Tales from the crypt: Unbound takes a bite of Bitcoin

bitcoin2Publisher and funding platform Unbound is one of the latest converts to cryptocurrency and will now accept Bitcoin.

Authors pitch their ideas on Unbound and readers decide if the book goes ahead by pledging money to a project. One of the current projects looking for pledges is Bitcoin, by Dominic Frisby has been on Unbound for a week and has already reached 97% of its funding target.

As well as backing its authors, Unbound believes Bitcoin brings a range of benefits, including:

  • No worries about counterfeit cash, fake cheques, or stolen credit cardsl
  • Merchant charges are lower. With BitPay for example, the transaction fee is at most 1% and falls quickly with volume.
  • International customers pay no currency commission and get a better exchange rate.
  • Bitcoin is not susceptible to chargebacks but Unbound says this doesn’t change customers’ statutory rights, or their undertaking to refund any pledge immediately, on request.
  • If you install a wallet app on a smartphone, paying with Bitcoin is as simple as scanning a QR code and clicking OK.

Bitcoin has seen a stunning rise in value over the last couple of years but it has also been very volatile, nearly halving in value at times before rising again. At the time of writing, a £20 pledge for an Unbound book would cost 0.05941 bitcoin.