Bitnik Reload is a new service that not only refills your wallet with bitcoin but also acts like a ‘reverse BitPay’ in a way. Specifically for consumers, the service facilitates hedging against price volatility as fiat is converted into bitcoin on the spot.
CoinTelegraph spoke with Bitnik founder Peter Trcek on the new product, why it can be extremely useful for BTM operators and business owners and how it may play into the Internet of Things in the future.
“For the casual user, the service is mostly used as a ‘rebuy on-the-fly’ solution.”
– Bitnik founder Peter Trcek
CoinTelegraph: What does Bitnik Reload do and how does it work?
Peter Trcek: Reload offers automation for Bitcoin resellers and everyday Bitcoin users. Bitcoin is used as a transfer mechanism, while the users effectively spend fiat amounts at exact current market bitcoin prices. This is very important as bitcoin price is quite volatile.
CT: Why might this be useful and what major problems does this solve?
PT: All successful bitcoin resellers know that it is vital to hedge against bitcoin price volatility. This means that with every bitcoin sale they need to instantly re-buy the same amount with a bitcoin liquidity provider. Reload is tailored for