How would you invest $1 million into Bitcoin?

[dashteeb]

This is a hypothetical question to get a better idea of what Bitcoin startups, products, services, etc. would best grow the Bitcoin community.

How would you invest $1 million into Bitcoin?

Build an exchange to compete with MtGox?
Build and distribute Bitcoin ATMs nationwide/worldwide?
Start an online store that offers enticing discounts for orders transacted in BTC taking a temporary loss with the expectation of BTC value going up?

[1715453059]

1715453059

[1715453059]

1715453059

[1715453059]

1715453059

[buybtc]

This is a hypothetical question to get a better idea of what Bitcoin startups, products, services, etc. would best grow the Bitcoin community.

How would you invest $1 million into Bitcoin?

Build an exchange to compete with MtGox?
Build and distribute Bitcoin ATMs nationwide/worldwide?
Start an online store that offers enticing discounts for orders transacted in BTC taking a temporary loss with the expectation of BTC value going up?

Bitcoin Startups.

[velacreations]

I would work on getting better and easier access to bitcoins for the masses, specifically, figuring out a safe and practical Credit Card to Bitcoin route.

We all know the major obstacles to this issues, but the fact remains that it is the easiest and simplest way for non-bitcoin people to conduct business on the web.  If we were able to incorporate that into a bitcoin system where all parties are relatively protected, it would do wonders for getting the average Joe buying, and ultimately using, bitcoins.

So, really, that means using $1M to hire some lawyers...  

[buybtc]

I would work on getting better and easier access to bitcoins for the masses, specifically, figuring out a safe and practical Credit Card to Bitcoin route.

Funny, you should mentioned this. I have a way to make this happen hence my name but its for people who already have Bitcoin.  I'm working on it as we speak. Would like some feedback but would like to take the convo to PM or offline.

[gweedo]

I would slowly buy bitcoins cause if you do that, then your capital will rise over time.

[hyphenx]

cost of purchasing an atm is around $60k which equates to about 16 atm's. In business, 1 million is really not that much

[Stephen Gornick]

How would you invest $1 million into Bitcoin?

Remittances to many of the countries in Africa have the highest transfer costs at nearly 20%, versus 6% for remittances to Asia.

But the recipient of the remittances don't have local exchange agents who will cash out the coins to a local currency.

$1 million might be enough to start onboarding individuals to serve as bitcoin exchangers.  Essentially this is simply recruiting, educating and to some degree providing a subsidy (e.g., base compensation) to individuals to provide a service similar to LocalBitcoins.com's network, and then promoting this method as an alternative to traditional money transfer remittance services (e.g., Western Union, Moneygram, etc.).  Eventually there will be enough transaction volume where the subsidy is no longer needed and the exchange agents are earning sufficient margins to no longer require the subsidy.

[ishare]

buy 1 million dollars worth of mining hardware lol 

[Lethn]

I'd fund a decentralised stock exchange that would be even more difficult to take down than piratebay

[theymos]

I'd create a Bitcoin wallet device capable of storing keys and signing transactions. When you want to make a transaction, you'd plug it into a computer (yours or a merchant's) and it'd communicate with software running on the computer to figure out the transaction details and then ask for your approval. This can be done safely without the device knowing anything about the block chain. It'd make in-person transactions and cold storage of BTC very easy.

[cedivad]

I would ask avalon to sell me their process and I would start a mining farm with a low nm process.
Anyway, there is no need to invest that huge amount into bitcoin to speculate, the only reason should be to stronger the economy. However the creation of new bitcoin services will stronger the bitcoin economy and maybe make you lose money.

[World]

How would you invest $1 million into Bitcoin?

Remittances to many of the countries in Africa have the highest transfer costs at nearly 20%, versus 6% for remittances to Asia.

But the recipient of the remittances don't have local exchange agents who will cash out the coins to a local currency.

$1 million might be enough to start onboarding individuals to serve as bitcoin exchangers.  Essentially this is simply recruiting, educating and to some degree providing a subsidy (e.g., base compensation) to individuals to provide a service similar to LocalBitcoins.com's network, and then promoting this method as an alternative to traditional money transfer remittance services (e.g., Western Union, Moneygram, etc.).  Eventually there will be enough transaction volume where the subsidy is no longer needed, the exchange agents are earning sufficient margins to no longer require the subsidy.

definitely very useful investment ^