No News Is Good News?

I wouldn’t necessarily agree with that, but unfortunately I really don’t have anything to report. I’m still personally trying to raise funds for BitSale but it is slow going. I will, however, attempt to get the domain next month and see if that helps things. Recently I have created an account at one of the exchanges and am hoping it will help facilitate in the purchase of BTC directly by myself to fund this venture, though I’m unsure how long it will take my first buy order to go through once I have been verified.

Don’t forget, either, this post on the Bitcoin Talk forums wherein I’m trying to raise money for this in addition to the Bitcoinstarter project page.

As always, we will gladly accept your tips if you’ve enjoyed this post and/or believe that any competition is healthy for the market.

Been a Few Days

I imagine with all the talk of what we are wanting to do, you are probably wondering how. Of course while a ground-up solution may be called for, what point is there when their exists a service to fill the need? Of course I’m talking about how the wallet service that has agreed to essentially be our back-end. I would like to introduce to you I won’t attempt to sum up what makes them so special, I’ll let their own FAQ speak for them.

If you have noticed our tip link at the end of most posts, you’ll see that I use them in addition to my offline wallet. With an established wallet service run by the same people who run CoinLenders, we figure this is a partnership that cannot lose.

We also plan to automate as much of the process of account approvals (for sellers and network affiliates) as we can and, through a user feedback system, be self-policing against inappropriate and illegal content. Most likely this will also mean we will have to set up someone to accept and review DMCA take-down notices. To be an effective service, we cannot ignore the realities of the world we live in, regardless if we agree with the laws as they exist. One of those realities is in copyright law and how it’s (ab)used. In order for us to offer the best service we can, we have to tread the waters very carefully but this doesn’t mean you the seller needs to be hampered as well, especially if you’re just selling your own creations.

That’s all I have for you folks today, I really hope you’ll consider a tip to help us get going.

Bitcoinstarter Registration

We have registered this project for crowdfunding at Bitcoinstarter, as soon as we have our project approved we will be posting the link in the blog roll and in a new post explaining the levels of funding, what we plan on doing when we make that commitment levle, and what we hope to do if we can blast past our goal of raising 20BTC at current exchange rates (quoted at $91+ USD on Bitcoinstarter).

Also, we will be posting links to any places where we are trying to raise funds through direct sales. Stay tuned for more official news from the BitSale launch blog! Remember, you can always tip us to help us along! Viva la Bitcoin!

Argentina, BitCoins and Selling Goods

It looks as if Argentina might – unintentionally – lead the way with wide-spread adoption of BitCoins at the national level, which his good for everyone, honestly, except perhaps the government of Argentina.

With such wide-spread adoption of BitCoins in that country, though, comes some questions I have asked myself and the answer to which I find unsatisfactory: Why are BitCoins being so slow to be adopted by more industrialized nations? Are their economies so strong as to not allow for the wide-spread adoption (no need seen)? Or are there technological limitations? With Argentina leading the way, I think the answer is no on that too. I think the issue with BitCoins is that they are seen as a frynge currency system. Only for “geeks” and “hackers” and people familiar with computers. People don’t understand how to use them, how to get them, or where to use them. It’s all slowly changing, of course. Physical businesses all over the world are accepting BitCoins not just online but in store. With apps for smartphones, physical coins with a specific amount of coins ‘attached’ to them, and even pre-loaded credit/debit cards are paving the way for wide-spread adoption. Unfortunately the market for them still is grey and underworldly in terms of where they are used the most right now. Gambling, pornography, and other such sites readily accept the currency because of its ease of use and privacy features.

I read another article today, part one of an interview with Jeff Garzik and in which he (Jeff) mentioned one of the limitations of BitCoin as a payment and really probably the only thing that will have to be addressed to really see it launch: BitCoin is a push-pay system and not a pull-pay (like current credit and debit cards) system. What this means is that for a payment to be sent out, the buyer has to push the payment out over the network instead of providing an address from which payment can be pulled. I won’t speak on the technical hurdles that might keep us from seeing such a system implemented, I only mention it because I think it’s one of the few limitations that will keep us from really seeing this new currency take off.

Here at BitSale we’re not looking to really revolutionize too much, we’re just trying to get things rolling to make the transfer of coins for digital goods that much easier. What we see lacking aren’t technical limitations on the currency but limitations in the amount of places looking to provide what we provide, and that will just be the beginning.

If you believe in our vision and would like to see us succeed, feel free to leave a tip to help us along. Eventually we’ll get a tip jar to help you visualize how far along we are in making this a reality.

What is BitSale?

Well, our about page really spells out who and what we are about. Right now, though, BitSale is just a dream. One in which people can freely, anonymously, and without concern for outside forces engage in business transactions. Yes, right now people seem intent on tying the value of BitCoin (and other cryptocurrencies) up with ‘real world’ fiat currencies (USD, GBP, RUR, FRC, HUF, etc.) but we believe that the real value of currencies like BitCoin are found in its value as a medium to go about our daily lives in. The more places it can be used without having to translate it to some other currency the more valuable it becomes. That won’t happen though until people can really engage in this sort of transaction. This is the dream behind BitSale.

Sure, we have CoinDL, and it seems like a good site, until you try and register as a seller (or, as they term it, a Supplier) or an affiliate. Slow and unresponsive with little recourse except to wait. Until we launch BitSale. We are going to try and automate the process as much as we can, using user-feedback to find and remove objectionable content while promoting worthwhile goods and services. BitSale will be just another failed attempt at legitimizing cryptocurrency unless “We the People”(™) stand up and say, “This is what we want, and we will not give up without a fight.”

No matter the motivation behind your involvement with BitCoin, it’s future lies in all of us banding together and telling the Big Banks and Big Governments, we have had enough.

Right now, though, we need your help to crowd fund BitSale. I’m expecting an initial cost of about $930 USD (around 13BTC as of last night, some of which will need to be in real-world fiat currency, unfortunately), though with some other considerations (such as one year of advertising through Google AdSense and other venues, it could go up). I need to talk with my web developer and see how feasible a “pay for premium listing” would increase costs for him to create the site. If we can make this a profitable venture, and we can show web hosting companies and domain registrars that the risk of using BTC is worth it, we could eventually pay all of our costs in BTC or LTC or some other cryptocurrency instead of having to use an exchange like Mt. Gox or BitStamp.

I look forward to seeing you at the site on launch day. Until then, keep us bookmarked for future updates and news errata effecting cryptocurrency in general.