 Today's episode of The Bitcoin Show is brought to you by usgoldcoins.com, 1-800-HOT-COIN-AND-MEZE-GRILL-MEZE-GRILL.COM-AND-TRAID-HILL.COM-AND-MT-GOX.COM. Hello, everybody, and welcome to The Bitcoin Show. This is The Bitcoin Show, Episode 30. As you know, I'm Bruce Wagner. This is Manny Mena. And we are bringing to you another really cool Bitcoin startup that is going to change everything. Another game changer. Every day there's another game changer. It's just another day. Actually, it's two or three times a day. In some cases, today we're going to actually do three Bitcoin shows. Two in English and one in Spanish because we have breaking news that's going to just take too much time. We didn't want to interfere with this topic, so we're going to actually do two shows today in English and one in Spanish. Oh, my gosh. And then other shows, too. Android Invasion in Spanish. Just so many things happening and only one TV. But today, our guests are visiting us remotely via Skype, of course, the magic of the internet. Tony Gallipi and Stephen Pear from... Is it Stephen or Stefan? Stephen or Stefan? Pear? From BitPay. And I'm going to say it's bit-pay.com because there's a hyphen in there. Make sure you get it right or else you're going to go to the wrong place. It's bit-b-i-t-p-a-y.com, bit-pay. So Tony and Stephen, welcome. Glad to be here, Bruce. Yeah, thanks for having us, Bruce. Sure. Is it Stephen or Stefan? I'm going to be on the famous Bitcoin show. The famous... Yes, well, the internet, you know, we're all famous. You broadcast yourself like YouTube. So everyone can be a star on YouTube. So tell me, you guys... Okay, so Tony, you're in Orlando? That is correct. I'm in Orlando, Florida. Okay, and Stephen, you're in Atlanta. Yep. Atlanta. And Bit-Pay is an Atlanta company because we're doing Atlanta week, right? Well, we're in both, yes. You're in both. Oh, you're okay. So you're by cities. Okay, so we're kind of talking about this week being Atlanta Bitcoin week because there are a lot of startups. Atlanta is just another little hotbed of Bitcoin activity. You know, New York's got a little bit, and the West Coast has some, and it's all over. Everybody's competing in a positive, healthy way to see who can come up with the most innovative, awesome, awesomeness. And they're all coming, by the way, they're all coming to New York and converging on New York for the Bitcoin World... Bitcoin Conference and World Expo 2011 NYC, which is happening August 19th to the 21st. Sorry about that. 19th to the 21st of August, and we're going to be talking about that a little bit in the context of this. So tell us what Bit-Pay is. Well, at Bit-Pay, we are a merchant solution. So we can allow companies and websites to accept Bitcoins directly on their websites. So our philosophy is that merchants can do the best job of presenting their products, selling their products better than anyone else can. So most businesses, they already have a website. They may already have a shopping cart. So we allow the merchants to keep control of the shopper all the way through the sales process up until the point of payment. And at the point of payment, if the shopper wants to pay with Bitcoins, that's where they click over to us. We actually only have one click on our website that we need to have them click to process the payment. And then once the payment is received, we give them a second click, which is just a link back to the merchant website. So we can completely automate the receiving end of a Bitcoin payment in only two clicks. Okay, so I'm familiar with... I'm not familiar with much, but I am familiar a little bit with Google Checkout and PayPal Checkout. Is it sort of the same thing or just a little bit different? Yeah, so if you've used either of those, it would be the same. If you already have a website with a shopping cart, you fill out the shopping cart, it figures out what the shipping, what the taxes, and it comes up with a total amount due. At that point, you can either pay directly to the merchant with a credit card. You can pay with Google Checkout. You can check out with PayPal. But again, a lot of those do the same thing. In order to, if you want to pay with Bitcoins, you don't have a way to do that right now with a merchant. They have to get back to you with some type of an invoice and an amount due, and based on the time it takes you to pay them, the rate may no longer be valid. So there's a lot of... The Bitcoin process right now is very manual. It's manual and cumbersome. It's very clunky. We decided that it needed to be automated and so that's what we went out and did. I'm sorry, I was going to say Bitcoin is far too high-tech in advance to be so manual and clumsy but our objective was just to make it as easy as possible for a merchant to get set up with accepting Bitcoins. To literally be able to do that in like two minutes. Absolutely. Is there any specific shopping cart integration? We're working on that. That's part of our plans. We built a basic shopping cart right out of the box. But when people expand and they need more advanced features, we don't want to build a whole another shopping cart technology. There's a bazillion of them out there that we want to be able to refer our merchants to and then have BitPay integrate directly with them. Okay, so once again I'll play the novice because I am. So just so I understand the shopping cart and the checkout are not necessarily the same thing. They're different, right? They usually are the different things. Yeah, there are really two different things you might want to do. Have a shopping cart technology on your own website, on your merchant website and you manage the whole shopping cart experience yourself. And then when it comes time to actually checkout then you send BitPay or BitDashPay a total and some kind of order reference number and then we present the customer with an invoice and they use their Bitcoin clients, whichever one they might be using. They complete the payments and let them know or just send them an email whatever they want and let them know that the payment has been completed. Okay. I'm just looking for a really basic overview at this point so that we understand what we're talking about so that the audience understands too and me. So without getting into BitPay in general a website that sells things has a shopping cart component usually not necessarily the same thing usually not the same thing so the website itself might have its own shopping cart mechanism and it just spews data to a checkout like Google checkout or PayPal checkout and all that. That's generally how it's done, right? Usually it's like a module or they cater to specific integration for that or even sometimes PayPal or Google will reach out to them and provide some sort of integration solution for that. Okay. Now let's say I already have a website and I already have stuff on there for sale and I'm already using say Google checkout how can BitPay how can I integrate that? Would it have to be like two different checkout buttons and so basically the shopping cart if I already have a shopping cart component in my site I can check out through