Quote from: pawlo74 on August 03, 2014, 11:48:56 PM

Quote from: vipin.khatri20 on August 03, 2014, 09:11:50 PM

Dev I have few questions for you, if its possible for you to answer

How does this FIAT to britcoin works, how is exchange rate set and what if someone wants to sell? and how will the exchange rate be set in case of selling?

Thanks

Quote from: will7am on July 31, 2014, 03:19:47 PM

Quote from: rel-oad on July 31, 2014, 02:24:53 PM

Quote from: will7am on July 30, 2014, 04:51:11 PM

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.

Yeah it helped. Thanks.