How to grow a Bitcoin SV marketplace
The low transaction costs of Bitcoin SV (BSV) are paying dividends for a startup called FiveBucks. It’s a digital marketplace that connects service providers round the world with customers. The starting price for a job is just US$5, paid in BSV.
The entrepreneur behind it is Getar Hoti, who started the business last year and has already attracted almost 500 people offering their services—everything from “I will create a powerful logo for your business” to “I will record a professional British voiceover” or “I will talk to you in Italian on Skype for 15 minutes.”
Thanks to the use of BSV, no money goes to payment processors. FiveBucks only charges 10% for connecting the freelancers with customers, not the 20% that “most freelance platforms charge,” according to Getar, “and long term, with what’s happening on BSV, we plan to decrease this more and more.”
Since the arrival of BSV after the hard fork from Bitcoin Cash last year, “We have been doing great, because in BSV you have this stable ecosystem, stable protocol, a strong market.”
Although the service provider may only get paid the starting price of $4.50 (after FiveBucks has taken it’s 10% or $0.50 from the initial $5), added services can soon bump up the final fee. Getar says he saw a tweet recently from someone who’d earned $105 on a job.
“By allowing jobs to start from $5, we allow these freelancers to make money until a big business comes to buy from them—because they can’t just wait for one big job every three months,” he says. “In the meantime they can do a lot of small jobs for smaller businesses which have simpler requirements, lower expectations and generate some cash flow. It’s important to think of $5 as a starting point.”
Getar has experimented with some other digital startup businesses and is a big supporter of BSV, because it “does things that no other cryptocurrency does—and the immense opportunity here is that nobody sees this yet.”
The biggest opportunity will be to move to on chain transactions, allowing serverless data storage. That means “you can save a lot of money for you and your customers …Businesses will love this.” For the moment, businesses have been “sucked into these dead ends …like BTC, BCH and others.” When they “wake up,” a lot of entrepreneurial activity on BSV will follow, Getar predicts.
Hear the full interview with Getar Hoti on this week’s CoinGeek Conversations podcast:
You can also watch the podcast video on YouTube.
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