either one of two buttons. If you're using only Google checkout that's not a shopping cart you know like solution so it would be two separate buttons but if you do use a shopping cart solution BitPay is planning to offer you know integration for that so say for example you could choose PayPal, credit card and then BitPay Am I correct? Yeah, that's correct. Yeah, and we do have our own shopping cart as well on BitPay but we wanted to make it featureful enough that people could make use of it so they wanted to get started right away accepting Bitcoins and they had some products they wanted to sell but our intention is not to build you know a complete you know completely feature rich I mean there are companies that charge substantial amounts of money for really you know advanced shopping cart solutions and we just don't want to go and get into that part of it. So you have a simple shopping cart option if you don't have a shopping cart already but I think I'm still confused but I already have let's say I already have a sophisticated shopping cart system and I already have you know PayPal or Google checkout and I want to keep that because say I still want to accept MasterCard Visa, PayPal, all that stuff but I want to add Bitcoin then it's a simple matter of just checkout with Google checkout or checkout with BitPay. I have the option of checking out with either one Absolutely Yeah, so on our website you would use the feature we have called a hosted checkout so that assumes that you already you know came up with a total amount you've already calculated the tax shipping whatever you need to do and all we're doing is processing the payment for you. That's the same thing that PayPal or Google would do but if the customer wants to pay on Bitcoins now you can give them another option they can check out with Bitcoins and you know pay for the purchase that they just selected by using BitPay. Alright so now let's say for me a realistic example is I have a website it's called OnlyOneTV.com and I want to sell some kind of slick coffee mug that says the Bitcoin show and some OnlyOneTV T-shirts and only you know whatever stuff like that. Now I don't have a shopping cart but I do know how to plug in a widget I think. So in that case you have a basic bare bones kind of shopping cart already that I can use and that's what you're saying. Yeah and that's not something that you have to embed on your website all we do is we give you a widget for every item that you sell maybe you sell like five or six different coffee mugs, T-shirts and it's not worth your time to build a whole shopping cart on your website you just want to put a widget next to each individual item that you sell and allow people to pay for it with Bitcoins. So that's where you would use our shopping cart on BitPay and that each item that they click on to a shopping cart on our site and then they can check out through BitPay Oh that's slick so I mean it's so simple so I can that way if each item is a widget and the shopping cart is all done by you guys in this basic format I mean I'm not very sophisticated I just want to have a coffee mug and a T-shirt that's it and so I just have a widget for each of one or two or three or whatever many items and I can actually rearrange the widgets any way I want and you know basically present it any way I want Not only that but you could print out a QR code for each item and if you've got a physical store you can put a little QR code next to each item in your store and people can scan it with their phone and it'll pull up and put it into the shopping cart on your phone you've got to have a phone that's connected to the web of course That's pretty awesome So you could generate a QR code for each individual item this way you keep track of physical inventory or at least pricing for physical inventory Alright, so That's pretty awesome So imagine Mezzigirl where Mezzigirl for whatever reason they have the Bitcoin platter right? It's two Bitcoin and it's for two people or whatever So you can have a QR code that's just for this one Bitcoin platter and then you can have his general QR code where he would do the custom however he does it now Okay so You can also put whatever price either in Bitcoin or in dollars so they can actually put whatever dollar price they want on it and then we'll figure out the exchange rate based on the QR code Alright, so now this is just getting more and more cool So let's say I have a Mezzigirl has a Preep, I mean they don't Just anybody, some merchant that has prepared sandwiches like a 7-Eleven say They've got all these prepared sandwiches so they could actually slap a QR code sticker on each prepared sandwich and then with my app would it be just a regular QR code scanner app or they would have to have a special BitPay app? Just a regular QR scanner app and then it takes them to their it's just a URL that takes them to the BitPay shopping cart Oh, so they scan it and they hit open as a URL it takes them to the webpage which is the shopping cart on their smart phone and then they just, every time they scan something it adds it to their shopping cart How does it know it's me? How is it identifying me? Through your browser We attach a shopping cart to your browser's cookie Oh, so if I want to buy cookies, no I'm kidding Okay, so cookies with my sandwich, you get a combo Alright, so it knows I'm me, alright cool So I can scan all the sandwiches I want and then I can literally hit check out on my phone and then then what, then what happens it gives me a Bitcoin address Yeah, so then you get taken to the check out screen, you get presented with a final Bitcoin amount and then you simply use your Bitcoin application whatever that may be on your phone or a hosted wallet, you complete the transaction then the invoice turns into a receipt so now you have a receipt that shows all the items on there that you bought and then there's a QR code on the receipt as well so here's where it gets really kind of cool we've started prototyping on a phone an optimized a checkout or a receipt that's optimized for a phone and so you can view the receipt on the phone and on the phone it'll have a QR code so you could show that actually to the merchant and they could scan it with their QR scanner or their phone and they could pull the receipt up to themselves and since they're the merchant they can also do things like click that they've fulfilled that whatever it is you're buying so somebody could come into a restaurant scan all the items on their menu go ahead and complete the purchase with their Bitcoin clients and then they could just hold up the phone with the QR code on it with the receipt and then the merchant or the restaurant owner could then scan that and then see that you completed that you've purchased it now the merchant needs to give you whatever it is you're buying I feel a little misled here because I thought this was just a widget for online stores this is like a point of sale system you could do anything with this so let me get this straight and there's no special software all you need is anything with a browser and a QR code scanner which is basically every phone everybody