Bitcoin Forum

My name is John and I’m fascinated by bitcoin. I’ve been following bitcoin for more than 2 years now and even though I dont post on this forum I regularly read threads and follow bitcoin news.

I’ve always wanted to exchange bitcoins but I’ve not found a very simple solution, and by simple I mean as simple as buying and selling bitcoins offline but without the risks and inconveniences involved.

Idea: A simple web and mobile application that allows users to exchange bitcoins with their local currency, as simple as buying (either bitcoin and/or a local currency)

Security: SSL encryption, super secure PCI compliant hosting with regular Vulnerability Scans and audits. We protect your privacy with military grade encryption and we store 100% of your bitcoins offline in safes and bank vaults so there is nothing to steal even if we get hacked! Not to mention Two-Factor Authentication, SMS verification and hourly backups.

Most bitcoin exchanges take as high as 0.5% fees on every trade, even if the trade is not profitable, not to mention deposit and withdraw fees. We simply take a small fee from the profit made (not the whole trade) and we won't take any fees if you don't make a profit. Deposits and withdrawals are always free!

We have based CoinX on automatic trading with trade protection meaning that our system makes sure you make a profit on trades executed, but we also have the option to open trades manually so we have the best of both worlds. Automatic trades are executed using our trading algorithm without any extra steps and software on your side.
Risk management: You can set a % of total bitcoin/other currency balance for each trade, with a max number of trades.

Deposits: Deposits can be made only by bitcoin or prepaid cash codes. Anyone can issue cash codes (from main ballance) in many currencies and give them to family, friends and even sell them. Any person that refers a new user earns a percentage of the fees for that person!

Withdraws will be made weekly, and only the total withdraw will be sent from the main offline wallets to the withdraw wallet then automatically sent. This way even if we get hacked there are no bitcoins to steal.

We are giving away one bitcoin to 100 beta testers in bitcoin, and another one to 100 beta testers as USD, THB, GBP, EUR or any other currency to exchange in the exchange.



Best regards,
John (MMD)

I forgot to mention that exchanging this way is very safe because you can’t exchange any currency/bitcoins that you don’t have and all currency/bitcoins exchanged are transferred automatically once an exchange take place.

happy to beta test if you still need people! I don't do that much volume, but could still be useful :)

you will be contacted, what is your skype ID? and where are you located? 193 more beta testers needed.

I like your project. I will not become a beta tester but I hope it will successful.

Thank you.

189 more beta testers needed.

I like this project and I'd be happy to test it.

I could test it, pm.

174 more beta testers needed. I will update the thread with more features and enhancements soon.

That's one bitcoin split between the 100 testers?

I would like to participate aswell, from romania

You are correct, and you can turn on automatic trading which automatically buys/sells bitcoin from other users making a little profit every few seconds and growing your BTC. You can also refer friends and family and get a percentage of the fees on every one of their trades too.

I might be able to test it as well. Feel free to send me a pm for it.
Good luck

Would like to try it out... :)

Is this operational already? an alpha/beta?

I would like to test this. Especially the automatic exchange.

BTW when we can expect to see your site? Not a rush but it would be nice to try automated trading.

How do we know you won't just run away with our bitcoins? I really love the idea, but I don't want to put money on a service that a stranger built that promised me a bitcoin, you know... It's very tempting to just run away with those coins.

Did you mean 30%-50% fee or a low fee with 30%-50% commission for promoters?

Thanks

We are currently developing the exchange, will begin the alpha test in a couple of weeks and you can beta test it after that. We are also looking at a couple of open source options and if we choose to use one of them we will be operational much faster.


Everyone can expect the exchange to be operational by the end of Q2 2015 or at the beginning of q3. (but much sooner if we decide to build on top of an open source solution.)


First of all let me explain that my goal is to introduce millions of people to Bitcoin, and running away with a couple of bitcoins means the end of the exchange, plus that the exchange will make much more than any amount I could take in the long run. And there are many exchanges out there for anyone that wants to trade elsewhere, plus that anyone can start auto trading with as low as 5-10 USD and let it grow from there.
We will be building trust with transparency, we will have a page that all users can go to see all aspects of the exchange.

We will take a low flat fee from the profits made (not the whole trade), affiliates and sub-affliates will take a percentage of that. It will probably be 2 levels deep.

