People who tell you to start a pie cryto business without first studying what pie crytos are, or how they work, are usually bad at explaining how pie cryto works. So it’s better to just write about how to start a pie cryto business, and leave out all the parts about how it works.
You can also write a blog post about why you have started a cryptocurrency business, but that’s not so good because everyone else is going to be writing on this topic as well, so you will probably end up being second-best in your field of expertise.
The first step is to be clear about your idea. If you want a pie cryto business, then it should be a pie cryto business. There is no need to invent a new concept: “pie cryto” isn’t just a catchy name, it’s the only thing that exists.
Usefully, there are lots of different kinds of pie cryto businesses. The things they have in common are the things you have to do if you want to succeed. The main one is this:
A cryptocurrency business must have humans working for it, and these humans must use computers they control. This is because a cryptocurrency business is like an economy without banks.
There are lots of ways to make human computer interaction work in practice; but these ways have all been invented and so are not in wide use yet. The most promising ones are based on digital currencies, and so called decentralized applications (dApps). DApps can run on computers owned by individuals or small groups of people, who share their digital resources with each other directly and automatically, without any centralized organization in charge of them.
The slogan is a reference to the MLM industry, which has been criticized for its use of deceptive marketing techniques. The pie cryto industry has been compared to the bitcoin mining industry due to its also being decentralized, mining is done by individual computers, and users may not be able to see the transactions their computer makes.
The cryptocurrency movement has been called a pie cryto, as many of its advocates are proponents of the idea that cryptocurrencies are in some way a new financial system. In the same way, MLMs have also been described as pie cryto’s because they operate as pyramid schemes with an emphasis on recruitment over sales.
Cryptocurrencies are a new form of currency. They’re based on computers, and they can be used to purchase things or make payments online. But what makes them interesting is that anyone can make their own cryptocurrency—and set the rules for how it works.
It’s the same with web sites. In the old days if you wanted a site, someone had to build it for you. Now anybody can write a site in HTML and use any server they like. If they want to make sure everyone has an equal chance to see their site, they can use a technique called load balancing to spread the load across multiple computers so that everyone gets a fair share of traffic.
Cryptocurrencies are similar: anyone can make their own cryptocurrency, and set the rules for how it works. Anyone who wants to join in will have to agree to these rules, or change them themselves. That’s why cryptocurrencies have been called “decentralized.”
Someone could start a cryptocurrency business by writing software that does anything other people need done: send money around the world, pay for things online, or buy and sell things from each other. These tasks require a lot of computer resources: processing power, memory capacity, storage space, and so on. And each task involves taking an
If the wonder of cryptocurrency is the promise of a new way for money to flow, that’s not what it is for some people. The promise of cryptocurrency isn’t just about money. It’s about power, for one thing.
It’s about permissionless innovation. People like this are excited about cryptocurrency because it’s permissionless: no permission from central bankers, no permission from banks, no permission from any other authority.
It’s also permissionless in another sense. If you want to make money with cryptocurrency, you don’t need permission or approval from anyone else to do so. It’s like having your own bank account; there are no deposit-limiting rules, and the interest rate is whatever you want it to be. But of course it’s not quite like having your own bank account; it’s a bit more complicated than that.
To create cryptocurrency, you need an idea for a good that other people will want and will pay for. You have to have a good idea before anyone else does, but once you have an idea other people will think it’s a good idea too. That means others want to get hold of your idea too. And they will still pay you if they acquire it – or at least they’ll pay you enough that they can
Cryptocurrencies are a new kind of money, invented in 2009 by someone who used the name “Satoshi Nakamoto.” Bitcoin was the first to be described as a cryptocurrency, and it is currently the most successful. But other cryptocurrencies have appeared since then, and a few of them are now bigger than Bitcoin.
But you don’t have to start with Bitcoin. There are several ways you can make money with cryptocurrencies, and there is no reason why you can’t do all of them at once.
Investing in cryptocurrencies is very different from investing in stocks or bonds or mutual funds. You cannot buy coins directly using cash: you have to buy them on an exchange. (These days it’s usually done online.) The price of coins changes all the time, so if you just want to hold your coins until they go up in value, you need to watch for opportunities where the price will go up more than it will go down, and choose a coin that has been doing well recently.
Some people buy cryptocurrencies because they think they’re going to be worth more than they are now: but that’s not necessarily true. You can get much higher returns by buying high when it’s cheap or selling when it’s expensive – by arbitraging between cryptocurrencies and between currencies
The first step is to talk to a lawyer, because you need a business plan. A legal business plan is what you use when you want to know whether your business will be legal. The problem with using a lawyer is that by definition it’s too expensive. So what do you do instead?
You can buy a book from someone who has had the same idea and published it for free on the internet, or from the author of this blog if he wants you to. (I’m in the middle of writing my own book on the subject.) You can buy a business plan from someone who has already written one, or bought one off the internet. You can hire a lawyer who will prepare your plan for an hourly fee. Or you can talk to people like me, who have been preparing business plans for clients for years.