has tell me if I'm wrong could I not have a restaurant like a restaurant we're going to be visiting tonight it's going to be the second restaurant in Manhattan to accept Bitcoin actually I already announced it no I didn't anyway we're going to film we're going to film setting them up to accept Bitcoin later tonight anyway I have a nice restaurant and on the menu I've got every item and the description and the price and I could put a little QR code next to every item on the actual printed menu and I could sit there with my phone without a waiter or waitress just go beep beep two of these one of these and then when I'm done I hit check out and then when the server comes I show them my QR code and the server can scan it and that's after I pay well I have to say check out and I pay with my Bitcoin and then it creates a QR code and the server could come with his or her phone scan it absolutely and Bruce here's another thing you could do you know a lot of restaurants and places are allowing you to order online and then go to the store to pick it up right so you could do the same thing you can shop online on the menu where the merchant can embed a little bit more features and options again you go through the entire shopping cart once you get the receipt it has the QR code on it you have the receipt on your phone then you just go to the store you present the receipt and they already have your order they're waiting for you and they just identify you they pick it up and then they can mark it as being filled so you could also actually it gets better and better so you could do this with a printed menu but you could also come in with your iPad well not iPad but you know Android when I say iPad of course you know I mean open source Android Linux you know iPad in the generic non-Apple sense anyway you could have any kind of a tablet or a notebook and bring up the menu and order it online the server could actually even bring you a tablet and that's the menu and you could order it as long as you have a smartphone to be able to pay but in other words the menu could be electronic it could be handed to you as a tablet or it could be just ordering online for pick up or delivery or it could be a printed menu that I can scan but either way they're all completely integrated it's one system yeah I've seen where I used to work we could order from a Chinese restaurant online and they would deliver to you or you could do pick up that would be a great example of somebody who could really use that if they wanted to accept big points there's a lot of websites now order online you can order pizza online and have it delivered to you you can order Chipotle any restaurant is starting to allow you to do that now and then you just show up with the receipt and they have your order waiting for you so you don't have to wait when you get to the store here in New York we have first of all if you live in Manhattan they slide three menus under your door if you live every day even Seinfeld talked about that but we have other things too like delivery.com where you literally go there and there's hundreds of thousands of restaurants with their menus right there and you just click click click order and you pay cash on delivery but this would absolutely work for any restaurant basically everything in Manhattan delivers it's interesting how we created this we started working with one merchant event tickets basically they wanted to use our system to allow people to buy tickets to an event and then be able to show up and keep track of who actually had paid so they could just show that QR code thank God for them and how many confirmations are you guys waiting for before your market has paid we leave that to the merchant we've got three options select you want high speed medium speed or slow speed and the high speed sends the merchant the notification immediately when the payment's received it's really up to the merchant now if we detect it for one reason or another a double spend or what not then they won't get credited we don't credit the merchant's account until we've seen six confirmations but we've studied this topic a lot and we actually believe that it's not there's not a big issue or they're not issues that aren't solvable in terms of being able to really accept almost everything almost instantly it depends a little bit if you're selling hot dogs or Mercedes if you're actually going to be physically shipping some merchandise then you can choose the low speed setting and it waits for six block confirmations before it notifies you the only difference is the high speed is more for internet transaction and you can use these downloads where you need to give people access right away without making them wait or Starbucks where there's a long line people are waiting for the food basically there's no difference it's just how soon do you want to be notified the transactions all go through at the same speed it's just how long do you want to be notified for safety security reasons I guess there's a website called transactionradar.com I don't know if that's been announced or talked about in public forums or not but it's interesting what I nonetheless I hope I'm not letting the cat out of the bag but it lets you monitor how quickly transactions are propagating through the network I've run some tests on there and I mean within seconds you see 80 to 90 notices of a particular transaction coming from different nodes in the network and you would have to go to great lengths to try and really execute a double spin under those kind of conditions and buying something at a coffee shop or dinner or lunch it's not an issue really the kind of effort you would have to go through for a couple bucks it wouldn't be worth it of course that's definitely true I know we've done little tests when we're in physical proximity and we send each other bitcoins and it's like three seconds and I know at Mezzy Grill when I do it there the time I turn around from the cash register and get to the fountain drinks he's already said bing I got the email I know that's because it's through my bitcoin right oh yeah of course that's centralized but still it's not always even if it's on one centralized service they also have different nodes so it may or may not be internal it may actually go out to the network but even through the tip the standard bitcoin client we see it show up 3.3 seconds or something we did it usually in my experience for whatever reason most of my bitcoins have like a couple thousand confirmations on them but when I send them out usually it takes 10-15 minutes in my experience but I've never needed to use it like urgently so it's never been a problem that's odd because pretty much all of our testing things happen pretty instantly the exchanger he said it was odd as well so I'm not sure what's up with that there's so many connections I've got a whole lot of questions and I also want to actually do it I want to demonstrate this because I have something to sell and I'm going to tell you about that besides the sponsors but we've got to thank our sponsors because without them we wouldn't be here we wouldn't be here to tell you anything so let's