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Author Topic: Decentralized bitpay-like service  (Read 1087 times)
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October 07, 2014, 05:08:43 PM
 #1

I would really like to see this feature implemented in one client (or in each one)
It doesn't seems so hard to do, it just need watch-only addresses from the merchant side and the a counter of the amount of Bitcoin based on the price at the time of the transaction.

Quote from: giszmo
The hackathon thread inspired me to share an idea for an Android app that should not take more than a weekend to code:
I want an Android App that allows me to run deals with physical places to accept bitcoins into my wallet. The app should keep both me the bitcoin junkie and the what-is-bitcoin-merchant updated of our mutual dept.

- The merchant should be able to type in the price in any currency (google converts to USD, bitstamp converts to BTC, later updates will support formulas using vwap, min, max, etc.. Later updates will also be able to detect tipps)
- The app should be able to show a QR-Code with amount
- The merchant should know (sound) when the bitcoins arrived (blockchain.info has an api for that, later a dedicated server could take over)
- The bitcoin junkie should also get alerted of his updated debt.

When the merchant receives fiat from the bitcoin junkie, he should be able to tell the app.
The bitcoin junkie part of the app should be able to keep track of more than one merchants. Cloud to device messaging would be a bonus.
Improvements would be to incorporate fees for fiat delivery delays (parties should be able to agree on for example "weekly settlement is free but any day delay costs 1%), limits on the amount of bitcoins to be bought ("I help you get started with bitcoin but will only buy up to $200 per month"), merchants should be able to link to several bitcoin junkies, too (maybe the one would handle big volume but the other would take no fee etc.).
It would help people to accept bitcoins in a bitpay way so they never actually touch bitcoins and don't need to worry about volatility or regulations as in their books it's just the bitcoin junkie who owes them fiat. I'm interested in any feedback as I'm an Android developer I'm thinking of doing this myself but would be in to participate in an open source project or would be happy to see others get this going as an open source project.
http://www.reddit.com/r/Bitcoin/comments/1qsxue/decentralized_bitpaylike_service/

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Transactions must be included in a block to be properly completed. When you send a transaction, it is broadcast to miners. Miners can then optionally include it in their next blocks. Miners will be more inclined to include your transaction if it has a higher transaction fee.
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October 12, 2014, 06:38:53 PM
 #2

I like the idea and would probably use it.

I'm using Mycelium and Andreas' Bitcoin Wallet and both offer the functionality for setting up the payment process, also with fiat amounts. Mycelium with their Local Trader feature also have functionality to design pricing formulas and an integrated communication channel. They also can keep track of multiple local traders so that functionality is there too. So with a bit of tweaking...

I'm not a programmer, but I will post a link in their thread.


Edit: An option to split the amount the merchant sends would be nice too. Say he is not willing to keep 100% of his bitcoin sales, but maybe 5%. So only 95% are sent to the "bitcoin junkie" for later settlement.

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