Show HN: Bitcoin a Day – Buy €5 worth of Bitcoin a day with cloud-scheduled task
github.comI was interested in trying out the "Dollar Cost Averaging" investment "strategy for Bitcoin. There were a couple implementations of that (for instance https://github.com/0x13a/bitcoin-trading-dca), but mostly based on CRON jobs.
I did not wanted to run this CRON job locally and I don't have free spare server, so I was looking for a cheap way to schedule this purchase task in the cloud.
My solution is an AWS Lambda which is triggered once a day via CloudWatch CRON rule and buys €X worth of Bitcoin on Bitstamp.
Upvoted because of the use of AWS Lambda instead of a cron job, I believe Bitstamp offer such a feature as there is clearly demand for DCA :)
Coinbase already has, but with 1.5% fee!!
How do you make sure the transaction happens? What if my order doesn't get executed, and then 5 of them executed next week then it's not DCA anymore.
AWS Lambda appeared to be a nice method for task scheduling. In any case it is very cheap I only get billed for like 400ms per day. Other services like KMS came in quite handy as well - for instance to encrypt Bitstamp credentials in the configuration.
Right, 1.5% fee is ridiculous. Bitstamp charges 0.25%, that is ca. 2 cent for €5.
There are no guarantees that transaction will actually happen. But since the order goes to the last ask price, it is very probable that it will. I run this for a few days already, it always worked out so far. I also think that if the order is not executed for 24 our, Bitstamp will automatically cancel it (not quite sure, however).