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Start a Bitcoin Business

Another way to invest bitcoins is by accepting bitcoins with one of your current businesses or by starting a new Bitcoin business. BitPay offers a complete set of merchant tools to help businesses accept bitcoins . Three 16 business that accept bitcoins are the Bitcoin Magazine and my favorite Bees Brothers which sells delicious honey harvested by some young teen brothers. You may not have heard the story of Jim, Donna and Noah . Jim had sold 17 his business and began traveling the world. Donna, his sister, would occasionally send him money via Western Union. During one transaction she was arbitrarily placed on the Terrorist Watch List for attempting to send him money. Noah, Donna’s 20-something year old son, also attempted to send Jim money and was likewise placed on the Terrorist Watch List. There was no due process, no reason given and no known ability to appeal. You can start your own Bitcoin business easily and for free to meet the market need for money remittance using Local Bitcoins where anyone can buy or sell bitcoins in person and avoid being placed on any potential lists. There is tremendous market opportunity in the money remittance industry. For example, Western Union’s 2010 annual gross revenues were about $5.2 billion with 84% happening between private individuals. To send $1,000 from the United States to Mexico would cost about $30. From the United States to Germany would be about $68 plus currency conversion fees. Could you provide the service faster, cheaper or with more privacy? Remember, if you do meet someone in person to exchange cash and/or bitcoins then remember to follow best safety practices like meeting at a public place, protect your identity by not allowing your car or license plate to be seen by them, protect your password or computer securely, know how to identity counterfeit fiat currency and make sure that a sufficient numbers of confirmations, perhaps 1-6, happen with the transaction.

Bitcoin reduces costs in money, time and privacy. With extremely low transaction fees and no risk of chargebacks a merchant can recognize a higher profit from transactions. Bitcoin payments can be made extremely quickly using mobile apps. For experienced users this can take about the same amount or less than using cash or getting a credit or debit card authorization. In terms of privacy, nothing but cash compares to Bitcoin. As a result, your customers eliminate the risk of identity theft and potential political persecution. Thus, if a merchant fails to accept Bitcoin then customers have significant reasons to question the integrity and honesty of the merchant. After all, why do they want to see my name, credit card number, government issued ID and know the billing address? Of course, every jurisdiction has different laws that would be applicable so be sure to understand and follow those which are applicable.