Bitcoin Forum

Hello,

If you had $1M in US Currency what business where you can get paid in Bitcoin would you start?

How would you invest the money in that new business you want to start?

Would you be able to make a living and draw a salary from this business?

It can be anything that doesn't break the law, including casinos or bitcoin gambling games.

What would you do?

Looking forward to some great ideas :)

P.S: Business should be able to operate from anywhere in the world with a small team. Also it's important that you are able to get some money out of this business each year to pay you good salary of around 150k - 200k per year before taxes.

Honestly, just from seeing the amount of volume sites like poloniex get from trading of just the major cryptocurrencies like ETH, XMR, DASH, and LTC alone is incredible.  If it were up to me if I had the capital to play around with (which I never will have in the short term future) I would create a fiat <-> major altcoin(s) site, and maybe plug in Bitcoin too, but to be the major go to guy for a high volume fiat <-> altcoin ramp would be insanely profitable I would think.

All the other details of the business should probably be assumed, just based on how you want to run the business... but I would think high volume and small percentage with an option of cash deposits to an account will attract a lot of people since there has been so much dread of having to go buy BTC first, then go move the btc to which ever exchange site they wanted to get whatever altcoin they desire. 

I can't even imagine the profit the poloniex guys get, but a fiat on ramp would be a killer "app", I would think, and being the first to do it is always a plus.

Great insights. The problem with this business might be some regulatory issues with banks and several countries since you would be dealing with fiat. What do you think?

Looking forward for more ideas!

poloniex that he mentioned and also other altcoin exchanges similar to that like bittrex, are not dealing with fiat so they are not really concerned with regulations that much.
but becoming big as poloniex or any other exchange service for that matter needs a lot of time and effort and will not be achieved that easily since the old exchanges have already gained a strong foothold.

but if you an start it in a country that doesn't have an exchanger and has enough traders i think it can still be profitable.

I would invest the money into the development of a Bitcoin version of the PokeMonGO game. We are seeing virtual reality type games becoming more popular, because it is linked to mobile phones. Get people to interact with their real world environment and battle with monsters in your house or in a shopping Mall or a public park.

You can restrict these battles to safe locations and < Battle Arenas > and make this user defined. You just insert the mobs into the game, but the user sets the boundaries. The amount of monsters or computer generated civilians are determined by the area. < If you for example define your room, it will only create 1 monster every 30 minutes, if you define a whole park, you get more monsters more regularly, and you can fight monsters generated by other people >

This will bring people into the outdoors and force them to interact with other people. No more single individuals sitting on their ass for 10 hours playing games in a small room, without exercise. We have young children suffering from obesity, because they spend hours on end, playing games and not running around outside, like they should be doing.

The < Safe locations > can also be restricted or set by parents or guardians to make sure it is safe. People who are old enough, will have zero restrictions. ^smile^

     

I agree with that, like just building your local exchange in your country if there is not enough local exchange in your country, like in my country some years ago.... caused by my country is not having an enough exchange some people is trying making a local exchange and in this time their exchange has already become a big exchange in my country. just be a smart for aiming the opportunity.

I will create a bitcoin casino and with the earnings of that I will create a bitcoin exchange.

$1 million is really big amount with which many bitcoin related business can be started parrallely like bitcoin wallet, bitcoin merchant solution, bitcoin casino and bitcoin sportsbook. Sportsbook and casino could be profitable as we all know house always win at last.  ;D

have you thought about making a mining farm? the electricity would be an issue but if you can find a way to access cheap electricity then that would be so profitable. you can mine bitcoin and also altcoins at the same time and make money.

that amount of money is too much for a casino and small businesses like that but they can also be profitable although with a lot smaller investment.

also a well designed exchange service can become successful if you have a good developers team that can make a secure environment or even code the exchange engine from scratch and make it strong. and this would probably be the easier option with better return.

If i had 1M USD i would definitely invest it into bitcoin gambling.Casinos never lose. ;D

I have an idea about a new bitcoin gambling game,but i don`t have time or money to build a business

around that idea.You should invent your own idea and business plan.

You can build the biggest online casino ever. Your advertisement budget probably will be much more than the other casinos bankroll. You would dominate the business in no time

there is only a limited potential for making profit from any business and an online casino is no exception so even with limitless money you can not surpass that amount.

besides there are already a lot of other casinos that are already old and trusted so a new casino will always have a hard time growing among all of them. and also it is gambling and even the house sometimes lose and it has happened before and the casino was forced to pay a lot of money to a lucky winner which means no profit for a while!

