The first word that comes to one’s mind when you think of cryptocurrency is the blockchain. This is the groundbreaking technology on which the Bitcoin, the worlds’ first digital currency, was founded. Cryptocurrencies are digital currencies that were developed using this complex technology. Today, this technology is driving many businesses in diverse sectors like healthcare. So, if you have been toying with the idea of launching a cryptocurrency business this year, you are making an excellent, albeit daring choice.
Top 7 crypto business ideas that you can consider:
- Crypto exchange: One of the easiest things to do is launch a cryptocurrency exchange. An exchange is essentially the trading platform for crypto coins; the site where crypto traders will buy and sell various crypto coins seamlessly and securely. For instance, you must have come across names like Coinbase, Binance, or LocalBitcoins. When you own an exchange you can charge traders fees for deposits, transfers, and withdrawals. You can choose from different types of exchanges like decentralized exchange, centralized exchange, order book exchange, hybrid exchange, etc. The Crypto exchanges are also linked to automated trading bots like crypto superstar 2021 via API.
- Crypto wallet: This is enabled by crypto exchanges for storing and receiving crypto coins securely. You can choose from hot wallets or cold wallets. Most traders prefer cold wallets or offline storage as these are more secure than online or hot wallets that are susceptible to hacks and thefts. Wallet options include mobile wallet, hardware wallet, desktop wallet, web wallet, and paper wallet. You can not only create crypto wallets but also charge fees for this and for every successful transfer.
- Crowdfunding: Crowdfunding is rather popular these days for raising capital to fund a startup or business idea. Here, investors from various sites will offer their funds for a white paper project. Crowdfunding strategies can be of different types, including ICO, STO, and IEO. ICO or Initial Coin Offering refers to a website where individuals will showcase their projects for raising money. IEO refers to Initial Exchange Offering where projects are verified by teams to avoid fake projects. STO refers to security token offering of the platform where exclusively tokens will be backed by securities. You may choose any of these to launch a crypto business. However, try the Bitcoin Profit app to have a good start with autonomous trading.
- Cryptocurrency lending: This business idea is easy if you are a crypto expert and have a steady inflow of crypto coins from multiple sources. You may start lending crypto coins like the Bitcoin in return for an interest. Crypto lending lets you lend your crypto coins to different users in exchange for profits in the short-term.
- Cryptocurrency MLM or multi level marketing business is a perfect business option for entrepreneurs and startup owners. To start this however, you have to introduce trust or credibility in your business and one can do this through smart contracts. Smart contracts guarantee trust to users associated with MLM.
- Cryptocurrency escrow business: This is a traditional but effective business idea for you this year. You can launch escrow enabled services with Bitcoin exchange software and allow users to exchange different coins in the presence of an admin. The admin monitors the crypto transactions and every transaction has a unique key. So, there is no chance of scams and thefts.
- Online gambling: Did you know that you can start a gambling business online using smart contracts? This would make crypto gambling secure, faster, and more credible compared to conventional online gambling in sites and apps. All transactions will get recorded in smart contracts making them tamper-proof.