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Vishu Bheda
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Medial • 2m
Coinbase founder shares the Y Combinator advice that helped Coinbase find product/market fit The first version of any product rarely works, and that’s exactly what happened with Coinbase. When Brian Armstrong, the founder, launched Coinbase, it was just a simple hosted Bitcoin wallet. He posted it on Reddit, and while a few people signed up, no one stuck around. Instead of getting discouraged, Brian followed a key piece of advice from Y Combinator: “In the early stages, focus on two things—talking to your customers and improving your product based on their feedback.” He emailed 10 users who had signed up and asked for feedback through quick phone calls. One user said they liked the wallet but didn’t have any Bitcoin to use with it. That sparked an idea. Brian asked the user, “If there was an easy way to buy Bitcoin within the app, would you use it?” The answer was yes. So Brian spent the next few months building a “buy Bitcoin” button. This meant securing bank partnerships and legal licenses—a lot of work, but it was worth it. As soon as they launched the feature, Coinbase started growing organically every day without any marketing. That’s when Brian knew they had hit product/market fit. The lesson? Keep it simple: talk to users, listen to their needs, and iterate quickly. That’s how great products are built. Follow me for more valuable startup insights from the world's best founders!
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