* opens today on a new domain. It started as a personal project, then expanded word-of-mouth as a private service to friends and friends-of-friends. Today it opens officially to the public on this new domain.
What it can be used for (after an initial setup of services) is make a single bitcoin address available that when bitcoins are received will automatically convert to US Dollars and transfer to your bank without you having to lift a finger or host any money on their site.
- Point your pool miners to a single bitcoin address and have bitcoins convert directly to cash at regular intervals.
- Accept bitcoins as payment/donation on your website and have payments to this bitcoin address automatically convert into a cash payment.
- Or just set up the service so when you are ready to have bitcoins processed to your bank, all you have to do is manually send them from your wallet to the conversion address.
Yes, you can set minimums so bitcoins don't sell unless the exchange rate is convertible to profit. Yes, portions of received bitcoins can be transferred to another bitcoin wallet so they don't get converted. And yes, you can set a minimum before transfers are sent to your bank.
All it takes is a little initial set-up of accounts on different services.
Check out the set-up video on the website to see how to set up services for end-to-end conversion and transfer, and details how the service works. www.automtgox.com
* In the process of registering our application with MtGox, but not affiliated. Auto
matic currency conversion and transfer is managed using MtGox
apis (thus the domain name).