Bridgewalker's new value proposition: an exchange rate adjusted Bitcoin wallet

[jav]

Bridgewalker's website and app got an update and a new strategy in how the idea behind Bridgewalker is presented. Basically it's the counterpart to services like BitPay and Coinbase, which protect merchants from exchange rate risk. Bridgewalker does the same thing for customers. From the website:

Your balance will automatically be adjusted upwards, if Bitcoin's exchange rate drops. Conversely, your balance is reduced if the exchange rate rises. The effect is, that your balance stays stable in respect to the counter currency - currently USD. If you deposit $20 worth of bitcoins, Bridgewalker will ensure that you continue to have $20 worth of bitcoins, regardless of how the exchange rate develops. Use Bitcoin as a digital payment mechanism, without worrying about its exchange rate!

  Get the app at: https://www.bridgewalkerapp.com/ !

As always: Feedback and comments much appreciated! :-)

Edit: This topic is locked. The main discussion can be found over here: https://bitcointalk.org/index.php?topic=156943 (11/2013).

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[Stephen Gornick]

Bridgewalker will ensure that you continue to have $20 worth of bitcoins, regardless of how the exchange rate develops.

This essentially becomes a current account denominated in USDs -- one that is funded with bitcoins which are converted to USDs and then stored by your service.

Wouldn't this make your service a target in the same manner as the digital currency exchanges who have recently lost their domains and/or bank accounts?

[neoranga]

Very interesting idea, specially for people new to the currency that don't have a lot of coins and are very worried that any initial investment in bitcoin may result in a lost of value in the short term.
Now my questions as a "newbie": what is the money entry point? Do you need coins already in other wallet to be transferred to the application wallet? Is it possible to transfer fiat directly to the wallet in any way?

Kudos for putting an idea to test in the field so quickly

[jav]

Wouldn't this make your service a target in the same manner as the digital currency exchanges who have recently lost their domains and/or bank accounts?

That's a good point. I prefer not to comment on legal aspects at this point, but it's definitely something I have on the radar!

Do you need coins already in other wallet to be transferred to the application wallet?

Yes, you do. It's Bitcoin in, Bitcoin out, no other way to fund the wallet. One might imagine this to be used in combination with a Bitcoin ATM: Let the machine scan your Bridgewalker Bitcoin address, put bills in and a few seconds later have the equivalent amount in Bitcoins, exchange rate protected, to be used at a later time.

Kudos for putting an idea to test in the field so quickly

Thanks! ;-)

[super3]

It's an excellent idea. You might have just solved the volatility problem.

[jav]

Over the last days I put together a video demonstrating the app. It is now online at http://www.youtube.com/watch?v=ERVD1xoDT0M .

[Kris]

This is looking like something that could go big.

I am very inclined to recommend this to all of our customers, so they are protected in the same ways as our merchants.

There are not many services "over here", Europe, providing newcomers with easy entry to Bitcoin, except BIPS, and I am just one man with a small team.

[jav]

This is looking like something that could go big.

I am very inclined to recommend this to all of our customers, so they are protected in the same ways as our merchants.

Thanks for the kind words! Feel free to get in touch if you want to discuss any kind of partnership - I'm always open to ideas. :-) I guess it's not quite ready for prime time though.