I have been a long term Bitcoin user and would consider myself a generally silent member going about my business without making too much noise.
If my username didn't give it away I am based in Cyprus and was lucky during the banking crisis that the majority of my funds are held in Bitcoin. During and since that time I have been going through many thought processes about starting my first Bitcoin venture. With all the regulation hitting the marketplace in the US and the Cypriot government restricting the movement of SEPA transfers out of the country, I have the unique opportunity of obtaining offices within the UN Buffer Zone here in Cyprus, the benefit of such a location is that it is not subject to the laws of the Cypriot government nor that of Turkey. Bars do not require a liquor license (as an example).
With such a large British and Russian community on the island, I would target these groups additionally and provide a way for them to move money between countries and as a store of value safe from the Government and bankers. Naturally the biggest part would be to ensure they understand the possible fluctuations whilst Bitcoin is being held as a store of value although I will be looking to develop a system to make the rate changes less of an issue.
Many people have said start an exchange because of the geographical location and lack of government input, however as good as speculation can be for the short term I believe personally higher adoption as a currency used for goods and services will benefit Bitcoin in the long term. Every time I have mentioned Bitcoin acceptance to someone, the initial response was it could be worth 50% less tomorrow because the price has dropped off following a bubble and each time speculation sends the price sky high followed by the drop to its more natural price it dents the reputation to potential adopters.
I have ideas on how to generate a higher adoption rate locally also and will reveal more in time.
The online systems and terminology will provide an easy to use interface for new Bitcoin holders, to move away from the commonly referred to Ubergeek terminology that would normally deter the average non-technically minded person getting involved.
Current ideas on the table are listed below;
- Alternate Banking System
Cash deposits easily accepted at the local office within the buffer zone.
Gift voucher system for deposits.
FIAT banking arrangements in Northern Cyprus.
Offer depositors paper wallets to take away.
Lending to small businesses with incentives and requirements related to Bitcoin acceptance.
Gold and Silver reserves to reduce dependance on FIAT currencies. - Instant transfer worldwide (Western Union Style)
Development of a global exchange agent network. - Merchant Tools
Online merchant tools to allow the acceptance of Bitcoin.
POS research and development to allow the use of Bitcoin's in person. (I know others have already started R&D of such a product)
Sorry for my ramblings as I am better at explaining my thoughts through spoken words than written words. Please provide me feedback, thoughts and constructive criticism as I release more details about the project.
TL;DR - I can operate a business from a part of the world that is not interfered with by politicians (UN Buffer Zone). It will be more of an alternate banking system based on Bitcoin than purely an exchange. Possibly offering loans to small local businesses that the banking sector are refusing to help following their own mistakes. Instant transfers worldwide via Bitcoin will also be offered as an alternative to Western Union.
