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Wednesday, January 19, 2011

We now accept Bitcoins

As we announced recently we have now completed the transition to Bitcoin. It’s been exciting and fun getting the grasp of the concept behind Bitcoin and actually implementing it in our system.

First of all we would like to send out a big THANK YOU to the makers of Bitcoin and to the great people who are actively supporting its evolution. You guy are doing a fantastic job.

For those who don’t know what YouTipIt is, here is a brief summary: YouTipIt is an online community platform for tipping small amounts of money to other internet users. Anyone who has a YouTipIt account can tip other users or can receive tips. The motivation behind YouTipIt is to enable all those eager content creators out there (Bloggers, Musicians, Developers, Artists etc..), to get rewarded for the things they publish for free and often enough make our day(s).

Starting with our new release today, we enable our members to use the independent digital currency Bitcoin as the tipping currency. (Visit Bitcoin.org for more details). As using Bitcoin can seem daunting to the uninitiated, we are aiming to reduce the learning curve and make it more accessible to a wider audience. Ideally our users should not need to understand the mechanics of Bitcoin, but just accept and trust Bitcoin as a practical digital currency.

YouTipIt acts like an online Bitcoin wallet for its members. You can send in Bitcoins from your Bitcoin client and withdraw Bitcoins to any Bitcoin address. We also keep a reserve of Bitcoins which we sell using PayPal. Bitcoins purchased from us, have to abide by the 45 day rule, meaning they have to stay in our system for 45 days. They can be tipped internally to other members, but cannot be withdrawn until the exit date has been reached. (See our previous blog article for the background).

YouTipIt still is in a beta phase. It’s not feature complete (and probably never will be :-) ), the processes and the handling still need a lot of tuning and there will be some bugs which have managed to wriggle through.
Please bear with, send us your opinion and help make YouTipIt a success.



As an “introductory” offer to all you aspiring internet street performers out there, we will tip 3.33 Bitcoins to the first 33 members, who create a Junket, place it on their public web presence and send us a message through our contact form with a link to the page containing the Junket.

P.S.
From the feedback we’ve already gotten we know that our snippets feature for promoting the Junket is not quite up to scratch yet. We will work on it.. :)

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