A Pocket Full of Possibilities…
Users can share Bitlov Pockets among multiple users. For example, a user may create a Pocket for the purpose of adding family members to it. As long as they have a Bitlov account, the user would establish permissions for them (the “Shared User”). These rules may include the following:
- Shared User can only access a certain amount of money within the Pocket.
- Shared User can only access this amount of money at specified times.
- If Shared User doesn’t use his portion of funds within the specified period, it is sent to another Shared User, as specified by the Pocket owner.
Similarly, a Bitlov user may want to create a Pocket consisting of charity organization recipients. To do this, he would either look up an existing account for the charity or would manually add the charity. If the charity has a public bitcoin address, he would add it to his Pocket. The charity’s legitimacy (or the legitimacy of the address, itself) is the responsibility of the user.
The user’s Primary Bitlov Pocket can then be utilized to fund the Charity Pocket by designating any percentage of all its income (or on top of any payments) to divert into it. Also, the user may opt to split these payments between multiple Pockets, such as one for Charity and one for Family Expenses, etc.
Charitable Pockets can receive money at the moment of sale. For example, a user may utilize a Bitlov Payment Widget to sell a product online. Upon a customer’s payment, deposits are made into the appropriate Pockets, such as one for Charities.
Charitable giving is not limited to the Seller, however. Other possible scenarios:
- The Buyer may create a rule for himself that automatically adds .5% to all expenditures. Meaning half a self-imposed surcharge of half a percent would be directed to a Charity Pocket (or elsewhere).
- A Merchant may create automations to pay a Customer’s preferred charities, after checkout. Alternatively, the Merchant could provide a list of approved charities that would get paid, as long as any match those listed by the customer.
- A Merchant may create a rule to divert 3% of the gross to two separate Charity Pockets: one-half going to the Merchant’s preferred charities and one-half going to the customer’s charities.
The fulfillment of many types of sales may require the completion of numerous steps and milestones. Multiple individuals are often required to fulfill the terms of a sale. For example, a marketing firm selling “website design” may require the roles of a logo designer, copywriter, systems administrator, graphic artist, project manager, etc. Each role would consist of its own Milestones. When the client approves the logo design, this milestone will have been reached, and the designer’s payment would be unlocked. Once installation of the CMS has been confirmed the System Administrator’s payment is unlocked. Once content has been written and approved, the copywriter’s payment is unlocked. And so on. And as a project’s work is in progress, monies are secured according to the Pocket’s rules.
In conjunction with third-party project management applications, tasks can be synced (via API) so that milestones become marked as “complete” and paid accordingly.
Pocket Payment Widget
When a user creates a Pocket, it can connect to a Bitlov Payment Widget to be embedded into any web page (similar to how PayPal provides embeddable payment buttons). This widget can be used to provide valuable information to the customer, such as:
- Any actions guaranteed to occur upon successful payment. For example, is there an escrow? If so, what are the rules? Are there “satisfaction” guarantees, etc.?
- Information about who being paid. The Merchant can provide full transparency or use an Alias Profile (always noted as such, when utilized) or appear as completely anonymous. It would then be a matter of the customer’s discretion whether to transact with an Alias or Anonymous Identity.
- Merchant Reputation. Customers can also review any reputation scoring metrics regarding its transaction history.
- Charitable Giving Automations. See what causes you are indirectly supporting by doing business with a particular merchant.
- Disputes and Remedy. Are your purchases protected with arbitration? If so, how so? By what provider?
Merchants can now compete to become transparent, as well as good citizens.
Fiat Pegged Escrow
A buyer and seller agree to use Bitlov as escrow for their transaction. The escrow is anticipated to span a period of thirty days. One or both parties, concerned over Bitcoin volatility, wants to peg this transaction to a particular fiat currency (such as the US dollar). The transaction is for four bitcoins, each valued at an exchange rate of $250 USD ($1,000). While the number of bitcoins will not change during the thirty days, the exchange price of bitcoin may rise or decline. And since this Bitlov escrow follows the exchange rate value of the US dollar, both parties will be protected from volatility concerns. For example, if the value of one bitcoin goes from $250 to $350 USD during the escrow period, this would represent an overall gain of $400, which could be equally shared by both. The Seller would receive 2.856 BTC ($1,000), but would also receive .572 BTC ($200). The buyer would also retain .572 BTC ($200) — fully accounting for any bitcoin gains against the dollar, during the escrow period. Of course, the buyer and seller could have agreed to any percentage of division. Rather than a 50/50 share of gains, they may agree to 30/70, or even include a charity as the recipient of the other third.
Dividends are simply a distribution of a company’s earnings. As such, companies using Bitlov’s financial automation tools can allocate all profits to a specific Pocket account, for periodic payouts to partners and investors. Votes can be required to change the terms of these payouts. As such, dividend automations can be said to function as shares.
