Ideas for startups: what projects need Bitcoin-industry in 2016

    We all know how difficult it is to find a good idea for a startup, to configure a product that meets the needs of users and investor perceptions about profitable investment. The market of cryptocurrency projects is changing rapidly, products that are relevant several years ago are no longer interesting for the target audience. Strong leaders settled in the most profitable areas (mining, trading, ecommerce), which can be moved, perhaps, with millions of budgets, a brilliant idea and great luck.



    We suggest to go more simple, profitable and less risky way. Hashflareprepared a review of projects that the bitcoin industry needs right now. Such projects do not have strong competitors in the market; a large number of cryptocurrency owners may attract the attention of angels, funds and private investors.

    From general to specific: solutions for local markets


    The lack of competition and the presence of interested local investors are very attractive factors for creating a startup. The main thing is that there is no need to reinvent the wheel, it is enough to take a successful global product, adapt it to one or another local market and expand on it.

    A good example of such a product is Bitcoin.co.id, a cryptocurrency Indonesian exchange . There is active trading on the BTC / IDR currency pair (Indonesian rupiah), input / output of fiat currency is available through popular local payment systems and banks. Judging by the number of users and daily turnover, the project is very successful. Bitcoin.co.id receives additional profit from exchangers and ATMs opened by the exchange in Indonesia. You can convert crypt to cache in them or buy bitcoins.

    If the Indonesian market is already captured (we wish good luck and development to the owners of Bitcoin.co.id), and is not of interest to those who want to launch their stock exchange, then many other local markets are still free. For example, in the UAE there is only an exchanger, opened in 2014 , but the stock exchange is not.

    The interest of Asian and Arab investors in cryptocurrency projects, judging by their activity at various start-up events and resources like Angel.co, is very high. The representatives of China and Singapore behave most actively. Investors from these countries are happy to invest heavily in Bitcoin projects. And it's not just about products for traders, any global solution that is adapted to the local market can get their attention.

    Bitcoin to the masses: projects to promote cryptocurrency


    The world in which American housewives, Bitcoin merchants, souvenirs from India and workers of German factories use Bitcoins is the dream of all companies in the Bitcoin industry. In this situation, the rate of Bitcoin will begin to grow rapidly, multiplying the capital of bitcoin holders, cryptocurrency projects will receive hordes of new users, and, as a result, will significantly increase profits.

    In a product that can make Bitcoin a massive payment instrument, large companies and funds are ready to invest millions of dollars. Things are easy - to come up with a worthwhile idea for popularizing cryptocurrency and implement it. The field for activity is very extensive. Here are some areas to think about:

    • Knowledge libraries, guides and user guides, educational programs that can easily and simply explain to an ordinary person what Bitcoin is, why it is needed, and how to use it;
    • Technological and hardware solutions to make transactions and payments in Bitcoins convenient, simple and profitable for people;
    • Mass services for remote work, selling goods and services, charging bitcoin remuneration, as well as solutions for integrating bitcoin payments into existing large products that work with micropayments (for example, the same Uber );
    • Translation services in cryptocurrency with profitable commissions.

    These are just a few obvious directions. If you can come up with a non-standard option to solve the problem of popularizing cryptocurrency, then feel free to count on millions of profits and cooperation with large investors.

    Blockchain scalability task


    Despite the potential and prospects of Blockchain, at the moment the network cannot meet the needs of global commerce. For example, the VISA payment network is capable of conducting 47,000 transactions per second, while Blockchain supports 7 transactions with a block restriction of one megabyte. You can increase the number of transactions by removing the block size limit. But then we will encounter another problem: when using (on average) 300 bytes to conduct 1 transaction (no limit on block size) and network load equivalent to VISA (47,000 transactions per second), the block size will be about 8 Gb. It is necessary to transmit such a block within the network approximately every 10 minutes. This is more than 400 terabytes of data per year. Thus, an increase in the number of transactions in the network to the scale of VISA will lead to the collapse of the network, or its strong centralization,

    Undoubtedly, a person or group of people who can solve the problem of scalability will receive support from investors. After all, the task is directly related to the popularization of Bitcoin and its use as a global payment instrument. Now the best minds around the world are struggling to solve the problem. Recently, the American developers proposed the Litghtning technology , however, the Litghtnin Bitcoin Network is still in the process of being implemented and, according to rumors, the developers faced a number of serious problems.

    Solving mining problems


    The complexity of the network is growing, Chinese chip makers are coming, payments from mining are falling. Top managers of companies engaged in the extraction of bitcoins and the production of miners do not sleep well and have wonderful dreams about how a talented engineer will come to them and bring in a prototype of a new chip that is far superior to existing analogues. Projects and solutions aimed at reducing maintenance maintenance costs (energy consumption by miners, maintenance and equipment replacement) are also of great interest.

    If you are a guru in hardware startups and are able to solve the problems described above, there will be no end to those who want to buy your development. It remains only to slowly choose an investor and a villa in California.

    Tools for traders


    Bitcoin traders are perhaps the most active and largest group of users in the world of cryptocurrencies. According to statistics, more than 95% of Coin holders are registered in at least one exchange and at least once made an exchange operation in it. The needs of bitcoin-traders are far from being fully met:

    • There are not enough powerful analytical tools for in-depth analysis of the situation on the exchanges, the same BitcoinWisdom does not cover all exchanges, cryptocurrencies and trading pairs, it has a number of shortcomings;
    • There is no single product (aggregator) that would allow trading simultaneously on several exchanges, collecting statistics and analyzing the situation;
    • The market for convenient analytical tools for mobile devices is almost empty.

    You can easily gather the requirements for analytical projects that are needed by the market, if you read the discussion on the trading forums and ask the target audience. The main thing when implementing such a project, do not forget to constantly consult with traders (and it’s better to hire 1-2 in the staff) in order not to get into the situation of many startups: when the realized product is far from the real needs of the control center and is made by programmers for programmers.

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