NuBits Marketing

desrever 2014-10-20 08:36:04 UTC #2

a very positive message to read on monday morning. Thank you for sharing!

thExit 2014-10-20 19:27:10 UTC #3

Top job, I’m very glad to see developments in such a crucial area. It’s important to have the job done in a planned manner, I agree that every NuShareholder is responsible to help the network grow, and I’m strongly in favour of creating special task groups consisting of skillful people dedicated to certain areas. One discussion on this topic was carried at:

Additional types of custodians

The topic mentioned above served as a starting point to exchanging views and opinion so hopefully at the right time we can come up with appropriate decisions.

Over the weekend I was considering drawing some attention to a specific problem encountered all around the globe, and I came across this article:

http://www.coindesk.com/beam-launches-cheap-rebittance-solution-ghana/

First I thought about adding it to this topic:
NuBits use-cases : what will you do with it?
http://discuss.nubits.com/t/nubits-use-cases-what-will-you-do-with-it/28

but I guess it fits better here. Remittance sending is a huge business, and also a business facing a lot of problems from the perspective of senders and receivers. Senders need to pay high commissions, and there are cases where a relatively small amount of money earned for e.g. in the UK, when sent, has enough value in the receiver’s country to cover utility bills and allow them to buy food. On the receiver’s side, the problem is having a bank account. In certain countries people are used to money transfer services other than banks, I’ll dig through my archive, I remember an article about one of the African countries where they use Bitcoin for transferring value, but as the “infrastructure” is lacking (smartphones and computers), couriers are used.

Western Union is dominating the market, and I was thinking of ways for NuBits to come into play, but this deserves a separate post. For now I’ll just leave it for consideration of the community, as I think that targeting remittance sending might be an important branch of operation for the Nu network.

masterOfDisaster 2014-10-20 20:55:05 UTC #4

Nice find - that article on coindesk!

That’s true and it’s why it would fit in the http://discuss.nubits.com/t/nubits-use-cases-what-will-you-do-with-it/28 very well. But you have decided to focus on the marketing aspects and hence posted it here. That’s fine as well

Because there hasn’t been a feasible replacement so far. If https://beamremit.com/#!/ is about to poach in the preserve of Western Union using Bitcoin, it will do that even more easily and cheaper when using NBT instead!
I haven’t heard of Beam so far and I don’t know about this service’s credibility. If this service is trustworthy it would be a good idea to tell them about NBT and its very basics:

…

irritant 2014-10-20 21:01:39 UTC #5

https://www.bitnet.io/ recently started (to compete with bitpay)

tomjoad 2014-10-20 21:19:07 UTC #6

I just sent an introductory email to their CEO Nikunj exploring if there might be mutual interest in adding other digital currencies in the future. NuBits are superior to Bitcoin for that purpose.

Nice find @thExit and @masterOfDisaster !

Sentinelrv 2014-10-21 01:08:43 UTC #7

I was going to have “NuBits Accepted Here” merchant badges made up similar to the professional Peercoin ones…

…but maybe I should ask here first. It seems like you guys have a lot of stuff going on in the background that we don’t know about. No point in doing work that may have been finished already. Maybe this is something you guys want to take care of instead?

Also, about the marketing video that is being made…is it from Overkillcoin, the guy that did the Peercoin video or is it from somebody else?

Donate NuBits button

tomjoad 2014-10-21 01:59:38 UTC #8

That would be very useful! Could you start that process? The Peercoin ones turned out great. I can cover the costs for doing so.

Yes we’re working with Overkill. He’s been a complete professional so far, I think the final product will be excellent.

masterOfDisaster 2014-10-21 04:21:24 UTC #9

Thank you for contacting them!
…but you need to credit @thExit for that find

thExit 2014-10-21 09:23:27 UTC #10

I’m glad to help, to see this project going to da moon;) There is a lot more that I can and would like to do, I just need to organize my work. One direction is connected with Forex investments, as mentioned earlier, I’m considering launching an asset tradable only for NuBits (it solves a lot of problems connected with volatility of cryptocurrencies, that’s obvious:).

Another direction that is within reach of my possibilities is establishing a remittance service in one of the central America’s countries, I have a person who works at a local payment company and I know that they’re open for innovation, especially if they can get a chunk of the remittance market. I’ll contact the guy and see what we can do together.

A crucial element of such a service would be the easiness of getting NuBits, or in general the easiness of the whole process, what the user experiences. For this reason NuBits need to be easily accessible- if I’m in EU, I can send a SEPA to CCEDK very cheaply, and convert EUR to NBT. It would be even better if I was able to buy NBT from a local(national) exchange, so I could use a simple bank wire. But what happens if I’m outside of EU? What can I do? Buy BTC and exchange it for NBT and then send it to the remittance service? That might be a way, but then I’m vulnerable to BTC’s price change between the moment of buying BTC and sending and receiving it on a NBT exchange. In such a process the person is also facing additional fees- for sending fiat to a BTC exchange, for exchanging, for sending the BTC, for converting BTC to NBT, all of this sums up and influences the final cost, and we need to remember that the remittance service also needs to charge its fee.