152 more beta testers needed, thank you very much for all your comments. I'm currently working on a landing page for the exchange and looking for a good name, any suggestions are welcome.

Wait, you said:

"We will take a low flat fee from the profits made (not the whole trade)"

Which doesn't really make sense since you're supposed to take a fee from the whole trade to get a profit. Could you explain further?

If the system buys a bitcoin at 277.77 from a user and sells it at 277.82 to another user, the trade makes $0.05 profit. We will take a fee from that. a 10% fee would be $0.005 and a 5% fee would be $0.0025. And if the user decides to close the trade selling the bitcoin at 277.77 we won't take any fees. The system makes 1/20 trades  automatically a minute depending on the total number of users willing to buy or sell.

Are you saying that your are only taking the fee off the profits only, and the side that didn't make the profit will not pay a fee ?

PM me i will try your site as beta tester

The exchange only makes trades when there is a profit to be made (exchange BTC/fiat between accounts, even if its $0.01) and we only take a fee from the profits. We won't take a fee if a user decides to close a trade manually (or exchange manually) and the trade results in no profits or a loss.

I'm interested in your beta testing. count me in... ;)

 I am more then willing to beta test for such amount :D

I'm thinking about integrating Clef (https://bitcointalk.org/index.php?topic=965220.0), What do you think?

Clef is an awesome stuff, but it's quite new with little practical experience about it. In the beginning I'd use it only alongside other more mature 2fa methods as one of the options. If you are in the middle of developing your own stuff you might not want spending time on troubleshooting other things. 

We will have SMS, Authenticator protection, plus 100% of the BTC will be kept in offline wallets. 127 more beta testers needed.

we are going with either BTCx or XBTx for the domain name. Which one do you prefer?

I wont be able to test it but this seems to be something like arbitrage? Correct me if I'm wrong

Yes and no, I like to think of it as a regular bitcoin exchange, high frequency trading, and local bitcoin exchange (with cash)  as you can buy/sell bitcoins manually, automatically (HFT) and buy/sell locally with cash (there will be features similar to local bitcoins), I'm bringing all these under one service with added value, features, security, much lower fees (plus no deposit/withdraw fees) and much more.

will be interesting to see how the system develops.

Where can bitcoin buyers get these USD cash codes, and how do bitcoin sellers convert these cash codes into fiat money?

There will be a directory of users buying/selling cash codes for cash. Users can also refer friends and family and sell them (or as a gift) the cash codes for fiat (therefore getting commissions from the fees two levels deep). Members can also sell the cash codes online for BTC or for products/services, users can also withdraw BTC and sell them offline or through an exchange. I just don't like the idea that any government or company can change the fate of a bitcoin exchange in a blink of an eye.

I love bitcoin and I want to introduce as many people to it as possible. I wanted to buy BTC at a bitcoin ATM yesterday, I was walking around RCA (Bangkok) asking many people about the bitcoin ATM, no one knew what bitcoin was (not even foreigners) and pointed me to a normal ATM machine, I finally found the cafe with the bitcoin ATM (searching for it for more than 2 hours) but it's been out of service for over a month. I simply want to change that.

I would be interested in beta testing ( gitbknowsall@gmail.com ).

Interesting... Joining this project :D ( Yoesant.devil@gmail.com )

I want to help with Beta!

Also....  Any interest in x2btc.com?

I own it and will sell it cheap

Thanks for the offer but i already have a couple of domains in mind.

Iam a coder myself and have done many exchanges and coins etc before so i guess if you need more people i can do it as well

The question was "where". I want to buy bitcoin bitcoin from your exchange, who do I give my fiat money to get a cash code? Some stranger on the streets or web who gives me a chain of numbers?

BTCx, sounds good. I prefer it.
I would like to try it, I'm interested in beta testing

Ill be using another domain since someone just registered this one.

96 more beta testers needed, i'm currently working on a landing page. Will update soon

I would like to test pm me.

http://coinx.io/ is our landing page, you can get on the waiting list from there.

We won't be dealing with fiat, you either have to deposit BTC or get a cash code from someone (either someone you know and trust or online). You could also refer people and get BTC deposited in your account.

58 more beta testers needed, go to coinx.io to get on the list

 Got into the list.