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Technology / Digital Currencies

Have a Bitcoin Business Idea? This Is What You Need to Do.

Former West Coast Editor
5 min read
Opinions expressed by Entrepreneur contributors are their own.

Know your stuff and network hard. If you want to break into the Bitcoin business, you have to do both -- and better than everyone else trying to elbow their way in.  

In this video, three leading industry experts -- Barry Silbert of SecondMarket and the Bitcoin Investment Trust, Dan Held of ZeroBlock and Nicolas Cary of Blockchain.info -- explain what it takes to make a splash in the booming Bitcoin market right now. They share practical, actionable tips to help you kickstart your entry into the virtually exploding ecosystem.  

Step one, Silbert says, is educating yourself as much as possible about the cryptocurrency. Step two is networking like a pro. “It’s really important to get out there,” he says. “Network, research, go to meetups, go to conferences and then launch.”

Before you launch, though, Held suggests that you get real about how long your Bitcoin-related product or service will take to be primed and ready to go to market -- especially if you’re operating on a thin budget, like most startups are. “Take your initial projected estimates of how long something will take and double it,” he advises.

Held also explains how Blockchain.info doesn’t “touch the money,” saving the company millions of dollars in anti-money laundering (AML) and “Know Your Customer” (KYC) regulatory compliance costs.   

Cary lists off a handful interesting Bitcoin app ideas that he would like to see scrappy entrepreneurs take on. Bonus: He also shares where to score a helpful API so you can start building your Bitcoin app now for free.

Related:

Why Bitcoin Is Still a Blank Slate Ripe for Disruption

Why Bitcoin Is Like 'Email For Money'

The Risks and Benefits of Digital Currency