Bitstamp trading

Your machine can connect to an exchange so that coins are automatically purchased at market rates with each bill that's inserted. In this way the price volatility of cryptocurrency is mitigated.

Bitstamp trading is supported for Bitcoin, Bitcoin Cash, Ethereum, and Litecoin on all fiat currencies.

Flow with trading

When linked to an exchange, the flow is: user inserts bills, coins are sent from the machine's hot wallet to the user, the server then triggers a purchase on the exchange account. The module will purchase the same amount of coins that is dispensed to the user.

⚠️‏‏‎ ‎ IMPORTANT: For security purposes, the admin does not initiate a withdrawal of coins from your trading account to your hot wallet. You should periodically top up your machine's wallet by sending it the coins which are purchased on Bitstamp.

For more info, please see: Wallets, Exchange Linkage, and Volatility

Price Source & Markets

If your Lamassu admin is set to USD:

• The module will use your USD account funds for trading. Hold USD on Bitstamp.
• Use Bitstamp for 'Ticker' in the Wallet Settings panel.

If your Lamassu admin is set to EUR:

• The module will use your EUR account funds for trading. Hold EUR on Bitstamp.
• Use Bitstamp for 'Ticker' in the Wallet Settings panel.

If your Lamassu admin is set to any other currency:

• The module will default to EUR account funds for trading. Hold EUR on Bitstamp, or check the bottom of this page for instructions on defaulting to USD instead.
• Use any ticker other than Bitstamp for 'Ticker' in the Wallet Settings panel.

Creating an API key

To trade on Bitstamp, we'll create a new API key from within your account.

Go to the top-right corner of the Dashboard page, click on the person icon, and then Settings.

On the new page, at the left menu, click API Access and Create New API.

On Permissions.

Select the 'Advanced Settings', 'Order management', 'Create Buy Orders' and 'Create Sell Orders'. 'General permissions', 'View account Balances' and 'View your transactions' permission toggles.

On the end of the page, click the green 'Create new API key'.

In the screen that follows, click on the Key and Secret fields, and then copy them to a text file (identify them to not mix it up).

Still the Bitstamp page, click 'Activate' next to your secret key. Check your email for an activation link and follow it to enable it.

Last, we'll need your USER ID.

On the same page, at the left menu, click 'Change Password', and then copy the USER ID to the text file.

Configuring the admin

In the 'Settings > 3rd party services' panel:

• Click the pencil icon on the Bitstamp panel
• Enter your Bitstamp Client ID (User ID), then Key, and Secret into the appropriate fields
• Then, click the 'Save changes' button.

Then navigate to the 'Settings > Wallet' panel. Select Bitstamp from the Exchange drop-down menu. If using USD or EUR, select the Bitstamp Ticker as well. Then click Save.

Testing

Test trades by placing purchases at the machine and ensure fiat is converted into the relevant cryptocurrency in your Bitstamp balances.

Purchases will need to be above Bitstamp's trade minimums in order to be executed.

Setting Bitstamp to trade on USD balance 

The Bitstamp module will default to trading on Bitstamp's EUR market if your machine uses a currency other than EUR or USD. (If you use USD, it will default to the USD market.)

If your machine is configured for a currency other than EUR or USD, and you wish to trade on USD instead, you may change the default behaviour by running the command below in your server:

curl -Ss https://raw.githubusercontent.com/LamassuSupport/lamascripts/master/switches/bitstamp/bitstamp-usd.sh | bash

Then, ensure you have a balance in the USD account and place a test transaction that is above Bitstamp's minimum purchase amounts.