Topic: What Bitcoin related business would you start with $1M USD or ~ 1640 BTC? - page 3. (Read 2270 times)

Gambling or exchanges aside, I really don't think there's a Bitcoin business that won't set all of your money on fire at this moment in time. Nothing retail related will do it as there aren't enough people willing to spend it.

If we convert your  $1M to our currency it would become $46M.  Having that such huge amount can make my family a very comfortable life.  I would invest some of it through buying stocks and joining mutual funds.  Do some business like putting up an online store where bitcoins are accepted.  My items would be bags, shorts, dress, anything I could sell.  Bought a small franchise food cart.  Anything that I am good at I think.  Do not put all your eggs in one basket because if you trip, all of them will be gone.

This is lots of money to start a new business.Infact one can begin 5-6 or 2-3 different business with this amount to reduce the risk in case one business fail.

opening an online shop like buying product in exchange of bitcoin  like groceries , gifts , jewelries , cloths and so on , there is huge demand now days for teh online shopping you can include both fiat  and bitcoin to make transaction.

I agree, but i doubt you could get something like that goinfg  with just a million......

Poloniex is quite unique with its huge volume. Most altcoin exchanges don't get more than a couple of hundred btc in volume a day on a regular non pump coin day.
In addition, not all the volume equates to fees. With their maker taker system, high volume traders don't pay any fees for having their maker order filled. My guess is that this accounts for about 25% of their volume, which is quite significant.

1M USD is quite a nice starting capital to start a new business. Are you looking for ideas to start something yourself?

I wouldn't focus too much on already established markets such as exchanges and casinos. The competition is huge there. A new useful altcoin may be an option. If you fund yourself at the start, it will also remove all the FUD about ICO and premine.

I would start up a service that makes it easier than ever to buy and sell Bitcoin here in my country, and perhaps even in a wider range eventually. No matter how much we have advanced in all the years in Bitcoin, a lot people see buying Bitcoin still as difficult, and that's exactly what I would like to see change. It's not really a big booming business idea, but it definitely may help to increase the adoption of Bitcoin if people see how easy it actually is to buy Bitcoin.

there is only a limited potential for making profit from any business and an online casino is no exception so even with limitless money you can not surpass that amount.

besides there are already a lot of other casinos that are already old and trusted so a new casino will always have a hard time growing among all of them. and also it is gambling and even the house sometimes lose and it has happened before and the casino was forced to pay a lot of money to a lucky winner which means no profit for a while!

You can build the biggest online casino ever. Your advertisement budget probably will be much more than the other casinos bankroll. You would dominate the business in no time

If i had 1M USD i would definitely invest it into bitcoin gambling.Casinos never lose.

I have an idea about a new bitcoin gambling game,but i don`t have time or money to build a business

around that idea.You should invent your own idea and business plan.

have you thought about making a mining farm? the electricity would be an issue but if you can find a way to access cheap electricity then that would be so profitable. you can mine bitcoin and also altcoins at the same time and make money.

that amount of money is too much for a casino and small businesses like that but they can also be profitable although with a lot smaller investment.

also a well designed exchange service can become successful if you have a good developers team that can make a secure environment or even code the exchange engine from scratch and make it strong. and this would probably be the easier option with better return.

$1 million is really big amount with which many bitcoin related business can be started parrallely like bitcoin wallet, bitcoin merchant solution, bitcoin casino and bitcoin sportsbook. Sportsbook and casino could be profitable as we all know house always win at last. 

I will create a bitcoin casino and with the earnings of that I will create a bitcoin exchange.

I agree with that, like just building your local exchange in your country if there is not enough local exchange in your country, like in my country some years ago.... caused by my country is not having an enough exchange some people is trying making a local exchange and in this time their exchange has already become a big exchange in my country. just be a smart for aiming the opportunity.

I would invest the money into the development of a Bitcoin version of the PokeMonGO game. We are seeing virtual reality type games becoming more popular, because it is linked to mobile phones. Get people to interact with their real world environment and battle with monsters in your house or in a shopping Mall or a public park.

You can restrict these battles to safe locations and < Battle Arenas > and make this user defined. You just insert the mobs into the game, but the user sets the boundaries. The amount of monsters or computer generated civilians are determined by the area. < If you for example define your room, it will only create 1 monster every 30 minutes, if you define a whole park, you get more monsters more regularly, and you can fight monsters generated by other people >

This will bring people into the outdoors and force them to interact with other people. No more single individuals sitting on their ass for 10 hours playing games in a small room, without exercise. We have young children suffering from obesity, because they spend hours on end, playing games and not running around outside, like they should be doing.

The < Safe locations > can also be restricted or set by parents or guardians to make sure it is safe. People who are old enough, will have zero restrictions. ^smile^

     

poloniex that he mentioned and also other altcoin exchanges similar to that like bittrex, are not dealing with fiat so they are not really concerned with regulations that much.
but becoming big as poloniex or any other exchange service for that matter needs a lot of time and effort and will not be achieved that easily since the old exchanges have already gained a strong foothold.

but if you an start it in a country that doesn't have an exchanger and has enough traders i think it can still be profitable.

Great insights. The problem with this business might be some regulatory issues with banks and several countries since you would be dealing with fiat. What do you think?

Looking forward for more ideas!

Honestly, just from seeing the amount of volume sites like poloniex get from trading of just the major cryptocurrencies like ETH, XMR, DASH, and LTC alone is incredible.  If it were up to me if I had the capital to play around with (which I never will have in the short term future) I would create a fiat <-> major altcoin(s) site, and maybe plug in Bitcoin too, but to be the major go to guy for a high volume fiat <-> altcoin ramp would be insanely profitable I would think.

All the other details of the business should probably be assumed, just based on how you want to run the business... but I would think high volume and small percentage with an option of cash deposits to an account will attract a lot of people since there has been so much dread of having to go buy BTC first, then go move the btc to which ever exchange site they wanted to get whatever altcoin they desire. 

I can't even imagine the profit the poloniex guys get, but a fiat on ramp would be a killer "app", I would think, and being the first to do it is always a plus.

Hello,

If you had $1M in US Currency what business where you can get paid in Bitcoin would you start?

How would you invest the money in that new business you want to start?

Would you be able to make a living and draw a salary from this business?

It can be anything that doesn't break the law, including casinos or bitcoin gambling games.

What would you do?

Looking forward to some great ideas

P.S: Business should be able to operate from anywhere in the world with a small team. Also it's important that you are able to get some money out of this business each year to pay you good salary of around 150k - 200k per year before taxes.