Cashila, a bitcoin payment and bitcoin-to-euro conversion service, has partnered with Bitnik Reload, a Slovenian bitcoin service that automatically repurchases spent bitcoin from exchanges. The partnership will allow people to live truly on bitcoin, according to Jani Valjavec, co-founder of Cashila.
The partnership allows users to pay quickly and easily while repurchasing bitcoin from a variety of exchanges, Valjavec noted in a Cashila blog.
Cashila’s Unique Service
Cashila allows bitcoin users to convert bitcoins to euros and vice versa. Users can make payments to bank accounts directly. It serves as a EUR wallet that allows users to transfer fiat, receive third party fiat or bitcoin deposits, keep funds in the wallet or convert them to bitcoin.
Reload is a service that binds a bitcoin wallet to a bitcoin exchange account. As soon as a user spends bitcoins from their wallet, Reload uses their exchange account to instantly repurchase the same amount of bitcoins. To use Reload, a user has to provide their bitcoin wallet public address and API credentials provided by their bitcoin exchange
Why The Partnership?
Cashila was built to give users the ability to convert bitcoins to euros quickly.
To promote more bitcoin adoption for regular payments, users need to use bitcoin as much as possible. The Bitnik Reload partnership is part of that mission. Reload automatically repurchases all the bitcoin a user spends from their exchange.
Cashila customers can use their default bitcoin address to make payments and transfers. They can use it to purchase goods, pay bills, send cash or make cross-border payments. Reload monitors users’ public bitcoin addresses, and when it notices a transfer, it automatically repurchases the bitcoins so the user never runs out of bitcoin.
In our opinion, we have to support bitcoin’s day-to-day usage, since it is the only way to spread mass adoption. With Cashila and Reload you can now start using your bitcoins and never worry about your supply or volatility again. Pay your bills with Cashila and leave Reload to reliably and automatically repurchase spent bitcoins for you in seconds.
Bitnik Reload provides this service anonymously and without charge.
An Example Of How It Works
If a user wants to pay 100 EUR (0.25 BTC) on car insurance, they can transfer their bitcoin to any European bank account. The 0.25 BTC converts to euros and is deposited via bank transfer and received by the counterparty by the next business day in most cases. Reload will immediately buy 0.25 BTC from a local exchange of the user’s choice. The user can rest assured they will not lose their bitcoin supply.
Users can transfer funds to the euro-zone from anyplace in the world and always get the best price.
Remember To Use Bitcoin!
Bitcoin users who have euros might think it’s more convenient to use euros in some cases. Valjavec reminds them that for bitcoin to succeed, users need to use bitcoin as much as possible.
Usability is what gives bitcoin its value. People who believe in bitcoin recognize its benefits: its use is not limited to working hours, and it has no borders. A user can send funds to Europe from Latin America at night at a fraction of the cost of a bank transfer.
How To Set Up Reload
To establish the Reload service, the user sets up a payment-only bitcoin wallet to use when sending funds to Cashila. Here is the process:
1. Register at Reload.
2. Set the bitcoin wallet public addresses on the “reload” list. There is a list of supported wallets.
3. Connect the local bitcoin exchange to the Reload account via the API.
4. Upload funds to the exchange so Reload can use them to instantly buy bitcoin at the market price.
The payment process is as follows:
1) Login to Cashila.
2) Select “pay” and enter the desired amount and the bank details of the recipient.
3) Pay from the payment addresses previously linked to Reload.
4) Reload instantly rebuys the bitcoins.
5) Cashila sends the funds to the recipient’s bank.
Images from Shutterstock and Cashila.