I need to look at the precise number to see what are the total costs and what kind of fee the remittance service would need to charge so I can compare it with Western Union?MoneyGram fees, but my main point is that NuBits need an infrastructure, numerous exchanges like Bitcoin, ease of use.

mhps 2014-10-21 09:48:41 UTC #11

I think SEPA is not working on CCEDK anymore. SWIFT and Payeer are available. Payeer worked without a hitch, and could be more accessible to people in Central America.

desrever 2014-10-21 09:54:39 UTC #12

an FYI that might be relevant here in this thread: I have been in contact with [CoinPayments] 1 (a payment processor for alts) , and upon payment we could get NBT there. That would mean that for a merchant will just require one or two steps to accept NBT on their online store. While this is very positive for NuBits development, we need to secure some merchant ahead of time, or CoinPayments will disable NBT if there is no enough volume to sustain them.

Well we offer new coins to get added with a fee, the initial fee is $500 for the installation, setup, integration and hosting. This covers the coin for a trial period of 90 days. In that period the coin has to sustain enough transactions to help cover its cost on the server, otherwise after 90 days it will be automatically disabled. If the coin does not preform past its 90 days, it can be enabled again for $250 for another 90 days, until it has sustained itself or again removed and re-enabled, and so on… The coin must carry its own weight, due to previous coins not preforming at all, we had to remove about 10 coins, and that left a dent. We have also started offering coin block explorers and faucets.

Reference: https://www.facebook.com/CoinPayments/posts/693131220774272
Reference: https://www.facebook.com/CoinPayments/posts/703043533116374

Nu Marketing Roadmap

mhps 2014-10-21 13:39:39 UTC #13

some ideas -

run an ad campaign at the same time.
offer promostion/discount

CoinPayments and other payment processors offer their service of currency conversion for the users. Nubits doesn’t need most of this. Coinpayment should offer Nubits a discount in setup and operation charge. Of course they would say that the conversion infrastructure is already there, NuBits’ not using it doesn’t save their work therefore no discount is available. They are right. For these established cryptocoin payment processors Nubits’ stable, simple exchange rate is not a big advantage. Nubits’ advantage is the ease of mind for the users (stable value and no need to convert the numbers). We should realize this point and make effort to deliver the ease of mind message to the user.

masterOfDisaster 2014-10-21 14:43:54 UTC #14

One kind of “discount” is available:
when processing BTC, LTC, etc. payments, the payment providers (like CoinPayments) need to add a premium for the processing to compensate the volatility of the processed BTC, LTC, etc.
When using NBT they can offer the service for a lower rate for the merchants while being able to generate more revenue, if they split the saved premium between the merchants and themselves.

So there is a business case for processing NBT payments.
The conversion infrastructure is in the early days required, because the merchants need USD or whatever to pay their employees, distributors, etc.

Once NBT are widely accepted, there will be no need for payment providers when paying with NBT.
But as long as this has become true, payment providers can make money offering NBT payments.

tomjoad 2014-10-21 21:31:21 UTC #15

Great, let us know what he says!

I just got a response back from Nikunj at Beam: “Thanks for connecting. NuBits looks great! We are definitely interested in adding more currencies in the future. Once we are comfortable with our Bitcoin launch we will look into this for sure. I’ll keep in touch with you and get back to you once we are ready.”

Something to keep on the backburner.

Cybnate 2014-10-22 09:13:13 UTC #16

Bitcoin first then NuBits. Wrong order! Still early days…

masterOfDisaster 2014-10-22 10:45:29 UTC #17

But it makes sense to use something first, which is already established and adopted.
The further the adoption of NuBits will be developed, the more likely it is that NBT will be considered first

lg15x 2014-10-25 13:51:13 UTC #18

So where do you think PPC should be placed in your order?

Cybnate 2014-10-26 02:28:12 UTC #19

That’s a tricky question. I think NuBits should go before Peercoin as NuBits is meant to be a stable currency better suited for this. Peercoin is less useful for that as it is volatile and therefore increasing the risk for remittances while in transfer.

thExit 2014-10-26 13:37:54 UTC #20

As for remittance, Beam is said to use the services of GoCoin which charges 1% + 0.1%-0.2% of the Bitstamp price, this is not a bad deal, I thought that the rate will be much higher (but I don’t know what’s the final rate at Beam; this is a different story as for now I’m focusing of the pros and cons of using BTC in contrast to NBT). Therefoer the customer of a remittance service based on BTC takes the costs of acquiring BTC, and is subject to volatility when transferring the newly acquired BTC to Beam.

The plus of BTC is its availability, the fact that the customer can transfer funds from their bank account to a local exchange and buy BTC there, without international money transfers etc. The minus is of course volatility of BTC. Nu doesn’t face this problem, but it’s way less available at this stage. If Nu can be widely available and easily acquired, then it would stand in a better position to dominate the remittance market. Another plus of Nu is that when someone wants to use BTC for remittance, they need to exchange fiat into BTC and send BTC immediately to e.g. Beam, to avoid volatility risk. With NuBits this is not a problem, the person can store NuBits as their value will not change, and is not in a rush to convert them.

lg15x 2014-10-31 01:21:43 UTC #21

Do we have a marketing plan?

I don’t see newbies come in and people are talking less than before.