Have you ever noticed that some ideas come at exactly the right moment in time and make hundreds of millions? Think of the rise of Netflix causing the fall of Blockbuster or Amazon’s internet shopping putting brick-and-mortar locations out of business. There is a role of luck involved when it comes to the timing of certain things, but it is the forward-thinking that seems to pay in fortunes.
It’s hard to imagine what the world will be like in the future and what people will pay for and use. With Netflix, it was the combination of broadband internet, smart TVs, and unlimited content for a low monthly subscription that setup the perfect power play for their success. Amazon also owes their success to broadband internet as well as creating an entire logistics empire out of thin air offering same-day deliveries. These ideas started by thinking about how the internet will change the world. This made me think about how bitcoin will change the world and what pieces are currently missing. Then by filling in the missing pieces, we can obtain our own fortunes.
One clue we have to finding bitcoin’s missing piece is observing Uber’s creative problem-solving when they first started. The puzzle they needed to solve was how to find drivers for their app and create a loyal customer base…at the same time. The conundrum is if they have drivers and no customers or customers and no drivers, nobody wins. They had one shot at this because if they failed, their reputation is ruined–and reputation is everything. I still recall being handed free $25 Uber promo cards everywhere I went. After collecting them into a small pile on my dresser, I figured what the hell, it’s a free ride, I’ll try it. After seeing all the bells and whistles of the app showing me my driver, their car info, name, rating, it made me feel safe to get in. The app recorded all the trips so there was a record and there was no awkward moment at the end when it was time to pay. Uber let the world know about who they are, what they do, and convinced us to try it.
The best investment is to increase awareness and adoption of bitcoin. There are many ways to do that through a creative business plan. I learned that I can do more with bitcoin than buy and sell on an exchange. It is designed to be used as currency. There are a niche of business owners that are already accepting bitcoin for goods and services. We know that the government is already on board with bitcoin as long as they get their taxes. Bitcoin payment systems have already been built and payment institutions all over the world are finding ways to integrate it. They will accomplish this within a few years in time for the next bull run–so now is the time to act.
A brilliant, forward-thinking business plan would be to help setup a bitcoin payment system for local businesses. Restaurants are a good choice for this model. The truth is, there is already free bitcoin payment software like BTCPay. You can setup a server on the cloud. The problem is, it’s really complicated to learn. However, if a business can overcome this hurdle and make it easy, there’s a lot of money to be made. This business could charge monthly B2B management of assets. This is easily tie into CPA type services or perhaps developing a better method of accounting. The options are limitless.
Using Uber’s strategy of creating supply and demand, a common recommendation for businesses accepting bitcoin is to offer a discount for checks paid for in bitcoin. By offering discounts, they increase the number of people willing to try and use it. They can also invest in an in-store bitcoin ATM where they can charge a small fee for converting dollars into bitcoin. Imagine a business holding a bitcoin wallet that double its value in a less than a year. It would get them very excited. Plus the extra money they make in fees for their ATM, it’s a win-win. The key is timing so it’s important to start now while bitcoin is priced low. Once everyone starts using bitcoin this creates demand. Since bitcoin’s supply is locked, the price has no where to go but up.