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countryfree
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February 14, 2015, 02:42:50 PM
 #21

Sounds good except that you need to remove the commission for the news agent who sold the card. There's also the cost of printing that scratch card, its delivery to news agent all over the country, the cost of making the website which will enable the BTC transaction, that transaction fee and a cut for the scratch card editor to make the business profitable. So I certainly like the convenience of buying BTC cash at a nearby shop, but if I end up paying $20 to get $17 worth of BTC, I'm not sure there will be many people interested. You've lost $3. You could probably reduce that to $2, but you'll need to make a lot of volume...


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R2D221
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February 14, 2015, 06:52:55 PM
 #22

but you'll need to make a lot of volume...

Yes, this solution can only work for mass production, otherwise it will be too expensive to do.

An economy based on endless growth is unsustainable.
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February 14, 2015, 07:25:51 PM
 #23

please take a look here if that is what you mean

http://cointelegraph.com/news/113424/austria-gets-600-merchants-selling-bitcoin-overnight

https://www.bitcoinbon.at
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February 14, 2015, 09:12:19 PM
 #24

Why are you publicizing your business ideas instead of secretly acting on them and bringing them to fruition?
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February 14, 2015, 09:28:37 PM
Last edit: February 14, 2015, 09:40:36 PM by MakingMoneyHoney
 #25

It's something like this right?

http://getprypto.com/
https://www.youtube.com/watch?v=8IBbirbO_jw#t=60

You do need to be reputable, before people start paying money for it, or else, it will make Bitcoin look more dodgy then it already looks like.
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February 14, 2015, 09:32:56 PM
 #26

Then, how do they ensure that the private key has not been redeemed before or compromised? Also there's some opportunity for some fake scratch cards getting issued.

Note: I'm not against the business idea, just would like to know more how all these work

Have them be issued by a reputable organization...
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February 14, 2015, 10:48:40 PM
 #27

Is'nt this what LibertyX is doing in the US?

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February 14, 2015, 10:54:06 PM
 #28

Is'nt this what LibertyX is doing in the US?

Apparently so, but I've never heard of them 'til this post.

http://www.coindesk.com/libertyx-bitcoin-buying-2500-us-locations/ (from a little over a year ago)

https://libertyx.com/
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February 14, 2015, 11:15:35 PM
 #29

I like the idea a lot. Could speed up mass adoption. I have a few question, based on your examples... you said that it is a scratch card, but you gave an example that 20$ price tag = 20$ worth of bitcoins. If it's a scratch card shouldn't there be a range of 'prizes' that the buyer can get? Just 20$ worth for 20$ is kinda boring for a scratch card. 2nd question, how would the bitcoins be maintained. Because it's price is volatile...through a site?

yes cards should have multiple values, i've mention that in my post Smiley like 5,10,25,50,100 etc..

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February 14, 2015, 11:20:26 PM
 #30

how would the shop make money ? how would the scratch card supplier make money?

my thought was that the business owner would charge a small fee for every FIAT to BTC  trade on the site and would use that money to pay for the cards and the shop that sell them.
imagine if you could deposit fiat  on BTC-e.com for example by redeeming a voucher bought in a newsagents, this will bring a lot of buyers to btc-e.com's owner website and so more comission from trading fees

Like someone mentionned in this thread, owner would need to have big volumes to be able to pay and make profit, it's not going to happen overnight that's for sure !

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February 14, 2015, 11:30:23 PM
 #31

Sounds good except that you need to remove the commission for the news agent who sold the card. There's also the cost of printing that scratch card, its delivery to news agent all over the country, the cost of making the website which will enable the BTC transaction, that transaction fee and a cut for the scratch card editor to make the business profitable. So I certainly like the convenience of buying BTC cash at a nearby shop, but if I end up paying $20 to get $17 worth of BTC, I'm not sure there will be many people interested. You've lost $3. You could probably reduce that to $2, but you'll need to make a lot of volume...



if you look at localbitcoins.com for instance their price is 5 to 10% above market price, but that doesn't stop people from using it because it is very convenient, quick to get your btc, ID verification is not mandatory,etc.. and for those reason people don't mind to pay over market price.

but yeah i agree with you it needs to have volume to be profitable


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February 14, 2015, 11:31:22 PM
 #32



yeah that's the idea

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February 14, 2015, 11:43:29 PM
 #33

Why are you publicizing your business ideas instead of secretly acting on them and bringing them to fruition?

well there is 2 reasons for that:

the first one is that any business/start up need a solid investment which i don't have, i am also the type of person that don't like to owe money to someone, i have never loaned a single penny to a bank or anyone for that matter and i'am not going to start today, i have a job that i love and stable family life and don't want to risk threatening that.

the second reason is that bitcoin is a very new industry and i believe there is room for everyone, i am a bitcoin enthousiast and really want it to succeed so i'm not going to keep my ideas for myself

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February 14, 2015, 11:47:32 PM
 #34

It's something like this right?

http://getprypto.com/
https://www.youtube.com/watch?v=8IBbirbO_jw#t=60

You do need to be reputable, before people start paying money for it, or else, it will make Bitcoin look more dodgy then it already looks like.

yeah it is similar, the only issue i see with cryptoscratch is that you buy a fixed amount of BTC, so if you don't spend them quickly after buying you are subject to btc fluctuations.

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February 14, 2015, 11:51:13 PM
 #35

Is'nt this what LibertyX is doing in the US?

Apparently so, but I've never heard of them 'til this post.

http://www.coindesk.com/libertyx-bitcoin-buying-2500-us-locations/ (from a little over a year ago)

https://libertyx.com/

yeah that's similar to what i was thinking, good to know that entepreneurs have started this kind of business, unfortunately i can't access the site as i am not in usa Sad

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February 15, 2015, 05:00:03 AM
 #36

this is a pachinko workaround which will not work in the US

in japan where gambling is illegal they play pachinko for tokens.  they take these tokens to a nearby "unrelated business" and redeems them for cash.

in the west this will not fly.  every news stand seller of your "gift cards" will need the money transmitters license.
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February 15, 2015, 12:00:15 PM
 #37


Excellent example!

Now, let's check prices:

https://www.bitcoinbon.at sells BTC for €238

whereas

https://www.bitcoin.de (famous German exchange) sells them for €222.

The difference is for the convenience of buying at a shop, and paying cash.


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February 15, 2015, 09:25:14 PM
 #38

Sounds good except that you need to remove the commission for the news agent who sold the card. There's also the cost of printing that scratch card, its delivery to news agent all over the country, the cost of making the website which will enable the BTC transaction, that transaction fee and a cut for the scratch card editor to make the business profitable. So I certainly like the convenience of buying BTC cash at a nearby shop, but if I end up paying $20 to get $17 worth of BTC, I'm not sure there will be many people interested. You've lost $3. You could probably reduce that to $2, but you'll need to make a lot of volume...


Why should there be no/less commission for selling bitcoin this way? There is no reason why he should not be compensated for the risk/expense/time of selling bitcoin via token cards. (there is an especially large risk considering that these tokens are especially susceptible to theft while in transit to their destination).

It is a free market and the market will eventually decide what the appropriate price will be. 

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