Top 8 Potential Cryptocurrency Business Ideas for 2020
Cryptocurrency Business Ideas
We are living in the digital world and daily new technologies are evolving across the globe. Likewise, After the tremendous growth of the first digital currency(i.e, bitcoin). most of the people started to talk about cryptocurrency. It made a huge boom in many digital markets.
Bitcoin is the most popular digital money worldwide. Also, ethereum, ripple, litecoins, dash, EOS, and many other cryptocurrencies are available in the market. So startups and entrepreneurs started the business based on cryptocurrency.
In this blog, let us see the top 8 cryptocurrency business ideas for 2020 in detail.
What are the Top 8 potential cryptocurrency business ideas for 2020?
Start a Cryptocurrency exchange:
Building your own crypto exchange platform is the finest cryptocurrency business in 2020. First, you should know what is a cryptocurrency exchange platform. It is the website where you can buy and sell a wide range of cryptocurrencies in a hassle-free and secure manner. Already there are many popular crypto exchange platforms across the globe. Such as binance, coinbase, LocalBitcoins, and other exchanges.
If you are an owner of the exchange. Then you can charge fees for withdrawing, depositing, and transferring the cryptocurrencies. So you can use the trusted premium bitcoin exchange software to launch your own secured exchange platform instantly. There are different kinds of exchanges available in the global market. Such as
- Centralized exchange
- Decentralized exchange
- Hybrid exchange
- Order book exchange
- Ads based exchange
- Binary options exchange
Select the type of exchange you want for your business before launching them using the bitcoin exchange script.
Cryptocurrency crowdfunding(ICO, IEO, STO):
If you are a person looking to raise the funds quickly. Then you can use the crowdfunding strategy. Here investors from the websites will give you funds for your white paper project but it should be valid. There are three types of crowdfunding strategies such as IEO, ICO, and STO. ICO is the Initial Coin Offering and it is the website where many people will present their projects to raise funds.
STO is the security token offering. It is the security token sale platform where only the tokens backed with the securities will takes place. So there will be no scammed tokens. IEO is the Initial Exchange Offering and it is a module enabled in many exchange platforms. Here the projects will be verified by the separate team in order to avoid the fake projects.
So you can choose any one of the strategies to start your cryptocurrency business. But my choice for you to start an exchange platform with IEO feature by using the bitcoin exchange software to earn ample amount of profits
Creating a cryptocurrency wallet:
Crypto wallet is enabled in the cryptocurrency exchange platform to store and receive the cryptocurrencies in a secure manner. It also monitors the crypto in the exchange platform. Hot wallets and cold wallets are two types of wallet storage used in major exchanges. The hot wallet is an online storage and the cold wallet is offline storage. Most of the crypto traders use cold wallets for secure transactions. There are five types of crypto wallets in the market place. They are
- Mobile wallet
- Desktop wallet
- Hardware wallet
- Paper wallet
- Web wallet
So you can develop the crypto wallet for the people who need wallets for their exchange account and you can charge fees for developing. Also, you can charge fees for each successful crypto transactions.
Cryptocurrency lending is the finest business. If you are a crypto expert in the cryptocurrency communities and receiving a regular flow of cryptos from the various resources. Then you can lend your bitcoin or other cryptocurrencies to the users with the fixed interest rate. Cryptocurrency is used in many ways in the global market. Such as a token, payment or investment, for exchange, and so on. It has wide use cases in the crypto industry so there will be a need for cryptos. So you can lend cryptocurrencies to the various users and you can earn more profits in a short period.
Cryptocurrency MLM business:
Cryptocurrency MLM is the multi-level marketing business. It is a good crypto business for startups and entrepreneurs. There are many MLM businesses are present now in the global market. If you want to start this business then you must bring trust to your business. The smart contract is the only way to bring that trust. The smart contract brings a high level of trust to the users connected with MLM. also, most of the MLM business is ethereum based. So it is safe and secure to start an MLM business to earn profits.
Cryptocurrency escrow business:
Starting a cryptocurrency escrow business is the oldest and finest business idea in the crypto market. It allows the users the exchange the various crypto coins with the presence of escrow admin. Here the escrow admin will take care of the crypto transactions. Also, there will be a unique private key for each transaction so there will be no possibility for hacking and scams. So you can start the business by launching the escrow enabled services using bitcoin exchange software and make huge profits with less effort.
Online gambling with smart contracts:
It is one of the trending business in the crypto industries. There are many online betting and gambling games on websites and applications. Gambling with the cryptocurrencies is more secured, fast, and trustable than traditional online gambling. Every transaction happening in the online gambling is recorded through the smart contract.
Selling the services for cryptocurrencies:
Currently, there are many online shopping websites and applications. So many people buy products and their basic needs through online shopping. You can create a shopping website or application and list your products for sale. When a customer buys from you, then instead of getting money from them you can ask cryptocurrencies. So that you can earn more profits by starting this business.
Out of these business ideas, there are lots of ideas outside based on cryptocurrencies. So you can optimize and research in the crypto market before starting the business. But in my own opinion, you can start your own cryptocurrency exchange business by using the trusted bitcoin exchange software. I hope this blog will help you to start the extraordinary crypto business in 2020.
About the author
I am passionate to write about digital finance and the fintech sector. Yes, I am talking about the revolutionary currency - Cryptocurrency sector and blockchain. I would love to share the knowledge about those in this blog.