Building a business is great, but there are hardly any niches left. From e-commerce to finance and agriculture, every industry has thousands of businesses operating in it, making it extremely challenging to compete. So, does that mean you give up? Absolutely not! With the rise in digital economies, digital currencies are being looked at with great interest, and we think a crypto business could prove profitable.
Millions of retail as well as institutional investors love the idea of digital currencies, so a business in it might just make you a millionaire (or a billionaire). On that note, here are a few cryptocurrency business ideas you can pursue.
1. Build a Crypto Exchange
A crypto exchange is similar to a stock exchange. The only difference between the two is that instead of stocks, a crypto exchange facilitates the buying and selling of cryptocurrencies. With thousands of investors joining the crypto bandwagon every day, crypto exchanges are in demand and opening one sounds like a good idea. The near to long-term prospects of crypto exchanges seems more than promising, so there’s almost no probability that you might have to shut your business in the future.
WazirX, Coin Switch Kuber, and Binance are a few crypto exchanges in India that you check out before deciding to open your crypto exchange business.
2. Start a Crypto Payroll Service
If you’re more interested in a B2B business, start a crypto payroll service. A crypto payroll service functions as a normal payroll service; the exception being that employees get an additional option of receiving their wages in cryptos. It is a fresh take on the normal payroll service and could prove popular.
The business has a decent long-term outlook. Digital currencies are here to stay, and so by extension, is the crypto payroll service. A crypto payroll service makes its money by charging businesses fees per employee, which is paid monthly or annually. The other sources of income include charging fees for the various ways businesses want to fund their payroll and different wage distribution methods.
3. Open a Bitcoin Mining Business
While the risk-reward ratio of opening a Bitcoin mining business is high, it is an exciting business idea that is too compelling to ignore. To open this business, you’ll first need a few computers and a decent power source. You’ll earn money by computing hashes to verify Bitcoin transactions. The first miner to correctly audit a transaction earns Bitcoin as well as a transaction fee.
It sounds great, but the problem is that there are thousands of others doing the same thing. Also, the electricity usage of Bitcoin mining is quite high. An estimate on electricity usage alone puts each Bitcoin transaction computed at 215 kilowatts.
4. Start a Crypto Asset Management Service
The rise in crypto investors warrants a crypto asset management service. To open such a business, however, you’ll need good knowledge of cryptocurrencies or employ people who know how the market works. Some services that you could offer would include:
- Crypto financial planning
- Investment advice
- Cryptocurrency coaching
- Financial analysis