[ANNOUNCEMENT] BTC Buy (www.btcbuy.info): trade BTC for gift cards

[coga]

*** THIS POST WAS EDITED TO UPDATE THE HOSTING INFO AND SOME DETAILS ***

I am announcing a new service I am about to implement, goal of which is to provide means to exchange bitcoins for almost-money ... Well, maybe not exactly, but it allows you to buy items using bitcoins, while pretty much skipping nosy banks altogether.

Here's how it works: you go shopping amazon or newegg, and put whatever you want into shopping cart. There will be a total price for an order. Instead of paying with credit card you go to BTC Buy and order a gift card for the total sum. I have also put standard $10, $25 and $50 denominations on a front page, just for those who don't wanna type.

Gift cards are being delivered after I get a couple of confirmations that the coin is sent.

Currently, the application is in the beta state. You can access it at https://www.btcbuy.info

Not all is automated, initially I will be buying and sending the gift cards manually, therefore delivery will not be instantaneous.  I promise to process all requests at least in 12 hours max, where possible deliver right away.

At this time, maximum gift card price is $200 $500. If you need more than that, order several times.

Follow us on twitter to get real-time status updates: http://twitter.com/#!/btcbuy

NOTE: If you are ordering NewEgg gift cards, expect slight delays. So far, delays ranged from couple hours to almost a day. NewEgg says "1-2 business days", so be aware.

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[bitoption]

I would suggest you work on implementing a version of the wishlist bot somebody around here did; I think it's a nicer system. Surely there's room for more than one such service.

[coga]

Are you talking about http://www.bitcoinexchange.cc/ ?

[bitoption]

No, spendbitcoins.com

[coga]

No, spendbitcoins.com

I think what I'm making is easier to use, because you can immediately see how much in bitcoin you need to spend to get the goods. Using spendbitcoins you have an extra roundtrip:

- "Seller" requests gift card for X dollars
- "Spendbitcoins" replies with number of bitcoins and, I assume, address
- "Seller" sends bitcoin
- "Spendbitcoins" sends gift card.

Each step could be hours delay. Using BTC Buy, you immediately request gift card. Even though it's not 100% automated right now, I could achieve pretty fast turnaround, because I already know amount of bitcoins I need to recieve and value of gift card.

[bitoption]

You're right, my bad.

Someone else offered something where it would (say every 5 minutes) parse your amazon wishlist, then email you a receipt to buy what was on it in BTC. You'd send, and the items would go to you immediately. That was hot, and hits some of the issues you're talking about re: simplicity.

[coga]

I think you are onto something here. I still maintain that buying a GC is probably a simpler way, because you need virtually no setup at all. Setting up amazon scanning, arguably is a one-time thing, but you still need to keep in mind to not actually buy the stuff, and add it to wish list instead (drag!). And what if script breaks? It has to scan a lot of wish lists every 5 min, probably use tons of resources.

Initially I was thinking to be offering the actual newegg/amazon items as in: you shop, but instead of buying copy/paste SKU and I will give you a quote in BTC. But then what about returns, RMAs, and such? Getting complex, GC idea seems like a lot simpler way to go.

[tabulcain]

Where do you get your current rate for Bitcoins?  You're site states $26.39 while MT Gox states ~$29.

[coga]

I use some algorithm to calculate the rate, in general it will be at least 10% lower that mtgox rate (could be more). I do it to make sure I can cover cash-out expenses. Rates could be changed in the future as soon as I get a general feel about my own expenses

[Xenland]

Do we get the gift cards sent to us psychically by mail or through email?, I hate wasting paper.. This sounds like a great idea!

[coga]

Do we get the gift cards sent to us psychically by mail or through email?, I hate wasting paper.. This sounds like a great idea!

by email of course! in which century do you live? 

[Xenland]

Do we get the gift cards sent to us psychically by mail or through email?, I hate wasting paper.. This sounds like a great idea!

by email of course! in which century do you live? 

Lol i was just cuious becuase it wasnt instant. And i live in a tiny town full of ol folks so its kind of the norm around here

[Bubi]

Just used it, took around 1 hour, so I'm extremely pleased. Already bought a book for my Kindle. Nice to see these kind of services develop .

[sebsile]

I had some network problems, so my payment came in too late and my transaction expired. But, I'm still very pleased and eager to use this service

[cointrepreneur]

This sounds like an interesting service. How is it working out? Which retailers are you providing the service for so far?

[coga]

This sounds like an interesting service. How is it working out? Which retailers are you providing the service for so far?

It actually been working out pretty well so far. A lot of work, almost to the point I'm having trouble at day job, but pretty exciting. I only trade BTC for amazon and newegg, ppl prefer amazon.

Dwolla situation got me sweating, I almost thought I will run our of $$$ on the credit card and will have to suspend service, but situation seems to have recovered.

Overall, I am very pleased with community reception, and hopefully community is pleased with service.

[gk007]

Could you do Amazon UK gift cards?  It shouldn't be too hard of you can already do US ones.

[coga]

Could you do Amazon UK gift cards?  It shouldn't be too hard of you can already do US ones.

I don't mind doing it, but I am not sure what expenses might be; I will be probably charged foreign transaction fee, and yadayada. I don't mind that, since I will just factor those fees into BTC price. If you want, we can try running a one-time transaction, so that I figure the costs. Send me a private message, how much you want on the card

[coga]

ALL, FYI: There are several additions to BTC Buy:

- there's a twitter to follow for status updates (@btcbuy)
- transaction limit increased to $500

[jostmey]

Sounds like what coinpal was doing, if my memory serves me correctly.