I would start up a service that makes it easier than ever to buy and sell Bitcoin here in my country, and perhaps even in a wider range eventually. No matter how much we have advanced in all the years in Bitcoin, a lot people see buying Bitcoin still as difficult, and that's exactly what I would like to see change. It's not really a big booming business idea, but it definitely may help to increase the adoption of Bitcoin if people see how easy it actually is to buy Bitcoin.

Poloniex is quite unique with its huge volume. Most altcoin exchanges don't get more than a couple of hundred btc in volume a day on a regular non pump coin day.
In addition, not all the volume equates to fees. With their maker taker system, high volume traders don't pay any fees for having their maker order filled. My guess is that this accounts for about 25% of their volume, which is quite significant.

1M USD is quite a nice starting capital to start a new business. Are you looking for ideas to start something yourself?

I wouldn't focus too much on already established markets such as exchanges and casinos. The competition is huge there. A new useful altcoin may be an option. If you fund yourself at the start, it will also remove all the FUD about ICO and premine.

I agree, but i doubt you could get something like that goinfg  with just a million...... ;)

opening an online shop like buying product in exchange of bitcoin  like groceries , gifts , jewelries , cloths and so on , there is huge demand now days for teh online shopping you can include both fiat  and bitcoin to make transaction.

This is lots of money to start a new business.Infact one can begin 5-6 or 2-3 different business with this amount to reduce the risk in case one business fail.

If we convert your  $1M to our currency it would become $46M.  Having that such huge amount can make my family a very comfortable life.  I would invest some of it through buying stocks and joining mutual funds.  Do some business like putting up an online store where bitcoins are accepted.  My items would be bags, shorts, dress, anything I could sell.  Bought a small franchise food cart.  Anything that I am good at I think.  Do not put all your eggs in one basket because if you trip, all of them will be gone.

Gambling or exchanges aside, I really don't think there's a Bitcoin business that won't set all of your money on fire at this moment in time. Nothing retail related will do it as there aren't enough people willing to spend it.

I have always wanted to start a huge family restaurant. The concept is simple... a huge round restaurant with a pit in the middle,

surrounded by a huge flat ring. The kids play in the centre and the parents sit at the top, watching them and having some private time,

away from the kids, but still within a safe distance to supervise them. I want a touch screen menu system, doubling as a menu system to

take orders from the table without waiters hassling you and also as a entertainment system to listen to your own music and watch your

own movies or sport or whatever you want to watch. The whole restaurant will be Bitcoin enabled, so you pay at your table and receive a

ref number to exit the restaurant when you finished. Tables can be pre booked online with Bitcoin too, by paying a deposit.. if you do not

use the table, I still get the deposit.  ;D

How much profit per month or year can a good casino bring in your opinion? With the current gambling community?

i have an idea, but i am not sure about the legal issues this could cause, so please educate me if you know more.
so here it is:
many people would like to stay anonymous but still like to order online. so i would open up an store in let us say New York (or another big city that can provide many customers) where you can go and tell us what you want.
then you pay in bitcoin and we order the item. once it is shipped to us you can come and collect it. we would basically buy it for you, so you could stay anonymous. and as you get a receipt you could come to us if something would be not in order.
i think this could work fine, but would take a while to run sufficient, so $1M USD would be a good amount to start with.     

The 1 million dollars in bitcoins or fiat ? If I had that much money,I won't get paid ,I will be paying people to do shit for me.

Makes sense now.Wait,you are really confusing again.Do I get paid as a business or salary as a employee ? I'd start my company,maybe a completely anonymous exchange.

Law depends on your nation's jurisdictions...Gambling world is saturated but if you are willing to invest $1m in the project,definitely you will blow it up!

That is quite tough if you're project is a huge software.The most difficult part of managing any project is the people...

I wouldn't create one big business, but rather create a few small businesses that would have the potential to grow into bigger things.

The first idea that popped into my head would to be to acquire a small solar setup and as many miners as the setup would support. Which then I would sell mining contracts for percentages of 90%-95% of the income of the miners against the cost of the setup. Which could then be expanded upon from the income from the contracts.

Another idea would be to acquire one or more 3d printers and sell trinkets for bitcoin, and either no credit card option, or more expensive with credit card by adding twice the fee of using the credit card on to the consumer. in an attempt to further proliferate bitcoin.

