2 votes Vote

Kickstarter-style Crowdfunding via Bitcoins

I'd like to be able to set up a project and solicit funding, and have the bitcoins held escrow-style until a certain threshold of BTC is reached (extra points if it's a "floating target" that can adjust for deflation and exchange rate vs. chosen currency). If by the end of the timer the target isn't reached, Bitcoins are automatically refunded or forwarded to an alternate bitcoin account.

Example: I start a bitcoin to raise money for a new project, where I want to synthesise a gene for a save sweetener you could then brew at home. I suggest that it'll cost me €1000, so I put up a project for that amount. Until my project reaches the current equivalent in bitcoin, or the time runs out, the bitcoins are held in escrow by YouTipIt. At the end of the timer, I either get them, or the users get them back or forward them to another account of their choice (bonus points if I can offer suggestions at time-of-donation).

Why use bitcoin? Because it's easier to make this all happen with bitcoin than real money, when the escrow-style service needs a license or permit from every involved country. Also, automation of pay-in-pay-out is easier with bitcoin than money, and there are no inherent fees for transacting in bitcoins for a service like this with so many potential transactions.

Want. Really bad.

Cathal , 09.06.2011, 12:03
Idea status: under consideration

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