|Photo: Stacy Herbert|
His website PirateMyFilm.com is a crowdfunding site where journalists and film producers can list projects, and let donations fund the projects. Producers set a goal, and users pledge donations to the project. Once the goal is reached, then the donations are collected.
PirateMyFilm (PMF) chose to accept bitcoin because they have producers and donors from all over the world, and for a share price of US $5.00, accepting credit cards or PayPal is very expensive, and not available in all areas.
PMF uses the BitPay Hosted Checkout service to post an order amount, and order reference information, to BitPay. BitPay collects the payment from the donor, and automatically posts back to PMF server when the payment is received. The system is fully automated and allows PMF to keep track of which donors have paid, and which have not paid.
PMF has decided to stop using PayPal and are using Bitcoin exclusively on their site. The site announced "We are dumping PayPal from PirateMyfilm and using BitCoin only. PayPal is too unreliable, expensive and doesn't support our eventual plan to offer dividends so we are getting rid of it."
Here is a short video to demostrate how a producer with a project listed on PMF can get setup to accept bitcoins:
Here is a short video to demonstrate how a donor will pay for shares in a PMF project using bitcoin: