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Crowdfunding platform Pozible accepts Bitcoin

BY Matthew Benetti | 28-Oct-2013
User demand for the online-only currency has exploded in 2013 and Pozible have received several requests to be able to pledge to projects with Bitcoin. One advantage of Bitcoin is the extremely low transaction costs, particularly suited to large pledges or international pledges otherwise attracting high currency conversion commissions.

• Pozible is the first major crowdfunding platform to accept Bitcoin

• Bitcoin exploding in popularity, move in response to user requests

• Extremely low transaction costs - ฿ 0.001 per transaction

• Pozible users can now pledge to crowdfunding campaigns on the site using the online-only currency Bitcoin as a selectable payment method.

BACKGROUND ON BITCOIN

Bitcoin is a form of digital currency which exists entirely online and can be used for making payments and purchases between users able to exchange it.

Bitcoin balances are maintained with software called a (virtual) 'wallet' - Pozible use and recommend friends Coinjar - http://coinjar.io/

How it works on Pozible:

• Project creators need a Bitcoin wallet to accept Bitcoins on Pozible

• Project supporters need to provide a return wallet address when pledging. 
This address is used to refund Bitcoin if the project is unsuccessful

• Unlike other payment methods, Bitcoin pledges get processed immediately into Pozible's holding account and the equivalent exchange amount of the project currency is added to the project total (Bitcoins are NOT actually converted until the project reaches 100%, this is purely for the funding target).

• Exchange rates are provided by Coinjar and locked at the time of pledge

• If the project succeeds, Bitcoin pledges are transferred to the project creator's wallet. Pozible's standard 5% service fee applies, plus ฿ 0.001 per transaction (PayPal and cards normally carry transaction fees of 2.4% + 30c per transaction).

• If the project is unsuccessful, Bitcoin pledges are refunded to the wallet address the supporter provided to pledge. No service fee is taken.

ABOUT POZIBLE

Pozible is the third biggest crowdfunding platform in the world overall, with a higher project success rate than most competitors. The overall project success rate is currently ~56%, with some individual categories as high as 70%.

Launched in 2010, Pozible recently turned three years old, and reached the milestone of AUD$ 15 million (as at September 30, 2013) in funding raised from 104 countries for projects from Australia and all over the world.

Pozible pioneered matched-crowdfunding in Australia in a landmark partnership with ScreenWest in 2012 that delivered AUD$150,000 to independent WA film-makers by matching every dollar pledged by the public to eligible projects with $3 from ScreenWest, and just recently delivered a similar relationship between Underbelly Arts and the Keir Foundation to the value of AUD$16.5K.

Pozible's largest project was the first-person-real-life-zombie shooter game Patient Zero (by IRL Shooter) and raised AUD$243,000+.