Creating Your Own Successful Bitcoin Business-Part 38

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Author : My Dirty Little Bitcoin Secrets PDF EBook by Ofir Beigel

So let’s take a look at the different characters that are taking part in the Bitcoin universe and try to see which one best describes your target audience. Bitcoin Evangelists. Techie. The Techie is usually a hardcore programmer, when he looks at Bitcoin he sees the Matrix. He understands what it is, how it’s built and the algorithms that power it. He can explain to you the protocols that are used to perform transactions and the different encryptions used throughout the process. The Techie has an important role since his kind created Bitcoin, and without him there would be no universe. Trader. After the Techie comes the Trader. The Trader sees Bitcoin as an investment instrument. He understands the Techie’s vision but also looks at Bitcoin from a trading perspective. He knows how to analyze its fluctuation in price, he tries to predict where the Bitcoin will go next. If Techies created the Bitcoin universe then the Traders are its engine. They are the ones that influence exchange rates and volumes of trade. Without the Trader the Bitcoin would still be another crazy idea that no one acts upon. Hustler. The Hustler spots the business opportunity in Bitcoin. He sees the Trader at work and understands that a new market is emerging. The Hustler will come up with different business ventures and startups related to Bitcoin. He will setup websites to monetize on the idea. While his friend the Trader is busy “looking for gold” he will be focused on “selling him a shovel”.

The Hustler plays an important part in the Bitcoin universe since he is the only character that conveys the idea of Bitcoin to the new users in an easy to grasp way. This is due to the fact that he is a salesman in nature, and as a salesman he understand that the idea of Bitcoin has to be simplified to the public. Bitcoin Users. Merchant. The merchant allows the word about Bitcoin to spread as he allows it as a form of payment in his store. The merchant’s role is crucial since without him there will be no Buyer and therefor no justification for the existence of such a currency. The Merchants are what gives Bitcoin it’s actual power – the ability to be worth something. Buyer. Each person who uses Bitcoins to purchase goods is considered a buyer. This could be a visitor on an e-commerce site such as Overstock or someone who’s trying to get firearms or drugs illegally. The Buyer validates the power the Merchant dictates for the Bitcoin by choosing it as his currency. Although Buyers and Merchants seem like “plain” characters, without them there would be no actual value to Bitcoin. Bitcoin Dabblers. Skeptic. The Skeptic is basically a douchebag. Not because he’s a bad guy but mainly due to the fact that he criticizes Bitcoin without actually knowing what it is or even trying to use it. But the Skeptic also has a role in the Bitcoin universe, he helps us understand what people are afraid of. The one who benefits the most out of the Skeptic’s work is the hustler, who understands what the common objections to the currency are, and finds way to neutralize them.

Traditional Institutions. Finally we come to the traditional institutions. The banks, the governments, big corporations, everything that moves slowly and hates change. They are the probably the toughest opponent the Bitcoin evangelists face and if they will be beaten then Bitcoin would win. The power of these institutions is strong and they can do all sorts of nasty stuff from banning the use of Bitcoin entirely to just not allowing you to transfer money to Bitcoin exchanges. If we look at all of these character types together, we can segment these characters into several archetypes. Unaware and unknowledgeable. This group consists of people who don’t know that Bitcoin exist and don’t know anything about it as well. If you’re targeting this group you won’t be able to speak “bitcoinish”, meaning you’ll have to explain everything from step one. A good example for this group would be my grandmother. This group consists a lot from skeptics and traditional institutes. Aware and unknowledgeable This group is the Bitcoin “newbies”. It’s people who know about Bitcoin and may be interested in it but don’t know anything more. They don’t understand how the currency works, what is mining, where you can buy it, etc. If you target this group you still can’t talk “Bitcoinish” but at least you know they are willing to listen. In my opinion this is the biggest and most profitable group to target. Most of the times people from this group will get into Bitcoin out of curiosity or because they think they can profit from it.

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