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Auto-Exchange Option

 

The eDigiCash Crypto-Currency Payment Gateway allows buyers to use Bitcoin, Litecoin, Peercoin, Dash, Dogecoin, Vertcoin, XCurrency and BitcoinDark to pay for products and services. After transaction confirmation, payments are immediately forwarded to the merchants.

In the standard version, merchants are paid in the crypto-currency of the transaction. For example, if a buyer pays in Litecoin, the merchant will receive Litecoins. This means that merchants and webmasters must have a wallet address for each crypto-currency they accept.

The Auto-Exchange feature brings a new flexibility to the service by allowing merchants to specify which crypto-currencies they want to directly accept, and which ones should be automatically converted to Bitcoin.

The feature is easy to implement. This will be illustrated in the following examples. The "EDC_" parameters correspond to the eDigiCash Gateway parameters as described in the API documentation:

Example 1

Parameters:
EDC_AUTO-EXCHANGE=Y
EDC_BTC_ADDRESS=17hePwkp6CK5HoVwrCqVBPXfPUmBc1aWFw

Accept all supported currencies (Bitcoin, Litecoin, Peercoin, Dash, Dogecoin, Vertcoin, XCurrency and BitcoinDark), convert payments to bitcoins, and then send funds to the specified Bitcoin address.

Example 2

Parameters:
EDC_AUTO-EXCHANGE=Y
EDC_BTC_ADDRESS=17hePwkp6CK5HoVwrCqVBPXfPUmBc1aWFw
EDC_XC_ADDRESS=XTPWYciU6xKhy5SvN6f3sLbKjVAUgGGsQr

Accept all supported currencies.
Bitcoin payments are sent directly to the specified Bitcoin address.
XCurrency payments are sent directly to the specified XCurrency address.
Litecoin, Peercoin, Dash, Dogecoin, Vertcoin, and BitcoinDark payments are converted to Bitcoins and sent to the specified Bitcoin address.

Example 3

Parameters:
EDC_AUTO-EXCHANGE=N
EDC_BTC_ADDRESS=17hePwkp6CK5HoVwrCqVBPXfPUmBc1aWFw
EDC_LTC_ADDRESS=AUTO
EDC_DRK_ADDRESS=XfUkiXbvhd8JmBByk7i8fQGbD59HxDQZrd
EDC_XC_ADDRESS=AUTO

Accept Bitcoin, Litecoin, Dash and XCurrency only.
Send Bitcoin payments directly to the specified Bitcoin address.
Send Dash payments directly to the specified Dash address.
Litecoin and XCurrency payments are converted to Bitcoin, and sent to the specified Bitcoin address.

Example 4 (no Auto-Exchange)

Parameters:
EDC_AUTO-EXCHANGE=N
EDC_BTC_ADDRESS=17hePwkp6CK5HoVwrCqVBPXfPUmBc1aWFw
EDC_DOGE_ADDRESS=DSmd9sb3t8uDQs2AWbbArUbeDud7qrB9yE

Accept Bitcoin and Dogecoin only.
Send Bitcoin payments directly to the specified Bitcoin address.
Send Dogecoin payments directly to the specified Dogecoin address.

 

Benefits

Merchants can now automatically and transparently accept alt-currencies. All what they need is a Bitcoin address and a new parameter in the Payment form or link.
Buyers can use their preferred altcoins without having to wait until merchants decide to support them.
Merchants can optionally convert their bitcoins to a local currency by specifying an exchange deposit address in the Bitcoin address field.
Improved privacy: payments are automatically mixed during the Auto-Exchange process, and buyers can benefit from privacy-centric crypto-currencies.

Fees

Please note that we charge BTC 0.0001 network fee for the Auto-Exchange feature. External fees will also be charged by the exchange service. The external fees are the same as those charged for manual exchange, and may vary depending on the exchange service and amount. For example, Cryptsy charges 0.25-0.33% exchange fee + withdrawal fee for all transactions.

Minimum Exchange Amount

If a payment request with AUTO-EXCHANGE is sent to the Gateway and the converted Bitcoin amount is below the minimum exchange amount (BTC 0.02), the request will be processed, but the Auto-Exchange feature will be disabled. It means that only crypto-currencies with an explicit payment address (EDC_xxx_ADDRESS) will be available. If a notification email address is specified in the request, a warning message will be sent to the merchant.