Despite the fact that Bitcoin has been around since 2009 it appears to be very much like the actor who becomes an overnight success after a dozen grueling years in the industry. All of a sudden he or she becomes the hottest “new” showbiz property because of that one great role.
Bitcoin and associated digital coins and tokens are up over 600% since the beginning of the year and it seems like every few weeks a new digital store of value hits the headlines. That’s why entrepreneurs are exploring the best Bitcoin business opportunities now, so they can implement them in 2021 and enjoy the benefits and profits in the long term.
The skeptical leaders of traditional global financial companies that eschewed Bitcoin and its digital doyens as a passing phase or a store of nothing (except volatility) have finally caught on that it may keep going up (or down) but it’s not going away.
Bitcoin Traded between $54,000 – 60,000 today, having hit highs above $64,000 in April, Bitcoin is choppy on a daily basis but that enhances the business opportunities that arise from the leading digital currency.
1). Adapting existing business models to work with crypto
Given the growing interest in Bitcoin from the global financial giants like Visa and Mastercard, it becomes apparent that you can reengineer most existing business models that facilitate transactional business in fiat currencies and apply them to Bitcoin or other digital coins, tokens or assets.
Visa and Mastercard are planning to become major players in the cryptocurrency business.
Visa is allowing crypto-focused institutions to settle payments using Visa’s network but allowing them to use digital assets without converting them to fiat currencies. Visa has developed applications to allow bank clients that utilize Visa’s systems to offer their own clients the ability to purchase cryptocurrency from them directly.
Visa has also collaborated with some crypto-focused institutions and they are developing cryptocurrency Visa cards and/or credit cards for fiat currencies that pay rewards in Bitcoin.
The company recognizes the value to merchants who don’t have to spend capital upgrading terminals or integrating systems to work with cryptocurrency payments as demand from their customers increases.
Crypto business Idea: Start accepting Bitcoins and other tokens as payment and work with the fluctuation.
2). Specialized Custodial Services
Bank of New York Mellon, the largest global custodian with over $25 trillion in assets under management is planning to provide the same access to and protection for crypto currency, tokens or digital assets that it offers clients for traditional products such as stocks and bonds.
It won’t be long before the other global custodian giants like State Street Corporation, J.P. Morgan and Citigroup follow suit.
There are now over two dozen public companies that own Bitcoin on their balance sheet (including Tesla, Square and MassMutual) and whilst recent surveys suggest that the vast majority of corporate treasuries are not considering venturing into Bitcoin at this juncture, there are clearly some converts looking to engage digital assets in 2021.
Bitcoin Business Opportunity: Create a low-cost and regulated custodial platform from scratch.
3). More E-commerce Companies & Merchants On Crypto
PayPal, the ubiquitous internet / E-commerce company that serves over 300 million users is sanctioning crypto purchases on its platform but Bitcoin will have to be converted to fiat currencies before merchants are paid.
Mastercard is also planning to allow its users to purchase merchandise with crypto so the network of public companies facilitating cryptocurrency purchasing is expanding. This will increase demand for cryptos in general and Bitcoin specifically as most of the focus remains on the granddaddy of crypto as the primary digital asset to be approved.
Almost any business that works with fiat currency should work with crypto and may be more profitable than fiat currencies because merchants can charge a premium for crypto purchases due to the current business environment whereby many businesses are still dragging their feet to join the burgeoning digital currency field.
Industry experts believe that Facebook and Oracle (the giant enterprise software, cloud computing, and all things computer software and hardware related company) will be the next crypto pioneers whereas they don’t believe that Apple has any plans related to crypto yet.
Potential crypto business: Provide support and consulting services for crypto digital transformation
4). The Growing Gig Economy
The gig economy – short-term contract opportunities – has grown exponentially over recent years. Industry experts expect demand for this type of work is likely to double over the next five years or less.
Sites like Freelancer, Guru and Fiverr have helped the industry expand and with a plethora of other freelance marketplaces, the gig economy universe is expanding.
