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Author Topic: Creating a shopping interface that converts BTC into Dollars on the fly  (Read 1220 times)
graingert
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May 25, 2011, 10:46:12 AM
 #1

A lot of people who want to accept Bitcoins are worried by the fluctuating nature of the BTC.

Would it be possible to write a SCI that automatically handles Dollar conversion rate and sells the coins on MtGox instantly?

Or is this already available?

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drgr33n
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May 25, 2011, 10:48:28 AM
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lol Was just about to start work on this Cheesy Do you have anything in mind ?
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May 25, 2011, 10:50:40 AM
 #3

Before the conversation goes further, yes it's absolutely possible.

Does it exist? Not sure, probably.
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May 25, 2011, 01:20:53 PM
 #4

The Mtgox site has a cool API I don't think it would be too hard to do,  One of my other projects involves a bot that checks prices and makes buys and sells automaticly in my own exchange, I've already got a some of the parts working in php to get the price from mtgox the next step for me is to write the part that takes action.  were mine is based on time you would want to take action at the time of the transation.  If I have time I'll see what parts of mine will work for you.  I wonder if MTgox has a play money account to play with to test before you work with real money.

for more info on MultiCoin check out #multicoin chat on freenode , for more info on BeerTokens see the [url=http://forum.bitcoin.org/index.php?topic=9
MemoryDealers
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May 31, 2011, 01:40:56 AM
 #5

+1 for the need for this.

We are working on a online shopping cart plugin for magento.
I am sure lots of merchants will want to have the option of cashing in their BTC for USD at the time of the sale.

(I'm happy to keep my bitcoins however)

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May 31, 2011, 04:06:30 AM
 #6

+1 for the need for this.

We are working on a online shopping cart plugin for magento.
I am sure lots of merchants will want to have the option of cashing in their BTC for USD at the time of the sale.

(I'm happy to keep my bitcoins however)

If bitcoins fluctuate in quantity cost on screen every time someone clicks on a link, that's going to make it a slave of the dollar.

And as more exchanges come up which ones will you use? Mt Gox? the job exchange boards? collectors' exchange?

Proposal: http://forum.bitcoin.org/index.php?topic=11541.msg162881#msg162881
Inception: https://github.com/bitcoin/bitcoin/issues/296
Goal: http://forum.bitcoin.org/index.php?topic=12536.0
Means: Code, donations, and brutal criticism. I've got a thick skin. 1Gc3xCHAzwvTDnyMW3evBBr5qNRDN3DRpq
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May 31, 2011, 04:09:03 AM
 #7

Better idea:

Update expensive items hourly.
Update cheap items weekly.

Show people that bitcoin has its own value and influence on the market.

Proposal: http://forum.bitcoin.org/index.php?topic=11541.msg162881#msg162881
Inception: https://github.com/bitcoin/bitcoin/issues/296
Goal: http://forum.bitcoin.org/index.php?topic=12536.0
Means: Code, donations, and brutal criticism. I've got a thick skin. 1Gc3xCHAzwvTDnyMW3evBBr5qNRDN3DRpq
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May 31, 2011, 07:28:31 AM
 #8

Many online merchants will want to cash out their bitcoins to a government issued currency initially.
This option needs to be available in order for them to be willing to accept Bitcoins as payment.
Once there is additional market depth on the exchanges,  this will not be as much of a problem because the exchange rate will change much more slowly.


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