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Author Topic: BitCoin Business Ideas  (Read 7759 times)
ronaldmaustin
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February 20, 2011, 04:27:44 AM
 #1

I think I come up with some great ideas for businesses that would make money with Bitcoins, but I lack the time and follow through.  But how about . . .

1) BitcoinSlots.com . . . I have 8 5870 GPUs running constantly.  Charge about about 5%, for a return of 95 percent to "players".   You buy "chips" with US Dollars through MoneyBookers or some similar thing which has a low or non-existent chargeback rate and those are sold at the current MtGox price.  Bets would be, say, 1/10th of a bitcoin.  When I generate a block, I simply pay it to the next person who plays the slot game.  Sure, this would lead to people massively betting right after a block is generated, but maybe the last time a block is generated is posted right on the slot machine, along with the current MtGox price and USD equivalent.  Better odds than Vegas and I would then be able to change my Bitcoins for dollars without fees and hassle.  This could perhaps also be a feature of a mining pool like Slush's.  He could PayPal me USD instead of Bitcoins earned and make more.  It would be nice if the whole thing could be made transparent and cheat proof.

2) Even Better idea.  Bit Dollars, always equal to one US Dollar worth of Bitcoins at all times, like all of the gold backed internet currencies, except the BitCoin backs the BitDollar.  Unlike BitCoins, the value of the BitDollar does not change relative to the US Dollar.  Like Liberty Reserve is one US Dollar and backed by one US Dollar worth of gold.  Maybe it could be an eventual feature of the program that rather than having a person hold the BitCoins in reserve, like LibertyReserve holds the gold in reserve, the network itself hold the accounting of which blocks are backing the BitDollar at any given time.  Thus, no one has to trust any company or central authority.
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Stephen Gornick
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February 20, 2011, 09:50:04 PM
 #2

Thanks for putting your ideas out there.  I know the community has quite a number of *winning* ideas that simply need the right team put together for the idea to get off the ground.

For instance:

  • Idea: Bulk buying services
    There seems to be an opportunity for buying in bulk and then sharing the savings with bitcoin-paying participants.  For instance:
  • Idea: eBay / thrift shop broker
    Simply a broker who accepts items mailed or shipped and then sells the items and returns proceeds (less the broker's fee) to the owner.
    Think of all the jewelry, DVDs/games, electronics (ipods, cameras, computers), etc, sitting in a box somewhere that could be shipped off to a broker who then turns those items into bitcoins!

[Update: Bulk Buying is now offered by CoinForest.com ]

Anyone else have ideas on Bitcoin-related services that they'ld like to see offered?

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February 20, 2011, 11:20:41 PM
 #3

Bulk buying sounds interesting. Kind of like batchPCB:

  • Clients visit the site and pledge small sums of USD
  • When the pledge total reaches ~$100, everyone is charged and the money wired to Mt. Gox
  • The site owner bargains for a good price, and then buys $100 worth of Bitcoins
  • Bitcoins are distributed to clients in a ratio equal to their original pledges

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LVBX is down indefinitely, so use CoinPal. Sorry.
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February 21, 2011, 01:28:16 AM
 #4

Well since the bitcoin economy lacks a number of major components like... a stock market, insurance etc. There are a lot of opportunities that will, at the same time build up and make the bitcoin economy more robust.

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January 19, 2013, 09:56:34 PM
 #5

bump!
franky1
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January 19, 2013, 10:20:51 PM
 #6

google search: drop shipping.

no need to pre-purchase stock. just list the items they offer. you accept bitcoins on your website at a marked up value. and you pay the drop shipper in fiat along with the customers delivery address.

saving you time by not having to package up goods and travel to a post office to send them off, not having to store products, and many other benefits.

thats the simple idea of it. but do your due diligence checks that the drop shipper is legit and has good satisfaction of the flow of stock going through, to ensure customers get what they want when they want it.


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Spekulatius
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January 19, 2013, 11:53:59 PM
 #7

An insurance for the customers Bitcoin Balance.

Like this: https://bitcointalk.org/index.php?topic=137175.0


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meebs
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January 20, 2013, 04:46:24 AM
 #8

I would personally suggest trying to push for more "clean" and legal ideas (as in not gambling or other grey-market things).

Bitcoin needs more press and publicity for legit non-sketchy things. It doesnt really need any more of a reputation for being a drug and gambling currency if our end game is to get larger mainstream usage down the road.

Just my opinion though.....


That said... anything e-commerce related would be nice. Maybe if merchants would offer a discount on the BTC price that would help motivate people to go to the trouble of finding out what it is. A good example of this is Slysoft and their AnyDvd product. 10% off if bought with BTC.

I am not sure about how friendly the experience is for merchants that accept bitpay or any similar service, but getting to avoid the paypal/credit card fees, risk of chargebacks etc help to reduce the cost of conducting business.

