5 Don’ts for Bitcoin Startups

Cointelegraph tapped into the experience of several startup founders to get an idea of things aspiring entrepreneurs should avoid when starting their own business in the cryptocurrency industry, which for many is still uncharted territory.

Before big banks began taking a serious look at Bitcoin, some visionaries realized the potential of this new technology early in the game. Many have since started their own companies, such as CoinBase or BitPay, while others’ ventures fizzled out or fell victim to “wild west” conditions of this volatile space.

So what are the most common mistakes that Bitcoin entrepreneurs make? In a follow-up to the 5 must do’s for any Bitcoin business, below are five things crypto startups should avoid to boost their chances of success in the new industry.

1. Don’t Push Your Product If It Isn’t Ready

This may seem like common sense, but far too many startups have made the mistake of promoting a product that’s not ready for market, or worse — one that’s not even operational.

Does your product work? If so, it will not only demonstrate to customers and potential investors that you are for real, but will also facilitate trust, and provide you with feedback that can be used for further improvement.

Simon Dixon, the CEO of BnkToTheFuture, an online investment platform that recently passed the $10 million invested mark for blockchain startups, explained to Cointelegraph:

"We love to invest in Blockchain businesses where we can play with the technology already. We like to see how customers are using it and what they are saying about it.”

Simon Dixon, the CEO of BnkToTheFuture

Without a tangible product, your idea might still attract believers and even lead to a