Bitnik Reload is a service that automatically rebuys your spent Bitcoins and Dash. The most obvious use case is for ATM machines. Say you have a Bitcoin / Dash ATM and the “funding” wallet has a balance $5,000 for each coin. A number of people come along and buy $8,000 of Dash from the ATM all in 45 minutes. How can this happen? You are out of town at the beach with no internet. Reload is buying Dash from a linked exchange account and moving it into the ATM “funding” wallet after each transaction to keep your ATM vending.
Bitnik is a Slovenian company that manages Bitcoin ATM machines and does consulting to help companies or individuals learn more about crypto currencies. They had developed the “Reload” software for their internal use and then started to offer it as a service for others to use. Reload has a good FAQ page that explains the process / technical details for those interested.
Their name comes from Beatnik – they are out to change the existing financial services culture.
I interviewed (PeTrcek) Peter Trcek about the project.
How are you affiliated with Bitnik? What is your background – how did you get into crypto currency? I assume you live in Slovenia?
I’m the owner of Bitnik. I entered into crypto just after the previous Bitcoin peak in late 2013. In 2014 Bitnik was founded as the first ATM operator in Slovenia. In 2015 I quit my job as a product owner in a software development company (online gaming) to focus fully on crypto. Everyone working for Bitnik as well as the Reload project is from Slovenia.
My understanding is that Bitnik runs a number of Bitcoin ATM’s in Slovenia. Is there more to it?
Our basic business are our ATMs. We position ourselves as crypto experts operating ATMs. We are known and well connected in Slovenian crypto scene. We organize lectures and workshops. Both regular customers and large companies hire us for consultancy services. We got some good feedback on a video we created some time back.
What brand ATM machines does Bitnik operate? Will you be adding Dash to the machines?
We have 6 Lamassu machines. We know there were some attempts to implement Dash support on top of the Lamassu stack, not sure it’s available currently. When such support is available we will seriously consider adding Dash. Dash is not yet that well known in our market which we need to consider before adding new currencies. With increasing support of Dash by basic infrastructure providers, there may be some new sales channels opening up soon that could be simpler to add than to ATMs. Can’t say too much yet at this point though.
Did you (your developers?) develop the original Bitnik reload software? I assume you use it to keep Bitnik ATM’s loaded. Is it used by anyone else?
Yes. Reload is Bitnik’s project. With the help of a couple of external developers that cooperate with Bitnik, we implemented it for our own needs. We decided to offer it to others to use. It hasn’t seen much success, yet we still maintain it. We have a few paying customers and additional handful of free active users.
Dash integration and the option of Dash treasury funding was suggested to us by our users exactly for the purpose of Dash ATM support. Any ATM or OTC reseller can utilize Reload for a reliable restocking solution now. Users should be aware though, that the current implementation only supports single wallet addresses which means good control over inputs/outputs is required.
I see you already have Dash on the Reload website – what is the status of the project? Is it done?
We deployed Dash support to production Friday June 16. We didn’t announce it yet as we wanted to reach out to a couple of existing users first. Plus the old rule: ‘don’t deploy on Friday’. Development as per original scope is complete. We still need to do some marketing to spread the word. We were about 10 days late compared to estimated ETA. We are blaming the crypto-craze of May 2017 for that. 😉
What would be the recommended Dash wallet to connect to Bitnik? I understand that it uses just one address for all transactions – with the goal to keep the balance at some amount I determine?
We’ve successfully tested Bitnik Reload with Dash core wallet. A custom change address should be used that returns change to the originating address and all inputs need to originate from this same address. Private send cannot be used. These restrictions are understandable as HD wallets and private send functionality is meant to ‘obfuscate’ data that Reload needs in order to function. Though the basic approach is to keep the balance at same amount, this is not how Reload works. We track and react based on each transaction.
For USA people what exchange can you connect to using Dash and USD? What other exchanges are being used for Dash and Euro?
I am not sure which exchanges are open to certain jurisdictions but Dash to fiat pairs are available on Kraken and Bitfinex. Reload does not require a fiat market to work. It can also work with DASH/BTC or even USDT. Poloniex is therefore also available. In the EU Kraken is really popular as it has the best EUR markets.
This project got a lot of support in the masternode voting with 949 yes votes and only 80 no votes so they must see value in it. At this point Reload seems to have a limited market but as more ATM’s and other gateways come online that could change.