It looks like Bitcoin is going to take over the world after all. The capitalization is ceaseless, and every time it grows a couple of Ks, the fan base is only getting bigger. Not blind to the fact, entrepreneurs are looking at more advanced ways to make profit aside from simply buying and selling bitcoin. However, cryptocurrency trading too is also a great idea for a startup that can be taken to a very sophisticated extent as we’ve discussed in our previous piece on how to build a cryptocurrency exchange platform.
In case you aren’t exactly aiming straight at launching your very own ICO, there is plenty of room for businesses to sprawl around the circulating and ever so lucrative crypto-tokens that make for a motherlode of opportunity.
- BECOMING AN ESCROW AGENT
Should you happen to be involved into a reputable brand, the brand value can be used to build a trust agent. In our case – for transactions. The model is quite simple, when crypto-transaction is transmitted and accepted, it would require 2 confirmations: 1 from the sender and 1 from the receiver. Should a dispute occur, and one party refuses to seal the deal, you get involved and choose to side with one or the other depending on validity of their arguments and make the final call afterward.
If people get the idea that your brand is taking a hit in case of ill judgment, they’ll be willing to pay out of their nose only to make their operation more secure.
- BECOMING AN ORACLE
Based on the strength of your reputation, you can establish yourself as a cryptocurrency Oracle. This is done simply by posting quite basic info in the bitcoin blockchain stream or that of any other token. All you need is Counterparty protocol. In fact, counterparty is basically a synonym to the oracle, a person who whose information feed is used (in our case for a reward). The same way escrow arbiter can approve disputes, oracles’ information is used as a reference for peer-to-peer betting, financial forecasting and smart contracts.
- ** SETTING UP A RIPPLE GATEWAY**
Ripple is a cryptocurrency the main idea of which is to create a highly accessible payment instrument. It does not operate on a blockchain and uses a distributed ledger that is somewhat different.
As part of the core concept, Ripple allows you to set up Gateways. Ripple Gateways are enabling their users to transfer funds. You are able to create your own custom tokens within the system or use Ripple itself. The condition is that you can bridge your token to a real asset to support its value.
This may include the value of your reputation but you should be able communicate it properly. Ripple gateway is a great way to expand your finance business into the world of cryptocurrency.
The income sources here are fees for transactions, deposit/withdrawal and interest for bank stored XRP Ledger.
- ** CONSULTANCY**
There are many business opportunities that are stored within cryptocurrencies and the blockchain technology itself that companies could easily benefit from. However, many stay oblivious to it, and so you may help those willing to find out for a fee.
These are the opportunities to expand their business into profitable notary work, smart contracts among the more sophisticated kinds and many more.
When embarking on this road, make sure you don’t exaggerate your expertise level. Even as a person without a huge rap sheet you can approach companies offering consultation on how to incorporate profitable blockchain based extensions into their business.
- CREATING A BITCOIN FAUCET
If you are running a news portal or blog about cryptocurrencies, you may create a bitcoin or altcoin faucet. The main idea behind a faucet is giving users small fractions of cryptocurrency to obtain certain kind of value.
Why give away free money? To drive traffic. On its own, this niche is extremely competitive, so it is recommended to propose this service in addition to other kinds of value.
You can cash in on the incoming traffic in a number of ways. Aside from the Google Adsense ads you may use niche specific Bitcoin Ad Networks but they offer you less money.
Another thing you can do is advertising other faucets but you’ll have to make sure that those faucets aren’t very popular. Otherwise, your visitors will simply ignore the ads because the places aren’t new to them.
Up-in-your-face kind of ads are another gamble you might want to test. If you offer enough value, the visitors won’t bounce despite of being annoyed, then you will get a good of extra income.
Blockchain technology and cryptocurrencies are ripe with opportunity, and we are yet to see some of the most spectacular cases for innovation with new ICOs on the way.
If you are you are into cryptocurrency business, it’s a great time to reap something awesome from this massively popular technological breakthrough.
source(image inclusive):
https://themerkle.com/10-awesome-cryptocurrency-business-ideas-to-grow-quicker-than-btc/