange kraken?
Click to expand...

Kraken is one of the most used exchanges with Bitnik Reload currently. It's already available for BTC and will be available for DASH as soon as we implement support for it. Our goal is to be vendor unbiased, there's no exchange we're not willing to integrate as long as the APIs are of sufficient quality and there's genuine interest from users. We support 20+ exchanges already, but currently with fiat pairs only. Part of the DASH version upgrade is to also extend support to crypto/crypto markets.
 
Miner237 said:
This service can refill or top-up your DASH balance every time you send DASH from a monitored wallet....
Click to expand...

Exactly! Great recap.

One specific use case we'd like to point out that we see very important for adoption. Crypto ATMs. Bitnik Reload can be used by any crypto ATM operator as a crucial part of their operation. Case in point: Bitnik operates 6 Lamassu bitcoin ATMs. What we'd require to start offering DASH is Lamassu module that sends out DASH, the rest can be handeled by Bitnik Reload. Same goes for other BTM brands.
 
That sounds like a great thing but I have got a couple questions that I couldn't find answers to on the website. Mainly I am wondering where exactly would I keep my EUR/USD that I want to use to repurchase Dash in the case that I spend them.
Also I assume rebuying the dash would include your 4.99% fee, correct?
 
TheSingleton said:
Mainly I am wondering where exactly would I keep my EUR/USD
Click to expand...

You would keep fiat on exchange. Reload would only rebuy DASH for you on exchange. You need to handle funding steps (moving fiat to exchange and DASH to your wallet) yourself.

TheSingleton said:
Also I assume rebuying the dash would include your 4.99% fee, correct?
Click to expand...


Bitnik Reload never touches users' coins. So it can't take a percentage of transaction. It's FREE for casual use and we want to keep it like that. We do have a subscription tier for users that want advanced features and SLA guarantees.
The 5% fee is markup for purchases on our BTMs. That's a separate business.
 
So then you would need an API key to be able to buy coins in my name. I guess if I don't use the Account for much else then that would be fine.

Anyway thanks for the answer and i will be voting Yes on this.
 
TheSingleton said:
So then you would need an API key to be able to buy coins in my name. I guess if I don't use the Account for much else then that would be fine.
Click to expand...

Correct. Reload requires your exchange API keys. We have a help section explaining this important topic. We urge users to never grant permissions for withdrawals to their exchange API keys. Ever. At the bare minimum Reload only requires trade (buy) permission.
History permission will allow Reload to report costs with every reloaded transaction. Balance permission will prevent trying to create orders with insufficient balance. Users that are extremely conscious about their privacy can forgo these permissions and Reload will still achieve it's main goal (rebuy on-the-fly).
 
TheSingleton said:
That sounds like a great thing but I have got a couple questions that I couldn't find answers to on the website. Mainly I am wondering where exactly would I keep my EUR/USD that I want to use to repurchase Dash in the case that I spend them..
Click to expand...

I have one of the free accounts and I use the bitnik service. I used the API with my coinbase account and setup with just buy access. The buy mechanism within coinbase allows me to initiate a bank transfer (ACH) for the amount required to rebuy the bitcoin i spent. But the fiat money stays in my bank until any bitcoins sent from my BitGo account are spent and from time to time i move the btc from coinbase to my bitgo wallet.

TheSingleton said:
Also I assume rebuying the dash would include your 4.99% fee, correct?
Click to expand...

yes this is true coinbase charges something like 1-5% but wouldn't you incur this cost no matter when you buy back? its comes down to just how much is the fee from the supported vendors and is it worth the price of automation for the people that use it
 
Leonidas said:
Nice project, I'll vote yes also
Click to expand...

Suggestion: is it possible to make a short video “Dash in Ljubljana” as there is now a Lamassu ATM for Bitcoin and Dash and also General Bytes ATM that support Bitcoin & Dash. I guess it would be easy for you to do so as you will just have to change Bitcoin to Dash or add dash in the Video. based on the use case of your video, it is more suited for dash Feature with instantsend.
 
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