Re: [BritCoin] x13 PoW+PoS Hybrid with no IPO - Bittrex

For those who didn't see on our Twitter here's a sneak preview of our upcoming Fiat > BritCoin exchange platform.

http://i.imgur.com/VpkD7P0.png

We're hoping to launch it for public use Friday if not early weekend.

The 'exchange' is going to be a bank-to-bank transfer?

Who is on the other side of the trade sending the Britcoin to the buyer?

EDIT: Or is this bank transfer into the exchange platform?

Good question.

At first it will be bank-to-bank with me personally running it. Once the system is tested in a live environment I will be looking at implementing a system where users can apply to become sellers, giving the end user a competitive price and better service.

Once the platform is launched, the price of the Brits in GBP will be calculated based on how much it will cost me to buy the same amount of Brits sold on the Bittrex buy wall in BTC. This will (hopefully) help give us a steady price increase because I will be buying at the ask price and eating up the sell wall. Please keep in mind that I am selling my own personal coins that I have mined and bought myself. I really don't want to sell my Brits at the current price so I have to ensure that the amount that is charged is enough to cover the cost of rebuying the same amount of coins on Bittrex.

Hope this helps. Let me know if you have any other questions.

In essence that is similar to what happens with current services like Bittylicious. You do a bank transfer to an account they give you and then the person with the crypto sends it to your address when the Tx goes through. It only takes about 5 minutes for the entire process because of the "Faster Payments" system in UK banks.

Exactly. The whole coin ordering process only takes a few minutes start to finish, prolly even quicker than filling out your CC information. And as the majority of internet users in the UK have access to online banking with 'Fast payments' it's the perfect solution.