Author Topic: Demand for BitUSD: What are the low hanging fruit?  (Read 5885 times)

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Offline bitmarket

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I defo agree.  Just like Bitcoin started in the dark world so to will bit USD.    If the community thinks this is poor positioning and wants to avoid it, then I can understand but I dont know any other way.

That is where the customers are.   Perhaps a nice middle ground would be to partner with open bazaar.   I can see an ebay seller looking to move over might be hesitant because he does not trust Bitcoins price stability. 

I would be a fan of reaching out to the dark world, but I would not do it unless the comunity thought the positioning was worth it.
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Offline Methodise

Yeah, there are always other assets, but fake gold exists, and the tests are costly. Plus, these alternative assets are easily stolen, or 'seized' (if you prefer).

bitUSD is unique for its supposed combined crypto-fiat qualities.
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Offline Method-X

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Let's have a brainstorming session!

Our product is BitUSD. If there is demand for BitUSD there will be demand for trading on the exchange. With this in mind, who does BitUSD (as things are right now) appeal to the most? Who are the low hanging fruit?

Low hanging fruit #1

Darknet markets. This will be controversial I'm sure, but it's true. Vendors on the darknet markets do NOT like the volatility of bitcoin. Especially as of late, since it's been going down for a long time. If given the choice, most would convert BTC -> USD but they don't because of KYC rules on exchanges. They desire a stable place to park their excess profit until they need it.

This is what a typical darknet market vendor wants:

BTC -> BitUSD  (hold until they need to cash out) BitUSD -> BTC -> Localbitcoins

They don't even need to spend it. They just want the stability.

Low hanging fruit #2

BitUSD on-ramps in countries like Argentina. This is less low hanging than #1 because there is currently nowhere to spend it. It would be used only as a store of value and nothing else. I don't know much about Argentina but I'd assume there are other assets they could hold their buying power in.
« Last Edit: September 03, 2014, 01:39:56 am by MeTHoDx »