CoinProfile
Coinprofile helps individuals and businesses receive payment
Last week, I announced on Twitter that we had processed our 100th transaction on Coinprofile and just a little over $28,435.53 in volume. Find tweet here: https://twitter.com/scozky/status/1270322720350363648.
We have tripled the volume this week and heading for our 200th transaction by this weekend.
When we launched a little over a month ago, we didn't expect this much volume. We couldn't have even dreamed of it. And to be honest we were not prepared for the amount of attention and volume our little money transfer app got. It was hard at first, but we got used to it.
We learnt a few lessons, and I'd like to share some of those with the Indiehacker community.
- You can never be ready to launch. So just launch.
- Fintech is brutal and you’ll most likely lose money in your first days.
- Focus heavily on satisfying each 1 customer. It means a lot and if they come back, then you’re doing something right.
- Great customer support is a super power. There's no better marketing tool. Your customers will spread word about your product like wildfire if you treat them well and make then feel special.
- It's better to have 100 returning customers daily, than to have 1000 one time customers.
- Spread the word about your product everywhere. Don't be shy, it's your baby. Tweet about it everyday. Post on LinkedIn, WhatsApp, Instagram, Reddit. No social channel must be spared. Trust me every one of them are useful and will bring customers.
- Take care of yourself. Eat well, sleep well, exercise, spend healthy time with people you care about. It'll help you get through all the craziness if you're growing super fast.
This is just the little token of lessons we've learnt. I'm sure it'll be different for a lot of other people, but this is our experience and we hope it inspires you to JUST LAUNCH.
If you'd like to check us out: https://coinprofile.co
We've been hard at work since the last time we posted an update here. We have launched two new products since then. One is a crypto payment gateway that anyone can plug-in to and build their products on, second is a way for anyone in the world to send money to a Nigerian bank account with Bitcoin.
We launched this product on Twitter, and the reception far exceeded our expectations! Here is the tweet:
We recently got featured on Betalist. It was a good listing and helped us grow our userbase by 200% over a day.
We applied for the listing through the Betalist website. And we had to wait for a few days for our listing to be considered and it finally went live.
We certainly advice checking Betalist out, might be a really good channel for growth for your startup too.
You can check here for details on criteria for getting featured: https://betalist.com/criteria
If you have any questions, let me know and I'll get you answers ASAP. Cheers!
We applied for the SendGrid accelerate program and got accepted!
We got credit worth $329.95/month (for 12 months). This will help us save a lot of cost for the next 1 year as we don't have to worry about paying for email servers.
In case you're wondering, startups participating in the SendGrid Accelerate program receive 12 months of product credit, access to mentoring, and networking opportunities exclusive to program participants.
They do not take equity of any kind. We highly recommend you apply for your startup. You can do that here: https://sendgrid.com/accelerate/
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oooh might try this! thank you
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Thanks for reminding me to do this!! SendGrid credits are totally worth it :)
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Totally worth it
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thank you for this link!
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You're welcome Arthur!
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that's great Bashir! Do you know other programs like this?
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Thanks, Luqa. You can actually find a lot of these on https://f6s.com. Though I found out about SenGrid accelerate by browsing through the site
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Wow, that's a great resource that I didn't know. Thank you, Bashir!
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Woohoo!
Congratulations! 🙌-
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Thanks!
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Nice
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Thank you!
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Hi guys!👋 Today, we officially launched our product on producthunt.com. The reception has been pretty good so far and we got at least 25 upvotes! Bugs were pointed out to us by some of the early users and we've fixed all of these. Still getting a lot of feedback and fixing as the day goes.
Here is our Product Hunt page: https://www.producthunt.com/posts/coinprofile. Please do leave an upvote 🙏
We started testing with a few users and the feedback so far has been amazing. We got a lot of suggestions in terms of security, and are currently implementing those into the upcoming update. We've also created a telegram group that beta testers can join here: https://t.me/coinprofile.
We've been sleeping on this idea for the past year. Finally got down to executing. Within 2 weeks, John has miraculously come up with a pretty good looking MVP! He worked mostly nights and weekends, and coded the whole thing in React + Node. He used Mongo DB for the database and Gmail for sending out transaction notifications
Took a few hours to rapidly prototype the idea. Nothing concrete yet, just a rough sketch of how the customer-facing site would look like. I've set the color, style, and typography I will be using going forward. The tool I've used for this is Adobe Xd, and will most likely use Zeplin for handoff
I run an OTC peer to peer exchange on telegram. There are verified trusted sellers that people buy from to avoid getting scammed. And this is one of the vectors that scammers use. On telegram, it's easy to clone a person and DM people to trade with them. The victim not aware, sends coins to the scammer and therefore loses their money.
I thought about a way to fix this by linking verified usernames to links with their addresses that can't be changed. Though, this is just a rough thought, that's how the idea for coinprofile came.
9 Comments
What are you doing from a regulatory compliance perspective? It feels like a lot of the friction your service is trying to eliminate from the money transfer process are things that are legally required by various anti-money laundering laws and other banking regulations.
We accept only Bitcoin. We do not accept Fiat currencies. We distribute only the Fiat from our local Bank accounts. This way we can more easily control who we send out money to and combat any kind of fraud, and we're also only subject to regulations in the local country of the receiver, not the sender. Asides from this, we also limit the amount of money that can be sent to a Bank account.
This comment was deleted 6 years ago
I understand your concerns about money laundering, but we have been in the OTC business since 2016 and have measures in place to make sure that we filter out the bad actors. Read my previous reply to the above comment.
Congratulations Bash. How much % do you make off that volume?
Thank you. Depends really on market forces, but between 0.6-1%
That's fair. What payment processor are you plugged into
We complete transfers from our local bank account. We also use Flutterwave for more flexibility
Amazing work, congratulations 🍾
Congratulations !
Loved your advices :)
This comment was deleted 6 years ago