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Topic: Getting massive acceptance of Bitcoin (Read 3752 times)

cardinalshark (OP)

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Getting massive acceptance of Bitcoin

January 19, 2011, 05:04:29 AM
Last edit: January 19, 2011, 05:19:41 AM by cardinalshark

By far the most successful electronic payment system is of course Paypal.

Paypal was supposed to be a way to transmit money securely over cellphones and smart phones. That's what the investors thought they were investing in.

When Paypal got funded and began to deploy, it was not real successful. There was no huge demand for it. People didn't want to pay for groceries using their cellphones.

Paypal was going nowhere.

Until something clicked. eBay was growing at an enormous rate and merchants needed a way to get payment.

eBay merchants adopted Paypal in droves and eBay became the killer app for Paypal.

What will be the killer app for Bitcoin?

This is not easy to answer. I suspect it is paying for services rather than goods. I suspect that marketplaces will form that are entirely Bitcoin, almost like bartar markets.

What do you think?

FreeMoney

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Re: Getting massive acceptance of Bitcon

January 19, 2011, 05:11:26 AM

Internet goods and services are an obvious fit, software, design, hosting, etc.

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cardinalshark (OP)

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Re: Getting massive acceptance of Bitcon

January 19, 2011, 05:20:43 AM

Quote from: FreeMoney on January 19, 2011, 05:11:26 AM

Internet goods and services are an obvious fit, software, design, hosting, etc.

Those are a fit, true, but there is no compelling reason not to pay for those with, say, Paypal.

kiba

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Re: Getting massive acceptance of Bitcoin

January 19, 2011, 05:23:30 AM

Micropayment.

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MoonShadow

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Re: Getting massive acceptance of Bitcon

January 19, 2011, 05:23:36 AM

Quote from: cardinalshark on January 19, 2011, 05:20:43 AM

Quote from: FreeMoney on January 19, 2011, 05:11:26 AM

Internet goods and services are an obvious fit, software, design, hosting, etc.

Those are a fit, true, but there is no compelling reason not to pay for those with, say, Paypal.

Sure there is. Paypal has a standard transaction overhead of 2.9% plus some small fixed fee, which I believe is about 60 cents. Currently, Bitcoin has no such fees; and when it does they will be truly market based, likely never approaching 2.9% except in very small or very unusual transactions.

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Re: Getting massive acceptance of Bitcoin

January 19, 2011, 05:29:55 AM

Well, maybe biddingpond will be to bitcoin what eBay was to PayPal.

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SmokeTooMuch

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Re: Getting massive acceptance of Bitcoin

January 19, 2011, 05:46:48 AM

I don't think so. BiddingPond's user base is not big enough.

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FreeMoney

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Re: Getting massive acceptance of Bitcoin

January 19, 2011, 06:03:29 AM

Quote from: SmokeTooMuch on January 19, 2011, 05:46:48 AM

I don't think so. BiddingPond's user base is not big enough.

latching onto one big existing company is great for a payment processor dealing in an established currency. I don't think that's it's going to happen with bitcoin. It's going to be 285 small operations and a medium sized one, then 4290 small operations, 324 medium ones and a big one, then 34229 small operations 8234 medium ones 124 large operations and a huge one, then everyone.

There just isn't room for a large company to start taking payment now, one customer getting enough coins for one high end car would double the exchange rate. I think it's going to happen fast, but it's also going to happen "in order".

So I agree, biddingpond isn't going to single handedly launch bitcoin into orbit, but it is a small part of the natural process that will make it happen eventually.

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BioMike

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Re: Getting massive acceptance of Bitcoin

January 19, 2011, 06:08:19 AM

Quote from: SmokeTooMuch on January 19, 2011, 05:46:48 AM

I don't think so. BiddingPond's user base is not big enough.

And WTF happened to their layout... turquoise on green?

ShadowOfHarbringer

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Re: Getting massive acceptance of Bitcoin

January 19, 2011, 04:37:48 PM

#10

Quote from: BioMike on January 19, 2011, 06:08:19 AM

Quote from: SmokeTooMuch on January 19, 2011, 05:46:48 AM

I don't think so. BiddingPond's user base is not big enough.

And WTF happened to their layout... turquoise on green?

http://www.biddingpond.com/

No, really - WTF. Will they pay for my treatments if i get eye cancer ?

