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Author Topic: Interesting thing/idea, what are your thoughts?  (Read 1463 times)
Greenlee
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March 02, 2015, 06:51:50 PM
 #1

Hello everyone Smiley

My first bitcoin.
Its been a long time since I heard for the first time for the bitcoin apx.2years ago. I bought my first bitcoin in 2013 when the price was 150$ then it raised up to 1000$ but I didn't sold it, cause it was very hard to predict . I was expecting huge raise. Unfortunately there was a turn and the price started to drop anyway today the value is around 260$ but its still a good value and I think this really might be the future currency.

So I had a problem because i did not know where to buy my first bitcoin so I decided to buy it at exchange btc-e anyway. I know that there might be a lot of people having troubles with choosing the right exchange and also depositing money.

My Idea.
It would be great, if there would exist a platform that would calculate which is the best exchange to buy bitcoins and would directly deposit FIAT money to that exchange (with possibility of withdrawing and then depositing to another exchange).

What do you think?


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Possum577
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March 02, 2015, 06:56:43 PM
 #2

This is a good idea while the market is young but once volume increases and the market matures there will be less discrepancy between each exchange's price...in fact each exchange should be quoting roughly the same price.

Right now, the most accurate price would be with blockchain or exchanges that aren't businesses. Alternatively, Coinbase has greater incentive to offer an inaccurate price because they may lump transactions together or seek the most attractive quote for their business.

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March 02, 2015, 07:21:10 PM
 #3

Quote
It would be great, if there would exist a platform that would calculate which is the best exchange to buy bitcoins and would directly deposit FIAT money to that exchange (with possibility of withdrawing and then depositing to another exchange).
But that platform would have their own fees, so you would have to pay two fees, the exchange and the meta-exchange.

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March 02, 2015, 07:50:45 PM
 #4

Interesting idea to be sure but to be honest I have a sneaking suspicion this would be quite a bit of work for nothing more than what amounts to an additional, central point of failure for users funds.  Now, if you can can implement this technique (which, btw would undoubtedly require constant upkeep given how often exchange API's and payment gateways change) in some kind of trustless decentralized manner then you might be onto something. Wink

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mezmerizer9
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March 02, 2015, 08:40:27 PM
 #5

Hello everyone Smiley

My first bitcoin.
Its been a long time since I heard for the first time for the bitcoin apx.2years ago. I bought my first bitcoin in 2013 when the price was 150$ then it raised up to 1000$ but I didn't sold it, cause it was very hard to predict . I was expecting huge raise. Unfortunately there was a turn and the price started to drop anyway today the value is around 260$ but its still a good value and I think this really might be the future currency.

So I had a problem because i did not know where to buy my first bitcoin so I decided to buy it at exchange btc-e anyway. I know that there might be a lot of people having troubles with choosing the right exchange and also depositing money.

My Idea.
It would be great, if there would exist a platform that would calculate which is the best exchange to buy bitcoins and would directly deposit FIAT money to that exchange (with possibility of withdrawing and then depositing to another exchange).

What do you think?




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March 02, 2015, 09:23:16 PM
 #6

My Idea.
It would be great, if there would exist a platform that would calculate which is the best exchange to buy bitcoins...

Already exists.

... and would directly deposit FIAT money to that exchange (with possibility of withdrawing and then depositing to another exchange).

Good luck. Moving bitcoins is easy, but moving fiat money is hard, especially in the U.S. and between countries.

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March 03, 2015, 06:36:38 AM
 #7

~~
My Idea.
It would be great, if there would exist a platform that would calculate which is the best exchange to buy bitcoins and would directly deposit FIAT money to that exchange (with possibility of withdrawing and then depositing to another exchange).

What do you think?
i think it is a good idea, but such services will never be free, so in the end you might not be able to profit from this method. besides depositing fiat in an exchanger to do all this might be a hassle if you want to do it from another country

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March 04, 2015, 06:45:02 AM
 #8

What criteria would they base that conclusion on? To determine what the best exchange would be?

In my opinion all of them are bad and risky ..... some are KYC and AML crazy, so you have to give up almost ALL your personal information to get things going. Even then, accounts get suspended, if you use services, they do support. 

http://www.bitcoinexchangereviews.info/

I agree, there should be a service to help people... but why use a exchange? {localbitcoins / ATM's ......}

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March 04, 2015, 08:10:20 AM
 #9

what about integrating the exchange in the client directly? a new client maybe, dedicated to that

a decentralized exchange of course
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March 04, 2015, 08:22:24 AM
 #10

Hello everyone Smiley

My first bitcoin.
Its been a long time since I heard for the first time for the bitcoin apx.2years ago. I bought my first bitcoin in 2013 when the price was 150$ then it raised up to 1000$ but I didn't sold it, cause it was very hard to predict . I was expecting huge raise. Unfortunately there was a turn and the price started to drop anyway today the value is around 260$ but its still a good value and I think this really might be the future currency.

So I had a problem because i did not know where to buy my first bitcoin so I decided to buy it at exchange btc-e anyway. I know that there might be a lot of people having troubles with choosing the right exchange and also depositing money.

