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Author Topic: Open Source BTC to [Currency] conversion program proposal...  (Read 1218 times)
CCCMikey
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April 04, 2011, 07:42:19 AM
 #1

G'day again Smiley

I have an idea.

Preamble

A problem at present is that it's a little tedious to buy and sell BTC in the lesser known currencies. That's where Hendrick's CoinPal and CoinCard are handy in a way, but presumably by necessity this carries some significant transaction fees.

Britcoin's system looks good if you want to run a full-on trading system; but what if all you want to do is buy $50AUD worth of BTC or Vice Versa ad-hoc without having to sign up?

Suggestion

We need a package of some sort that anyone an any country can install and allow them to become a BTC to [Currency] converter at minimal cost.

It would need to

  • Know how many BTC the site owner has available
  • Know how many [Currency] the site owner has available
  • Generate a unique code for EFT payee reference for incoming payments in [Currency]
  • Calculate the current exchange rate in [Currency] via MtGox and / or other trading platforms, combined with another currency lookup website if there are no trading platforms running in [Currency]. *
  • Allow the site owner to specify his own markup method and amount

Problem...

It's a bit of a job. I don't know how to do parts of it, and the few people I've approached online and offline don't seem interested, even with money on offer. (Too busy, too different, or simply no-reply.)

What I really want is someone to build this system in exchange for payment, and I'll open-source donation-ware optional the result.

I don't really care what the container. It could be a Joomla addin. It could be a WordPress addin. It could be standalone php/MySQL install.

Anyone interested in quoting on this job or have any comments on its viability?



Notes:

* For example, to calculate the value of BTC in AUD you'd first get an averaged per unit trade rate from http://mtgox.com/code/data/getTrades.php and then feed that result into something like http://xurrency.com/api to get the current figure.

# Not planning any real-time integration with financial institutions or BitCoin at this time.

% The fact that BritCoin is able to trade without apparently needing a beginning infusion of BitCoins appears to suggest that it should be possible to get started without a particularly high initial BTC balance.

^ Security may be an important consideration when storing customer EFT details, etc.

@ Could probably be extended to work with BPAY, TechnoCash etc in the future.
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gusti
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April 04, 2011, 07:12:01 PM
 #2

concept is not bad.
but remember that btc is cash

I envision that what we really need is hundreds, thousands, millions of
physical "points of exchange", with people ready to give you btc in exchange of cash

any kiosk, any grocery, any pub, any shop can be a BTC exchange  Wink

If you don't own the private keys, you don't own the coins.
CCCMikey
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April 04, 2011, 10:34:24 PM
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Yes, that makes sense. However it will take time and energy for such an event to occur. I also worry that (in the beginning) the reputation of BTC will be that it's the go-to for drug dealers - not the type of people I'd really want at my door. On the other hand, with the US inflation problem it might be quite attractive.

Edit: Actually BTC is "cash" but it is also an online debit account. We don't actually hold physical 'coins' so the only reason to buy them with physical currency is for convenience I guess.

My idea would probably suit most people, excluding those that need absolute anonymity; and have minimal startup costs. (One generic bank account, one optional SSL cert, an optional domain name, an optional web host, and possibly one relationship with a currency conversion API website.)

I may have found a helper - will keep this thread updated...
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