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Author Topic: Looking for "small" Bitpay-like-Setup / Coders  (Read 896 times)
BlueBitAUT
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May 02, 2014, 03:23:24 PM
 #1

Hi,

I was talking with a few Shops and Businessowners that I know if they would accept Bitcoin.
Most of the people intend not to trust somebody "overseas" with their money and other stuff.
So the question came up, if it would be possible that I would buy every BTC they receive.

I am not entirely sure if what I am searching for has already been done before, in that way.
I am also no Programmer/Developer but I would look for something like this and hope it is not too much of a dumb question Smiley

A Wallet-Adress gets a Deposit, which immediately (after 1-6 Confirmations) forwards the BTC to another Adress and triggers an API to sell the new arrived amount.

Like: Bob gets paid €50,- in BTC for a Dinner at his Restaurant and wants to sell every amount of received BTC immediately to me at any time,
for exactly 50€ -> no risk for him, no additional steps for him to do.

TASK:
Someone pays an amount of (lets say 1) BTC to Bob, which he receives on his
Mycelium-Mobile Wallet.
-> "the Tool" running on a Server/PC, recognizes 1 BTC coming into Bobs specified Adress(es) by checking the Blockchain-API every x-Minutes and waits for x-Confirmations
-> if okay, 1 BTC gets transferred from Bob automatically to my Exchange*-Wallet
-> where the Exchange*-API triggers a "place sellorder 1 BTC at current € price +x%"
*Kraken preferred

Of course, Bob could just send it forward to me once in a while manually...
but Bob wants to make sure, he has nothing more to do than accept the BTC and get his € on the next day from me.

For me it seems, the main problem should be to find a / code the receiving Mobile-Wallet to create an automatic forward to the specified Exchange-Adress, or?

This Tool should also contain the option to show and export into a CSV/Excel format, including all Data:
transactions with timestamp, amount, conversionrate at the time of receiving & triggering the sellorder, transactionIDs ....etc.

I know it may seem basically something like a system "Bitpay" is (?) using,
but the questions are:
is there already a "available" and useable tool for this, that you could point me to?
If not, what do you think how much work is it to code this?
Can you code / set this up and want to tell me what it will cost me?

Thanks for any Feedback!
Blue

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Praeconium
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May 04, 2014, 04:18:12 PM
 #2

Coinbase.com as far as I know is major player in that activity.


Kind regards,
BlueBitAUT
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May 04, 2014, 04:44:01 PM
 #3

Yes, of course. But the first sentence already described the initial reason for my question.
Maybe i forgot to mention, that I don't want to rely on a 3rd party/Onlinewallet either (except an exchange).

Meanwhile i was thinking about something:
It should be somehow possible to manage and control 1 Wallet from 2 Devices.

The same example as above, but without the transaction from Bob to me.
Instead i'd have direct access to the same Wallet, that Bob used to receive and could trigger a deposit to the Exchange-Wallet

I've read about importing/copying the wallet.dat and possible problems here:
http://bitcoin.stackexchange.com/questions/17101/wallet-on-multiple-computers

Quote
Copying the same wallet.dat to two different computers will initially seem to work,
but if you continue to use bitcoin-qt to send bitcoin, the two copies will get out of sync.
The reason for this is the automatic use of "change" addresses.

Now i am not sure: as Bob and his Walletdevice will (probably) only receive and never send BTC somewhere...
Because that's what i am doing for him, from my device, and always with the full amount of available BTC ...

Suggestions anyone?
BitEntrepreneur
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May 05, 2014, 11:35:20 PM
 #4

You said "small," so would the transactions be happening frequently? Are they a friend of yours or are you trying to create a service?

Infrequent transactions from your friends would be a simple set up. You could control the wallet and give them an address. Once you see the confirmation in the wallet you hold send from that wallet to the exchange all done manually. That is if it's only happening maybe once or twice a day you could do something like that.
BlueBitAUT
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May 06, 2014, 08:54:53 AM
 #5


Quote
You said "small," so would the transactions be happening frequently? Are they a friend of yours or are you trying to create a service?

Frequently: i hope so Smiley
Friends, to start creating a service with - if it works as supposed, maybe.
At the moment, the plan is - to "create" something including a little "how-to" for everyone that knows somebody with a business
(in the family, good friends, people that trust you and you see every day),
to enable them accepting BTC, without risk or extra work to be done on the merchant side.

Just think of Bob as a very good friend, that would like to accept BTC for his goods, but doesn't want to have any more work or "risk"
than getting the € from me, next day.

Or think in a "everybody can be a local Bitpay"-way

Don't think about how I make my cut of this for now, but in a simple example:
Bob receives 3 payments in BTC from his customers, in a timeframe of 3 hours.
20 + 15 +15 € in BTC and our agreement is, that he gets the overall sum of € next day from me.
If I only get 45€ for these amounts of BTC sold on a exchange, due to waiting to long to sell them, i made a loss.

