The use of cryptocurrencies such as Bitcoin is still booming worldwide, while multiple applications appear with the Blockchain technology that supports it, which is creating business opportunities. Starting a business around this new industry may pose a high risk. However, it also suggests a massive potential for economic growth.
Profitable business ideas with Bitcoin are not challenging to find, this does not mean that it will be easy to generate money and obtain success, but that first step to finding opportunities that deserve to be considered, cannot become an impediment for anyone willing to invest their time and money in digital currencies.
Read also: What is the fastest way to buy Bitcoins?
Seven business ideas you can generate with bitcoin:
- Bitcoin ATMs
- White label business
- Bitcoin mining
- Franchise Opportunities
- Warranty agents
- Websites, applications, and businesses
- Consulting company
Let’s review some opportunities that may arise to do business with Bitcoin “off the shelf” as well as ideas in general that can inspire those who prefer to forge their own entrepreneurial path.
You could set up a business as a specialist in ATM operations, ATM, usually known as ‘Bitcoin Teller Machines (BTM). Operators who manage to place their BTM machines in the best locations report ROI for their initial capital in less than a year usually.
White label business
A white label business is while another company lets you take your product or service, marked under your own name, and presents it to the public as an independent business. You might think of white label Exchanges. If you’ve ever imagined creating your own cryptocurrency exchange website, then there are some significant advantages to going through the white label route.
The first is that a high-quality cryptocurrency exchange platform such as Tokens can combine and execute orders reliably at high speeds. It is somewhat complex and expensive to develop. The creation of a white label exchanger is a low-cost alternative to enter this business, but you must allow it to select the currencies and currencies you want to change, set your own rates and customize the user interface to suit your brand.
A second significant advantage is that these services generally allow you to share liquidity with other exchanges that use the same network. Build enough cash with a new exchanger to make it an attractive option for users; it can be very difficult or costly and risky if you provide liquidity on your own.
Mining is a very competitive business now, but that does not mean that new companies can’t succeed. The key to getting benefits from mining is that you need access to a low cost of electricity. Installation in an area with cold weather can also help reduce equipment cooling costs.
It is, however, a risky business that depends on factors that are difficult to predict. Moreover, that will probably require a high capital outlay for the equipment itself, so be sure to thoroughly investigate the market beforehand of establishing a shop as a miner.
The choice of the franchise route means that not only will you be provided with a product or service to sell, but you also have access to a policy and business plan. The rights to use an established brand that may have recognition of the brand, and be able to create your own advertising campaigns from which you can benefit.
The role of a guaranteed agent is that of arbitration over disputes. It may involve online purchases, independent contracts, or other commercial and business management. The process is simple: the payment is made to a Bitcoin address that requires two signatures from the buyer, the seller, and the guarantee agent to send a transaction.
Read also: How to buy Bitcoin: The step by step guide
If there is no problem, then the buyer and the seller sign, and the payment is made, but if there is any inconvenience, then the guarantee agent must choose whether to sign the fee or the refund. You can create a profile on websites like Bitrated to promote your services as a guaranteed agent.
Websites, applications, and businesses
There are many websites and different applications that could benefit you in integrating the digital currency of what they offer you. It is also possible to buy websites and apps for much less than in most other companies, and “launch” them in a reasonably short period of time.
The integration of digital currency for purchases from an application, or schemes as a reward to the user, or merely converting stores to accept payments in BTC, is maybe worth considering as ways to add value to an established company. It is not beyond imagination to think that some businesses outside the Internet, may present similar opportunities for an entrepreneur to add value in a short space of time by introducing the use of Blockchain technology.
You may have the necessary knowledge in the world of blockchain and cryptocurrencies, why not take a business opportunity on advice in this field. Both Bitcoin and the Blockchain technology that supports it, offer many opportunities, not only for the creation of a new business but also within established companies. Unfortunately, most companies do not know how to take advantage of them.
Not only does this stop at the availability of accepting payments in Bitcoin, but it could involve the use of the blockchain for low-cost notary services, such as an asset registry, smart contracts, and much more.
We hope to have been a contribution with this informative material about the business opportunities that you can generate around the best-known cryptocurrency: Bitcoin. With the emergence of blockchain, we find the most significant advance for humanity since the industrial revolution; you could take advantage of this boom and settle into this trend.