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SovereignBTC #50 LTBCoin for Fun and Profit

Published on January 3rd, 2015 by SovBTC


LTBCoin - A Crypto-token for the Let's Talk Bitcoin Network

As a podcaster and content creator on the Lets Talk Bitcoin Network, I was excited to hear about the new token Adam B. Levine was visioning. Being part of the initial distribution of the coin made it all the more interesting. Excitement aside, like my experience with bitcoin, it wasn't until I actually started using LTBCoin that I truly understood it's value.

LTBCoin is the proprietary rewards token for the Lets Talk Bitcoin Network. The token is created using CounterParty, a free and open platform that allows users to create their own tokens, setting rules for their disbursal and standards for their use. Through CounterParty, LTBCoin utilizes the Bitcoin Blockchain as it's ledger and it's means of transfer and authentication.

The token is rewarded to participants in the LTB Community in exchange for the user engaging in a variety of actions. Instead of issuing the tokens to the owners of mining equipment, verifying transactions through a process known as "proof of work", coins are issued to community members for creating content ("proof of value", "proof of quality"), participating in the audience ("proof of participation"), and working to build out the LTBCoin platform.

In my role as a podcaster and entrepreneur, I've used LTBCoin in a variety of useful ways. It's easy to get setup and the experience is both fun and rewarding.

How to Get Set Up to Send and Receive LTBCoin

First, visit CounterWallet.co and generate a free multi-wallet that holds bitcoins, LTBCoins and anything else built on Bitcoin using the Counterparty protocol. With one click you'll generate a secure 12 word password, you'll want to keep it safe as it's your private key. Once you've created your password, log into your wallet and you'll see three brand new bitcoin addresses you control.

Copy one of those addresses, then head over to LetsTalkBitcoin.com and login to your account in the upper right hand corner of the page.

Inside your account you'll have a few options, one of which is "My Profile" - Click on that, and at the bottom of the page you'll see a place to put your LTBcoin address. Paste your newly created bitcoin address, save the change and you're done!

(Excerpt from LTBCoin.com)

Podcasting, Privileges, and Magic Words

Another exciting Let's Talk Bitcoin feature, powered by CounterParty, is the issuance of tokens for the granting of access to privileged places and activities within in the LTB website. For example, a group of core podcasters was sent a PODCASTER token which allows us the ability to post on LetsTalkBitcoin.com without needing the articles to be published by an editor. I was later issued a LTB100 token by a community member which gave me access to an exclusive forum for the top 100 LTBCoin holders. (I managed to amass a good deal of LTBCoin posting 2 - 3 podcasts a week during our recent Uncoinvenitonal Living Tour in addition to being rewarded as part of the initial disbursement for my original 18 episode run of SovereignBTC). This same phenomenon, the issuance of privilege granting tokens, could also be used to grant access to physical locations with RFID cards or QR scanners and badges.

Through our most recent Uncoinventional Living Tour podcast series, I got my first taste of using Magic Words. Magic Words are words or phrases shared with the LTB audience by a podcast host so the audience may then enter them on the backend of their LTB Account and in turn be rewarded with LTBCoin. The purpose is to incentivize participation and gauge listenership. It was fun to come up with difficult and theme based words that tied in with some of the particular podcasts. Some times I would make puzzles out of finding the words, although quite a few listeners took offense to that. There are in fact many participants who scan the podcasts and comment on the posts just to receive LTBCoin. I think they may be missing the point.

How I've Used LTBCoin

In the past few months, I've used LTBCoin to assist in furthering my home-businesses, The SovereignBTC Podcast and The Liberty Beat. The first time I used the token was tipping someone who helped me restore access to my CounterParty wallet after an update occurred that made it difficult for old users to access their account. After that, towards the end of our second bitcoin only Uncoinventional Tour, a LTB Community member made us some awesome graphics and collages. We tipped him LTBCoin to show our appreciation for his art. I then contracted with the same artist to produce graphic advertisements for a SovereignBTC and Liberty Beat sponsor and paid in LTBCoin. Currently, I am working with another listener to compile a list of prospective sponsors and will be paying him with LTBCoin. For anyone interested, at the time of this writing, I am still offering LTBCoin for graphic design work and list making.

How You Can Use LTBCoin

For starters, LTBCoin holders can trade their tokens for bitcoin! At the time of this writting, the exchange rate is .00000038 BTC for one LTBCoin. For those of you in the marketing and social media world, in August of 2014, 2000 LTBcoin could get you 100 Facbeook Likes. Also, a Bitcoin PR Company was recently offering press release writing services for LTBCoin. Looking for a good laugh? You can even buy original jokes with LTBCoin!

There is an excellent and easy to use market process in place on the Lets Talk Bitcoin forums. If you are seeking to acquire a good or service using LTBCoin, visit this thread. If you wish to offer goods or services in exchange for LTBCoin, visit this thread. I have found the LTB community to be inclusive and very helpful so don't hesitate to jump right in.

LTBCoin, Taking Audience Participation to the Next Level!

LTBCoin is an innovative and radical approach to community building and audience participation. I have personally benefited from this new token and have had an enjoyable time using it. I strongly encourage you to setup a CouterParty wallet and join the community today!

More Information about LTBCoin

Introduction to LTBCoin by Adam Levine

The LTBCoin website

Get Started with LTBCoin

Technical Papers

Learn about CounterParty

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