An option I need to get back to working on a product for is to test an ultra flat business model for a digital product or service, (without giving full details,) that allows the customers to make the decisions and even work on all but a small black box of the software, using bitcoins as escrow to pay those who work on those parts. Income will be generated by providing the community and working on the components in the black box.

Those are just a few ideas. But there are many small businesses like this that can be grown into large endeavors by being scalable and/or copyable.

With that amount I will start my own wallet with debit card system and will also start a supermarket in my city and will use only bitcoin currency for that and so people will start to buy things from there with bitcoin and it also will have a card payment system so those people who will not have bitcoin then they will use their card (to attract visitors) but I will give a very good discount to bitcoin users.

Well, owning 1.6K BTC could mean that you already had a successful business idea in the first place. So I would continue that way... :D

Seriously, I don't think you need to own that much to operate a nice business. There are lots of business ideas that do not require a huge amount of money, provided that you have some skills and are willing to work hard. On the other hand starting a business can become easier if you have some funds at hand. You could buy raw materials or hire a few programmers easily.

So maybe this is the last thing you are expecting, but here comes my business idea: Farming. Founding the first serious farming operation that sell its products (fruits and vegetables) for Bitcoin. Prices would be a bit higher than in the ordinary supermarket, but the whole operation would be transparent, ecological and deliver superior quality. Products could be shipped nationwide via postal service or distributed locally.

The reason for this idea: The Bitcoin economy mainly rests on the secondary and tertiary sector. To become a closed-loop economy where fiat conversion is obsolete we need more primary products offered for Bitcoin.

ya.ya.yo!

Any other ideas?

$1M is a lot of money and i wasn't have those amount in all entire of my life but if i have $1M The first thing that comes to my mind is build new exchange even though some exchanges has been closed because lack of traders but i'm pretty sure build an exchange is still profitable and the second is i would like build new casinos who have plenty casino games available at there such as sport betting and poker game

Looking for more ideas :)

If I had $1m that I had to put into some sort of Bitcoin related business, chances are I would make a network of a faucet, exchange, online casino and likely some sort of merchandise store, and have them work together by getting people started through the faucet (giving out tokens for the casino as opposed to Bitcoin directly), get them hooked to the casino through some method, and then set up the exchange for them for ease-of-use.

Best idea I have off of the top of my head.

But where the $1M dollar is coming from?

But with $1M dollar I can make a company is running in the tech development and the new ideas in the development of vehicles will make my money is will be make doubled or more for my amount.

I would build a self sustaining mining farm with solar/wind/geothermal/hydroelectric power on property that I owned and invest enough into fixed income investments to sustain any taxes.  Then I would allow anyone to purchase small ownership stakes and use the proceeds to expand and financially secure the operation through more investments and offering unique products.

While I didn't have a million dollars.  I have been working for more than 4 years to make this a reality.  Check out my efforts here: https://bitcointalk.org/index.php?topic=86854.0

mining farm - nope, unless you can get rigs at 75% discount(even with free electric)

casinos- nope, the licensing costs will take most of the funding before you even go online

exchanges- nope, the licensing costs will take most of the funding before you even go online

selling products - maybe, but break even may take a while if you bought $1m stock upfront
selling products - yes, but only if you ran the business via a drop shipper so you don't have to pay out on stock initially

selling services - maybe, but break even may take a while if you contracted $1m of employees salary upfront
selling services - yes, but only if that service doesn't require licences or much upfront labour

what i have found as being the most productive viable bitcoin centric business, is conferences. working out the costs upfront, knowing the capacity of the location, and the popularity of the location to know how 'sold out' the event can be. will allow you to price the tickets effectively and the only upfront cost is then reserving the location before being able to sell tickets.

I'm kind of curious as to what the licenses are that you'd need for running a Bitcoin casino online and where you would have to acquire them, and from who. For all a majority of sites care, form what I know, they are more interested in having their websites placed in countries outside of US jurisdiction and avoiding having to acquire any sort of license while still operating their business from wherever they are.