take a really quick brief second and thank these guys US Gold Coins USGoldCoins.com is Andy Gauss Andy Gauss is my monetary guru we turn to him for all things money I'm very, very honored to say I'm the one who introduced him to Bitcoin but he's all about Bitcoin now too but he's a monetary historian and really a money expert and he's the host of a show called Real World of Money radio show Wednesdays and Saturdays which he's bringing to only one TV and also Patrick Tempone co-host this show called Real World of Money anyway that's going to be awesome every Wednesday morning at 10am eastern time meanwhile we were huge fans of his radio show we became customers of his in his company USGoldCoins.com because he sells as investments rare US gold and silver coins it's called Numismatic which just means rare valuable because it's rare US gold and silver coins which are an excellent investment in gold and silver by itself because it holds the value two ways one because it's just rare it's a collector's item so it has value there and as a metal and if people like if the price of gold or silver were to soar at any given time and people were to melt these coins down for the metal value well that just makes your rare coin even more rare so it really holds the value in two ways it's brilliant next best thing to Bitcoin he's absolutely trustworthy and I vouch for him without question our trusted advisor for investments in rare gold and silver coins Andy Gauss and he's totally accessible if you're in the US it's so easy just 1-800-HOT-COIN how can you forget that if you try you can't forget that number 1-800-HOT-COIN if you're not in the US just go to USGoldCoinswithanass.com and check out USGoldCoins and just ask for Andy so we can't stop talking about Mezzy Grill it's M-E-Z-E-Grill.com just look at their menu and you'll be amazed they have authentic Mediterranean food wonderful as organic and locally grown, sustainable all that stuff is possible Anthony Anderson is all about green living and all that and they talk endlessly Marwan who owns Mezzy Grill with Anthony Anderson about these things how to get the best quality ingredients but it's absolutely delicious the best hummus in New York City I believe and they're now serving breakfast, lunch and dinner of course there are only a couple blocks south of Columbus Circle so if you live here you know where that is if you're traveling through of course you're going to recognize that scene Columbus Circle in all the movies so every tourist goes to Columbus Circle and remember when you see Columbus Circle or even Times Square you're just a few blocks away from Mezzy Grill there at the corner of 8th Avenue and 55th Street their claim to fame is now two fold one, they're the first restaurant in the world to our knowledge that accepts Bitcoin brick and mortar restaurant second, they're the first retailer, brick and mortar retailer at least in New York maybe the world, we're not sure yet we'll put that claim out there maybe in the world to actually buy and sell Bitcoin so not only can you go there and buy your breakfast lunch and dinner with Bitcoin you can actually go there and buy $500 with a Bitcoin or if you have Bitcoin you can go there and sell $500 with a Bitcoin they've announced a daily limit of $500 per person 6% fee on buying or selling and the rate is currently the Mt. Gox last price and those things are not negotiable so don't even bother emailing them and asking them for a better deal it's not going to happen it's not negotiable but they're there and they're open 7 days a week so whenever they're open you can go there and buy and sell Bitcoins while you're having lunch, dinner or breakfast and stop in and see Marwan and tradehill.com this is how you buy and sell Bitcoins without even leaving the comfort of your easy chair you can just do it online so if you're cool with using Bankwire, Transfer, Dualla all the other ways that you can get money directly into an online exchange site tradehill.com is there for you they have so many different ways to get their money in and out they now deal directly with the Euro they have their own Euro market you don't have to convert it to US dollars if you're in Europe or if you have Euros and you get 10% off your trade fees for life with our referral code on the screen there TH-R141 you refer other people and you get commission on all of their trades they try and make buying and selling Bitcoins as fast, cheap, easy, painless as possible, tradehill.com thank them, when you contact them be sure to thank them for sponsoring only one TV the Bitcoin show and Mt. Gox Mt. Gox is a big player in this league mtgox.com we call it Mt. Gox some people call it Mt. Gox but it's mtgox.com who doesn't know about it? Mt. Gox has a vast majority of market share they've been around the longest of the big exchanges and they have two-factor authentication with this physical UB key which is they're very proud of emphasizing their security and with their relaunch they're very resilient no matter what happens to them they just keep coming back like the Duracell Bunny, they're always here they don't hide from the cameras they come and do interviews and so we see them face to face they are taking Euros, Great Britain Pounds the British Pound and Australian Dollars Canadian Dollars I think they said coming any day soon they might already be taking Canadian Dollars they still have trade fees 30% now through August 9th so we thank Mt. Gox for sponsoring the Bitcoin Show and when you contact these guys and you will like I said obviously patronize them we stand behind these guys and they stand behind us we really appreciate their patronage and their sport of the Bitcoin Show not only one TV so Tony you're there he'll be working on that but meanwhile we can continue where they work on reconnecting that Skype internet, what are you going to do it's kind of like cell phones you're still there, you can hear us that's cool I've got my camera on but I don't know why we can't see your pretty face right now but it's alright, we can hear you it's kind of like cell phones remember when phones used to be rock solid and reliable because they were wired and now we're just used to getting cut off constantly because of all this high tech cell phone stuff but anyway I wanted to switch over to my laptop and let's walk I want you to walk me through as if I'm a customer why because I am a customer I have some stuff I want to sell on this website and what it is is the Bitcoin conference and World Expo we want to sell tickets for admission and vendor tables and things like that alright so I created an account or I created an account verified it with an email link like everything else and then you approved it so now if you see can you see that very well up in the top right corner there's my email address that means I'm logged in already logged in there you are you're back so tell me what am I looking at when I click over here on the left side merchant tools I'm looking at merchant tools overview the third one down so that's what I see let's start there because this kind of gives people more of a clear understanding of the two different