The evolution of the cryptocurrency industry has gained momentum recently, providing people with different ways to earn income. There are many business opportunities that support the cryptocurrency industry. To help you get started, we spoke with the experts who shared their bitcoin business ideas and how to incorporate bitcoins and/or other cryptocurrencies into your business.
Below are the top 25 bitcoin business ideas from the pros:
1. Build Decentralized Apps
Emin Gun Sirer, Professor & Founder, HackingDisturbed.com
It would be unwise to base a business on Bitcoin Core (BTC) because the system is prone to unstable and high fees, and its developers do not have a clearly articulated and justified roadmap for its future evolution. This means that they can, and have, drastically altered the technical roadmap to render certain business models inoperable. Instead, the sensible thing to do is to build Dapps, decentralized apps, on a smart contract platform such as Ethereum or Tezos. Peer-to-peer insurance is an area that is ready to be disrupted.
2. Start a Dropshipping Business
Roberto Garvin, Co-Founder, Mofluid
Dropshipping has gained good momentum recently, where businesses don’t have to pile up on inventory. The products are delivered directly by producers to end customers. Bitcoin has made it attractive for both Dropshippers and customers. Dropshippers can now tap customers who wish to buy using bitcoin, which means an addition to existing customer base. Though they don’t directly trade in bitcoin with customers—they take help from third-party bitpay service providers to accomplish transactions the easy way.
3. Build a Cybersecurity System for Bitcoin Transactions
Sophie Miles, VP of Marketing & Co-Founder, CalculatorBuddy.com
Since cryptocurrencies are digital assets and more difficult to trace than the typical payment systems, they are an excellent bait for hackers around the world, who have undoubtedly found various methods to steal a few cryptocurrencies without having to leave home. Companies that offer cybersecurity tools around bitcoin transactions will dominate the future of the industry. A secure system needs other systems that guarantee that security, so it should exist in a company that studies those hacks and makes a value proposal against them.
4. Start a Cryptocurrency ATM Network
Cory Sarrett, Consultant, Pelicoin
There is potential for cryptocurrency ATMs (and others like it) to be far more commonplace. The benefits of a cryptocurrency ATM are for the most part the same as a regular ATM—it’s convenient, relatively quick, and familiar. It’s also the easiest way to introduce somebody to crypto. As cryptocurrency expands, we expect to see more demand for cryptocurrency ATMs like ours. By getting cryptocurrency into the hands of more people, it’s possible for users to start shopping more regularly while using it in daily transactions.
5. Hold onto Your Cryptocurrency (HODL)
Ben Marks, Founder & CEO, Blocktrade Capital
Holding onto your cryptocurrency is probably the smartest way to earn money using digital currencies. Cryptocurrency markets have seen nine large-scale crashes in their history, only to rebound to a new high each and every time. The average crash saw a price drop of 64 percent, and more than half the crashes went on for 50 days or longer. The numbers don’t lie; even though doing HODL isn’t as fun as other investment strategies, bitcoin’s history has shown there is a near 100 percent chance prices will rebound to a new high after this current bear market ends.
6. Consider a Bitcoin Vending Machine
James Russell, Founder, FindBitcoinATM
Bitcoin vending machines offer a relatively easy entry into the world of bitcoin businesses. Compared to traditional vending machines, bitcoin vending machines are smaller in size due to not having as many internal parts, as they do not require a cash processing unit. Because of their small size, several convenience stores, cafes and even train stations around the world have found the space to fit them into their existing businesses. The types of products that the machine sells is entirely up to the business owner, and existing machines sell anything from candy to drinks to personal hygiene products. As the world transitions to a cashless society, these types of vending machines are likely to see continued growth into the future.
7. Build a Real Estate Company Using Cryptocurrency
Elie Rieder, CEO, Castle Lanterra Properties
Some of the latest research shows that over 21 percent of millennials in the UK and over 25 percent of millennials in the U.S. are choosing cryptocurrency over investing in real estate. Millennials, who may now be unsure of their bitcoin investment, should consider fundamentals. Why not find a real estate investment firm that takes payment in cryptocurrency? Or better, invest in real estate funds that offer a time-tested method that is also a socially responsible investment.
8. Start a Cryptocurrency Exchange Service
Ryan Orbach, Co-Founder, Bx3
Bitcoin is a borderless, peer-to-peer currency with exchanges that allow users to buy and sell the asset with just about any global currency, which allows users to seamlessly transition between international currencies without the associated delays one can expect from international bank transfers. A service provider could create a system where users would purchase bitcoin in their native currency through one exchange and then sell it on another exchange for the desired currency. This process would allow currency conversion to occur near-instantly, with low fees and at market price.
9. Start a Bitcoin Consulting Business
Richard Burton, Founder, Balance
Teach businesses how to buy, store, use, and account for their bitcoin and other cryptocurrencies. Right now, lots of people are using cryptocurrencies like bitcoin. In the near future, lots of business will do the same too. They will need a lot of answers to questions and they will pay for useful advice. If you can assist them in setting up an account on Coinbase.com, or pay for coding work using Gitcoin.co, and account for their holdings using TokenTax.us, not only will you earn really well, but you’ll also be of great help to them.
10. Promote Blockchain Products Online Through Affiliate Marketing
Evan Maslennikov, CEO, RunCPA
One of the most creative ways to build a business around bitcoins is through the promotion of blockchain products. The growing number of entrepreneurs trying to take their chances in crypto increases the competition for every client and token holder. To expand user base, many companies are ready to pay for new users who visit their website, register and become customers. Users who come from you will follow a unique link to the product (i.e., a referral link). The company owner would know that you attracted these users and pay you accordingly. You can do this through blogs, social media, or posting ads on the internet.
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