There will be a time in the distant future when cryptocurrencies will eventually take over fiat currencies to become the de facto medium of trade across the world. Right now, the cryptocurrency market is somewhat in its infancy, with many people unaware of its benefits and yet many others outright rejecting them. However, with growing interest and acceptance of these virtual currencies there is no doubt that dealing in or dealing with these can be an exciting business prospect. We have here some of the business ideas that you can deal in if you have the entrepreneurial spirit in you in the new year with a new beginning.
Cryptocurrency exchange business
With an increase in people getting interested in cryptocurrencies, the current crop of Online Cryptocurrency Exchanges are seeing an uptick in the number of transactions they handle every day. This is a way you can enter the market. With more and more people investing in cryptos, the demand for a legitimate cryptocurrency exchange is increasing. You can set one up while ensuring that it caters to all the demands of the customers while also being profitable to you simultaneously. You should ensure that the exchange can help your customers buy cryptocurrencies by paying in fiat currencies or exchange one cryptocurrency for another.
However, one thing that you have to pay close attention to is the security of the transactions. You have to instill confidence in your customers that transacting through your crypto exchange will be secure and fast and there will be no chance of losing money while transacting.
Just like how cash ATMs revolutionised the way we looked at banking, the same can also be done with cryptocurrency ATMs. This is a fairly new concept, in fact, in 2012 there was just one Crypto ATM whereas now there are over 2000 of them spread over the world. This requires quite an investment, and you need to strategically select the right places to keep the ATMs where there is the chance of people using them. You also need to make sure that the ATM is always connected to the internet and is stocked with banknotes at all times.
Once you decide how you aim to own and operate the range of ATMs, then you can decide on the commission structure and how you aim to manage the risk of operating such a business. Based on the customer’s response, you can then proceed to expand the business by adding more ATMs as needed.
Bitcoin borrowing and Lending business
There is always demand for borrowing services as more and more people have disposable income to use. Investors are looking for avenues to invest where there is lesser risk and higher chances of returns. For such people, you can start a Bitcoin (or other cryptocurrencies) lending and borrowing business which can give high returns by using EVONAX.
For this, you will need to develop a software which can manage customers demands, remind them about payments and calculate the amount of money due. This business can be ideal for those who have been in the fiat money lending/borrowing business for quite some time now.
These are just some of the ways you can start a business with cryptocurrencies. As they get more and more popular, the avenues for business with these virtual currencies will also increase. This is one part of the virtual economy which has the potential to create a lot of jobs for the future.