types of software that we can offer again whether you have a shopping cart on your website or you don't so the column down the left is going to be a little bit easier for anybody that just wants to sell something on their website whether it's t-shirts or coffee mugs or event tickets and they don't want the hassle of building their own shopping cart on their website so down the left hand side you can kind of see the flow from top to bottom about what information that they would collect what information we would collect and then how the payment notifications go back and forth on the right hand side is if your website is a little bit more sophisticated and you have a shopping cart where you collect the buyer's name and address and email and whatever you want to collect and really all you're sending us is a total amount that you want to process so we can do a lot more automation and server-to-server communication with the hosted checkout down the right side but the easier one to set up is the one down the left since you just want to sell event tickets and you want to put them up on your website I think we stick with the easy way and we go down the left side for the catalog items so if you look at the bottom there should be a link where it says to create a button for those of you joining us late we're looking at bit-pay bit-pay bit-pay bit-pay.com and I'm on the under merchant I got an account I created it under merchant tools overview there are two columns on the right there does the merchant have a shopping cart yes or no I mean that's I love it it's so simple no I don't have a shopping cart so I'm going to go down the left side catalog items merchant website bit-pay okay this is just telling me all the features of this setup and I don't have to do anything simple and at the bottom I simply got create one an item button item qr image and documentation so what do I do I just click item button that's it sure click on item button you're going to put this on your website let's go there there it is can you see that is that big enough can you read that okay cool so now I'm on shopping cart item all right this form will give me the html code I can't read too many words okay merchant name okay so that's got my name item description so oh and it wants a skew code so I'm going to put conference conference admission should I say that okay that's fine okay item code what do I need to put there do I need that's only optional no you don't if you have an inventory number rescue number you can put that there it's not required you can leave that blank okay you need one or the other you need either a description or a code one or the other okay and and then you set the price so how much is it going to cost Bruce how much is it going to cost this conference a thousand bitcoins no unless you know somebody no wait wait first there's a type of product virtual or physical well because this is kind of like a ticket I guess it's more virtual than physical because I'm not going to ship anything right right yeah okay so leave it on virtual item price oh and I can price it in bitcoins or dollars yes you can yeah we don't we can't even think in dollars anymore we think in bitcoin so what is the price going to be I don't know let's just say for now one bitcoin one point zero zero zero one okay one bitcoin so I can just do one that's it yeah shipping and handling tax rate nah that'll include the tax okay buyers email okay this is how bit pay collect buyers email full name address and telephone number hmm yeah so this yeah so what this is Bruce is we allow the merchant to collect you know as little or as much information of the shopper as they can so obviously if you have to ship something to somebody you got to collect their their address you know if you just want to collect their name and email address you know you can do that too so we let you select the fields that you want us to collect from the buyers on the shopping now that's pretty awesome if I check these fields does it make the fields required or optional for the buyer well anything that you check will be required for the buyer so I I I can't tell them I want their address but make it optional it's like required or nothing right now okay all right cool so well I think I definitely need their name and an email address could you just require a country or a state because I'm not looking at the screen right now it says that custom field at the right below that Bruce do you see a button where it says add custom field yeah click that oh there it is oh and I can add anything I want let's say you want to know well what company is this guy's with right so you can ask it for a company name you can ask for a country so we give you a couple of custom fields so if you want to do something that's not on those lists you can you can add a custom field I can say I can type in company name can you see me typing there I can put in company name parentheses or not applicable like n slash a would that make sense and I can make it required but they could type in na if there isn't one yeah ah see I trick the system so I can still make it optional just type in na if it's not actually actually the those fields were not we do need to put a check mark on whether you want to force them to put that in there but I think if they leave a blank right now it's it'll still take their money oh it'll still take their money oh in that case I want them all on then I'll just turn them on and then if it's if it's optional it's optional that's cool alright let's we'll find out alright so I'm just going to leave it like that can I change these things later yes you can yeah okay alright so I'm not going to worry too much when you make a change on a widget is that going to update to wherever the widget is placed yeah the widget is stored on bitpay.com so when they click the checkout button they're going to get whatever they want to be stored okay okay cool so I don't have to update the widget code or anything thank goodness you guys are you thought that through okay cool so shopping cart item oh wait what happened I'm back on the same screen oh I just have to scroll down more choose one or more ways to display this item small button html large button html qrweb or qrprint okay oh so I click the one I want by the way what's the difference between qrweb and qrprint well click on it and you can see one of them is a low resolution image that's designed for a website the print is a much larger resolution than you would use if you needed to actually print something I got you okay so just they're both images that can right click save as one's big one's small that's cool okay and now I want a large button or a small button oh I think it should be a large button okay so I got a large button and I'm gonna do I so what I just do is I cover with a code there right click and hit copy with the left button is this gonna work unfortunately I'm using windows let's try control a control c that works all right now I'm gonna open another tab right am I done that's all I have to do yeah now you just paste that wherever you want that button to appear on your website okay so I went over to another tab