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Author : My Dirty Little Bitcoin Secrets PDF EBook by Ofir Beigel
Once finished you should have a clear idea if you’re going to move forward with your idea and market it like a pro (next part of this book) or go back to where you started and come up with a new idea. Now you know how to create and validate an MVP. I wanted to take the opportunity of this final chapter to show you the whole process I went through with 99Bitcoins from start to finish so you can see how I implemented everything we covered up until now. The idea I chose for 99Bitcoins originally was just an information website about how to buy Bitcoins with PayPal. I found a single exchange that allows you to do so and luckily enough they also had an affiliate program. Coming up with my best idea through analysis. Of course I measured this idea against other ideas with the “Beigel Analysis” as I explained in previous chapters, and here’s how I evaluated it. Need. I came up with this idea out of my own personal need of buying Bitcoins with PayPal and seeing it was a difficult task. So I assumed (and proved this assumption later on) that this is a big enough issue for all new Bitcoiners. Overall need score I gave this was 4 out of 5. Viability. Since I was pretty well versed in building websites and internet marketing techniques, setting up an information website was completely viable as far as I was concerned. The viability score was 5 out of 5. Competition. Searching on Google didn’t give me any results for competitors talking about this.
However I did find out about this method from a different site that was doing the same thing. So there was little competition which is exactly what I wanted to find out. However I was afraid it may be too little, meaning there’s not enough money to be made. I ended up giving the competition rating a 3.5 out of 5. Profitability. This was by far the biggest enigma. Since I knew I could make money out of this but I didn’t know if I can make large amounts of money. And I didn’t want to spend my time on a project that will bring me $100/month. Seeing as Bitcoin wasn’t still mainstream at the time, but I felt it was pretty close to getting there (since it was featured on TechCrunch) I gave profitability a score of 2.5 out of 5. The total score I got for this project was 4+5+3.5+2.5 = 15. This was the highest score out of all of my other ideas (which included a Bitcoin news site, a local Bitcoin exchange and some other stuff). Like I said before, there is no exact science to this. It was all based on educated guesses and I may have been wrong. For example, Coindesk which was established the same time I started out is now a HUGE website. Don’t be afraid to be wrong about this, you’re just at the beginning and it’s better to test things out quickly and find out if you were wrong now instead of failing after you’ve invested a lot of time and money. Now I had to craft my idea as laser-focused as possible. I could just say it’s a “Bitcoin beginner’s guide”, but I want to be as focused as possible at this point.
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