I'm not saying that you're wrong, I'm just curious. For a normal casino yeah I can see why you;d need to have a license, however for a Bitcoin casino I don't know what you'd need, if anything at all.

remember even if you are not handling fiat. gambling licences are about gambling, not the currency used. if you dont believe me research poker chips and realise a poker chip is not fiat. yet las vegas needs a licence even when people gamble poker chips

having the server sat outside of the US is one thing.
but you are not allowed to serve american customers without a licence even if your casino is somewhere else.
satoshi dice learned the hard way and started blocking US ip addresses

you can try to play the game of blocking many countries ip address to remain legit to save on costs. but limit your customer base and possible income

you can try to play the game of selling your house and moving your family to a non-extradition country. and illegally serve Americans and risk getting caught if you accidentally went on vacation to an extradition country they follow you to..

but if you want to serve as many customers as possible and be legit. then there are costs in doing so.

there is however a loophole. making a casino into a service
"play for fun".. where the players never get to cashout.
this is why facebook doesnt need licences because you can buy facebook credits but offers no cash out option, thus deeming facebook poker a game/service instead of a gamble.
but facebook is then in the category of a "service" which my last post said was good. which while you may want to go down that loop hole. you will probably be better off creating a different game or range of games

not even sure I would invest it. I would either buy a few properties to flip or hold for
tax reasons and rent them out or I would just invest it in stocks and make money off the
dividends.

if i will have $1M usd then i will start my faucet site and one gambling site also . these will give me profit if i do the same what i planned .
secondly i think it would be a bad idea to make investment .

Double it with some alt especulation and...

"You get up two and a half million dollars, any asshole in the world knows what to do: you get a house with a 25 year roof, an indestructible Jap-economy shitbox, you put the rest into the system at three to five percent to pay your taxes and that's your base, get me? That's your fortress of fucking solitude. That puts you, for the rest of your life, at a level of fuck you. Somebody wants you to do something, fuck you. Boss pisses you off, fuck you! Own your house. Have a couple bucks in the bank. Don't drink. That's all I have to say to anybody on any social level."

Need I say more?

More ideas are welcome  :)

Does it have any bountie or whatever? Because I don't think people will come here and show to you the best ideas for nothing, if you know what I mean...

I think I need to think for a week about right implementation of bitcoin. well i had plan of money making with some extraordinary thinking like, i will open a huge enterprise and every one will chime in my office to get paid for work like typing, graphics editing and i will charge a fees for registration so from there i could earn money.

Not really :) No bounty but if I do use the idea I will get in touch with the creator.

I've already stated this one on my other post from marketplace basically i would try to lessen more the fees of bitcoin transaction and if ever that i could make to 0% fee then it would be much better and also the instant payment from blockchain

it doesn't really have to be related to bitcoin! you can run any kind of business with 1 mil dollar and then only accept bitcoin payment as an option.

but i think anything local can also be profitable like and exchange service or even a bitcoin ATM.

1. maybe i will become seller and buyer on localbitcoins.

2. i will buy some altcoin in market exchanger and i will trading to make my bitcoin grow.

3. i am sure i can make a living and draw a salary from this business, because for now i can withdraw it into fiat.

4. i think i will not start business in gambling related because i am not sure if there is against with law in my country so i will play with save and i do not want to start business in any illegal activities.

With such ammount i would become a whale, soo i will for sure use those power to make or a new crypto coin or invest into the current one wich has a lot potencial, there are around 10 altcoins being traded with those volume daily, soo i would join those coins. As i could build a developer team for focus into a new crypto coin and offer something real to this coin like a beer, who knows make a namecheap similiar company working with just those coin. Or in the end try to build another poloniex similiar exchange, as i do believe they get something like 3-10btc daily as profit.

My first thought was an exchange but then I thought about the amount that you have to invest in security, so that falls out. But an investment in a new kind of bitcoin related service would surely be profitable. Maybe an casino or a network of faucets. The more traffic you have on the network, the more you are likely to earn.

If I ever have that much bitcoin in my kitty, I will simply not start any business. Truly speaking. I would like to convert a major portion of that bitcoin to my local currency and invest that amount in to some regulated investments like government bongs, securities or mutual fund.

Only a small portion of that amount of bitcoin I will keep as an experimental fund. So if bitcoin price goes up, I can get the fruits. No business for me, only investments. 

That's huge amount. With over $1M of Bitcoins we can making more than project indeed. I think creating trading platforms and also big marketplaces which support Bitcoin could be the best ideas.

I think this amount could help to start a very big marketplace like ebay and Amazon, but supporting only Bitcoin as payment method. That's will help a lot the Bitcoin's community, and could be really profitable.

I would launch one of these four to five business models to help push crypto-currency technology forward. I've seen some indications of a few of these business models being attempted, I've not seen a true player break out with a solid strategy yet. If anyone has heard of any of these, please let me know as I'd like to help where I can. If not, I will entertain leading such an effort. 

