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June 22, 2012, 06:01:16 AM |
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I'm finishing up the accounting for conventional payments on a website that is about a new web advertising concept. In a lot of ways it shares the basic ideas behind bitcoins. For instance, it is a code snippet that is distributed to websites to be installed (like a wallet) that produces a complete web directory. So it is sort of a peer to peer advertising network.
Anyway, I want to start accepting Bitcoins but there are some difficulties trying to run it at the same time as I accept regular money. I have a pretty elaborate commission program for those that place this web directory on their website. But because the product that we offer (web advertising) is sold to people with websites, everyone that enrolls for it is also a potential site for adding the software too. I read a great book a number of years back about P2P and something it said really stuck with me. It said one of the characteristics of P2P is that the more that use it the better it gets. That is precisely what happens with this web directory. The more that add it to their websites the more traffic looks at and click the links in it. The more traffic that looks at the links the more valuable it is to an advertiser and the bigger the commissions to the seller. The more advertisers that find it and register the more recruits we have to add the directory etc etc.
My dilemma in offering bit coins is because of the multi-level nature of the commission system. Before someone comes out with this I might as well address the issue that this is not a pyramid. In fact, it is the complete opposite. For starters, there is no fee for the software. They do need a decent website though. And most all the websites agree to offer free advertising as well as commission generating paid advertising. Also, the payout percentage keeps rising as more levels sign up so that the one selling always gets half.
Well, I think I may have just answered my own question LOL. Part of the inspiration for this commission system came when I had earned some income from a website with Adsense but wanted to purchase advertising with it from the Adsense counterpart Adwords. Google wouldn't let me do it. I thought it odd that they insist it had to be paid to me and they couldn't do internal accounting to enable me to buy with my earnings. I can simply make the bitcoins available to pay for their own adverting in my system.
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