Pozible begins accepting Bitcoin for crowdsourced projects

Summary:The platform claims that it has seen huge demand from users wishing to make pledges in Bitcoin.

Crowdfunding platform Pozible has begun accepting Bitcoin as a form of currency that users can make pledges to projects in.

The organisation claims it is the first crowdfunding platform to accept the crypto-currency, and that it has done so after receiving huge demand from its customers.

Given the highly volatile value of Bitcoin, pledges to projects that accept Bitcoin are held in escrow at the time they are made, and at the market rate defined by Coinjar at the time. Pozible's standard 5 percent service fee still applies to these projects.

If the project reaches its target, the funds are released to the creator's Bitcoin wallet, and a BTC$0.001 transaction fee is applied. If the project doesn't get funded, Pozible returns the funds to each supporter's wallet without charging any fees.

At Coinjar's current Australian spot price for Bitcoin, the transaction fee is about AU$0.21. In comparison, PayPal and credit cards carry transaction fees of 2.4 percent, as well as an additional AU$0.30.

Given the low transaction costs, Pozible believes large pledges or international pledges that would normally attract high currency conversion fees would benefit most from the new changes.

Topics: E-Commerce, Australia, Banking

About

A Sydney, Australia-based journalist, Michael Lee covers a gamut of news in the technology space including information security, state Government initiatives, and local startups.

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