Are you thinking of starting a new business? Of course, there are many choices. However, I am sure nothing can beat the power of cryptocurrency! Have you yet heard about the term?
If not, don’t worry; this blog will get you right.
Don’t get confused with bitcoin. Yes, it is too much digital money. But, cryptocurrency is more advanced than you think. The technology behind it is Blockchain. I will talk about Blockchain in some other day. Today, my focus is Cryptocurrency.
What is Cryptocurrency?
Cryptocurrency is a digital evolution of currency. It is developed with the most complex technology. Bitcoin is the initial introduction of digital currency. With Blockchain, Cryptocurrency has become an ideal business choice and for entrepreneurs.
I must tell you; it is daring to choose to start your journey with cryptocurrency. A digital product development company can help to facilitate your way. With a skilled IT consulting service, you can build 1the desired software. You can also sit with a Startup development company to initiate your dream project.
Have you considered clarifying all the essentials of cryptocurrency? If not, you must not skip reading. Look! Business needs to be strategic no matter what type it is. Consult with your Digital Product Development Company. Make sure to choose potential business ideas.
In the case of the digital economy, cryptocurrency is the ultimate game. Crypto coins are dominating across digital platforms.
Know The Market First
How many ideas you have regarding cryptocurrency? You know, all successful business happens when they master market details. The less one fear, the better result comes. The cryptocurrency business is stuffed with opportunities. The key reason lies behind the plan you choose. And how you execute the plan!
Statista reported 40% of traders are concerned about security. They also added 37% of business owners are anxious about high trading fees. Thus, there are many risks safety and high trending fees are considered to be the most prominent.
- 36% of traders think a lack of liquidity is a great issue.
- 33% find it difficult to accomplish customer support.
- 22% of traders are concerned about the lack of crypto pairs.
- 21% of business owners held an ‘inconvenient user interface’ as responsible.
There is good news for you. With technology, you can get robust security and find plenty of cryptocurrencies. In addition, it does not require high trading fees.
Don’t panic! The statistic is presented not to scare you. It is to provide a rough draft of the market. Moreover, when you know the weakness, you can perform well.
In the following part, I will share vital business ideas. Let’s get started!
Potential Cryptocurrency Business Ideas
1) Cryptocurrency Exchange
Building your own cryptocurrency exchange platform is the first step. It refers to the website. It is, of course, a hassle-free approach. You can buy and sell a wide range of cryptocurrencies easily. When you own a crypto exchange, you can charge fees.
At first, you need to launch a secure exchange platform. There are various types of exchanges available in the global market. Some of them are:
- Centralized change
- Decentralized exchange
- Binary options exchange
- Order book exchange
- Hybrid exchange
- Ads-based exchange
2) Creating a Wallet
Crypto wallet is enabled for exchanging platform that stores and receives the cryptocurrencies securely. There are two types of wallet storage used widely.
Hot wallet: For online storage
Cold wallet: For offline storage.
Crypto trader uses a cold wallet to make secure transactions. Five types of wallets are:
- Web Wallet
- Mobile Wallet
- Desktop wallet
- Hardware wallet
- Paper Wallet
- Mobile wallet
3) Cryptocurrency Crowdfunding
First, take a look at the crowdfunding modules:
- Initial Coin Offering (ICO)
- Security Token Offering (STO)
- Initial Exchange Offering (IEO)
Now what to do with this? If you build a crowdfunding platform, these will fill the gap. When you make sure to establish a connection between investors and startups, you are good to go. Excellent business ideas catch customer’s attention.
Are you looking for an easy fundraising solution? Crowdfunding is an apt way for you. It is similar to fiat currency. Most of the startups tend to face fundraising. It refers to rejection.
Crowdfunding platforms are ideal for making it visible to the audience.
4) Be a Cryptocurrency Consultant
For this role, you will have the following role:
- Financial statement analysis
- Proving investment advice
- Financial guide, plan, and advice
- Assist clients with a live coaching session
Are you interested in digital currency? If yes, then you must be having vast knowledge. Make use of it. If you are confident enough to guide others, a consultant is a great choice. The best part is, the service can be remotely controlled.
What are you waiting for?
Arrange for a registered agency.
5) Create Bitcoin Blog Site
By now, I understand you are interested in cryptocurrency! Do you love writing?
Then start your blog page. It is like an upfront investment business. You can deliver news, regular updates, development regarding bitcoin. You must put engaging content. Moreover, putting essential information on the business can take you further.
You need to stay updated. All recent news worldwide should be at your fingertips. For this business, you should be efficient enough to deliver fact-based news. This way, you can get a strong customer, who starts relying on you.
More Facts About Cryptocurrency
- Bitcoin accounts for 63.8% cryptocurrency market.
- Bitcoin costs $ 8,874 with a strong market cap of $ 143,584,911,738.
- Finivi reported, there are 5,201 crypto assets
- As of March, the crypto market capitalization costs $155 bn.
- Statistia reported a unique number. Almost 54 million Blockchain wallet users are there worldwide.
Thus, you see, there are so many options. For all business, execution plays a major role. Among the number of solutions, go for the one you like.
Are you confident now?
I suggest you start with proper background research. It is best to go with the best digital product development company. In the case of bitcoin and other cryptocurrencies, technology is the game-changer. So, Discuss with the Startup Development company to go further.
So, what’s holding you back?
Embrace proper technology support and give wings to your dream.
Guest article written by: Atman Rathod is the Co-founder at CMARIX Technolabs Pvt. Ltd., a leading Website and Mobile App development Company with 13+ years of experience. He loves to write about technology, startups, entrepreneurship, and business. His creative abilities, academic track record and leadership skills made him one of the key industry influencers as well.