GoldCoin™: The One-Dollar Point-of-Sale Solution!

[MicroGuy]

Tonight I had this idea and decided to record it while it was still being received and processed. Basically this is my idea for getting businesses to accept Goldcoin on little more than a wing and a prayer! Come find out more here: http://trygoldcoin.com

[ipaint]

That is a good idea. The only thing the store will need to do it track the dollar amount and Goldcoin amounts. Because if they have a sale of $25.00 and the person pays on a Monday and you show up on Friday the Goldcoin value can drop a little or go up. So no matter what the Goldcoin value is you'll have to pay them the dollar amount they would have made. So you could make a few coins or pay a little more than the current value. But over all if the store starts getting enough sales they will start collecting Goldcoins on their own and won't want you to buy them back. Which is the goal anyway, get them to accept Goldcoins and they can hold them or sell them on Cryptsy or what ever exchanges are online at the time.

One thing you lost me on. I know you just thought of it and I'm thinking as I type.

Your going to print QR codes, So that would be your QR code not theirs right? If your going to have them accept GLD shouldn't you show or have them download the wallet and print their own QR code? That way the payment is sent to them. Then when you visit you can offer to buy the coins. As I stated you may make a few coins or pay a little more than the current value.

It'll cost a few dollars for the stickers and you'll need what $2,500.00 or $5,000.00 on hand to cover any purchases, just to be on the safe side. 5K might be a little high at first but when it takes off 5K may not even be enough.

[delpart]

Great domain name moving forward for showcasing and or integrating new customers to the currency.

Contract using secured by credit card for backing of purchases would be required by most I'd imagine.  In plastic we trust as it were.  Straight billing is harder to establish without a shell and proof of fiscal bonding of some sort.  While I'm sure there are plenty of handshake opportunities, they'd be much harder to pull off. Fluctuation would cause some consternation.

I've seen other incentive programs work by putting out an account to charge to as part of the agreement (usually a discount program to prove it will generate new customers).  This may be necessary to engage the trust factor.  Either traditional escrow and balance option, credit card as collateral, or simple pre-paid voucher.

Something to consider when a handshake/signature on paper wont suffice at least.

[MicroGuy]

Some excellent points above.

This morning I figured out a way for the merchant to have an automated deposit into his/her business checking account. This will require minimal programming and can be done quite easily by using the Cryptsy API and an automated ACH deposit method I've experimented with in the past.

In regards to the QR codes, they will be unique to each customer and a private key provided to the merchant.

[ipaint]

You know I was thinking. I'm sure at first the stores will want you to buy any coins they get. You should keep track of the amount and value at the time you bought them. Then over time show them how many Goldcoins they would of had and show them the value if they kept them.  For example 1 GLD = 0.00002 when they accepted it and the current value is say 0.00035 or what ever. You can say, you had at onetime 20,0000 Goldcoins over that time I paid you $XXX.XX amount in Dollars. If you kept the coins this is how much more profit you would have made $XXXX.XX. Hope you get what I mean. Show them the profit they could make on top of the retail sale if they hold the coins.

 I also think one question will be, How much can I make if I accept these coins? So you'll need to point out the profit that can be made if they hold Goldcoins. Other than that keep the offer to buy them each week or so. And track what you bought, the price and at some point show them what they could have made if they kept them .... You lost this much in profit over the past 3 months or what ever. You know as well as I do. If you can show them there's profit in it, they will use it.

The goal is to get them to use Goldcoins and tell other retailers about it.

On your flyer have an example:

Candy Bar $0.99 cents = 100 Goldcoins

Hold Goldcoins, watch the market you now you can get $2.00 for the 100 Goldcoins or the 99 cent candy bar just made you $2.00. If you sell the Goldcoins at a later date.

Whats the profit margin on a candy bar maybe 30%?