At Cashila we always encourage our users to use bitcoins as much as possible. Our structure was build with the intent to give people a chance to quickly convert bitcoins to euro and send them across Europe. But not all holders are avid bitcoin spenders (users) as well. If you are into bitcoin as a long-term investment and don’t want to separate yourself from those hard-earned bitcoins – that’s totally fine. We at Cashila are also bitcoin believers who keep a portion of bitcoins in cold wallets.
But we believe that for a step towards broader bitcoin adoption as a day-to-day payment method bitcoin users need to spread the word and use their coins as much as they can. That is why we have partnered with Bitnik Reload, a Slovenian bitcoin service that automatically rebuys all the bitcoin you spend from your exchange of choice. Pretty neat, right?
It is quite simple. Use your default bitcoin address and make payments/transfers using Cashila. Use it as you normally would: pay bills, purchase goods, make cross border transactions or simply cash out. Reload will keep an eye on your public bitcoin addresses and when it sees you’ve spent some, it will automatically re-buy bitcoins, so you never run out. Anonymously and free of charge.
Spend bitcoins on nearly anything
Let’s say you want to want to pay 100 EUR (Ƀ 0.25) on your car insurance. Those of you who have been using our service know that this is pretty straightforward and simple. Cashila empowers the user to transfer their bitcoin straight to any bank account in Europe. The Ƀ 0.25 you are paying for the car insurance gets converted to euros on-the-go, is sent via a bank transfer and received by the counterparty usually the next business day.
Here comes the fun part: rebuy bitcoin when spent
If you are holding bitcoins as a long term investment and you don’t want to reduce your holdings, Reload, a service by Bitnik, comes in. When paying for the car insurance through Cashila from your wallet, Reload will instantly buy Ƀ0.25 for you automatically from a local exchange of your choice. Now you can relax and spend your precious coins on goods and services and be sure that your bitcoin supply does not diminish. Wondering how it works? Here’s the secret.
Reload is a web application, actually a quite smart piece of software, that keeps an eye on your public bitcoin address(es). When it detects that bitcoins have been spent (sent) from one of the observed address, Reload will immediately repurchase the equivalent amount of Bitcoin from your local bitcoin exchange, no matter where you live. You can make transfers to the euro-zone from all over the world and always get the best price.
Sounds cool! How do I set the whole thing up?
Simple. You should set up a payment only bitcoin wallet (for supported wallets, check here). Use that when sending funds to Cashila. Reload will make sure your wallet gets “reloaded” when you use it – for free.
Setting up rebuying in 10 easy steps
- Register at Reload, it’s free.
- Set your bitcoin wallet/public addresses on your “reload” list. Supported wallets are listed here.
- Connect your local bitcoin exchange to your Reload account via the secure API.
- Upload funds to your exchange (if you haven’t already), so Reload can use them to instantly purchase bitcoin at the market price.
- Login to Cashila.
- Select “PAY”, enter the desired amount and the recipient’s bank details.
- Make a payment from the payments addresses previously connected to Reload.
- Bitcoins get rebought instantly with Reload.
- Cashila send the funds to the recipient’s bank.
- You’re done!
But why should I spend my bitcoins if I can send euros?
Of course it is always up to you, what to do with your bitcoins. We believe that in order for bitcoin to succeed, we should start using it as much as we can – since its usability gives it its value. The great thing about bitcoin is that it is not limited to working hours, not borders. You can for example send funds to Europe from Latin America, at night, and at a fraction of the costs. That’s how banking should be done in the 21st Century!
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 repurchases spent bitcoins for you in seconds.
Give both services a go and support Bitcoin.