While the whole world is going through an ordeal right now, many of us are busy thinking about the future one the battle with the Covid-19 is over.
In this article, we are going to focus on the 5 cryptocurrency business ideas that can change the scenario for entrepreneurs altogether. But before doing that, we will do some digging into the facts that make this domain so promising.
For the last few years, we have seen the immense success of the crypto-based business and their success has inspired plenty of aspirants around the world to follow the suit.
If you are an entrepreneur and looking for an opportunity to establish your business with the brightest aspects, then you have to consider the possibilities strewn with this technology and we would help you recognize them.
With the help of this technology, you get to accept the groundbreaking concept of a blockchain that gives way to decentralization.
It paves the way for your enterprise to look into all the aspects that make decentralized distributed ledger the most valuable asset for your business.
There are multiple reasons behind choosing cryptocurrency as the means for reaching the zenith of any domain.
Cryptocurrency is a technology that makes digitization more feasible and lucrative for every enterprise. It gives you many benefits that make the operations swifter, easier, and more transparent as well. However, to make all of this possible, it is a must that you employ the most outstanding cryptocurrency development services. Before working on this technology, you need to keep various things in mind and one of them is regulation. There are only a few countries that have allowed the trading of cryptocurrency and consider it a viable option of investment.
Therefore, you need to choose a country that makes your crypto initiative more far-reaching and effective for everyone.
If you look at the trend of crypto adoption in some countries, you will know that it has got a major push from governments and then the entrepreneurs. These entrepreneurs should be credited for making this technology more feasible for different lines of work.
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Table of Contents
Here are the 5 cryptocurrency business options that you can consider for your startup:
1.Cryptocurrency Exchange Platform
It is not possible to buy or sell cryptocurrency without an exchange which makes this platform essential for every crypto user. Therefore, there is already a slew of exchange platforms in the market and many more are ready to be launched. Seeing the current trend of cryptocurrency growth, it won’t be wrong to ascertain that an ample number of exchanges will be required. If you are an entrepreneur and thinking of establishing your startup in this sphere, then the crypto exchange is definitely a great option. With this vehicle, it is possible for you to gain traction in the market and attract a maximum number of crypto users.
However, you need to understand all the aspects of this solution before digging deeper into it. First of all, be familiar with different ilks of crypto exchange:
Decentralized Crypto Exchange
Centralized Crypto Exchange
Hybrid Crypto Exchange
Decentralized Crypto Exchange
A decentralized exchange is those platforms whose working is not controlled by the owner or admin. It works on a blockchain network and works on peer to peer architecture, it does not give any scope of controlling the transactions in any possible manner. With these exchanges, it is very easy to gain the confidence of users because they know that everything is managed by an open-source mechanism and not by an individual. It has become a go-to option and many crypto traders look for a decentralized exchange to begin their trading.
Centralized Crypto Exchange
Opposed to the decentralized exchange, this one gives a significant level of control to the admin or the owner of the platform. Now it may sound adverse to the structure of blockchain but it makes the working of the exchange very familiar to a large number of traders who are used to a centralized mechanism. Since we have been familiar with this structure for centuries, it gives a sense of assurance to traders before buying or selling the coins that if something goes wrong, there is a person whom you can report it to. And it is really very helpful in some actions that necessitate overlooking from a third party. Events such as failure of a transaction or handling a large trading volume can be done effectively when there is an admin who overseeing the working of the platform. When you use this mechanism, you get total assurance of safety and security as well. In case there is an issue in the wallets or something else, it can be instantly fixed sans any delays.
Hybrid Crypto Exchange
As the name suggests itself, it is a model that is made with a combination of centralized and decentralized mechanisms. These exchanges have unique features and they make the entire working of the platform quite seamless. Since they bring two concepts together, they give you the benefits of both the models that are popular among users.
However, before you start the development of hybrid exchange, it is essential that you team up with experts who are aware of both the model and know how to make a mix of them.
Step-by-step guide for developing a cryptocurrency exchange:
- Delineate all the targets that your business wants to achieve and find a solution that will help in meeting them.
- Determine the country in which you want to launch your crypto initiative.
- Decide the cryptocurrency exchange script which would be employed to build the platform.
- Start working on the aspects of customization and ascertain the segments that have to be made different from the original program. Also determine the trading feature, supported cryptocurrencies, trading pairs, etc.
- Be sure about the UI/UX of the platform and start working on the features as early as possible.
- Consider the upgrade of features on a timely basis to make the trading experience better for the users.
- Try to achieve more liquidity and trading volume to attract the maximum number of traders to join your exchange.
- Switch to a clone script for better exchange development
Needless to mention, you need to be clear in your approach when it comes to choosing the best option for developing the exchange platform. A clone script is like a format or structure of a renowned exchange that can be copied for making a new platform. With the help of this script, it is possible for you to make your initiative as promising as the original and that’s why the usage of clone script has significantly increased in the past few years. The most popular exchanges like Binance make their clone scripts available to developers and it is quite possible to make a platform just like the former.
There are many benefits of using a clone script, first of all, you get an off-the-rack model that does not need rework. You don’t have to rack your brains to come with something different because you know what you are working on is already accepted by the crypto users. It saves plenty of effort and money at the same time when it comes to making your platform more innovative, you must things more innovative and clone scripts make it possible.
In the past few years, the popularity of crypto exchanges has increased and this has resulted in the emergence of multiple clone scripts. Today, there are many of them available and you can choose one of them on the basis of your preference. But before choosing it is a must that you are aware of the working of all these platforms, otherwise, you might end up picking an inappropriate model.