Because honestly, at the end of the day BTC is just another currency no different than USD, EUR or AUR as it can easily be converted into good ol greenbacks if that is what a business must pay their bills in.


If you enjoyed the advice I gave, feel free to toss over some loose change Smiley
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January 20, 2013, 05:42:21 AM
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I would personally suggest trying to push for more "clean" and legal ideas (as in not gambling or other grey-market things).

Bitcoin needs more press and publicity for legit non-sketchy things. It doesnt really need any more of a reputation for being a drug and gambling currency if our end game is to get larger mainstream usage down the road.

My thoughts exactly. Sometimes I feel like BTC's worst enemy is its own user base.
jago25_98
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January 20, 2013, 08:36:09 PM
 #10

I had 3 phones listed on Bitmit linked to USD and below the ebay average for over 6 months... no response. Same thing on ebay and 2 sold within days - hence this thread.

I really want to be paid in BTC but in order to do that I have to cater to the people who have it and that small sample experience was no good with physical goods.

There are no doubt better opportunities.
franky1
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January 20, 2013, 09:39:06 PM
 #11

I would personally suggest trying to push for more "clean" and legal ideas (as in not gambling or other grey-market things).

Bitcoin needs more press and publicity for legit non-sketchy things. It doesnt really need any more of a reputation for being a drug and gambling currency if our end game is to get larger mainstream usage down the road.

My thoughts exactly. Sometimes I feel like BTC's worst enemy is its own user base.

my sentiments exactly to both of you. this is why i and a few other people with the same mind set have moved over to litecoin and are in progress of doing a few things with that.

a few of us have already been in contact with merchants/ e-commerce and brick and martar stores and for all the propaganda about silk road and limited userbase of 200k regular users world wide = 1 people per town. its not really in it for them. plus asking the merchant to fit the bill of the discount does not look good either.

although the counter argument is: free advertising on many websites, maybe some media coverage and the only cost is x% loss on the potential 1 customer per town, which on the scheme of things is just a drop in the pond. the whole propaganda of SR keeps rearing its little head up again.

the whole anonymous SR niche market VS mainstreaming legit businesses. is still like knocking ur head on a brick wall.

i do though think that people making insureances and gambling are just stirring the pot of cash amungst themselves and not really creating actual value or expanding the community. a much better idea is to create a website selling goods and using a drop shipper to do the hard work. it costs you nothing upfront, no need to store unwanted goods if they never sale , no need to package them up or take them to delivery points. you just get an order and pass it onto the drop shipper adhok.

Do not take any information given on this forum on face value. Please do your own due diligence and respect what is written here as both opinion and information gleaned from experience. If you wish to seek legal FACTUAL advice, then seek the guidance of a LEGAL specialist
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January 20, 2013, 10:19:10 PM
 #12

I would personally suggest trying to push for more "clean" and legal ideas (as in not gambling or other grey-market things).

Bitcoin needs more press and publicity for legit non-sketchy things. It doesnt really need any more of a reputation for being a drug and gambling currency if our end game is to get larger mainstream usage down the road.

My thoughts exactly. Sometimes I feel like BTC's worst enemy is its own user base.

Agreed, I think Bitcoin is used in to many illegal things. Such as gambling and SR.

"Change is the law of life. And those who look only to the past or present are certain to miss the future"

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franky1
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January 20, 2013, 11:59:37 PM
 #13

if you have a bricks and mortar shop and want to accept crypto but without the hassle of confirm times.. there is and has been a solution.

MTGOX codes

this means the amount has been pre confirmed in mtgox and will instantly appear when you redeem it.

need i say more?

yep.
just need to create an app that says send your mtgox code to this page. (which is linked to the shop owners mtgox account or bitinstant)

Do not take any information given on this forum on face value. Please do your own due diligence and respect what is written here as both opinion and information gleaned from experience. If you wish to seek legal FACTUAL advice, then seek the guidance of a LEGAL specialist
jago25_98
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January 21, 2013, 12:23:09 AM
 #14

if you have a bricks and mortar shop and want to accept crypto but without the hassle of confirm times.. there is and has been a solution.

MTGOX codes

this means the amount has been pre confirmed in mtgox and will instantly appear when you redeem it.

need i say more?

yep.
just need to create an app that says send your mtgox code to this page. (which is linked to the shop owners mtgox account or bitinstant)


Well that's great but it's not Bitcoin - it's banking.
A slightly less pure method was SMPake reducing the confirmations at gox from 6 to 3, but this was been discontinued...and 3 is still a wait. Another method could be Bitinstant adding a checkout button but would they take 1 confirmation risk... and 1 confirmation is still a wait. 

Hang on... isn't MtGox checkout button... no still slow there too.

The only thing I can think of is to credit something else beforehand.

What about this green address thing?
franky1
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January 21, 2013, 12:46:03 AM
 #15

if you have a bricks and mortar shop and want to accept crypto but without the hassle of confirm times.. there is and has been a solution.

