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Author Topic: How Paypal did it - Bitcoin should do the same - 10BTC Bounty for implementation  (Read 2992 times)
miner249er
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July 01, 2011, 01:55:30 PM
 #1

When Paypal first started, nobody had an account - therefore the value of the paypal "network" was practically worthless.

The stroke of genius that Paypal had to get rapid adoption of it's payment system was to allow people to "send money" to others without a Paypal account.

Thus, if that person wanted that money - they would sign up for that Paypal account. Obviously, rapid adoption of Paypal followed.

This functionality *needs* to be implemented into Bitcoin. The biggest problem I have heard from users is "how do I get BTC". It's an annoyingly slow, painful process - even for the tech savvy.

I see two ways of implementation - the first being a "Paypal" like intermediary - though they run the risk of becoming the Paypal of the BTC world (fees on top of fees, etc) - the second would be a simple open sourced web implementation that allowed people to easily send money to someone that wasn't already familiar with Bitcoin.

I imagine a website that allows you to enter someone's email address, they (the website opeator) in turn receive the payment and send an email to the user explaining how to claim their BTC. Once the user does this - they have now crossed the threshold of pain in getting started with BTC. I'm sure what worked for Paypal, would work just as well for BTC.

Personally, I would use this site to send money to my friends - and I would also begin to use it for transactions on Craigslist, etc. Right now the running joke in our office is that we will pay each other back in BTC. Why? Because it's just so flippin' hard to use.

This would be blindingly simple to implement - and quite honestly, I'm willing to pony up 10BTC to see this developed - who else is willing to pitch in?
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Alex Beckenham
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July 01, 2011, 01:58:56 PM
 #2

This would be blindingly simple to implement - and quite honestly, I'm willing to pony up 10BTC to see this developed - who else is willing to pitch in?

Give me 30 minutes, and I'll put something up. Keep your 10 BTC... as you say it should be blindingly simple.

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July 01, 2011, 02:02:32 PM
 #3

Check this out: http://www.bitcoinmail.com/

I'll settle for 5 BTC, since it's not my site Smiley

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July 01, 2011, 02:03:35 PM
 #4

I think fast block chain setup is important too.

Nothing says impulse buy like a 2 hour delay before you can actually do anything Smiley.

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July 01, 2011, 02:05:01 PM
 #5

I think at that time paypal also used to give out free $1 or $5 to new accounts
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July 01, 2011, 02:07:29 PM
 #6

great idea.

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July 01, 2011, 02:09:19 PM
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I think at that time paypal also used to give out free $1 or $5 to new accounts

i vaguely recall getting some kind of promo on my first purchase.  That could have had something to do w\ their ebay partnership though.
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July 01, 2011, 02:10:33 PM
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Check this out: http://www.bitcoinmail.com/

I'll settle for 5 BTC, since it's not my site Smiley

Even easier, someone's already done it. I might just take a nap then instead Smiley

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July 01, 2011, 02:11:56 PM
 #9

Everybody! send .5BTC to people you know!

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Bitsky
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July 01, 2011, 02:12:56 PM
 #10

http://code.google.com/p/bitcoinj/

That client does not require the entire blockchain and should make the first use fast.

I don't want 10btc for that, 1btc will do Tongue

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July 01, 2011, 02:16:12 PM
 #11

Did PayPal ever stop their affiliate scheme? As far as I know I still will get $5 if ever anyone I introduced to them via my affiliate link makes a $100 purchase?

Considering how huge a lot of software installs are nowadays, why the heck isn't the blockchain up to the most recent at time of packaging of the release checkpoint not included in the package? Or at least the fast start headers version?

How about "hey, I sent you some bitcoin, go download bitcoin.com/release/windows/YoUrFr33mnyIjstS3ntu ...

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July 01, 2011, 02:25:27 PM
 #12

Why wouldn't you just email someone a wallet? You could also email them a client or provide direction on how to download one. The nice thing about that is that if they don't ever spend the money, you can spend it yourself from the backup wallet you keep. They, OTOH, can transfer the money into a new wallet if they don't want you to have access to it. 

This would be an excellent present to family and friends for birthdays, Christmas, etc. Kind of like a store gift card. 

insert coin here:
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brendio
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July 01, 2011, 02:31:41 PM
 #13

I'd upload some Bitcoin to an Instawllet and send them the link.

As you say, that way you can reclaim it if they never take it. I don't like the idea of the recipient only having 14 days to claim bitcoinmail, but then, the service is free so they need to pay for hosting somehow.

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July 01, 2011, 02:39:29 PM
 #14

I'd upload some Bitcoin to an Instawllet and send them the link.

As you say, that way you can reclaim it if they never take it. I don't like the idea of the recipient only having 14 days to claim bitcoinmail, but then, the service is free so they need to pay for hosting somehow.

Even better. I would include links to merchants where they could spend the coin. Best of all, you could do it at the last minute so you don't have to plan ahead like when you mail cards.

insert coin here:
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Open an exchange account at CampBX: options, lowest commissions, and best security
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kwukduck
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July 01, 2011, 02:52:15 PM
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How hard is it to send somebody to instawallet and send them some btc there?

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July 01, 2011, 02:52:32 PM
 #16

Yeah, um, I'm TRYING to get something like that set up, where people can automatically send money to someone else, and the system automatically buys Bitcoin on an exchange and sells it to a different currency in a different country or something in the background, but there are a TON of legal and regulatory issues with even getting a bank account that could participate in this. And I don't have the $25,000,000 of my own backing to open my own bank  Cry

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July 01, 2011, 02:55:25 PM
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Yeah, um, I'm TRYING to get something like that set up, where people can automatically send money to someone else, and the system automatically buys Bitcoin on an exchange and sells it to a different currency in a different country or something in the background, but there are a TON of legal and regulatory issues with even getting a bank account that could participate in this. And I don't have the $25,000,000 of my own backing to open my own bank  Cry

I don't think you understand the point... It's not to launder money, but to make it easy to give people a reason to care about BTC and thus look into it (because they receive some from someone)

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markm
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July 01, 2011, 03:34:55 PM
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Yeah, um, I'm TRYING to get something like that set up, where people can automatically send money to someone else, and the system automatically buys Bitcoin on an exchange and sells it to a different currency in a different country or something in the background, but there are a TON of legal and regulatory issues with even getting a bank account that could participate in this. And I don't have the $25,000,000 of my own backing to open my own bank  Cry

This is why I let BiTCoin, and if it wants that can of worms too then NaMeCoin, deal with all that so-last-millenium fiat can of worms, freeing me to leverage the fact that BiTCoin, NaMeCoin, bitNicKeLs, BeeRTokens, CZech Bitcash, Canadian Digital Notes, United Kingdom Britcoins, General Mining Corp shares/scrip, General Retirement Corp shares/scrip, United Nations shares/Scrip and even Martian BotCoins all use the same standard interface so that basically anything that can plug in one of them can plug in any of them...

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July 01, 2011, 03:41:29 PM
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I believe you can already send bitcoins to an email address at mtgox. (if not they certainly should create such option)

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July 01, 2011, 03:44:37 PM
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Yeah, um, I'm TRYING to get something like that set up, where people can automatically send money to someone else, and the system automatically buys Bitcoin on an exchange and sells it to a different currency in a different country or something in the background, but there are a TON of legal and regulatory issues with even getting a bank account that could participate in this. And I don't have the $25,000,000 of my own backing to open my own bank  Cry

I don't think you understand the point... It's not to launder money, but to make it easy to give people a reason to care about BTC and thus look into it (because they receive some from someone)

The idea is not to launder money, but to send money to people in other countries possibly cheaper than using the current methods, with Bitcoin as the intermediary. But yes, I do believe I have misunderstood the OP's point. On the other hand, I think that Bitcoin will have much easier adoption if it is at first introduced as just an intermediary of exchange/transfer, since people will find it easier to use dollars or rupees without caring what's happening behind the scenes.

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