If i want to buy/create offer of $500 worth of my currency of bitcoin (so its easier to hand this exact amount of cash to the bank teller if i use this method) its currently not possible. I have to nominate amount in bitcoin and this can fluctuate widely before my offer/buy is eventually taken by someone.
This will help to create similar experience to localbitcoins i think?
Only for the buy side. Because for sell offers, i can understand this might be harder/not possible, may not even be needed! For example, how does bitsquare know how many BTC to lock into multisig as the fiat nominated will always fluctuate to whatever the btc price is.
Thoughts?
edit: fixed vs percentage style offers. you may achieve this with a fixed offer currently. But I think fixed doesnt make sense as the market is always moving and you either will be ripping yourself off or nobody will accept your offer because they will be ripping themselfs off. I hope im making sense.
not sure what you mean… the btc gets escrowed when you create the trade, so you are buying at the price of that time, and therefore the fiat price becomes locked.
The procedure is exactly the same as on a localbitcoins trade.
I believe @shrike is talking about setting a fixed price in fiat before the offer is accepted. Is it not the case that when creating a buy offer, only the buyer’s fees are set aside, and that none of the bitcoin that will be bought is escrowed yet?
I too wished for this when I was buying, as I wanted to spend a certain amount of fiat, up to a maximum, without being too concerned about just how much BTC I would get. I could make a dynamic offer and specify a fiat price, but that just got converted to a fixed BTC amount, so I might get stuck spending more than I wanted if the market price went up too far. If, instead, there were a mode where an offer were made in fiat, then the amount of BTC would become fixed when the seller accepts the offer.
Of course, I realize this might entail modifying the protocol and such a bit, creating a new offer/trade type or whatever. Alternatively, I suppose it could be acceptable to have offers that get canceled automatically if either the market price or fiat amount to be paid reaches some threshold.
Ok, but that is not how localbitcoins works either, once you activate the escrow you are accepting that fiat price for that amount of btc.
BTC needs to be locked when creating the offer, it’s not possible to change the escrowed amount after starting a trade (the seller may not have more, for example).