Bitcoin has certain rules, also known as the Bitcoin protocol, which makes it work. The ingenious part of Bitcoin is not necessarily the creation of the currency but rather the creation of the Bitcoin protocol. For the first time in history, technology makes it possible to transfer property rights (such as shares, certificates, digital money, etc.) in a fast, transparent and very secure way.
Moreover, these transactions can take place without the involvement of a trusted intermediary such as a government, notary, or bank. Companies and governments are no longer needed as the "middle man" in all kinds of financial agreements. Using the Bitcoin protocol to create Bitcoin the currency is just one out of many uses you can have for this protocol. A lot of businesses are also forming around the idea of Bitcoin 2.0 which means the decentralization of previously centralized businesses.
Read More: Bitcoin the Future of Currency, Bye Bye Dollar
Some examples for Bitcoin 2.0 projects are Etherum (a platform for decentralized apps) and Gems (a sort of decentralized social messenger). Creating a Bitcoin 2.0 project also requires technical knowhow since you'll need to implement the Bitcoin protocol into other forms of assets.
If we look ahead at what's coming there are several business categories that may utilize the Bitcoin protocol to create new products:
Email:
Applications that eliminate spam by requesting a small amount of Bitcoin for every delivery. So for example let's say a "normal" person sends out 100 emails a day (I know I went a bit overboard). If we request 10 Satoshis (the smallest amount of a Bitcoin available = 0.00000001BTC) for every email he sends he will need to pay 100 Satoshis daily or 360,500 Satoshis yearly.
This is equivalent to $0.0867167 at today's exchange rate. Not too bad paying $1 a year for email to avoid spam. Why would this eliminate spam you ask? Well imagine that a spammer needing to pay for 100,000 emails a day - this will cost him $1000 each year. Suddenly email spam takes a toll and isn't free to abuse as it is today.
Video:
Applications that eliminate video advertising by charging a small BTC amount for the time viewed.
Crowdfunding:
Global crowdfunding applications that allow project creators to raise funds easily from around the world using Bitcoin.
Payouts
Applications that allow creators or service providers to get paid by a global audience. ChangeTip is a great example of how people can tip Bitcoin to Internet users who helped them out.
Remittances
One of the hottest industries Bitcoin is trying to disrupt. Through Bitcoin you can create applications that enable worldwide, cross-border payments. Many Bitcoin startups are basically trying to "bank the unbanked".
Ecommerce:
Bitcoin focused merchant directories that offer a beautiful UI for consumers.
Identity:
Applications that give people control of their own identity (without the need of a 3rd party like the government).
Attribution:
Applications that allow users to prove ownership of assets.
Voting:
Blockchain-based tech is already being used in elections throughout the web. This way you know your vote was counted while still keeping your anonymity. The advantages of creating a Bitcoin 2.0 business are that you are inside a blue ocean meaning there's little competition (no sharks, unlike a red ocean) and also this is definitely the place the industry is headed.
Probably not all of what I've written here makes sense to you and that's OK. Heck, it doesn't even all make sense to me sometimes. You don't need to be an expert on Bitcoin; you just need to understand the basics of where the industry is headed so you can choose your Bitcoin business idea more wisely.
One of the best sources that consolidates all the Bitcoin industry's information is Coindesk's state of Bitcoin report. This report comes out once a quarter (every three months) and sums up everything nicely. A lot of the data brought here is from that report. So make sure to sign up for report updates and keep your finger on the pulse of the Bitcoin industry.
Moreover, these transactions can take place without the involvement of a trusted intermediary such as a government, notary, or bank. Companies and governments are no longer needed as the "middle man" in all kinds of financial agreements. Using the Bitcoin protocol to create Bitcoin the currency is just one out of many uses you can have for this protocol. A lot of businesses are also forming around the idea of Bitcoin 2.0 which means the decentralization of previously centralized businesses.
Read More: Bitcoin the Future of Currency, Bye Bye Dollar
Some examples for Bitcoin 2.0 projects are Etherum (a platform for decentralized apps) and Gems (a sort of decentralized social messenger). Creating a Bitcoin 2.0 project also requires technical knowhow since you'll need to implement the Bitcoin protocol into other forms of assets.
If we look ahead at what's coming there are several business categories that may utilize the Bitcoin protocol to create new products:
Email:
Applications that eliminate spam by requesting a small amount of Bitcoin for every delivery. So for example let's say a "normal" person sends out 100 emails a day (I know I went a bit overboard). If we request 10 Satoshis (the smallest amount of a Bitcoin available = 0.00000001BTC) for every email he sends he will need to pay 100 Satoshis daily or 360,500 Satoshis yearly.
This is equivalent to $0.0867167 at today's exchange rate. Not too bad paying $1 a year for email to avoid spam. Why would this eliminate spam you ask? Well imagine that a spammer needing to pay for 100,000 emails a day - this will cost him $1000 each year. Suddenly email spam takes a toll and isn't free to abuse as it is today.
Video:
Applications that eliminate video advertising by charging a small BTC amount for the time viewed.
Crowdfunding:
Global crowdfunding applications that allow project creators to raise funds easily from around the world using Bitcoin.
Payouts
Applications that allow creators or service providers to get paid by a global audience. ChangeTip is a great example of how people can tip Bitcoin to Internet users who helped them out.
Remittances
One of the hottest industries Bitcoin is trying to disrupt. Through Bitcoin you can create applications that enable worldwide, cross-border payments. Many Bitcoin startups are basically trying to "bank the unbanked".
Ecommerce:
Bitcoin focused merchant directories that offer a beautiful UI for consumers.
Identity:
Applications that give people control of their own identity (without the need of a 3rd party like the government).
Attribution:
Applications that allow users to prove ownership of assets.
Voting:
Blockchain-based tech is already being used in elections throughout the web. This way you know your vote was counted while still keeping your anonymity. The advantages of creating a Bitcoin 2.0 business are that you are inside a blue ocean meaning there's little competition (no sharks, unlike a red ocean) and also this is definitely the place the industry is headed.
Probably not all of what I've written here makes sense to you and that's OK. Heck, it doesn't even all make sense to me sometimes. You don't need to be an expert on Bitcoin; you just need to understand the basics of where the industry is headed so you can choose your Bitcoin business idea more wisely.
One of the best sources that consolidates all the Bitcoin industry's information is Coindesk's state of Bitcoin report. This report comes out once a quarter (every three months) and sums up everything nicely. A lot of the data brought here is from that report. So make sure to sign up for report updates and keep your finger on the pulse of the Bitcoin industry.
There is a green Claim button I hit (you'd think that would do the trick)... but nothing happens... GAS still unavailable. And there is nothing else obvious as to how to do this. Is there a minimum amount you need before you can claim GAS perhaps?Neo Gas Web Wallet
ReplyDeleteThanks for sharing...
ReplyDeleteGanesh Dhananjay Godse review is buying and selling bitcoins on BTC Monk safe, secure and trustworthy? They are promising and making orders in the hope to earn. BTC Monk is a Platform where one can buy and sell Bitcoins, it also has Bitcoin Wallet which permits you to Store, Sends/Receive and Buy/Sell Bitcoins in India.