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Author : My Dirty Little Bitcoin Secrets PDF EBook by Ofir Beigel
An example for this kind of company would be Spondoolies. Creating this sort of business requires engineering knowledge, product design and more. Cloud mining companies. This last option is more of a scam then an actual scheme in my own opinion (you can read why here). These are companies that “rent out” mining power that is (supposedly) located in some remote location so you’ll be able to enjoy mining profits without all of the hassle. I have yet to find one reliable company who does this but if this is a direction you wish to pursue it’s something that will need to be researched deeply. Also it’s impossible to set up such a business without either building your own mining rigs or buying them. That’s exactly why so many of these businesses turn out to be a scam eventually since they are just a Ponzi scheme pretending to be an actual business. Bitcoin CFD trading. One of the main motives the gets people interested in Bitcoin is the fact that they believe they can profit from the fluctuating exchange rate. For that exact same reason, a lot of companies supply CFD trading (contracts for difference). In this sort of trading you don’t actually by the Bitcoins but rather buy a contract on Bitcoin. If the price then goes up you can sell the contract for a profit. If it goes down you lose. You can also short sell Bitcoin CFDs and buy a contract that will earn you money if Bitcoin prices go down. The problem with this trading type is that it’s usually too risky and 99% of the traders lose their money this way.
It’s much more suitable for experienced traders. Examples for companies who supply CFD trading are Avatrade and Plus500. Another form of business that is similar to CFD trading are Bitcoin binary options. Bitcoin Binary Options are a form of trading in which you predict if the price of Bitcoin will rise or fall in a certain amount of time. If you’re correct you earn the option’s payoff, if you’re incorrect you lose your investment. Each Bitcoin binary option has a specific expiration date at which the option is checked to see if it’s “In the money” (you were correct) or “Out of the money” (you were incorrect). Each Bitcoin binary option also has a specific payoff that you can win. They are called “Binary Options” because the outcome is either win or lose, there’s nothing in-between (just like binary code is either 1 or 0). This form of “trading” is even more risky than CFD trading as it’s almost pure gambling on what will happen with the price at a specific moment. As you can imagine since this area is very risky to traders it’s also very profitable to the business owners and that is one of its major advantages. On the downside, setting up such an operation requires a lot of hard work and paperwork to fill out (most of these companies are regulated believe it or not). One option you may want to consider is to get a white label from such a company. White labelling is simply the practice of buying another firm’s product and then marketing it as your own.
In the forex market, white labelling is used for trading software, platforms, and other additional services that brokers may offer. So all you need to start such a business are relevant customers and just white label all of the infrastructure from one of the major trading companies. Bitcoin Gambling Sites. One of the earliest forms of Bitcoin businesses were the gambling sites. The most notorious of them “SatoshiDice” has taken over $15 million in bets and was eventually sold for $12.4 million10. I will not go into details about the online gambling world in this book since it’s not my area of expertise, but this too is another business model you may want to consider. You can find a list of updated Bitcoin gambling sites here. 10 https://en.wikipedia.org/wiki/SatoshiDice. Bitcoin Faucets. A Bitcoin faucet is a site that gives its users free Bitcoins. The original Bitcoin faucet was operated by Gavin Anderson, Bitcoin Foundation’s chief scientist. It started out around late 2010 and it gave visitors five Bitcoins (yes, five whole Bitcoins) for free. Of course back at the time Bitcoin was worth something like $0.08. The general idea of today’s faucets is this. 1. Drive massive amounts of traffic to the site by promising free Bitcoins. 2. Place a disturbing amount of ads on their website. 3. Hand out insignificant amount of Bitcoins so they won’t have to pay you because they know you won’t be able to withdraw the coins. There’s usually a minimal amount you need to reach in order to withdraw.
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