Here are the few clone scripts that have been highly in-demand among the entrepreneurs because of the great features of the exchanges:
1.Binance Clone Script
- LocalBitcoins Clone Script
- Coinbase Clone Script
- Remitano Clone Script
- Paxful Clone Script
Things you need to take care of while carrying out an exchange development process
There is already a surge in the usage of clone scripts and its usage is becoming more prevalent now. Other than the proper implementation of this script, it is essential that you consider all the additional factors that make the exchange more feasible for the users. These features also help you in making your platform innovative so the traders are keen to use never-before-seen things.
Here are some of the attributes that you have to induct into your platform in order to gain better control over the functionality aspects:
- Availability of a mobile version of the software
- A proprietary token that could be traded
- Compatibility with multiple coins
- LaunchPad
- Offline and online plugins for trade
- Crypto wallet integration has to be robust
- Token options will be listed
- Integration of crypto trading bot
- Functionality of margin trading
- Options for future trading
With the exchange script and perfect features, it is possible to make your crypto exchange successful. Also, you need to associate with the most talented developers.
- Cryptocurrency Lending
This is a new concept that has become quite popular lately. It works just like the lending of fiat to money to another person or institution and receiving interests from it. However, this concept gets lucrative when you practice it with crypto coins because of the higher interest rates.
By using a blockchain network, then lending of coins gets optimized and you get to review all the aspects of this technology and your business easily. It emerges as one of the most reliable options of investment and gives you immense opportunities for growth. Since the crypto sphere is itself in a nascent phase, those who are starting this business will be greatly benefitted in the future. There are even possibilities of establishing big crypto lending firms that will make huge profits by offering this special service.
Course of Action:
At first, ensure that you have plenty of cryptocurrencies to start the lending service to potential clients.
You will have to register yourself as a lender with a cryptocurrency exchange website that offers this service.
Once the registration is done, you are free to choose the lender on your conditions.
Benefits:
You can individually lead a successful business and expand the clientele effortlessly.
Upon the progression of business, it is possible to enhance the operations with the growing flow of funds.
- Cryptocurrency MLM Business
It has already become one of the most reliable means for making your business successful and ubiquitous. In addition to that, this concept is very adaptable and it makes the expansion of business seamless. It is possible for you to include various selling models and coins in a crypto MLM business.
For starting and making this business successful, it is essential for the entrepreneurs to understand the working of crypto technology and multi-level marketing both. Furthermore, a little knowledge of smart contracts and different token protocols will also be very beneficial.
Course of Action:
- Determine the coin with which you will the MLM business and expand the network.
- Set the cap of selling and buying the coins so there is no confusion in the distribution process.
Clone scripts that are considered ideal for giving shape to a crypto MLM business:
1.Ethereums.cash MLM clone script
- Etrix.io MLM clone script
- Million.Money clone script
- Bitcoin Escrow Service
The concept of escrow has been in practice for centuries and it has given fruitful results in crypto trading as well. By launching your own Bitcoin escrow, you will make your service highly in-demand among the crypto users.
With a Bitcoin escrow service, it is possible for you to help other businesses settle down their transactions amicably. An escrow service is employed for the assurance of payment against a service or product and it is provided by a third party. The payment is kept by the escrow and it is forwarded to the provider of service when the recipient is satisfied.
Thus, with an escrow service, it is possible for you to provide a high level of assurance to both parties. The usage of this service has been increasing in the crypto sphere for quite some time and it has become a viable option for entrepreneurs.
- Blockchain-based Gambling Platforms
The era of digitization has already made gambling legal and more reliable for every participant. But this practice gets more promising and transparent when it is done using the concept of blockchain. Its impact has been understood and there are various startups that have begun working on their blockchain-based gaming portals. A large number of gamers and bettors have already started using decentralized websites and apps. Furthermore, the number of such users is globally increasing making this space more profitable than ever.
Countries where you can lead a crypto business successfully
Along with crypto-based ideas, we should also focus on the countries where introducing and managing these businesses is easier. So let us go through the list of the nations that have kept a welcoming stance towards this technology.
India
There are higher probabilities of running a successful crypto business in India more than any other country because it has recently lifted the ban on buying and selling crypto that was imposed on the reserve bank of India in the year 2018. The supreme court of India revoked this ban on March 04, 2020, and allowed the people of this country to buy and sell crypto using their fiat currency through the bank accounts.
Malta
Being one of the first few countries that legalized cryptocurrency, Malta is also known as “The Blockchain Island”. Moreover, they have constituted a regulatory framework called ‘The Malta Digital Innovation Authority’ oversees the crypto transactions and ensures the citizens can make the most of this technology.
Switzerland
This country is considered a haven for people who want to stash their money without paying taxes. Other than that, Switzerland is known for various other things and one of them is its positive stance towards crypto, it has already gained the title of “Crypto Valley” and has become a hub of crypto aspirants.
Singapore
According to many experts and technical analysts, Singapore is one of the best places to start a crypto venture because of the regulations. This country has been quite open towards new technologies and it is giving great opportunities to all the entrepreneurs who want to do something distinct in this field.
Japan
Another Southeast Asian country that has always been one step ahead of others in embracing technology in Japan. The government of Japan has already considered Bitcoin as a real currency and has encouraged its citizens to embrace this technology as well.
Mexico
For those who want to start their venture in Europe can certainly consider Mexico as a destination. The crypto-friendly regulations of this country makes the development and launch of a blockchain-based business very easy.
And there are a few other countries that might be your destination based on their regulations for crypto-related ventures:
- Australia
- United States
- Germany
- Estonia
- South Korea
No matter which country or which idea you choose for kickstarting your crypto business, you need a reliable service provider to materialize all your visions. Technoloader will make it possible for you and make your crypto-based venture an absolute success.
Quick Contact :
Call and Whatsapp any time at : +91 7014607737 | Skype : technoloader | Email: [email protected]
