Business ideas with Bitcoin
Launched in 2009, Bitcoin recorded a similar evolution to the development of the Internet. It has gradually gained a growing popularity. The characteristic that attracted most investors was the significant increase in the value of this cryptocurrency. If in 2010 two pizzas were purchased with 10,000 Bitcoin, in December 2017 the BTC value reached $20,000. The price explosion drew extremely many people into the Crypto rollercoaster, which is trying to find its place on a volatile market. The phenomenon has facilitated the emergence of a multitude of business ideas with Bitcoin for those who have learned how the most interesting financial revolution of the century works.
So what kinds of activities can offer opportunities on the crypto market?
The first thing a rookie does is look for an expert to advise him. For those who have learned earlier about Bitcoin and have already learned how the market works, this is an opportunity to become local experts. So here, on business ideas with Bitcoin, you can become a local consultant in cryptocurrencies. So you help others start trading Bitcoin.
Microtasks in exchange for Bitcoin
Currently, there are many platforms that reward participants for various activities and small tasks in cryptocurrency. Bituro, Bitcoin Rewards and Coinbucks are just a few examples. Some tasks do not require specialised knowledge.
You need to visualize promotional clips, complete market surveys and questionnaires, or test applications.
Other activities require specialized programming knowledge (such as identifying code bugs). There is therefore room for all levels of preparedness.
Marketing of products and services in exchange for Cryptocurrencies
Another Bitcoin-based business idea is addressed to those who have commercial inclinations. The sale of goods and services for cryptocurrency is relatively simple, with the help of payment operators such as Bitpay or Purse.
You can create your own site to promote on social media, or you can accept Bitcoin if you already have the site.
Buy and store/hold Bitcoin
For those who think long-term, investing in Bitcoin is extremely advantageous. The price of the most famous cryptocurrency has risen from 0 to $20,000 dollars in less than 10 years.
Even with the decline recorded this year, investing in Bitcoin has the potential to represent an important reserve of funds for later.
Even if you missed the opportunity to buy Bitcoin at derisory prices, an investment made now can offer benefits in the coming years.
Trading on LocalBitcoins.com
If long-term investment requires too much patience, you have the opportunity to take advantage of price developments on localbitcoins.com-type platforms.
They allow us to trade Bitcoin for fiat coins through individual transactions, called Over-The-Counter trading (OTC).
This is a popular method of trading because it’s fast and offers various methods of payment. Hundreds of commodity merchants from around the world make profits on Localbitcoins by becoming decision makers (buyers and sellers in Localbitcoins).
Bitcoin Escrow Agent
If you’ve managed to get a good reputation as a crypto trader, you can exploit this opportunity to establish yourself as an escrow agent. In general, the role of an escrow agent is to referee disputes that may involve online purchases, independent contracts or other trade and trade agreements.
As a Bitcoin escrow agent, you will register the payment of the transaction for the seller. You will also store the funds until the transaction is confirmed by the buyer.
Payment is made in a Bitcoin address that requires the signatures of the buyer, seller and escrow agent to send a transaction.
If there is no problem with the transaction, then the signature and payment are made automatically. But if there is a problem then the escrow agent must choose whether to sign the payment or refund. You can create a profile on sites such as a Bitrate to promote your services as an escrow agent.
Launch a crowd-funding website with Bitcoin
Like Fiat coins, Bitcoin offers businesses and individuals a powerful tool to raise funds for a future or existing project. As an entrepreneur, on business ideas with Bitcoin, you can launch a site designed to help people raise funds in crypto-currency from a large donor community.
A crowd-funding campaign allows you to decentralised the funding process by involving a large number of supporters. By accepting Bitcoin as a payment method for your campaign, you can decentralise things even more. You can reach a global audience.
Launches a Bitcoin company and accept cryptocurrency as payment
Many people who want to enter the crypto world want to set up their own companies that focus in this area.
In general, commissions for these services are paid out in cryptocurrencies. You can also offer this service as an individual entrepreneur. Whether it is a marketplace platform, an auction site or a betting website, the possibilities are endless. On the market there will always be room for new business ideas with Bitcoin.
Accepting crypto as a method of payment will be a novelty that will attract the curious audience.
The latest trends in multiplayer online games have led to the creation of a very viable gaming experience. A major part here is the random rewards for rare items in the game.
These elements can be freely exchanged between players. Because rewards are random, creators do not promote the direct sale of designated items. They only sell “boosters” to increase the chance of getting them.
This phenomenon can be framed to business ideas with Bitcoin, for those willing to sell these rare items. Since cryptocurrencies have high popularity among gamers and online games, as with other Bitcoin business ideas, you can opt for selling rare items for crypto payments.
You can do it directly on existing platforms, or you can create a specialized platform if you have the specific knowledge needed.
Operate a Bitcoin vending machine
The operation of a vending machine that distributes drinks or other products is similar regardless of the method of payment chosen. A relatively simple business idea to implement is adding the payment option with Bitcoin.
It presents an advantage because some people simply stop using cash. And cryptocurrencies only require a mobile app.
As the use of cash continues to decline, an increasing opportunity has emerged to replace coin systems with new machines capable of accepting alternative payment methods.
There are already vending machines available for purchase that support both credit/debit cards and Bitcoin. You can buy an automatic vending machine that accepts crypto and thus achieve a passive income stream.
Manage a Bitcoin ATM
If you have enough capital, a more profitable way to business ideas with Bitcoin is to manage Bitcoin Teller machines (BTM). The fees charged by BTM revolve around 5-10% per transaction. In some cases, the fees are much higher.
Operators who manage to place Crypto ATMs in the best locations often report a return on investment for their initial capital in less than a year. These machines do not occupy too much space so that rental locations would not cost so much. However the cost of the ATM and the cost of pumping up the ATM with Bitcoin can be expensive.
There is a wide range of ATM’s available for purchase and usually allow you to set your own fees at the desired level. Some machines will also allow you to connect to a third-party exchange through an API to manage your currency risk. Keeping your reserves, both BTC and cash, at a constant level.
Make sure that the ATM’s are adjusted, in accordance with local legal regulations.
Development of Smart Contracts
The concept of smart contracts was originally designed by researcher Nick Szabo in the years 90.
Smart contracts are contracts that use software and protocols to facilitate, verify or execute the negotiation or execution of a contract, eliminating any third-parties/laws. If you have the knowledge and experience, you can write software that will be deployed on a large, decentralised network such as Bitcoin.
You can create smart contracts on the Bitcoin blockchain to enforce contractual pricing agreements and reduce the risk of volatility of gross prices.
Smart contracts have the potential to replace archaic paper contracts in the future. Moreover, it provides dynamic agreements that link to technological systems.