Topic: [The 3% Project] Headhunting (Read 1096 times)

I agree 3% does not seem much. But 3% is the max in view of cost saving from credit card transaction fee. Although we see more merchants accepting bitcoin, from what I see most do not pass on the savings to consumers. To encourage adoption, consumers must have incentive to spend bitcoin. And the most straightforward incentive is discount when making purchases.

From the price and trading volume, I am not convinced that consumers are growing rapidly. I may be wrong though.

If a merchant gains more customers while charging the same price, it is a win to them.

Could you let us know the website? I will take a look. It will be interesting.

This is a possibility. The larger wallets could also belong to hedge funds like Barry Silbert’s Bitcoin Investment Trust and the Winklevoss twins’ bitcoin index fund.

I see two problems with your idea so far.

a. 3% is not a big enough of an incentive to consumers IMO and right now many new merchants often offer much more in discounts since they want bitcoin in trade to try to get some of the currency in their own wallets while it is growing.

b. the statement about exponential growth of merchants and not enough consumers, I don't agree with that at all, way more worker bees in the world than queen bees (business owners), plus each merchant putting I TAKE BITCOIN on their business or virtual store is one more ad to promote btc commerce for free.

I can see the 3% concept though, merchant gets same dollars for a btc trade compared to cc trade of equal value so loses nothing, but also gains nothing in saving on the fees, one of the benefits of being a btc merchant is saving on cc fees, so now your idea removes that reason merchants like bitcoin.

Anyway, already many merchants offer way over 3% discounts, in our own network of digital goods we are starting out with 40% discounts for our catalogs of digital products which includes thousands of ebooks we have published, memberships to content sites, videos, music, films, etc.

If it's a digital good, we've done it over the years ebooks/music/films/videos.

The problem with btc right now at this stage isn't growth, it's that the larger wallets belong mostly to crypto geeks, who could in theory crush the market when ever they say sell.

Acceptance of more and more merchants each day just fuels the free PR btc has in the world today, good luck with your venture though, you have a nice way of presenting your ideas in your posts.

Up!

What is the 3% Project?
3% discount when making purchases. The number of merchants accepting BTC keeps increasing but without incentive, there will not be a corresponding increase in the number of consumers spending BTC. The 3% Project aims to increase the number of consumers by offering a 3% discount as incentive when making purchases.

Why 3%?
3% is the average cost for credit card transaction.

How to get involved?
We are looking for solution architect and software engineers who have worked on BTC projects. We are also looking for IT Security expert to ensure minimal vulnerabilities in our system. We also welcome business people who can offer their expertise in marketing and business development. Please PM me if you have the right expertise and tell us how you can contribute to the success of the project.

Where to obtain more detail?
We are sorry we cannot divulge details at this stage of the project. Please PM me if you have specific question.