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[ANN] getBspendB.com, the new way to BUY and SPEND bitcoins!
Introducing: getBspendB, the new way for you to GET and SPEND bitcoins! getBspendB is a marketplace that connects bitcoin "Spenders" and bitcoin "Buyers" by leveraging Amazon wishlists. By creating a platform for Buyers to easily, safely, anonymously, and quickly purchase bitcoins, the Spender gains wide selection of Amazon merchandise at BELOW FIAT prices. So how does GBSB work?
First, the Spender creates an Amazon wishlist and shares the wishlist link featuring delicious coconut water priced at $26.99 with GBSB. The price is calculated and discounted (at 4% during beta), so the order will cost $25.91 or ฿0.2029*). If Spender's account balance is sufficiently funded, the order will be place in the orderbook for Buyers to grab.
Bitcoin Buyers shares with GBSB how much BTC he wants to buy. GBSB returns him several similarly valued options to choose from. Buyer then purchases the products in the wishlist and selecting the Spender's hidden ship-to address (known only to Amazon).
Amazon ships the items directly to the Spender. Buyer provides the tracking number to GBSB and Spender for an ETA.
Upon receiving, Spender confirms with GBSB that package has arrived, and the bitcoins (minus a 5% fee) are released from escrow. Buyer can then withdraw the bitcoins to his private wallet, or use it as he wishes.
Seems kinda complicated you might say. There are so many parties involved in this single transaction. Our Implementation focuses on the user experience. We aim to make the entire transaction eat no more than 20 minutes of each user's time. GBSB aims to be a fresh and unconventional method of exchange, that addresses several problems in the bitcoin ecosystem. Currently available options for Buyers
It's too difficult to acquire them and buy things with them.
-theymos, admin of bitcointalk.org It has only gotten harder since.
Traditional exchanges like BitStamp and MtGox are easily the cheapest methods of purchasing bitcoins in volume. However, an international wire costs at least $50 in wire and deposit fees while taking 2-5 days before reaching BitStamp. This high barrier prevents anything less than several thousand dollar transactions economical. The long paper trails and heavy scrutiny may be an additional concern for customers that value privacy. Policy transparency vary between exchanges: BitStamp provide timely warnings for customers to accommodate for regulatory conformity, while MtGox has been less inclined to disclose their situation.
Since regulatory pressure tightened, the most recommended and fastest growing exchanges are decentralized exchanges, namely localbitcoins. The unqiue ability for closely proximate bitcoin traders to meet in person and safely trasact using good old cash. They help build personal relationships and trust between traders and provides an outlet for newer users to learn from more experienced ones. Of course, there is the occasional awkwardness, or the nearest seller being 3 hours away, or the insurmountable fear of leaving your basement (it's okay, we understand). Localbitcoin's online exchange is another method that offers any payment option imaginable by hundreds of bitcoin sellers online at all times. Prices vary, methods vary, user honesty also vary. This is perhaps the only major exchange at the moment that preserves anonymity of trades resonably well today. The reason for their success, is the same for bitcoins. Decentralization; peer-2-peer. I am a huge fan of localbitcoin and often traded there. However, their seemingly weekly feature updates, unintuitive UI and choice of words make navigation a bit tedious.
The GBSB Experience - Buyer getBspendB is partly modeled after localbitcoin's decentralized nature, but serving a different purpose and offers many advantages over localbitcoin from Buyers' perspective. A fixed rate and fewer standardized options won't force Buyers from learning about all the different payment methods, or choosing between vendors based on their rate and reputation. The process needs only 20 minutes over 3 vists to the site, and 2-3 day wait to become the newest proud bitcoin user. Buying bitcoins is now literally as easy as shopping on Amazon.
First visit requires registration, and selection a wishlist of suitable value to purchase for. Confrm the purchase after paying (Protip: Amazon Prime is your friend) and come back when Amazon has shipped.
The second visit simply involves pasting the tracking number so everyone knows package ETA.
Once package arrives, Spender confirms, Buyer logs back in one final time to withdraw the bitcoins.
Currently available options for Spenders
actual stuff selling for cheaper than dollars, rather than for more money than dollars
-nanotube, founder of #bitcoin-otc and Web of Trust, in private IRC conversation The purchasing power of bitcoin has significantly improved in the past several months. 3 new types of "general stores" like Amazon have emerged on the scene.
The oldest is bitcoinstore. Users generally report competitive prices but tedious user experience. Bitcoinstore is in a unique position to be the Amazon of bitcoin, but they do not seem to be making an effort to improve the UI and search functions of the site, making potential savings less desirable. The sophisticated bitcoin users understand that time = money.
Another class of options is the all4btc and the defunct bitspend.net model. These services allow users shop as they normally would on their favorite sites, but rather than buying via credit card, they'd submit the item to these services, which return with a price in BTC to pay including an added processing fee for their effort to manually purchase the item for the customer. A more serious flaw of these businesses is an issue of unproven security and additional party to trust with your personal information. All4btc claims a 5% fee, but a quick test using same coconut water resulted in an invoice of ฿0.3672* or $46.08 in market USD cost. It wasn't clear as to what caused 70% markup, but the average US bitcoiner who probably has credit cards (or access to gift cards) has no economic incentive to pay any additional fee. There was a fee to buy bitcoins, so certainly there shouldn't be another to spend them. All4btc does have a seemingly cool chrome plug-in that can simplify purchases, but I got an error while trying to install so was not able to test. Bitspend is now defunct, partly due to their quick success and unscalability. Because orders were processed manually, the appearance of security and professionalism brought in enough customers that they were more often offline, waiting for mtgox withdraws. Abusing Amazon Prime TOS, Chase credit card benefits, and endless money cycling basically forced the bank to close their accounts.
Finally, several gift card vendors like gyft and egifter opens up many great merchants, including Amazon, to bitcoin consumers. Users comments are generally very favorable. The only drawbacks are the additional middlemen, smartphone app is sometimes required, and the bitcoins are likely converted directly to USD thus not actually expanding the bitcoin economy. Selection is wide enough such that if one dares to risk most of his net worth in bitcoin, he can at least stay alive.
*rate of $125.
The GBSB Experience - Spender Because merchants benefits form near zero transaction costs of bitcoin and zero fraud risk, the reputable and competitive merchant must reduce the price (about 5%) on items paid in bitcoin. Given the hassle and cost of acquiring bitcoins, zero premium is still an uneconomic choice for the consumer. This lack of economic benefit is the sole barrier preventing bitcoin from becoming the glorious currency it should be. We aim to keep the fee low enough so that it's always cheaper for Spenders to replaced spent coins from exchanges in order to create a deep market for Buyers. Remainder in comments Or get on the list now!
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