BTCPay / bisq integration | Bitcointalksearch.org

buwaytress

legendary

Activity: 2968

Merit: 3684

Join the world-leading crypto sportsbook NOW!

Quote from: Elwar on November 21, 2018, 03:55:52 AM

No, you're completely right on most points. A credit card purchase may be "settled" in that price is the same...but the merchant doesn't actually receive the money for a few days. Settling a bitcoin transaction may be faster but the price could change if you're trying to batch several small transactions throughout the day.

I think practically a merchant would need to choose a trustworthy or a couple of trustworthy traders (bisq would initially choose the highest rated, highest volume traders). It could almost be just a single trader they work with with the option of choosing another if they're not satisfied.

Maybe there could be a way to instantly trade for tethers or some other fiat pegged currency and then have the bisq trader trade the pegged currency for fiat.

Yeah, actually with guys like Bitpay I believe the settlement is periodical, daily, weekly or monthly even to save costs, but the thing is, it's all settled in the fiat amounts at time of confirmation fixed by invoice #, so merchants know what they're selling in fiat values will be close to or even exactly what is settled later.

I suppose very close margins can also be achieved with one or two large, trustworthy traders - but it's still unlikely that traders will be able to close deals quicker than a processor. Bitcoin confirmations, offline times for trader. The stablecoin option on bisq almost sounds like a match for the need. So yeah, interesting to see if someone might take on this btcpay integration. I imagine it would be a preferable solution to most existing processors... but got to first see adoption with btcpay + bisq...

Elwar

legendary

Activity: 3598

Merit: 2386

Viva Ut Vivas

Quote from: buwaytress on November 20, 2018, 12:39:10 PM

Thought about this before, but actually just on LBC itself (though yes, I'm slowly really liking Bisq and their volumes are creeping up ever so slowly) but you've got some major problems to get over with.

Merchants don't want to know what's going on in background, you're right, but I really don't see how this is possible when you're reliant on trading to settle the Bitcoin (someone's got to accept your trade and then pay). It's impossible to do instantly for one... So even on LBC with presumably good liquidity, you'd still not sell as quickly as a processor settles (settled amount for processor is at time of purchase, but settled amount for your trades could be very, very different). Merchants who use processors want predictability for cashflow.

Even with very high liquidity where you'd expect instant fulfilment of orders, it'd require constant tweaking of the trades, even on auto adjustment of percentage, you'll always get someone to jump the queue on offers. Then, you get people who cancel trades and you've lost 15-30 mins and the price is gone.

Maybe I'm missing out on the idea but it really doesn't seem workable. Doable but not workable.

No, you're completely right on most points. A credit card purchase may be "settled" in that price is the same...but the merchant doesn't actually receive the money for a few days. Settling a bitcoin transaction may be faster but the price could change if you're trying to batch several small transactions throughout the day.

I think practically a merchant would need to choose a trustworthy or a couple of trustworthy traders (bisq would initially choose the highest rated, highest volume traders). It could almost be just a single trader they work with with the option of choosing another if they're not satisfied.

Maybe there could be a way to instantly trade for tethers or some other fiat pegged currency and then have the bisq trader trade the pegged currency for fiat.

buwaytress

legendary

Activity: 2968

Merit: 3684

Join the world-leading crypto sportsbook NOW!

Thought about this before, but actually just on LBC itself (though yes, I'm slowly really liking Bisq and their volumes are creeping up ever so slowly) but you've got some major problems to get over with.

Merchants don't want to know what's going on in background, you're right, but I really don't see how this is possible when you're reliant on trading to settle the Bitcoin (someone's got to accept your trade and then pay). It's impossible to do instantly for one... So even on LBC with presumably good liquidity, you'd still not sell as quickly as a processor settles (settled amount for processor is at time of purchase, but settled amount for your trades could be very, very different). Merchants who use processors want predictability for cashflow.

Even with very high liquidity where you'd expect instant fulfilment of orders, it'd require constant tweaking of the trades, even on auto adjustment of percentage, you'll always get someone to jump the queue on offers. Then, you get people who cancel trades and you've lost 15-30 mins and the price is gone.

Maybe I'm missing out on the idea but it really doesn't seem workable. Doable but not workable.

kingama

member

Activity: 94

Merit: 10

Isn't it better for merchants to hodl and pay forward rather than make it so easy for our BTC to be liquidated? They can always go to a market like bisq if they feel over-exposed.

Elwar

legendary

Activity: 3598

Merit: 2386

Viva Ut Vivas

Quote from: OmegaStarScream on November 20, 2018, 06:59:36 AM

As far as I know, there is no such plans for such integration but I'm curious how do you suggest doing that? I'm not sure I fully understood but basically, you want the business to run BTCPay/Bisq where they basically accept bitcoin payments automatically and send funds the money (fiat) to the other party? Wouldn't that defeats the whole purpose of Bisq and also cause problems when it comes to disputes/arbitration etc.?

You can use bisq to send bitcoins and someone there will send fiat to your bank account (or whatever payment method you choose). Just like on localbitcoins.

The merchant wouldn't care about what's going on in the background. Someone pays the merchant via BTCPay in bitcoin, the bitcoin is then moved to their bisq wallet (maybe it accumulates to a certain threshold. Then once the threshold is met, it executes a sell order via bisq. The buyer transfers the money and likely the merchant needs to verify with his app that he received the funds.

Same as accepting bitcoin, then transferring the BTC to bisq or Localbitcoins and selling it...just in an automated way. Would be better with lightning network due to the amount of transfers.

I've personally bought a car by selling bitcoins on localbitcoins and giving the trader the bank account of the guy who sold me the car. Since he was French and I didn't have a french bank account. Should be able to do the same for merchants.

OmegaStarScream

staff

Activity: 3500

Merit: 6152

As far as I know, there is no such plans for such integration but I'm curious how do you suggest doing that? I'm not sure I fully understood but basically, you want the business to run BTCPay/Bisq where they basically accept bitcoin payments automatically and send funds the money (fiat) to the other party? Wouldn't that defeats the whole purpose of Bisq and also cause problems when it comes to disputes/arbitration etc.?

Elwar

legendary

Activity: 3598

Merit: 2386

Viva Ut Vivas

Has there been any work done on integrating BTCPay with bisq?

I realize bisq has low volume right now but...

If a business could set up BTCPay with bisq running where they can accept bitcoin and receive fiat in their bank account without really needing to know anything about Bitcoin then it would become the best payment solution.

It could also work the other way around. "My company now accepts all currencies around the world" with the ability in each country to deposit funds. The merchant could then either get paid in BTC or take it a step further and convert it back to their own currency in their account.

The money to be made on this would be having companies that will host this for people...while the option is still there for companies to set it up on their own server.

I've only downloaded either one so I'm not sure of the development going on.

Topic: BTCPay / bisq integration (Read 188 times)