Bitcoin, a product of revolutionary Blockchain technology, was invented by a person or a team under the pseudonym Satoshi Nakamoto.
Bitcoin enables peer-to-peer payments without a bank or any central authority to authenticate it. The whole system is governed by code which is open source.
Although Bitcoin has been in existence for long, it gained popularity in last few years as its price went up in a parabolic manner. This led to a lot more people adopting Blockchain and Bitcoin first as an investment and then getting to know the technology behind it. A lot of traditional businesses are now entering the Blockchain / Bitcoin space and it is slated to grow in adoption in the coming years.
So how can you start a Bitcoin business? We give you an overview:
Understand the core principles of Blockchain and Bitcoin
Most important step is to understand the core principles. A good starting point would be to read the Whitepaper proposed by Satoshi Nakamoto himself. Getting to know the “why” of the Bitcoin is as important as understanding the “how”.
Identify areas in your business or around you
Identify areas in your business or around you where you can apply these principles and make transactions / relationships / processes more efficient / trustless. Individuals / businesses / Governments have started using Blockchain and Bitcoin for various industries from supply chain management to remittances to real estate to file storage to Internet of things.
You need to look at how Blockchain can make these areas more efficient by removal of trusted third parties from processes, workflows that can be automated, verifications that can be done on blockchain, and processes that can bring about more transparency.
You will need to understand how Blockchain / Bitcoin can make transactions more efficient and do you research about the feasibility – technically, legally and financially.
Create a whitepaper
A whitepaper is a formal document that contains the following information about your project. It has to have a problem being presented, solutions to the problem, the technology, platform and processes that will execute the solution, the applications of the solution and how big the market is, the team and the resources you will need to execute it.
Look at legal compliance
Since the industry is still nascent, most countries in the world are still developing their regulations and it is imperative that you check the legislation in your area.
There are legal advisors who specialise in Bitcoin / Blockchain regulation. For example, BTM Compliance is a company that provides custom solutions.
Code the solution
Now you got to implement the solution, to get it coded. It may involve forking a blockchain, designing and implementing a token / coin or a wallet, or a custom solution like coding a Smart Contract or auditing one. You can hire programmers to get this done or your can hire a professional company with a team of specialists who can design, build and implement a solution for you. ChainBytes has experience in handling such projects and you can contact us for consultation at +1 (484) 388-5465
Finally, launch your project.