Bitnik is proud to present Reload, an universal solution for reliable automated bitcoin repurchasing, advanced reporting and bookkeeping. Reload is launched today and free for use for everyone.
For general queries, any kind of feedback, future features wishes or suggestions, UI or general service feedback or improvement suggestions:
Contact us: firstname.lastname@example.org
HOW does Reload work?
Bitnik Reload is a service that binds your Bitcoin wallet to your account at a Bitcoin exchange so that whenever you spend from the wallet, the same amount of coins will immediately be bought back for you at the exchange. Bitnik Reload effectively enables you to pay for products and services from your fiat balance while using bitcoin as a payment network.
Reload Tutorial video:
BITNIK RELOAD FEATURES
Reload supports several wallets and many exchanges out of the box. If one exchange happens to be down, you can switch to another with a few clicks.
Ease of integration
All necessary configuration is done in Reload, except for one-time creation of the exchange API keys that is done on the exchange. No configuration of the wallet is necessary.
We never can, or want to, have direct access to your funds. Your private data (Bitcoin addresses and exchange username) are always transferred in encrypted form, and the most sensitive data (API secrets) are stored encrypted.
Since we never manage your funds, we don’t require you to provide any personal data; an e-mail address so we can reach you is enough. You can also deny Reload access to data from your exchange account (past trades, balance etc.) on exchanges that support this.
Under normal circumstances, Reload will repurchase the bitcoins you spend in seconds.
If an exchange is down temporarily, Reload will repurchase your bitcoins when the exchange becomes available again. The same goes for cases where your account lacks funds, or your API keys lack permission etc.: Reload will do its job later when it can. Reload will also take care of each exchange’s quirks (like minimum order amounts), market volatility (retrying if orders don’t get executed immediately), and other uncertainties of the Bitcoin exchange world.
Our software runs on Google’s servers, providing extremely high availability. Our own Lamassu BTM has been using Reload for repurchasing sold bitcoins for months.
Transparency and reporting
If you’ve ever done manual repurchases of your spent bitcoins, you know exact accounting can become complicated since payments and exchange trades often don’t match one-to-one. Reload takes care of this for you and calculates the exact price of repurchase for each payment even in the complicated cases.
SUPPORTED EXCHANGES & WALLETS
Currently we support the following exchanges: Bitstamp, ANX, BitcoinToYou, Bitfinex, BitVc, Bleutrade, BTCChina, BTC-e, BTCTrade, CexIO, Hitbtc, Kraken, Loyalbit, OkCoin, TaurusExchange. We are adding new supported exchanges according to popular demand.
In general, Reload currently supports any wallet that uses a single address. Wallets that automatically cycle addresses (even change addresses), either randomly or deterministically (eg. using BIP 32 / HD-wallets), are not yet supported; support for BIP 32 is planned.
We believe Reload is a step towards broader bitcoin adoption as a day-to-day payment method. What stands in the way of Bitcoin adoption and how Reload can help:
The Bitcoin price with its volatile moodiness is definitely in the way of Bitcoin’s mass adoption. While Reload can’t solve the price instability, we still believe that we have to support Bitcoin day-to-day usage, since it is the only way to spread mass adoption. With Reload you can start spending their bitcoins and never worry about the volatility again. Reload reliably, automatically and repurchases spent bitcoins for you in seconds.
Bitcoin is still not easily accessible everywhere. Because we believe that accessibility is supported by growing number of BTM operators and local bitcoin traders, we’ve geared Bitnik Reload towards simplifying the bitcoin selling business. Reload reliably handles network unavailabilities, supports quick switching between many supported exchanges and enables reporting, making paperwork much easier for the seller.
Authority reporting complexity
Making a viable tax report using Bitcoin can be a very time-consuming and nerve-racking task. If you’ve ever done manual reports of your spent bitcoins, you know exact accounting can become complicated. Reload takes care of this for you and generates exact reports on behalf of you even in the complicated cases.