where I've got my website this is the Bitcoin me site and this is the actual page if you go to Bitcoin conference dot com this is the page it's gonna take you to it's our Bitcoin me dot com site which is kind of like the Bitcoin for dummies site and this is the page it's called Bitcoin conference and expo so I'm just gonna scroll down into this text block and register now and all that so we're gonna be updating that today but in the meantime I can just go ahead and plug this widget in oh wait you know I think I think what I need to do is add a new HTML block that's what I'll do I can go here this is a free open source web I mean you know hosted web based software called concrete five it's super super easy to use so I'm gonna add a block and I'm just gonna tell it edit HTML and then there we go now I'm just gonna do control V which is just paste and I think that's all I have to do oh yeah here I click update and there it is I hit add and there it is okay I'm gonna exit the edit mode if you're watching live you can actually go to Bitcoin conference dot com and see at the bottom of the page there it is of course I have to rearrange the text and stuff but there's the button all right now with bitcoins bit pay so I can put the actual description of the item next to it of course pictures of it or whatever and then I just say pay now with bitcoins I can describe this is an admission click here this is a vendor table click there and now I'm gonna click it can I just go ahead and click it now is it what matter that I'm logged in as as me or don't what will happen no it shouldn't be the internet if you're logged in as you dare I click it okay I'm clicking it oh there it is I clicked it and what did it do it took me to another page called only one of these studios wow the shopping cart accepts Bitcoin only that's right no paypal can I put a logo that says paypal with a big red circle and a slash there no paypal no visa no mastercard accepted here take it and go to the bank and tell me what cash okay so literally I can just put in my email address oh my gosh all the browser did that I was like how did it know all of that information okay so I put in my email address and it automatically put in my name and address and everything out that's the magic of the browser called chrome alright and then I once my company name well it's well I'm gonna leave it blank because it's optional let's find out what happens so I hit save changes oh show prices in Bitcoin so up in the top right oh I didn't scroll down far enough here it is up on the top right I changed it to Bitcoin so I can see the prices displayed in Bitcoin because it's the only value that we understand so I scroll all the way down and it says item in description conference admission 1.000 only four decimal places big points we figured that was enough for most people oh and I can change the quantity right here yeah so let's say you want to buy three tickets Bruce and now you change the one to a three and hit update and it'll update your shopping cart well but I need five so I'm gonna say five update cart okay and then it takes me back to the top but I can scroll down I think I can figure that out what are these buttons up here by the way email, print save to favorites and share oh that's gonna share this item here's an idea Bruce and we talked a little bit about the QR codes and the point of sale which is kind of a smaller market the bigger market's more the internet and we'll talk about that in a minute but let's say you are shopping around and you're scanning items into your shopping cart but you don't want to pay for it on your phone you just want to save it and come back to it and pay for it later so you can email this shopping cart link to yourself or to a friend and say hey buy this for me and it'll email them the link to the cart so you don't have to buy it right now you can email it to yourself and buy it from another computer or from another market oh I can email this item like a catalog item to myself or to someone else and then buy it later that's handy cool and then alright so I scroll down and I see basically like it's in invoice it's updated the cart to five items now the balance is five bitcoin there's no tax shipping and handling it's all included total five now let me see now if I is there a way to like what if I email this to myself or to somebody else say I email this page to Manny is it gonna be and then his shopping cart it's based on the cookie of who's logged in at the time right now the link the link is to a specific cart so if you email that link it's to that specific cart so it'll be the same cart oh so if I email this link to somebody they can actually add things to my cart yeah oh okay so don't be careful who you email it to then right because they're adding it to your cart well either way it actually doesn't matter much because you still gotta pay for it we haven't done that yet now sure okay so down here check out with bitcoins you're only offer bitcoins right absolutely oh good okay because that's all we take too alright so now it says please confirm that I'm a human days do I need the period I always wondered about that I wonder if it's case sensitive that D okay love the captcha someday will it's like the common cold somebody will cure the captcha okay so I clicked that I'm a human this invoices valid for 15 minutes only 14 minutes and 52 seconds counting down that's to make sure the price is stable send bitcoins to this address pay from a computer pay from a mobile phone oh my gosh this is cool you just tell them how to do everything alright so let me look at this this is the invoice you guys have done a better job than I even expected this is really cool I mean anybody could figure this even I could figure this out so five bitcoin send bitcoins to this address we know what that is we obviously know how to just copy and paste that just double click it oh it even becomes a field so you can as soon as you double click it becomes a field you can just hit control C and copy it to your clipboard or I can do pay from a computer pay from a mobile phone alright it says open your bitcoin wallet and verify at least six connections in a block count you even tell the block cap that's smart because the first time remember the first time many came over he was we were trading bitcoins and we couldn't figure out why the transaction wasn't I'm gonna embarrass you why the transaction wasn't showing up and we were like oh my gosh it was driving us nuts we even posted in the forum I asked all these tech guys nobody could figure it out then finally I asked him did you just install the app like he says yeah he had just installed the app when he came over so obviously the block count wasn't there and it won't your transactions will not show up if you don't have all the blocks downloaded yet just so you know new clients are gonna warn you you know a support situation in our testing we found that we discovered that so that's why you made number one make sure you have the block count right and obviously that's the high of the block count right now make sure the clients downloaded at least the latest blocks before you