Have you been wondering what types of bitcoin businesses you can start? If yes then you are not alone.
In every industry there are multiple businesses that you can start, is the same with crypto currency.
Since 2009 when bitcoin began there are many types of businesses that are associated with it. Some of this businesses have already produced multi-millionaires.
Do you also want to be a cryptocurrency millionaire? Then stick around to find out what type of businesses you can get into to make money.
What you should know all businesses come with their own risks but that should not keep you away from starting one.
Here are the types of bitcoin businesses:
There are two types of bitcoin exchange, there’s a bitcoin exchange that allows users to buy bitcoin, store it, and send or receive bitcoin. It’s business model is based on broker model.
Then are bitcoin trading platforms, where users trade bitcoin with other altcoins. They make profit if their trade goes their chosen route.
This is not an easy to start business, it requires a lot of capital upfront. There’s also lots of competition in this type of business.
And one other major issue with bitcoin exchange businesses is security. Users need to be certain that their bitcoin will be safe from hackers.
When it comes to making money with this type of business is easy, you can charge small fees for every transaction or every trade.
The more people use your exchange the more money you will make.
The most common bitcoin exchange sites include Coinbase, Luno, Kraken and more.
Bitcoin mining is the most thought of businesses by most people. But here’s a thing, this type of business is expensive to get into.
It also requires huge amounts of money to start. This business is no longer profitable for individuals like it use to be years ago.
Back in the day people use to buy small mining equipment and mine bitcoins in their own yards.
Now things have changed, you need to afford big mining rigs, huge compartment, and expensive cooling systems.
Another thing with bitcoin mining is that, it has become hard to mine bitcoins due to difficulty levels in the blockchain network.
If you have enough capital to buy all of the above including high electricity bill, then bitcoin mining is a business you can get into.
Bitcoin Cloud Mining
Whenever people talk about cloud mining they are bound to talk about scams or high yield investment program(HYIP)’s.
That’s because there are many sites promising to have their own mining equipment in some location. They then promise people to invest in their mining equipment and give them a share for every mining profit.
It promise to give people good returns on their investment. This type of business only work for scam-stars.
Build Mining Equipment
If you have the know how on building electronic equipment then building mining equipment can be a good business for you.
There are many bitcoin companies and individuals looking to get in to or upgrade their current mining hardware.
You can create those type of hardware and sell it to them.
So of the hardware might take time to build and might require a lot of research.
But if you have time and capital to support the business then this can be a profitable business for you.
Bitcoin CFD Trading
A bitcoin CFD trading business is similar to the bitcoin trading platforms. Here individual often trade bitcoin against fiat currencies.
There are many people who want to trade in a reliable cfd trading platforms.
Creating one can profit you as it brings good profits. You will also need a high volume of traffic and find more traders.
This type of platform requires safe security and management. Is very important to use powerful severs with a 24/7 up time.
Bitcoin Information Sites
A bitcoin information site can be created in many ways. It can be a site that provides the latest news in the cryptocurrency space.
Or can be a site that teach people about crypto currency covering altcoins.
Either way, you can get traffic to your site and monetize it and turn it into a business.
You can share all types of content related to the industry and write high quality content.
Some of the bitcoins news sites are Coindesk, Cointelgraph and Bitcoin.com.
Bitcoin Information Products
Are you good at creating informational products?
There’s a shortage of bitcoin or crypto-currency information products. if you are good at creating those types of products then this business might benefit you.
There are many types of products that one can create and sell online for bitcoin. Some example of information products are learning courses, e-books, podcasts, and educational software.
This types of business requires a lot of work up-front. It might take time to build but once built it can sell like hot cakes.
You might have to sell your products on amazon, Clickbank or use a bitcoin trading platform like Bitify.
Another great strategy is to create a affiliate program within the information product.
That will allow other people like online marketers to promote it for you. You can pay them commission whenever they make a sale.
Bitcoin Hardware Products
Apart from the bitcoin hardware wallets and bitcoin mining equipment there’s still many other products that you can create.
There are people who would prefer to drink their coffee in a bitcoin or cryptocurrency printed on their coffee mug.
You can even come up with you unique products created from nothing. Bitcoin physical product businesses will still be profitable many years to come.
Bitcoin casino, Gambling or Sportbooks sites
Casino and gambling sites have been around for a long time, and they show no sign of going doing. So creating your own bitcoin gambling site can a great business.
Gambing is a multi billion dollar industry, and bitcoin makes it easier for gamblers to make transaction anonymously.
For every game you create and more users you find the more profits. An example of a bitcoin casino and sportbook site is CloudBet.
Bitcoin faucets have been around for a while. The idea of bitcoin faucets came from the old method of solving small online problems and earning a few cents. You can use a faucet to get traffic by giving away small amounts of bitcoins in Satoshi.
In the crypto industry people earn bitcoin or other altcoins instead of regular money.
You can create your own faucet and give away a few bitcoins and attract advertisers to your faucets.
The more traffic, the more advertisers the more money you will make with your faucets.