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Secure Crypto Currency Wallet Creation Business.

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Idea threads

tireddeveloper

New Contributor
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Oct 17, 2021
11
7
Earlier today this idea popped into my head so I wanted to post it here to see what some of you with more experience in business thought of this.

I came up with an idea for a service where I go to peoples houses locally and create a cryptocurrency wallet for them that has zero chance of being compromised when it is created. The reason I though about posting this is because right now there is a lot that could go wrong to where your private key is compromised during the creation of a wallet that stores your crypto currency.

For instance there are wallets like Metamask where you download the software and it quickly creates a wallet (public / private key) for you. Well when it does this creation, it makes calls over the internet to whatever blockchain you are creating a wallet on. problem is though, is that these calls over the internet are open to being compromised.

The difference my service would make is that there is no involvement of the internet when your keys (wallet) are created. So you know that there is no chance you private key was compromised. Provided you trust me to not being stealing the private keys when I create them for you.

Anyways, would love to hear feedback on this. Maybe this is too niche and people would not want it. In terms of cost I was just thinking like $100 or something as a charge due to drive time, cost of maintaining the computer plus some other things that are required to make it work technologically. Could be cheaper but I don't know what something like this is worth.
 
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kebman

Contributor
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Jan 21, 2022
31
31
Oslo
Earlier today this idea popped into my head so I wanted to post it here to see what some of you with more experience in business thought of this.

I came up with an idea for a service where I go to peoples houses locally and create a cryptocurrency wallet for them that has zero chance of being compromised when it is created. The reason I though about posting this is because right now there is a lot that could go wrong to where your private key is compromised during the creation of a wallet that stores your crypto currency.

For instance there are wallets like Metamask where you download the software and it quickly creates a wallet (public / private key) for you. Well when it does this creation, it makes calls over the internet to whatever blockchain you are creating a wallet on. problem is though, is that these calls over the internet are open to being compromised.

The difference my service would make is that there is no involvement of the internet when your keys (wallet) are created. So you know that there is no chance you private key was compromised. Provided you trust me to not being stealing the private keys when I create them for you.

Anyways, would love to hear feedback on this. Maybe this is too niche and people would not want it. In terms of cost I was just thinking like $100 or something as a charge due to drive time, cost of maintaining the computer plus some other things that are required to make it work technologically. Could be cheaper but I don't know what something like this is worth.
I'd say it's pretty easy to program your own Bitcoin wallet. I've done this myself. It was easy. But have you tried this, or do you work with someone who does? Have you tried making wallets for other blockchains? (I haven't so can't comment on difficulty there, but I'm looking into learning Solidity.)

What do you know about Trezor or other hardware wallets? I freely admit I know nothing about that! :D But do they make their wallets and keys offline? I'd say that's who you're competing with, concerning your idea. And perhaps those doing serious custody, if that's the way you want to go instead.

How would you take market shares away from them? How would you simply be better than them? And in what way would you market your product to the peeps who need it? And how would save them from losing their ledger off the gunwale of their yacht?
 

AceVentures

Platinum Contributor
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Apr 16, 2019
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Start with market research to understand your competition.

Look into Argent for example: mobile app with multi-sig social recovery wallets, neat UI/UX, direct bank to DeFi routes, routes to L2 networks, and more.

How does your setting-up-a-hardware-wallet-for-the-grannies compare to something like Argent?
 

CryptoCurt

Bronze Contributor
Speedway Pass
Oct 2, 2019
84
101
Germany
Earlier today this idea popped into my head so I wanted to post it here to see what some of you with more experience in business thought of this.

I came up with an idea for a service where I go to peoples houses locally and create a cryptocurrency wallet for them that has zero chance of being compromised when it is created. The reason I though about posting this is because right now there is a lot that could go wrong to where your private key is compromised during the creation of a wallet that stores your crypto currency.

For instance there are wallets like Metamask where you download the software and it quickly creates a wallet (public / private key) for you. Well when it does this creation, it makes calls over the internet to whatever blockchain you are creating a wallet on. problem is though, is that these calls over the internet are open to being compromised.