MTGOX codes

this means the amount has been pre confirmed in mtgox and will instantly appear when you redeem it.

need i say more?

yep.
just need to create an app that says send your mtgox code to this page. (which is linked to the shop owners mtgox account or bitinstant)


Well that's great but it's not Bitcoin - it's banking.
A slightly less pure method was SMPake reducing the confirmations at gox from 6 to 3, but this was been discontinued...and 3 is still a wait. Another method could be Bitinstant adding a checkout button but would they take 1 confirmation risk... and 1 confirmation is still a wait. 

Hang on... isn't MtGox checkout button... no still slow there too.

The only thing I can think of is to credit something else beforehand.

What about this green address thing?

let me think. credit mtgox.. hang on.. thats my idea Grin

Do not take any information given on this forum on face value. Please do your own due diligence and respect what is written here as both opinion and information gleaned from experience. If you wish to seek legal FACTUAL advice, then seek the guidance of a LEGAL specialist
Elwar
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January 21, 2013, 03:44:27 PM
 #16

Here is an idea that I just thought of.

Start an investment in Bitcoins where you promise to pay people a certain percent each week say 5-10%. As people start investing, just use those new investments to pay people that 5-10%. Eventually it will become popular as so many people are getting such a steady and good return on their investment. The money will keep flowing in more and more and you will get more and more Bitcoins.
Many people will be happy and you will be rich.

Or another idea on how to get a lot of Bitcoins would be to get a large boat and sail it on the high seas and attack other boats, board them and steal all of their Bitcoins as you go port to port and have adventures and swashbuckling.

http://www.bitpools.com
Pool your bitcoins with others. Vote on solutions using the Bitcoin blockchain. Keep your bitcoins in your cold storage until you find a solution you like.
Links and Reviews of useful every day places to spend bitcoins: https://bitcointalk.org/index.php?topic=943143.0
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January 21, 2013, 04:24:47 PM
 #17

I would personally suggest trying to push for more "clean" and legal ideas (as in not gambling or other grey-market things).

Bitcoin needs more press and publicity for legit non-sketchy things. It doesnt really need any more of a reputation for being a drug and gambling currency if our end game is to get larger mainstream usage down the road.

My thoughts exactly. Sometimes I feel like BTC's worst enemy is its own user base.

Exactly, the skeleton in the cupboard the bitcoiners are shy to disclose to the public. Here's Bitcoin Red Eenvelope plan, i would call it brilliant.

In Chinese families, red envelopes containing several dollars or several hundred are send to youngsters during the Spring Festival all over the world, why not bitcoin in the envelope or dollar and cash? Attached this note in the envelope and instantly it's amazing bitcoin red envelope:

"Dear XXX, By 15th Feb, if you can set up a bitcoin account and learn how to use bitcoin, I'll send you 1 bitcoin as a new year's gift in addition to the dollars. Visit https://blockchain.info/wallet/ to find it out."

Just imagine, if 100 k Chinese youngsters are using bitcoins in a community, that's going to create a whole new clear and clean ecosystem.

南無阿彌陀佛
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January 21, 2013, 04:54:06 PM
 #18

I would personally suggest trying to push for more "clean" and legal ideas (as in not gambling or other grey-market things).

Bitcoin needs more press and publicity for legit non-sketchy things. It doesnt really need any more of a reputation for being a drug and gambling currency if our end game is to get larger mainstream usage down the road.

My thoughts exactly. Sometimes I feel like BTC's worst enemy is its own user base.

Agreed, I think Bitcoin is used in to many illegal things. Such as gambling and SR.

It is used in many illegal things for a reason. And the more things become illegal, the more illegal things will be using Bitcoin.

Imagine the extreme scenario. A 1984 type of environment or jews under Hitler's Germany. Imagine trying to buy a bible or a book that is not authorized by the dictatorship. Or imagine trying to buy a loaf of bread beyond what you are allowed to buy even though your family is starving because of rationing. You would not use a credit card or use your bank account for such a thing. The regime would be able to track your purchase and punish you. The best way to do so would be to use Bitcoins. You could do so anonymously and not be tracked by the oppressive government.

As it is now, there are only a few things that the regime has deemed illegal to purchase such as drugs and gambling. Same thing, you use Bitcoins because you cannot be traced. They have an advantage in that aspect beyond all other payment systems. As governments become more oppressive, Bitcoin will fill that role. There is an advantage to using it for such things and thus the market is responding. Once there is a large enough advantage to using Bitcoins in our day to day purchases, it will fill that role.

http://www.bitpools.com
Pool your bitcoins with others. Vote on solutions using the Bitcoin blockchain. Keep your bitcoins in your cold storage until you find a solution you like.
Links and Reviews of useful every day places to spend bitcoins: https://bitcointalk.org/index.php?topic=943143.0
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August 02, 2013, 10:20:52 PM
 #19

BitBook - like FB but all members get to share equally in the profits and an equal vote on all policies.
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