My Idea.
It would be great, if there would exist a platform that would calculate which is the best exchange to buy bitcoins and would directly deposit FIAT money to that exchange (with possibility of withdrawing and then depositing to another exchange).

What do you think?

It's great with ideas, keep ut that good work! However, on a real world note, what you a proposing would be a massive amount of work, not only would you integrate with exchanges on a technical level, but you would also be subject to all the KYC/AML requirements in several countries. So in practise, unless you have millions to spend and a long term view, this isn't the best plan.
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March 04, 2015, 10:02:58 AM
 #11

Hello everyone Smiley
My first bitcoin.
Its been a long time since I heard for the first time for the bitcoin apx.2years ago. I bought my first bitcoin in 2013 when the price was 150$ then it raised up to 1000$ but I didn't sold it, cause it was very hard to predict . I was expecting huge raise. Unfortunately there was a turn and the price started to drop anyway today the value is around 260$ but its still a good value and I think this really might be the future currency.
So I had a problem because i did not know where to buy my first bitcoin so I decided to buy it at exchange btc-e anyway. I know that there might be a lot of people having troubles with choosing the right exchange and also depositing money.
My Idea.
It would be great, if there would exist a platform that would calculate which is the best exchange to buy bitcoins and would directly deposit FIAT money to that exchange (with possibility of withdrawing and then depositing to another exchange).
What do you think?
cool idea, but i think it's hard to implementing right now
you know that, few days ago many exchange have a problem with security issue
so i think exchange have to fix security issue first then improve about more feature like your idea
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March 04, 2015, 12:54:21 PM
 #12

My Idea.
It would be great, if there would exist a platform that would calculate which is the best exchange to buy bitcoins...

Already exists.

i think it is a cool idea. can you give a link to this platform? is it something like an exchanger or a bot?

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March 04, 2015, 12:58:44 PM
 #13

My Idea.
It would be great, if there would exist a platform that would calculate which is the best exchange to buy bitcoins...

Already exists.

i think it is a cool idea. can you give a link to this platform? is it something like an exchanger or a bot?
without a doubt, this will help us a lot. I also want the link.

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March 04, 2015, 05:09:50 PM
 #14

My Idea.
It would be great, if there would exist a platform that would calculate which is the best exchange to buy bitcoins...
Already exists.
i think it is a cool idea. can you give a link to this platform? is it something like an exchanger or a bot?
without a doubt, this will help us a lot. I also want the link.

Like this? http://bitcoincharts.com/markets

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Greenlee
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March 05, 2015, 05:07:29 PM
 #15

My Idea.
It would be great, if there would exist a platform that would calculate which is the best exchange to buy bitcoins...
Already exists.
i think it is a cool idea. can you give a link to this platform? is it something like an exchanger or a bot?
without a doubt, this will help us a lot. I also want the link.

Like this? http://bitcoincharts.com/markets

Actually this was not my main point but anyway It seems you like it very much. I want to hear some more comments about Ideas described above? Smiley Do you have any other ideas ? Do you miss anything?
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March 05, 2015, 05:29:50 PM
 #16

That's a nice idea, but hard to achieve.
So you would deposit your money to that platform? And then it would decide where it would send the money - but when the money arrives, the highest exchange might be another.
I see it as possible the other way around, to sell bitcoins- as transfers are much quicker.
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March 05, 2015, 10:55:31 PM
 #17

My Idea.
It would be great, if there would exist a platform that would calculate which is the best exchange to buy bitcoins and would directly deposit FIAT money to that exchange (with possibility of withdrawing and then depositing to another exchange).

What do you think?

The idea is good but the practical side is very difficult. The biggest problem is that depositing FIAT money to an exchange a process is that consume lots of time. (It is no cryptocurrency, remember Wink ) A Sepa transfer cost minimal 24hr. Other forms of depositing cost more time.
Greenlee
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March 08, 2015, 06:37:41 PM
 #18

My Idea.
It would be great, if there would exist a platform that would calculate which is the best exchange to buy bitcoins and would directly deposit FIAT money to that exchange (with possibility of withdrawing and then depositing to another exchange).

What do you think?

The idea is good but the practical side is very difficult. The biggest problem is that depositing FIAT money to an exchange a process is that consume lots of time. (It is no cryptocurrency, remember Wink ) A Sepa transfer cost minimal 24hr. Other forms of depositing cost more time.
But if there would be a solution how to immediately transfer money to different exchanges what kind of fees would you be prepare to pay?
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March 09, 2015, 01:05:09 AM
 #19

Reading all of these posts led me to the conclusion that when you buy bitcoin, you shouldn't convert it back to fiat again. You should instead buy stuff with it. This will help the bitcoin community and value (making you richer in the process).

Greenlee
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March 09, 2015, 12:02:26 PM
 #20

Reading all of these posts led me to the conclusion that when you buy bitcoin, you shouldn't convert it back to fiat again. You should instead buy stuff with it. This will help the bitcoin community and value (making you richer in the process).

I completely agree with you but there should be a way to easier get a bitcoin from any exchange you want Smiley

I believe its still to complicated to get a bitcoin, it should become more simple.
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