The difference my service would make is that there is no involvement of the internet when your keys (wallet) are created. So you know that there is no chance you private key was compromised. Provided you trust me to not being stealing the private keys when I create them for you.

Anyways, would love to hear feedback on this. Maybe this is too niche and people would not want it. In terms of cost I was just thinking like $100 or something as a charge due to drive time, cost of maintaining the computer plus some other things that are required to make it work technologically. Could be cheaper but I don't know what something like this is worth.
Please inform yourself about hardware wallets. This is the most secure wallet, I think your service would not fly.
 
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tireddeveloper

New Contributor
Read Fastlane!
Oct 17, 2021
11
7
I'd say it's pretty easy to program your own Bitcoin wallet. I've done this myself. It was easy. But have you tried this, or do you work with someone who does? Have you tried making wallets for other blockchains? (I haven't so can't comment on difficulty there, but I'm looking into learning Solidity.)

What do you know about Trezor or other hardware wallets? I freely admit I know nothing about that! :D But do they make their wallets and keys offline? I'd say that's who you're competing with, concerning your idea. And perhaps those doing serious custody, if that's the way you want to go instead.

How would you take market shares away from them? How would you simply be better than them? And in what way would you market your product to the peeps who need it? And how would save them from losing their ledger off the gunwale of their yacht?
This is a good point and frankly is kind of a hard question to answer without getting extremely technical. Maybe this wont do well since understanding my offering takes a lot of learning time.
 

tireddeveloper

New Contributor
Read Fastlane!
Oct 17, 2021
11
7
Start with market research to understand your competition.

Look into Argent for example: mobile app with multi-sig social recovery wallets, neat UI/UX, direct bank to DeFi routes, routes to L2 networks, and more.

How does your setting-up-a-hardware-wallet-for-the-grannies compare to something like Argent?
Yah this would probably not work for grannies because of the technicality of understanding what they are paying for.
 

tireddeveloper

New Contributor
Read Fastlane!
Oct 17, 2021
11
7
Please inform yourself about hardware wallets. This is the most secure wallet, I think your service would not fly.
I am actually a block chain developer and know all about this. These are not the most secure option because of the kinds of transmissions that occur to create a hardware wallet. However, your comment does help prove this is not a good business idea due to the technical nature of understanding what people are paying for. So I appreciate the comment thank you.
 
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Frinys

Bronze Contributor
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Speedway Pass
Oct 28, 2019
106
278
I am actually a block chain developer and know all about this. These are not the most secure option because of the kinds of transmissions that occur to create a hardware wallet. However, your comment does help prove this is not a good business idea due to the technical nature of understanding what people are paying for. So I appreciate the comment thank you.
Hardware wallets are extremely secure. I have no idea why you say otherwise. But, assuming that you are correct, your market will be highly educated people who understand why and how a hardware wallet is insecure. Those highly educated people will have the capacity of understanding basic elliptic curve mathematics.

Your marked may, instead of trusting you, sit down with pen and paper to calculate their own public/private key pairs. This is the only way to be 100% sure the key is uncompromised, and they will know this. There is a lot of risk in trusting a person, and why would those who don't even trust a hardware wallet, trust you, a complete stranger?
 

Bekit

Platinum Contributor
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Aug 13, 2018
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Yeah the biggest objection I would have to this kind of service is the need to trust you. Not only that you weren't holding on to my private keys, but also...you'd know where my house is! One guy having the addresses of a bunch of people who hold crypto... That factor alone would give me the vibe that it's more about social engineering than about helping me to be unhackable. I doubt there's anything you could say to overcome this objection and earn my trust if I didn't know you personally.

One direction you could take this, though...and this would open up the doors to a worldwide market and not just the people within driving distance of you:

Set up the instructions for how to do this (the steps you'd take if you went to someone's house and provided the service), and sell it as a $27 ebook. Then let people do it themselves.

I think that would get a lot of takers.
 

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