Bitcoin accidentally solved my startup's international banking problem
1–10 of 73 posts
Re: Bitcoin accidentally solved my startup's international banking problem
#2Interesting hack - Best of luck.
btw, would the ruling also cover in-app purchaes? Also, does the law which requires a mechanism to transfer ownership to be built in software (DRM etc)
Re: Bitcoin accidentally solved my startup's international banking problem
#3Why is this on frontpage? This website is so poorly designed and (probably) generates so little revenue that couldn't seriously be considered as a study case for Bitcoin substituting bank accounts for business.
Re: Bitcoin accidentally solved my startup's international banking problem
#4your scenario sounds like an ideal use case for a service we recently released, Coinvoice (https://coinvoice.com/). Coinvoice allows you to invoice in USD and receive Bitcoin (BTC) without forcing your customers to use BTC.
i have myself had a number of issues with banks in the past and can speak to the irritation it can cause when you're trying to do business. Bitcoin is a great way to get around banks that are uncomfortable with your line of business or that add too much complexity to your business.
Re: Bitcoin accidentally solved my startup's international banking problem
#5Why is this on frontpage? This website is so poorly designed and (probably) generates so little revenue that couldn't seriously be considered as a study case for Bitcoin substituting bank accounts for business.
Hey atmosx, the site is an MVP, but yes I agree the design needs work. The site itself and its revenue is irrelevant to the issue at hand. Any US citizen (or non-EU citizen) who wants to form a company in Europe is going to run into the same banking problems I ran into. Bitcoin can provide some relief for this issue.
Re: Bitcoin accidentally solved my startup's international banking problem
#6Why is this on frontpage? This website is so poorly designed and (probably) generates so little revenue that couldn't seriously be considered as a study case for Bitcoin substituting bank accounts for business.
Hey atmosx, the site is an MVP, but yes I agree the design needs work. The site itself and its revenue is irrelevant to the issue at hand. Any US citizen (or non-EU citizen) who wants to form a company in Europe is going to run into the same banking problems I ran into. Bitcoin can provide some relief for this issue.
haters gon hate :)
nice response
Re: Bitcoin accidentally solved my startup's international banking problem
#7Interesting hack - Best of luck. btw, would the ruling also cover in-app purchaes? Also, does the law which requires a mechanism to transfer ownership to be built in software (DRM etc)
Thanks! I'm not sure if the law would cover in-app purchases by themselves. However, you should be able to sell your used app which could probably include all the in-app purchases.
I don't know if the law requires a mechanism for transfer as much as it requires the software maker not to prevent transfers. So the process could be manual (via email), as long as a process exists. But a mechanism in the software or marketplace would make everyone's lives easier.
Re: Bitcoin accidentally solved my startup's international banking problem
#8And it creates several entirely new issues. Bitcoin for physical goods is usually safe as you can always claim it is a barter, but Bitcoin for online transactions if you are based in the US could turn in to a Mt. Gox like issues.
If you are small, your risk can be small. But if you are looking to be the next big thing or raise capital this would be a "risk" not a "solution" in most VCs eyes.
Re: Bitcoin accidentally solved my startup's international banking problem
#9And it creates several entirely new issues. Bitcoin for physical goods is usually safe as you can always claim it is a barter, but Bitcoin for online transactions if you are based in the US could turn in to a Mt. Gox like issues. If you are small, your risk can be small. But if you are looking to be the next big thing or raise capital this would be a "risk" not a "solution" in most VCs eyes.
I'm not sure that this would be a problem though because the scenario would be for an American citizen that is forming a company in the EU. So the US bitcoin laws should be bypassed and you'd just be dealing with EU laws regarding Bitcoin, since your company is based in the EU.
Re: Bitcoin accidentally solved my startup's international banking problem
#10your scenario sounds like an ideal use case for a service we recently released, Coinvoice ( https://coinvoice.com/ ). Coinvoice allows you to invoice in USD and receive Bitcoin (BTC) without forcing your customers to use BTC. i have myself had a number of issues with banks in the past and can speak to the irritation it can cause when you're trying to do business. Bitcoin is a great way to get around banks that are un…
That's very nice, congratulations. Isn't there a way to work around the risk of chargebacks? Requiring an "insurance" deposit and passing charges on to your customers, or holding payment for some amount of time?