Easy Joint Ventures
Imagine a partnership between two people. One, the marketer. The other, the provider. The marketer and provider collaborate so that one handles sales while the other handles delivery of the product.
As sales come in, a Shared Pocket would automatically disperse funds to each partner.
Merchants can create affiliate programs to reward referral traffic and subsequent sales. Pockets can contain rules for how to reward referred sales, as well as a sign-up mechanism whereby affiliates can register. Such rules would specify the amount paid, the timing of the payment, as well as required conditions. Rules can also be established to reward affiliates with override commissions by referring other successful affiliates to the program.
Bitlov simplifies the process of sending mass payments (simultaneous payments to multiple recipients). For example, upload a CSV file containing the addresses and amounts. Then, send the total amount to one address (provided by Bitlov). Like a prism splits light into multiple directions, Bitlov Pockets can split single payments into multiple payments.
Fundraisers & Crowdfunding
We already know Bitlov Pockets can passively fund charities without users ever having to think about it. But what about the user who wants to raise charitable funds in a more direct manner — one requiring considerable time and effort? In this case, the user can create a Pocket for a particular cause and actively promote it to others. To subsidize his work, the user may create a rule that pays 3% of all generated funds to his personal Pocket. This fee would be transparent to anyone donating via the Bitlov Payment Widget and would, thereby, enable the benefactor to determine if it is egregious or acceptable.
Bitlov is perfect for wagering on specific conditions: If A occurs, send money here -or- if B occurs, send money here.
Online marketplaces provide an audience of potential customers for individual sellers and service providers. Likewise, marketplaces benefit from the human capital required to fulfill the diverse needs of its customers. As such, the Marketplace Model optimizes the positive advantages for customers, sellers, as well as the marketplace, itself — illustrating why these platforms are so powerful.
By removing the hierarchal bureaucracy of traditional economies, the Marketplace Model streamlines the future of peer-to-peer commerce.
With Bitlov, marketplaces can automate every aspect of payment flow and logic. Marketplaces establish their automations. Sellers enter their Pocket addresses. Buyers pay with confidence, knowing that trustless technology is enforcing the terms of sale.
Sales made in bulk, as well as those promised to be repeated, as subscription purchases, tend to yield the greatest savings reward for consumers. Therefore, many opportunities exist to automate these kinds of programs for the benefit of buyers and sellers.
For example, a user gets local restaurants to participate in a Buyer’s Club by signing up 1,000 residents to pay $20 per month (in BTC), entitling diners to receive massive discounts at each. The monthly intake is $20,000. The founding user may have provided herself with a 10% fee ($2,000 monthly), with the remainder of all funds going to the participating restaurants. Analytics can measure which ones are most frequented by the group’s members so as to automatically allocate and reward each restaurant with appropriately weighted sums.
Let’s say Joe has a website and needs a developer to code additional features for it. Joe knows a developer but wants to make sure he gets what he’s paying for. Likewise, the developer wants to avoid “feature creep”.
Using Bitlov, they create a “Software Development” Pocket, which defines the software requirements, as well as GitHub repository to check out the software. The Pocket references a directory or script within the GitHub code that defines the tests to run against the software, in order to determine if it meets the defined requirements. Only a small pointer is in the Rubric object while the bulk of the code exists on Github. Milestones are defined within Github while different tests are assigned to each, allowing payments as development successfully progresses.
Joe assigns the development task a payment value. Let’s say it is $300 USD. The bounty could payout via Paypal, for example, or with Bitcoin. Whatever the users agree upon is their choice. Pockets can interact with Third-Party API’s, such as Paypal’s, to automatically send money.
Once submitted, Bitlov checks the software by running the pre-defined tests to determine if the software passes. If it passes the tests, the developer is automatically paid.
When the work performed by the developer justifies a payout, the transactions are written to the blockchain.
The Rubric Services Network provides third-party validation of these results. As well, the Smart Contract may also specify that some number of independent Rubrics need to verify the tests.
Bitlov manages the higher level definitions for these kinds of web based software projects — simplifying development processes and expanding your opportunities for innovation.
These scenarios only hint at what is possible with Bitlov. These kinds of automations will disrupt industries, like auto, insurance, restaurants, music/entertainment, search, education, health/medicine, sports, privatized security, stocks, telecom, and the Internet. The decentralization of everything is the beginning of a new world. And Bitlov will lead the way.
A Redditor recently made this statement and we couldn’t agree more:
If successful, bitcoin changes pretty much everything! To understand bitcoin, you have to imagine a world where you can buy without a merchant, bet without a bookie, get insurance without an underwriter, access finance and loans without a bank, trade without an exchange, purchase commodities without a broker, have law without lawyers, courts, and judges, create assets without an issuer, secure escrow without an agent, have internet without an ISP, verify records without a notary, establish reputation and credit without a credit agency, and create identity without a government.