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skull88

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Re: Getting massive acceptance of Bitcoin

January 19, 2011, 07:35:47 PM

#11

Maybe something like the Zynga games could do the trick, or other big online games accepting them to buy in-game currencies.

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nelisky

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Re: Getting massive acceptance of Bitcoin

January 19, 2011, 07:54:37 PM

#12

Quote from: skull88 on January 19, 2011, 07:35:47 PM

Maybe something like the Zynga games could do the trick, or other big online games accepting them to buy in-game currencies.

Or actual games. I would spend some coins at http://store.steampowered.com/ for sure. I will not, however, try to convince them of that, as every time I tried it went over like a bad sales pitch, doing more harm than good.

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Re: Getting massive acceptance of Bitcoin

January 19, 2011, 07:57:30 PM

#13

micropayment + for a virtual good + in a social gaming environment

fabianhjr

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Re: Getting massive acceptance of Bitcoin

January 19, 2011, 08:28:53 PM

#14

Maybe eGenesis could start accepting Bitcoin for their other MMO.(atitd)

Also, a kickstarter bitcoin alternative would be AWESOME!

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Bimmerhead

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Re: Getting massive acceptance of Bitcoin

January 19, 2011, 08:30:14 PM

#15

This could be the killer app right here. It could certainly garner a lot of media attention:

http://bt.irlbtc.com/view/2877.0

cardinalshark (OP)

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Re: Getting massive acceptance of Bitcoin

January 20, 2011, 04:34:50 AM

#16

I think the issue is that when someone gets bitcoins, they think they have to exchange them for money. The beauty of bitcoins is that the market can grow organically in bitcoin-to-bitcoin transactions. You want people to receive AND spend bitcoins, not to have to buy bitcoins whenever they need to spend them.

Services are a natural for this.

You want symmetrical services. For instance, I buy a lot of software development services in India, but those developers in India don't buy a lot of services themselves.

The killer app will be something where the buyers receiving bitcoins also spend those bitcoins. So they don't run a "trade deficit".

Model things along the lines of local barter clubs. I think that could be the killer app. A barter club where you offer your services for bitcoins and others offer theirs. I am too new to this community to know that there are probably 100 sites already like this, so forgive me for my ignorance.

The Script

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Re: Getting massive acceptance of Bitcoin

January 20, 2011, 09:09:05 AM

#17

Quote from: nelisky on January 19, 2011, 07:54:37 PM

Quote from: skull88 on January 19, 2011, 07:35:47 PM

Maybe something like the Zynga games could do the trick, or other big online games accepting them to buy in-game currencies.

If enough of us ask it will at least be advertisement for bitcoins and give the currency some credence, though I doubt they will accept it until it becomes more mainstream.

Probably the best thing going for bitcoins is that the US dollar is going to crash. Sooner or later. Probably sooner....

sirius

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Re: Getting massive acceptance of Bitcoin

January 20, 2011, 09:36:59 AM

#18

Rake-free poker sounds like a killer app to me.

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FreeMoney

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Re: Getting massive acceptance of Bitcoin

January 20, 2011, 09:58:25 AM

#19

Quote from: sirius-m on January 20, 2011, 09:36:59 AM

Rake-free poker sounds like a killer app to me.

I think poker will be huge for bitcoin. I don't think it has to be rake free though. I'd gladly pay a small part of every pot to pay for customer service, software, and advertising. Hopefully the low barrier to entry will keep those things healthy and the rake low.

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genjix

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Re: Getting massive acceptance of Bitcoin

January 20, 2011, 05:00:37 PM

#20

If anyone wants to invest in a bitcoin poker room then I've been working on it.

http://poker.bitcoinvegas.com

However there's lots of side issues that are slowing me down to a crawl. It'd be a definite + to be able to throw money at those issues and breeze through development.

Here's community reaction to our project:
http://forumserver.twoplustwo.com/28/internet-poker/rake-free-open-poker-room-run-poker-community-938389/
http://www.liquidpoker.net/poker-forum/940985/Rake-Free__amp;_Ran_By_the_Poker_C...html

It'd also be good if I could find a partner to handle all the business/strategy side of development enabling me to focus on technology. My previous partner withdrew after consulting a lawyer to find that running such a company in the US isn't possible (his company is US-based), and would need to be based abroad in one of these gambling tax-free havens like Ireland.

One concession I'm willing to make would be licensing all the code under cc-by-nc (prevents commercial use) for 1 year to enable such a business to get a head-start before the code is completely GPL'ed.

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