Given the recent Covid 19 pandemic there’s been a growing interest in working remotely. However according to a recent article in BusinessOpportunities.biz, Cryptocurrency Blockchains: The Key to a Better Gig Economy, the gig economy has a couple of inherent problems, freelancers frequently harp about delays in being recompensed for their work and having to dog their employers to pay up. Whereas from the employers’ perspective there are frequent complaints about the quality of work or deadlines not being met.
BusinessOpportunities.biz purport “While this (Bitcoin) is something that people are typically averse to due to the volatility of cryptocurrency values, methods such as trustless escrows mitigate any potential risks.”
They go on to say “These systems ensure that both parties pay or receive exactly what they agreed. That’s because cryptocurrencies become decentralized tokens, specific to the platform. The parties then place them in escrow, where they remain static throughout the transaction. These systems ensure that both parties pay or receive exactly what they agreed. That’s because cryptocurrencies become decentralized tokens, specific to the platform. The parties then place them in escrow, where they remain static throughout the transaction.”
Crypto business opportunity: Build up a network of co-workers working remotely and pay them in Bitcoins, with the leverage of low-cost transnational transactions and upside price fluctuation.
5). Cryptocurrency Exchange Businesses
Given the expansion of digital asset offerings in 2021 alone, it’s patently clear that this sphere continues to be ripe for expansion. Basically, you’re establishing a safe, secure platform where clients can buy or sell cryptocurrencies. In return, you generate fees for facilitating clients’ transactions.
There are multiple exchange platform structures, Ad-based, centralized or decentralized, hybrid or order book exchanges are all popularly used protocols but do not delineate all options. Creativity is the name of the game and you need to distinguish yourself from rivals’ product offerings when determining if this is the route for you.
You’ll need plenty of money or adequate funding resources if you go this route, you’ll also have to secure a reliable cryptocurrency software supplier (unless you’re developing your own) and a secure payment processor.
Like any de novo business, you’ll need access to legal resources that specialize in this sort of work. Additionally, you’ll need initial support for product testing, IT support for start-up and maintenance. If that all goes well, you’ll also need a marketing team
Bitcoin business idea: Create a crypto exchange focused on your region or industry.
6. Distribute Bitcoin gift cards
Bitcoin and other cryptocurrencies are taking all the headlines recently. Experts say that digital assets are the future of the financial markets and the global economy. However, just a few people understand what it is and how it can change the world forever.
Bringing Bitcoins and cryptocurrencies to the masses could be a tremendous business opportunity. Companies such as Bitcoin Solutions provide Bitcoin gift cards that can be purchased in bulk at wholesale prices. Therefore, your store can sell them and take a bit of the Bitcoin industry.
At the same time, your business can take a percentage of the rising prices of Bitcoin. A win-win opportunity.
BitCard doesn’t require coding knowledge or previous crypto experience. It works like any other familiar gift card for companies such as Amazon, Walmart or restaurants such as Olive Garden.
How to start a Bitcoin business: Sell Bitcoin gift cards.
There are abundant opportunities in the cryptocurrency world and the choice of coins is expanding. Central banks in Africa, the Caribbean and Venezuela are already involved in digital currencies. The Federal Reserve Bank of the US, the European Central Bank and the Bank of England have all engaged in lengthy studies and most recently there are plans for the digital issue of government bonds.
Blockchain, the technology behind digital assets, is creating a revolution in finance. Eventually, the volatility will be wrung out of these new coin offerings and they will appeal to a much wider audience of investors.
The next stage will be very interesting and it will be today’s innovators that will reap the benefits.
In the interim, there’s a much quicker and much more inexpensive way to benefit from all of this interest and interesting innovations in the cryptocurrency world. Develop your own blockchain platform or buy Bitcoin gift cards, but start your business now!
Also, you can buy crypto gift cards for yourself, use them for birthday gifts for your friends and family’s special occasions! The interest in Bitcoin and Bitcard continues to grow, join the digital revolution!