send a payment oh you put it in bold so this must have really come up okay oh yeah send click send coins copy and paste the above to the pay to address the amount of five send the coins you can show what the dialogue is gonna look like that's cool I've never used the windows client but what you only use a bunch of Linux around here and then you are I compatible invoice scan compatible Android wallets oh scan compatible iPhone ipad wallets yeah so Bruce when we were talking the other day if you have that that Android application where you click on you know send money it'll pop up the QR code and if you scan this invoice it will take the information from this and automatically populate the right fields on that Android client and all you have to do is hit send you don't have to copy and paste or type anything and all you have to do is scan it okay so this is the app in the Android market I know we don't have a camera on it on my phone but we have this is the app in the Android market it's called it's just called Bitcoin but it's by what is a Bitcoin what was the name of the developer again well it's it's Brian Armstrong is the developer but the company that it's listed under is Bitcoin Android okay so in the in the Android market app market it's called Bitcoin and it's by Android Bitcoin or Bitcoin Android Bitcoin Android so the company name shows up as Bitcoin Android and the app is called Bitcoin that's specific because there's so many now so you're saying if I click that little button it takes me oh okay no that just takes me to the actual app that just shows you what that the client is so that way when you navigate through the market you can identify okay so all you have to do is if you if you have that app already installed is just hit the send money button in the app it'll activate the camera in the phone you scan the QR that you see right there to the left and it'll take the information that we've embedded in that that image and automatically populate the address where it's supposed to be the amount where it's supposed to be and all you do is click send you can really do it without typing anything at all that is so cool alright so I did yeah by the way this app is really cool so what and so if you you know if you get this far you click on that and you'll see this this is the Android market and it's called bit the app is called Bitcoin and it's published by Bitcoin Android that's the one it's so cool you just play with that app and you just go it's like amazing what it'll do alright so what you're saying I have that app installed and thanks to Tony for the day I can't keep up with them all and I hit send money on my app and it immediately brings up the camera and I'm just holding the camera up to the screen and there it is it's got a pay to address amount $5 memo optional I can hit send wow your current payment exceeds your balance well that isn't that the history of my life but aside from that assuming you have five bitcoins that would work beautifully meanwhile I'm gonna have to actually then just copy this with my clipboard and paste it into my Bitcoin app but everybody knows how to do that and then pay from a mobile phone is another tab oh it just jumps you down okay that's so cool actually there's a little glitch on the website right now that Tony just figured out those are actually supposed to be separate tabs you know the QR code and the instructions on the on the regular client but yeah that'll be fixed as soon as we get off this conference here something was out of order I don't really mind it the way it is because I like that I can scroll down and see the whole thing without having to do tabs I kind of like it like that and actually when you hit the tab it just jumps you down to where you want to be anyway I kind of like it the way it is but it should swap out the two sets of instructions yeah I guess so are there any fees for using BitPay either if you're a vendor or a user well not from the user side unless you want to add something to the transaction from the client but again a lot of the mobile clients don't support that so it's free for the shopper you know for the merchants our goal here is to make it as easy as possible and you know we look at Bitcoin really as an alternative to using credit cards over the internet because credit cards weren't designed for the internet they have a lot of problems they're designed more for a person to person transaction where you can check somebody's identity for example and you collect a signature which you can't do on the internet so there's a lot of problems with that so we want to be easy to use payments from merchants where they have benefits of getting Bitcoins without any of that messing with the client we do fees for the merchant side less than what you pay through a merchant solution for credit cards or a merchant account that's what you can pay for not only is it more merchant friendly from a usability standpoint and a risk standpoint but it's also low cost it's also what I missed the last line there lower cost for the merchant lower cost than what it would process a credit card or to process payment I missed that I'm sorry I was reading the chat room what is the cost for a merchant did I miss that so it's about what a credit card processing thing would cost a credit card between 3.5 if you accept one of these new rewards cards or points cards those are up to over 3.5% for the merchants and those are the cards everybody uses we're going to be under 3 so I think we've got the merchant friendly payment system out there when you can side by side credit cards the risks and the ease of use makes a lot of sense for merchants well it is the risks and I love the video by the way the video on your site when you go to bit-pay.com because it explains one of the key benefits of Bitcoin itself that's often not mentioned it's often overlooked and that is that the identity like you said credit cards are pieces of plastic with bumpy numbers designed to be laid down on a device and run over carbon copy paper and that's so ancient technology for physical stores department stores started and all that with electronic transactions commerce over the web because we have to use these old legacy technologies like credit cards you have the identity problem I can't buy something from a merchant unless I prove I am whatever if I buy a donut and a coffee from the food cart in the corner I don't have to prove who I am because I pull out a 10 and it gives me back a 5 that's how it works with cash Bitcoin has a really unique cash like obviously cash like what fact or features the fact that I'm buying online with a cash like means that you don't care who I am as long as you only care that you got the 10 and you give me back the 5 you only care that I paid if I paid cash it doesn't really matter who I am all you need is a shipping address maybe not even that if you're buying an electronic and let's say for example Bruce that you're a website that sells digital content music, movies, downloads, software website access you don't have to ship the buyer anything so why do you have to collect their address so with bitcoins it's actually faster