The point is NOT to do the trades manually, as I have the risk of some volatility if I am somehow busy for a few hours.
Especially, if this works as supposed, maybe other Friends/Businesses want to use my service
and could have even more more frequent receivings - or on other day/nighttimes... i don't want to sit all day doing stuff manually  Wink


At this point i solved most of the problems - except for
a "tool" or script, which i can install on a PC or Server
- that monitors a few addresses every x minutes
- if a transaction comes in, waits for 1-6 confirmations
- and based on the BTC amount of that transaction(ID)
- generates a new transaction to another defined address
... then based on Kraken-API trigger a sell

OR even better, I was in contact with Ighor from "Bitcoin QT-Trader" software.
I hope to finally get Kraken to support his great Tool but i am not sure when this will happen as Kraken needs to get in Contact with Ighor.
Looks like Kraken waits for more requests until they support that tool Sad

Important is:
logging the amount of received BTC and in the Conversion rate in € at that Time (like: received  0,06407721 BTC =  € 20,00 on 19:45:32),
Date, TXID, AddressID... and write that into a exportable (Excel for example) Database

So, i had already 2 PM conversations but no one could tell me an estimated Price in BTC for coding this for me.
(OpenSource of course, reviewable etc...you know  Wink Roll Eyes )

Engine-IT
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May 08, 2014, 11:16:06 AM
 #6

Hello BlueBitAUT,

We can help you to develop such system.
Our portfolio is here http://www.engine-it.com/portfolio/

www.engine-it.com - Development of Blockchain/Ethereum-related Projects
BitSpot
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May 08, 2014, 06:26:04 PM
 #7


Quote
You said "small," so would the transactions be happening frequently? Are they a friend of yours or are you trying to create a service?

Frequently: i hope so Smiley
Friends, to start creating a service with - if it works as supposed, maybe.
At the moment, the plan is - to "create" something including a little "how-to" for everyone that knows somebody with a business
(in the family, good friends, people that trust you and you see every day),
to enable them accepting BTC, without risk or extra work to be done on the merchant side.

Just think of Bob as a very good friend, that would like to accept BTC for his goods, but doesn't want to have any more work or "risk"
than getting the € from me, next day.

Or think in a "everybody can be a local Bitpay"-way

Don't think about how I make my cut of this for now, but in a simple example:
Bob receives 3 payments in BTC from his customers, in a timeframe of 3 hours.
20 + 15 +15 € in BTC and our agreement is, that he gets the overall sum of € next day from me.
If I only get 45€ for these amounts of BTC sold on a exchange, due to waiting to long to sell them, i made a loss.

The point is NOT to do the trades manually, as I have the risk of some volatility if I am somehow busy for a few hours.
Especially, if this works as supposed, maybe other Friends/Businesses want to use my service
and could have even more more frequent receivings - or on other day/nighttimes... i don't want to sit all day doing stuff manually  Wink


At this point i solved most of the problems - except for
a "tool" or script, which i can install on a PC or Server
- that monitors a few addresses every x minutes
- if a transaction comes in, waits for 1-6 confirmations
- and based on the BTC amount of that transaction(ID)
- generates a new transaction to another defined address
... then based on Kraken-API trigger a sell

OR even better, I was in contact with Ighor from "Bitcoin QT-Trader" software.
I hope to finally get Kraken to support his great Tool but i am not sure when this will happen as Kraken needs to get in Contact with Ighor.
Looks like Kraken waits for more requests until they support that tool Sad

Important is:
logging the amount of received BTC and in the Conversion rate in € at that Time (like: received  0,06407721 BTC =  € 20,00 on 19:45:32),
Date, TXID, AddressID... and write that into a exportable (Excel for example) Database

So, i had already 2 PM conversations but no one could tell me an estimated Price in BTC for coding this for me.
(OpenSource of course, reviewable etc...you know  Wink Roll Eyes )



Yeah, Bitcoin-QT sounds like a great way to go in my opinion. You can setup it up with an individual account and that would keep all your logs for you. You could set up the rules to instantly sell each time the transaction is incoming.

If you're just simply trying to hedge the Bitcoin and not actually process try and withdraw it from the exchange, then you should consider Bitstamp. When you do finally decide to sell the "hedged" amount you can just manually move it to the exchange of your choice and then sell it. I think keeping things as simple as possible is definitely the way to go as far as the QT-BitcoinTrader goes. It's wonderful software.

PS: Using QT-BitcoinTrader in conjunction with TabTrader (For Android) is a great combination. It lets you set the rules up on your PC and while you're gone and out and about you can monitor the trading activity happening on your account @ the exchange.

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