On Todays Show
..."It demonstrated the power of Bitcoin to do old business models in a new way... Showing them that something can exist that is physically not possible without cryptocurrency... It was very important that they see that..."
Erik Voorhees LTB! E210
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Sponsors for Episode 210
Coming Soon from Tokenly
Todays episode of Let's Talk Bitcoin is brought to you by the Tokenly project and our first product, rentable Swapbot Vending Machines. Let's say you sell coffee by the pound or web design services by the hour.
It's easy, fast and cheap to create a token on the bitcoin blockchain that YOU control with a specific name that represents your product or service and is made valuable because you will accept it for something valuable.
You'd create a COFFEEPOUND or DESIGNHOUR token and then rent a Swapbot vending machine for 5-10 dollars per month to automatically sell your new token 24 hours a day, 7 days a week. You'll set the price in dollars and it'll be payable in Bitcoin and potentially LTBCOIN, Storj or other Counterparty based tokens you choose to accept
When someone with your token wants to use it for the "stuff" it represents, they go to your website, load up a shopping cart and check out. When it's time to pay, aside from the normal credit card and bitcoin payment options, our product TokenSlot adds the ability to customize and specify what tokens you accept.
Representing your product or service as a token is very new, the question really is why would anyone want to do this? I'll give you the bullet-point version...
You can allow users to achieve price stability by not forcing them to buy your product right when they need it and instead allowing them to buy whenever they want and use it at a different time when they actually need it.
You can create multi-tiered, automated, bulk discount and reseller programs.
Bitcoin blockchain security means your product can change hands as a token dozens or hundreds of times before being redeemed, you as the business don't care because you are paid in full as soon as the first person buys it.
You can participate in automated gift exchanges, use your tokenized product to barter or trade, and even have your product bundled with other tokens created by other businesses who make their money selling your product to new markets and different users.
As you can tell, I'm really excited about this stuff.
If you've got an existing online or brick and mortar business and are interested in working on a pilot project to see if tokenization is right for you,
email [email protected] to start the conversation.
Credits for Episode 210
Content for todays episode was provided by Erik, Jon, Stephanie, Andreas and Adam
This episode was edited by Matthew Zipkin
If you're a developer, you might be interested in our Coins-for-Commits program. As the platform goes open source in the coming weeks we'd like as much help as possible and you'll earn 10,000LTBc per commit that is accepted. You can find the github repository here