for people to check out because they don't have to give their address, they don't have to give their expiration date they don't have to give that 3 digit code on the back so there's a lot less information that the buyers have to give and then here's the other thing credit cards have a big security risk because not only does the shopper have to give their account number but credit cards are designed as a pull transaction so the business actually pulls money from your account so the merchant has to secure all these account numbers and there's a big risk of security breaches from that I mean you hear it every month some business gets leaked out of millions of people's account numbers and credit card information imagine all the companies that don't report that so securing all these account numbers is a problem and it happens to do just with the fundamental design of credit cards being a pull transaction yeah credit cards are absolutely flawed and they're different because the shopper actually pushes the money to the merchant so it works like an email email is a push transaction a text message is a push transaction so it works like that and when you send an email or a text message the person on the other end doesn't get your account login information they don't get your account number and so when you step back and look at it what is the most safest way to pay for something online credit cards really are not at the top of the list you know when you look at bitcoin it really makes sense that bitcoin should be the ideal payment method for conducting business over the internet it is, it absolutely is sorry you know what I was going to say I'm sorry oh go ahead Steven go ahead yeah I just wanted to jump in here and say the way I like to sum it up is if you look at technologies like the credit card and you look at ACH ACH was designed in 1972 and credit cards even earlier than that so these technologies were not designed for the internet bitcoin is the first currency that was designed for the internet exactly it's the US here's another thing Bruce you know you look at all the laws and regulations for credit cards they were all designed in the 1960s as part of the consumer protection act and those laws basically were designed to protect number one the banks and number two the consumers both of which are at the expense of the merchants so those laws set up a whole dispute process and merchants are usually the ones that end up eating all the losses on disputes and especially over the internet where you can't check somebody's ID you can't collect the signature you can't tell if the card is stolen so it's very risky for merchants to accept credit cards over the internet and a lot of times you know you can use charge back I mean I know as a merchant I probably had 500 of these in the last 10 years but never a single dispute that's right I know that's true because I've been a merchant too the consumer protection act should have been like if it was named what it really is it should have been called the bankers protection act the bankers protection and legalized shoplifting act that's what I would have called it if it was like honest that's right and the analogy I use between push transactions and pull transaction is imagine if you have a beautiful home and you just give everybody a key absolutely everybody has a key and everybody can go duplicate a key and when you get home it's your job to throw out the people that are not invited or the opposite is when you have yourself or your doorman or somebody answers the door and you invite people in specifically I mean that's what it is basically when you give out your credit card number you're giving everybody the key to your bank account and then it's up to you then to say hey get out of here what are you doing in my bank account it's ridiculous it's absolutely ridiculous the whole thing is designed to protect the bankers and to basically you know make it easy to do shoplifting and abuse the merchants because that's where the money is in all the merchants you know they're making money the people who are actually producing things of value merchants and small business that's where all the money comes from and it all benefits the bankers so this is different because this is cash it's electronic cash but it's still cash in a sense in all of its features and functionality and also the thing about bitcoin is it protects everybody credit cards everybody's at risk the merchant is at risk of charge backs and basically legalized shoplifting and the consumer is at risk whether they realize it or not because they're putting their whole identity out there not only proving who they are they have to prove who they are to the merchant because they're buying and all that stuff it's privacy you know financial privacy exactly all that but meanwhile bitcoin all you all you put out there is an address and the only thing you can do with it is send money to it and that's it you either paid or you didn't and that's all you need to know like when we're selling we're not selling virtual goods but we're selling admission tickets to a conference it's the same thing we don't need to collect anything really all we need is like a name or a nickname so we know who to let in the door that's all we really need it's perfect I mean you can be anybody and all we need to know is did you pay and you know who are you something to identify who you are you know it could be a receipt number really so well it could be a QR code on the receipt that's right there you go print it out there you go so once again I've done all the talking we have like 60 seconds left is there any like one last line you want to leave us with you know I mean I guess we just want to make the point that you know we've developed an automated process that can just make it as easy as possible for merchants I mean there's a lot of people out there excited about bitcoins they really like the idea but they said well how do I accept this for my business and it's a very clunky and cumbersome process and so granted you know there's a lot of hurdles that bitcoin needs to overcome but this is one link in the chain that we really wanted to make easy as possible for businesses to accept this and so you know whether you have a shopping cart or not whether you just have a couple of items or a very large e-commerce site with bitpay you can accept bitcoins as a form of payment on your website and we fully automated the process and you know if you want to you don't even need to see bitcoins at all if you want to just keep everything in dollars you don't have to look under the hood so you can enjoy all the benefits of accepting bitcoins without really knowing what the heck a bitcoin is and merchants can get paid in dollars that's perfect perfect I can tell you this I am really impressed by the way it's so easy even I can do it in just two seconds I mean literally most of the time was just reading it to you but that's super simple but we're out of time out of time we got 10 seconds left thanks everybody thanks you guys thanks Tony thank you for joining us we'll see you tomorrow 2pm eastern every weekday the bitcoin show bye