Timeshifting means that you do things at different times as you would normally be allowed to do them, where as placeshifting means that you can do things at other places you normally would be allowed to do so. So things that normally were confined to a specific location and time now can be done at more convenient moments.
Some examples:
- Reading and sending mail in the elevator or during a meeting
- Watching a movie or TV-program while commuting by train or in an airoplane
- Using Instant messaging while waiting in line for the cash register at the supermarket
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