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Author Topic: Operation Pawn Shop  (Read 1429 times)
cbeast
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December 02, 2011, 11:59:48 AM
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While continuing my One Satoshi Project https://bitcointalk.org/index.php?topic=52295.0, I'm thinking of designing a ledger and receipt book for selling Bitcoin. Pawn shops can accept a stereo, tv, or other item in exchange for Bitcoin to send to people. They could do it for free with a pawn. Technically no actual money would change hands at the sender's end. They can use btc.to addresses, https://bit-pay.com/, or other payment simplifying systems. I might encourage pawn shops to use http://btcnearme.com/ or https://www.bitcoinlocator.com/ to network. Proof of ID would still be needed unless the recipient had the address which could be sent via sms or email. The redeeming end could charge a small fee for converting Bitcoin to local currency. I would think that pawn shops might go for this model. I'm not doing this to make money (but am not ruling it out), but to raise awareness. Any thoughts?

Any significantly advanced cryptocurrency is indistinguishable from Ponzi Tulips.
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rainingbitcoins
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December 02, 2011, 12:14:43 PM
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I'm not entirely sure that pawn shop customers fall in line with Bitcoin's tech savvy libertarian demographic. And many/most people who need to pawn their $20 boom box for spending money probably don't have a computer and Internet connection at home. Not to mention a bank account to eventually transfer the money from selling their Bitcoins into. Or the three extra days they'll have to wait to get their hands on the cash.


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Stephen Gornick
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December 03, 2011, 12:51:12 AM
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I'm not entirely sure that pawn shop customers fall in line with Bitcoin's tech savvy libertarian demographic.

However, there are many who would not normally visit a pawn shop but would if only they know the proceeds would be provided in bitcoins.  The advantage to the pawn shop operator is an increase to inventory of more valuable items.   They don't need many boom boxes but jewelry or a nice commercial electric drill and now the operator might become interested.

Incidentally, I did speak to a couple of pawn shop operators.  Until they have customers coming in asking if items can be pawned in exchange for bitcoins, they generally will be less than enthusiastic.  But just like how the UK Copy Writer learned that being the first supplier in the industry to accept bitcoins gives an advantage over the competition ( http://www.ukcopy.co.uk/blog/2011/11/the-amazing-power-of-bitcoin ), the first pawn shop to do this will likely find it to be worth the effort.
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December 18, 2011, 03:24:10 AM
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If anyone has a good idea how to facilitate pawnshops investing in Bitcoin, respond here.

Any significantly advanced cryptocurrency is indistinguishable from Ponzi Tulips.
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