Although cryptocurrencies are no longer something reliable and promising in the collective consciousness, minds with an entrepreneurial spirit understand that the cryptoindustry, which consists not only of notorious currencies and such a promising technology as blockchain, undoubtedly is a real Mecca for business and a good opportunity to make a fortune. And although there are already a lot of projects and companies in the sector, the ideal time to open your own cryptobusiness is still «now». So, if you are one of those who understand that properly programmed cryptomarket algorithms allow you to create a working business right now, then go ahead, this is your time!
However, before starting your own business you should pay attention to the details. For example, understand exactly what you want from your project, what goals you are pursuing, and whether your idea is interesting to someone other than you and your close friends. And remember, with more potential and relevance, comes a higher level of competition. And this is a factor that cannot be ignored.
What you need to do before you open a cryptobusiness
Stage 1. Preparation
Of course, first you need to research the market. Any competent businessman first examines the opportunities and risks and only then begins to develop a strategy. For example, by opening a cryptobusiness in China, you run the risk of getting seriously burned. During the entire time of the crypto hype, there was only one Bitcoin ATM in the whole country which was closed after the ban on ICO’s. Any investment in the Chinese market was doomed to fail — and this is just one example of what you should pay attention to before implementing an idea.
Stage 2. Legislation
It is equally important to get the opinion of the cryptocurrency experts as well as to communicate with lawyers. In order not to lose your investments before you start, you need to study the legislation of the country. Specifically in the legal field in which your business will carry out its activities. It is critically important for a business (and for a cryptobusiness in particular) to understand what is legal and what is not, and to be extremely careful. Many countries treat cryptoindustries differently and have their own peculiarities in the laws regulating (or trying to regulate) this sphere in one way or another. Therefore, consultation with experts will help you calculate risks and do everything as efficiently and safely as possible — most of all for you.
A million dollar life hack. Switzerland does not live on banks alone — for quite some time now, the country has been considered one of the most attractive places for a cryptobusiness. Why? The whole secret is in the relative simplicity of opening a company, liberal regulation, and moderate taxation. And, of course, the prestigious status of a Swiss company is a direct path to the hearts and wallets of potential high-quality investors.
Stage 3. Investments
At this stage, it is important to determine what kind of source of income you will have. The simplest way is to sell goods for Bitcoin, such a business can now be set up with about $20,000 in hand. But you may have other ideas and goals that will require larger investments. For example, creating your own cryptocurrency mining farm, why not? But in this case, you will spend a considerable amount of money just purchasing the equipment. One farm, as a rule, requires about $700,000 of investment. And this does not include personnel costs, site selection, and organization of the business process.
Stage 4. Credit organizations
Unchained Capital is one of the credit services that issues a loan in U.S. dollars for three months or two years with a security guarantee. The main disadvantage is the high interest rate, which as a rule is 10-15%. However, if your business is successful and profitable this will not only cover loan losses, but also bring you a sure profit.
Perhaps you will find other services that will become a source of initial capital with which you will begin to organize your own cryptobusiness.
The Most Common Business Ideas
Is it hard to come up with an idea? Take advantage of the experience of your predecessors — In the field of cryptocurrency directions have already been identified which are considered to be the most promising and profitable. It is worth considering some of them:
- Mining. Thanks to the emergence of new and more powerful equipment that can mine cryptocurrency, this idea has become especially popular. However, if you choose this option it is extremely important to responsibly address the issue of operation, i.e. decide on a region in which energy sources are not so expensive or are renewable. And, of course, do not forget to calculate in advance how much electricity and equipment you need to get into positive territory without such a problem… It can be difficult to succeed in this business given the growing complexity of mining, the price of cryptocurrencies, and the number of large players!
- Payment services. The number of countries and international companies that have the option of purchasing goods and services using cryptocurrency, instead of conventional bank transfers, is growing significantly. If your country is involved in this process, creating a profitable, convenient, and understandable payment service can bring you profit. And you will be able to work in two directions — to offer high-quality solutions to both buyers and sellers who want to integrate the new economy into their business.
- Bitcoin ATM. They are indispensable when a person wants to buy, send, or sell a cryptocurrency more or less anonymously. They have not lost their relevance so far. The industry continues to evolve, even though the number of transactions is growing, but the attitude to the cryptoindustry itself is still rather cautious — few are willing to invest in this environment. The most obvious advantage of a Bitcoin business is automation. You will only need to monitor the balance and make sure the ATMs work without failures. The downside of this idea is the strong dependence on the economic situation in the country, and even in the world. For example in the U.S., Bitcoin can be sold exclusively for dollars. Any fluctuation in a well-established currency will lead to a fluctuation in the exchange rate, and these are always risks.
The cryptoindustry is creating more and more new opportunities for the implementation of successful business projects, and people interested in this area are using every chance they are given. Many experts argue that a decentralized market will only grow in the future, and therefore investment in it is a profitable decision. Of course, no one can exclude the difficulties, risks, and losses that a businessman will have to face in every situation, but that does not matter whether it is a cryptobusiness or something more traditional. But it’s not for nothing that they say: «He who does not take a risk, does not drink champagne», right?