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Crypto Education, Cryptocurrency, Featured

The Best Crypto Business Ideas in 2021

Cryptocurrencies have been in existence for over a decade. Meanwhile, it has just been a few years since it acquired mainstream prominence. For entrepreneurs, there is still time to gain massive returns off of it. The question is how. Trading and investment options are always available. An alternative route is divesting your resources and setting up a crypto business. This article will shed light on the popular crypto business ideas that have good future potential. 

Crypto-based Business Ideas are Booming Big-Time

Cryptocurrencies are built upon blockchain platforms for swift, efficient and secure operations. The underlying technology is considered an emerging gamechanger- capable of revolutionizing entire operation processes. Major corporations have already started blockchain implementation and achieved tremendous success. In comparison, crypto-based businesses are mostly nascent sectors with plenty of untapped potentials. 

This is the right time for the entrepreneurial investment and gets an early headstart. Countless startups have utilized crypto-based business ideas and are now receiving attractive returns and revenues. A business operation is better in the long run- it becomes a source of revenue generation. As with any business, it is necessary to conduct the right research and select the right audience market. 

Also Read: Crypto Investment in Brazil Crosses $4 Billion Ahead of Legalization Talks

Crypto Business: Business Ideas Involving Cryptocurrency

  • Day Trading

Daily traders make great returns on investing in cryptocurrencies. The cryptocurrency market is capable of reaching significant highs and lows within 24 hours. Experienced traders take advantage of these wild swings and use them to maximize returns. The transaction charges are a fraction compared to exchanges like forex or stock exchanges.

Unfortunately, the wild swing also means crypto day trading is one of the riskiest business ventures. It is not an investment avenue where you spend all your life’s savings. The lack of education eligibility means anyone can begin crypto trading and with low startup capital. Traders should be prepared to accept losses, if any. 

PayBito is a global cryptocurrency exchange platform that facilitates trading in leading digital assets, fiat denominations, and vice versa. It is a great platform for beginners, with one of the lowest transaction rates for takers and makers. 

  • Building Your Own Cryptocurrency Exchange

Building a cryptocurrency exchange requires planning, research, and capital. Then again, these aspects are common for any long-term ambition. The exchange acts as an intermediary between the buyer and seller in exchange for a small transaction fee. Popular exchange types include:

  • Decentralized Exchanges
  • Centralized Exchanges
  • Hybrid Exchanges
  • Binary Options Exchange 

One of the basic requirements for building a cryptocurrency exchange is the underlying software. It is the basis of all operations, and thus the platform needs to be highly secure(capable of preventing cyber-attacks, etc) and functional. 

Global blockchain development frontrunners HashCash Consultants create white label cryptocurrency exchanges for businesses and enterprises looking to set up their own digital asset exchange. Consisting of the latest features in performance, security, and utilities, the customizable white-label security solutions save space, resources, time, and trials. The project has been used in several countries with a high level of success. 

Also Read: El Salvador-Based Financial Institution Considers Hashcash For Crypto Exchange Software Development

  • Building A Decentralized Payment Gateway

With increasing global crypto adoption, businesses are looking forward to joining in on the crypto revolution. A decentralized payment gateway has several benefits over 3rd party credit card or payment processing applications. To start things off there is no intermediary, and thus the transaction charges are much less.  

A crypto payment gateway is responsible for the payment conversion from crypto to fiat(usually Bitcoin). When a consumer decides to pay using crypto, the gateway stabilizes and converts the crypto value into a fiat denomination. The converted amount is initially routed to the issuer’s bank account. It is then approved for settlement and finally sent to the merchant account. The entire process is much faster than conventional payment processing sources. 

Revenue generation occurs through transaction fees. With major governments legalizing Bitcoin all over the world, the crypto payment gateway has great potential as a business. 

For those wondering how to conceptualize the idea into reality, blockchain developers also offer customizable crypto payment processor platforms.

  • Online Crypto Courses

There is still a lot of myth surrounding cryptocurrencies. Historically, most new innovations start off facing irrational skepticism and fear. Blockchain and cryptocurrency have the potential to revolutionize the entire financial structure system- and thus there are a lot of naysayers. The proliferation of smartphones and the internet has been a boon for online education. Combining the two, there is a lot of scope for online crypto courses.

Recent worldwide events indicate that the impact of blockchain and cryptocurrencies can no longer be denied. With increasing legalization and adoption, more and more people are viewing cryptocurrency as a great investment tool. Thus, online crypto courses are trending.

Beginners and crypto enthusiasts have a lot of questions regarding cryptocurrencies. An online educator can provide a solution to these through a crypto website, online courses featuring prerecorded teaching materials, live webinars, and more. Written materials can also work as a base for knowledge. The profits arrive through course fees- a potentially infinite channel. 

Things to remember while setting up your Crypto Business

The crypto market audience is broad and varied. Studies may indicate millennials to be the most likely audience, but that does not mean Gen Z or the preceding generation should be left out. Rather what should be done, is specifically focus on a target audience while starting, and progressing along the way.

  • Set up the Right Target Audience

School students trading in crypto may trade with a budget capital between $20 and $50. The same portfolio valuation for seasoned investors may exceed millions of dollars. Targeting small-time or crypto beginners is not bad if your crypto business idea succeeds to capitalize. The crypto taxation business is specially tailor-made for businesses who are looking for the right way to file taxes for cryptocurrency possession and/or trading. 

  • Make Realistic Targets

In the case of other businesses, it is good to remember that the crypto trading markets always carry risks owing due market volatility. It is never wise to invest a significant section of your savings in cryptocurrency. Set practical and realistic goals- incremental growth is much better than all or nothing. 

  • Get The Right Legal Counsel

Legal regulations and complications surrounding cryptocurrencies are plenty. Bitcoin legalization is happening across several countries, bringing forward a change in legal structures. Businesses associated with cryptocurrencies must ensure proper and timely filing of document papers. Seeking legal counsel is thus the best move forward.

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