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Business Opportunities: Bitcoin Beginners
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Let’s start with this week’s issue.
Some weeks ago we did our first Reddit experiment.
We jumped onto the NFT hype and studied one NFT community in-depth: r/NFT.
You seemed to have liked it, so we’re having the same format this week, but with another subreddit: r/BitcoinBeginners.
We follow the same procedure as in the first experiment. Check it out here in case you’ve missed it.
We hope you enjoy this report on business opportunities around Bitcoin Beginners and we’re looking forward to hearing from you.
Crypto is here to stay, and the OG is Bitcoin. For most people, Bitcoin is the first Cryptocurrency they ever heard of, so it flows naturally that the place to get started is in communities like r/BitcoinBeginners.
And it shows: as crypto continues to boom, so does this subreddit. It went from 116k to 529k members in 12 months.
We love seeing those growth curves, so we had to go on and do research in this subreddit. Here are some opportunities we found:
👵👴 Bitcoin for Niche Audiences
Problem: Non-crypto native people find it hard to understand Bitcoin.
As the crypto hype keeps gaining momentum and more and more people are flocking into the Bitcoin space, it seems fair to assume that many of them aren’t fluent in all things crypto. The crypto enthusiasts inhabiting this space already know the ins and outs of Bitcoin and crypto. But the people the join the crypto-space now are from another type. It’s your older neighbors, your uncle, or that friend that didn’t back up their iPhone in years.
Those people don’t understand Bitcoin really well, and traditional media on Bitcoin and crypto doesn’t speak their language. And that’s where we see an opportunity:
Solution: Educational content on Bitcoin for hyper-specific, non-crypto native audiences.
There’s probably an audience for educational content in hyper-specific niches. Content that speaks their language, content that’s fits their lifestyles. You could start by focusing on niches with high net-worth but low tech literacy. There’s tons of general educational content on Bitcoin out there, so your competitive advantage would be to go hyper niche.
🤔 Crypto Data Analysis
Problem: People look for tools and resources for analyzing the crypto market
Obviously, there is no easy way to analyze crypto markets and to make smart investments decision. It’s a tough problem and that’s why there are lots of people asking for analytics tools and resources. While there already are a lot of educational resources and tools out there, we still encountered requests for specific tools.
Solution: Niche tools for crypto market analysis
In r/BitcoinBeginners, we found requests for crypto portfolio tracking apps, desktop crypto trackers, beginner research tools, trading bots, customizable alert apps, and other tools. If you’re a coder looking for projects in this space, crypto communities are a great place to find and validate demand. Considering the amount of money that is spent in the crypto market today, even very niche products could generate solid profits.
🤑 Financial Expertise in Crypto
Problem: People look for financial services and wallets that best fit their individual needs
Among all posts on r/BitcoinBeginners, questions concerning which wallet/service to use showed up most frequently. This comes as no surprise as there are tons of wallets and services, each having different transaction fees, reputation, transaction times, customer service, etc.
Trustworthiness in particular is a huge factor in the crypto market. We have never encountered communities that had as many scammers as the crypto communities. Even when asking for simple advice on Reddit, tons of scammers pop up to scam newcomers.
Solution: Trustworthy financial experts in crypto
There seems to be a mismatch between demand for individual financial crypto expertise on the one side and the supply of experts on the other side. There should be tons of opportunities in this space for people with the necessary expertise, credibility, and trust. A crypto-specialized financial expert could inform on the best wallets, exchange rates, taxes, investment strategies, and so on. Above all, such an expert could be a trustworthy and accountable source of information in an environment flooded with scammers.
😕 Lost and Found
Problem: People lose hardware that stores their Bitcoins.
Some people mined Bitcoins 10 years ago, not foreseeing how valuable their coins would become. Now that Bitcoin is at an all-time high, there are obvious reasons why those people want to access them. But where are they? People have either lost their devices or can’t find their coins on the devices where they think they stored them.
Yes, we first thought the same thing: these people should’ve taken better care of their coins! And anyway, how would one find those coins?
But then we stumbled upon this conversation that points to an interesting opportunity:
Solution: Find bitcoins and keys on old devices.
One person suggested writing software for this. We don’t know enough about crypto or Bitcoin to say whether that’s possible. But with or without software, if you have a method of finding Bitcoins on old devices, you could do two things: either sell your service/product to people that think they hold Bitcoin on old devices. OR you could go on eBay & craigslist and buy old PCs from 2010-2014, ideally the ones that indicate that they were gamer PCs (as they have the highest probability of holding Bitcoin). Then you scan those (either programmatically or manually) and hope to find coins! This sounds stupid, and maybe it is. But who knows, maybe you find a hard drive full of Bitcoin!
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