Bitcoin for local businesses: it's all about incentives

I'm hoping to convince the owner of the venue to accept bitcoin for food and drink, but don't count on it.

It's possible that I will have some Casascius silver coins for sale, assuming I receive them by that point. Let me know if you're interested in either a 1/2oz 0.5 BTC or a 1oz 1 BTC coin.

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  • Joe S.

    Wish i could be there. Look forward to meeting you all at the next one.

    July 10, 2013

  • Joe S.

    Dwolla is great to get USD into your campBX account, but DO NOT USE IT TO SELL BITCOINS TO OTHERS.

    July 10, 2013

  • Joe S.

    Folks. "we use coins" posts the following possibilities for merchant tools. Wouldn't be a bad idea to look at them before the Merchant Meet up. Because you'd have to convince a merchant to use one of them. Here they are, and i know of no others, but others should jump in if they do: Coinbase. Appears to be decent for internet sales (includes invoices, code for website buttons, and instant conversion to USD and daily direct deposit), but no point of purchase options. Local merchants would need a point-of-purchase set up. MtGox. They are primarily a trading platform, but have a section for merchants. The tools look ok for online website sales (includes code for a "Pay w Bitcoin" button). A bit clunky, and merchants would have to trade their bitcoins for USD themselves. And it's really not easy to get USD from MtGox to a U.S. bank account. I would move the USD to CampBX, then trade them there, and then use Dwolla to get it to a U.S. bank account. Too complicated for new merchants.

    July 9, 2013

    • Christopher R.

      I've used both Coinbase and Bitpay, from a merchant perspective (though only for testing, not for real). I prefer Coinbase, because I feel it has a better user interface and they also have an integrated wallet. Bitpay requires that you forward all received bitcoins on either to a bank account or a bitcoin address.

      Both have point of sale tools. Coinbase only offers theirs as a part of their Android application (due to Apple's restrictions it's not available on iOS), whereas Bitpay offers theirs as a web form, accessible from any computer.

      Both offer automatic conversion of all or part of the received funds into USD at a 1% fee.

      When pitching Bitcoin to a local business, I would try to determine which of these services would suit them better, and show them how easy it is to use. If a business already used an Android device as a register, it would be stupidly simple for them to also use Coinbase.

      1 · July 9, 2013

  • Joe S.


    That leaves. AcceptBit. YOu need an Electrum wallet. Then input your electrum public address at acceptbit. It provides you with a URL and a bitstam icon that you show on your smart phone. Apparently, people capable of paying with bitcoin will scan that bitstamp and then send to your electrum wallet. I imagine that the payer can also set something up so that she/he can pay from electrum account. Not sure about that though. acceptbit doesn't convert to USD. Waht would be cool is the point of purchase capability of acceptbit and the convenience and automatic conversion and USD direct deposit of coinbase.

    July 9, 2013

  • Joe S.


    WalletBit no longer exists. THe most famous is bitpay. But i haven't been able to explore their site because they require that you "apply" and then they invite you. They never invited me probably because my half baked bitcoin-start up ideas are, well, half baked. Hopefully someone at the meeting can report on bitpay and whether it has point of purchase capabilities.

    July 9, 2013

  • Marcus T.

    im in and may be interested in a coin or two depends if i have my phone back by then or not

    July 2, 2013

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