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Pre-Proposal: Integrate DASH support into Bitnik Reload

Discussion in 'Pre + Budget Proposal Discussions' started by PeTrcek, Apr 12, 2017.

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  1. PeTrcek

    PeTrcek New Member

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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.
     
    #1 PeTrcek, Apr 12, 2017
    Last edited by a moderator: Apr 13, 2017
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  2. Dashmaximalist

    Masternode Owner/Operator

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    good stuff guys , gets my vote :)
     
  3. mazi

    mazi New Member

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    Thanks!

    I'm the CTO of Bitnik. We're new to this forum, but we'd love to hear some feedback from the community. Tell us what you think!
     
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  4. Dashmaximalist

    Masternode Owner/Operator

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    Can you split what you need 100 dash for ??
     
  5. PeTrcek

    PeTrcek New Member

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    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.
     
  6. JZA

    JZA Active Member

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    XmZ3aBBWJdYa6hUJkWbTvwHMwMscmHQFNH
    Yes

    Sent from my MotoE2 using Tapatalk
     
  7. DashNation

    DashNation New Member

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    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?
     
  8. Dashmaximalist

    Masternode Owner/Operator

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    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
     
  9. Miner237

    Miner237 Well-known Member
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    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....

     
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  10. Dashmaximalist

    Masternode Owner/Operator

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    That's pure brilliant and convenient

    Gets my vote
     
  11. PeTrcek

    PeTrcek New Member

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    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.
     
  12. PeTrcek

    PeTrcek New Member

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    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.
     
  13. PeTrcek

    PeTrcek New Member

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  14. TheSingleton

    TheSingleton Member
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    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?
     
  15. PeTrcek

    PeTrcek New Member

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    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.


    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.
     
  16. TheSingleton

    TheSingleton Member
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    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.
     
  17. PeTrcek

    PeTrcek New Member

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    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).
     
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  18. Miner237

    Miner237 Well-known Member
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    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.

    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
     
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  19. Leonidas

    Leonidas Active Member

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    Nice project, I'll vote yes also
     
  20. NDB pH

    NDB pH Member

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    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.
     
  21. TanteStefana

    TanteStefana Moderator
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    Also voting yes, thanks!
     
  22. PeTrcek

    PeTrcek New Member

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    Thanks for the support. We'll open a proposal on dash central today. Tying to catch the 5th May round. We would like to start implementing asap. I'll link the proposal here once created. Any additional feedback is much appreciated.
     
  23. PeTrcek

    PeTrcek New Member

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    Glad you like the video. It was produced on a very high level and we're very proud of it.
    Merchants appearing in the video accept (or used to) bitcoin payments via BitPay. We couldn't just edit it into a DASH video. Besides DASH is not really used for payments in Slovenia (yet). So we don't see much chance of editing the movie in a way that would come out nice.
    However. If anyone wants to re-edit some clips to use for DASH promotion, it could be arranged. Or if you like the production very much we could use same crew to shoot a new video at any desired location. It's not cheap though as the crew is really professional. Perhaps a topic for a separate proposal?
     
  24. PeTrcek

    PeTrcek New Member

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    Proposal created. We added the 5 DASH fee into the proposal amount to hopefully get it reimbursed. Thanks to everyone in advance.
     
  25. GuerraDiValute

    Masternode Owner/Operator

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    You get my votes and may I say this is a brilliant service. Thanks and welcome to the Dash community. Looks like this will pass in no time at all! ;)
     
  26. PeTrcek

    PeTrcek New Member

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    Thanks for all the support and Yes votes. Seems the proposal will be approved. We'll start working on the solution soon. Where is a good place to post progress updates (besides here)?
     

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