International Trade: I've spent the last 4 years trading a single food commodity internationally, and each container is roughly worth $250k. Thousands of these containers are crossing international waters, and there is more than one food commodity. And that's food. Obviously mining, timer, electronics, etc... are all sent to and fro using containers. There is a tremendous amount of paperwork, banking, trust, and often regulation behind trade that makes it ripe for disruption. I saw one company going after this concept a while back, but their approach did not strike me as the right one. The same concept could also be applied to consumer delivery services (UPS/FedEx/DHL/EMS) once the blocks can handle the transaction volume.

Domain Trading: The market for domain names continues to grow and their are a lot of speculators world wide. Developing a system that would replace Escrow.com and the other major escrow companies seems a natural fit, as it would not only remove the human judgement and international politics elements, but also will likely find efficiency that is not had now. More importantly, a market for LANDLORDS and RENTORS could be developed by putting domains in "permanent escrow" that guarantees the RENTOR future control of the domain as long as they continue to make payments, and the LANDLORD future control of the domain should payments fail to be made. This is especially helpful when considering all of the domains out there worth less than $100k. The cost of potential litigation just doesn't allow one to easily and safely lease a domain. A whole new industry could be developed.

Mortgage Market: Today, most homes are purchased with a mortgage from the bank. Banks are happy to loan money when they are earning hefty interest up front. Most people move in 5 years, a new mortgage is arranged, and the interest starts over again. Back when the US housing market dropped underwater and hundreds of thousands of families were stuck in a home where their mortgage was worth more than their house, I developed a concept where mortgages could be "forwarded" to a new home. So if one were to upgrade, their negative equity position would increase. If they downgraded, their negative equity would decrease. Ultimately, the idea was to enable people to move and continue making payments on their mortgage, but detach the mortgage from a specific home. Homes have value, mortgages have value. They do not to be attached to each another as long as the market is free to determine value. Unfortunately, all of the companies that offered mortgages were quickly consolidated and the already lofty idea had no shot at success without a huge amount of political clout. Bitcoin changes this.

Advertising/Marketing: As micropayments become possible, using Bitcoin or another crypto-currency will be very useful in connecting brands with their customers. This can be accomplished many ways, and not only will it be good for the brands to connect with their consumers, as an industry we start to teach the masses about crypto-currency. I have a few contacts throughout the ad agency industry and would enjoy educating them on ways to make Bitcoin work for there clients. This idea is probably best left for a time when the Blockchain can handle the volume.

As mentioned, I've seen discussion about these ideas, or concepts skirting these ideas, but none from what I can tell approach the market like I would.

If I have amount like this then I will try to work on exchange like bitterx because its one of best investment right now you can deal in altcoins from any where in world without facing any regulations in fiat you have many problems in many countries so better stick with bitcoins and altcoins give you good salary and ROI

1M$ is too much And I can open many services with it.I would like to buy a forum like this where many people will earn bitcoin.Then I will open a casino sites, gambling site.I will also open a online shop in my country where people will be able to pay with btc.And many more which I didn't thought.

If I had $1M I would set up a sportsbook/casino/poker site. I know there are already some sites available but I believe that the potential of a Bitcoin poker site has not been truly acheived yet. Just like how the porn industry has made the VCR adopted by the masses in a large scale, it is also possible that gambling will make Bitcoin be adopted in a massive scale too. The gambling sites of today have the hassle to go through regulators and payment processors to serve their customers. Bitcoin will allow them to get past that and serve their customers directly.

Maybe we can even raise the bar by setting up P2P gambling. How will the regulators go after everyone? It will be like bittorrent for gambling.

Thats a cool idea and something worth it to try! You can earn decent profits from it and also you can help people through it :D Graphic designers! and many more! but one thing how is your capital? do you have huge capital from it? something you need really big capital from it.

Many businesses that can be done with that money.
for me, I will set up a cafe that accepts payments through bitcoin, and also build the bitcoin mining farm, because my dream is have own mining farm and I think this could be a long-term business.

Make Web advertising bot software and also good webpage for it. Nowadays more and more companies/people making webpages, which need advertising or existing webpages also need good advertising.  ;)

I would invest in a variety of good businesses that would help that million become at least 20 million then I would create my first sustainable village with a cooperative that would help house and feed at least 100 people and we would all own the business and land together to generate more funds to create more villages like this.

Thanks for the ideas. Nice to read your thoughts :)