2018 was the year that many more people became aware of cryptocurrencies. Much of this new awareness was because of the media speculation around the ups and downs of their values and the emergence of blockchain technology into other industries.
There are many opportunities for new cryptocurrency businesses, and for existing ones to expand.
Apps For Quicker And Simpler Payments To Other Countries
Transferring money overseas can be expensive and take days to happen. The current systems are set up so that someone is making money at every stage of payment, generally banks or exchange agencies. It is the fact the cash has to pass through these middlemen that make it so costly and such a lengthy process.
With blockchain and cryptocurrencies, this does not happen. The charges are much cheaper and the payment reaches its destination within hours, sometimes it is even instant. Changing dollars into a cryptocurrency and sending them via an app is also much cheaper, as the middlemen are not used. The recipient then has the option of being paid in cryptocurrency or of having it converted to the currency of the country they are in.
The time and cost involved in transferring money this way has made it a popular option that more people are using and setting up an app and the required infrastructure is just one idea for a cryptocurrency business.
Bitcoin and all the other cryptocurrencies are as vulnerable as any other cash to being stolen if they are not stored in a secure place. Even seasoned traders often move their cryptocurrencies to a secure wallet until it is time to use them. Starting a Wallet-As-A-Service platform would need you to have somewhere secure to store users cryptocurrencies on their behalf.
If you can integrate the opportunity to make and receive payments directly to and from the wallets you can make money on every transaction. For storage purposes alone you could make your business work by charging a subscription fee.
Some people get nervous about using services such as this that is based on the other side of the world. However, if you have a local team they can chat to that can help to ease their mind. Having an overseas team can also help to develop the business further, but of course, you need to know the best way to manage an offshore development team for this to work. There is an excellent article on this subject on the Full Scale website and it gives tips to help you as well as explaining the advantages of this move.
There are many reasons why people seek crowdfunding, but often the donations are limited to the country of origin because it is too costly to make them from abroad. You could set up a business through blockchain that accepts cryptocurrencies for donations and then you open up the whole world for the users.
As well as you making some money from this venture, you could be helping people to realize their dreams. As the area money can be donated from would not be so restricted, they are far more likely to achieve the target they need.
Borrowing And Lending Cryptocurrencies
Borrowing and lending is a thriving business to be in worldwide. As more people search for investments with good returns this type of business has grown even more and it is expected that the global amount involved this year will be trillions of dollars.
It seems that Millennials are some of the biggest investors in this type of business and as they were the first to really embrace cryptocurrencies, the two seem to go hand-in-hand.
You would make your money partially through the interest that is being backed by the borrowers and partially through investments you can make with the cryptocurrencies.
If you have been in the borrowing and lending industry for a while you will have a good idea of how it a works, and the next logical step may be to start a cryptocurrency borrowing and lending business.
Cryptocurrency Vending Machines
As the world becomes more cashless, vending machines are reducing in size. When they do not need to have a cash-processing unit, they do not need so many other internal parts.
Vending machines that will accept cryptocurrencies are already starting to appear. Because of their smaller size, they will fit into businesses that might not have had room for traditional vending machines. They are being used to sell a variety of products from snacks and drinks to personal hygiene products.
A cryptocurrency exchange allows people to trade their cryptocurrency with others or convert them to other currencies such as US dollars or Euros. Because of all the media attention cryptocurrencies have received, more people than ever are trying this avenue and it is becoming difficult for the existing exchanges to cope. This means there is a great opportunity for new exchanges to start.
There is a ready-made cryptocurrency exchange script that will efficiently match all the orders and safely carry out the transactions. This has made it easier than ever for someone to set up an exchange, although you will need to invest in ensuring it is a secure platform.
Because of the ease of getting started, this is one of the most popular trending ideas for new cryptocurrency businesses.
Cryptocurrency Real Estate Business
Some of the latest research has shown that more than 25% of Millennials in the US opt for investing in cryptocurrency rather than spending their money on property. Sometimes, with the volatility of all currencies they can get a bit nervous about this, so finding a real estate agent that accepts payments in cryptocurrency could be the ideal solution for them.
Another idea would be to offer investments in real estate with the values all marked in cryptocurrencies. There are some time-tested real estate funds that offer a socially responsible investment, and these could be even better.
Cryptocurrency Consulting To Help Businesses
Cryptocurrencies are part of everyday life for some people but there are many more who do not really understand them or their pros and cons. You could set up a cryptocurrency consulting business offering to teach businesses how to buy, store and use them. There are already a lot of businesses that accept them, but that number will increase a great deal in the next few years and business owners need to know how to deal with them if they are not too lose out ion the transactions.
You can teach them what they need to know and help them to get it all set up. You will not only be earning good money doing this, but you will also be helping the business owners as well.
They Are Not Going Away
Cryptocurrencies and blockchain are here to stay. There are still a lot of different industries that can benefit from them both and as more of them realize that their use will grow even quicker.
As one economist said recently ‘Currently, Bitcoin is valued in US dollars, but there could come a day when US dollars are valued in Bitcoin’
This is a real possibility, although it is probably a long way off, but it does show how an online currency that can be used anywhere in the world could eventually become the mainstay of all financial markets.