2018 is the year, the world has woken up, all eyes wide to cryptocurrencies and blockchain. All of the sudden, there is a huge rush among entrepreneurs, investors, startups towards starting an innovative cryptocurrency business. Thanks to the sudden surge in ICO’s and the price of cryptocurrencies earlier this year, the belief in this ecosystem is seeing a hockey stick growth. Also thanks to Startups like “BitExchange”, you can get ready-made blockchain projects [along with 100% Source code] to kick start your venture in 2019 instantly.
- Cryptocurrency exchange business
A cryptocurrency exchange allows anyone to seamlessly trade their cryptocurrencies for other cryptocurrencies or sell it and get fiat currency [USD, AUD, EUR, INR]. Users holding cryptocurrencies would want to trade and multiply or sell it to others. Because of the recent increase in awareness about cryptocurrencies, more and more people are trying to purchase them and this scale of demand cannot be handled by the existing exchanges. Hence, there’s scope for more exchanges.
In the recent times, it is even easier for an entrepreneur to start a cryptocurrency exchange business by using a ready-made cryptocurrency exchange script that efficiently matches all the orders on the platform and safely execute the transactions. However, you would need to invest in securing the exchange as it is a prerequisite for starting an exchange. Because of its ease to start, this idea tops the trending cryptocurrency business ideas list.
- Blockchain powered cross-border payments app
Even today, making payments to friends and family abroad is expensive and would take days, owing to middlemen [Banks, exchange agencies, etc] and settlement systems that were built to make money at every stage of transaction. This would bloat up the cost of sending payments to overseas. A blockchain powered app that uses Stellar Lumen’s token, XLM would enable faster transactions by cutting off additional middlemen that slow down the process.
Payments made in the sender’s fiat currency [assuming it’s USD] would be converted to XLM tokens and the XLM tokens are sent to the recipient. The recipient can then request for withdrawal in their fiat currency [behind the scenes the XLM is converted to their region’s fiat currency and deposited to recipient’s bank account]. All this at a fraction of the cost and less than a day’s time and now you probably know why it’s among the list of trending cryptocurrency business ideas.
- Bitcoin borrowing/ lending business
The lending and borrowing business thrives globally based on the growing needs and wants of the consumers. It is estimated to go trifold as more and more millennials are looking for avenues to make wise investments with less risks and high returns. As they are also one of the early adopters of cryptocurrencies and offering them a way to multiply their cryptocurrency asset is lucrative. Giving them a guaranteed return for a fixed period of time would woo investors who would want to lend their cryptocurrency assets.
Using a Bitcoin borrowing and lending script, you can start a lending business, manage the customer’s, keep track of the transactions, automatically remind borrowers to payback on time across channels, etc. Your source of revenue would be partially through the investments you make with these cryptocurrencies and partially through the interest that is being backed by the borrowers. If you’ve been in the lending and borrowing industry for a while and know it inside-out, this would be your favorite among the trending cryptocurrency business ideas listed here. 🙂
- Bitcoin wallet-as-a-service business
Next on our list of trending cryptocurrency business ideas is the Bitcoin Wallet-as-a-service. As you know, cryptocurrency exchanges are extremely vulnerable to attacks and keeping cryptocurrencies in the exchange’s own wallet can be compared to a ticking time bomb waiting to explode, the risk of losing cryptocurrencies is always high. Seasoned traders often shift the cryptocurrencies to a secure wallet that is not operated by the exchange to safeguard it. Starting a Wallet-as-a-service platform would require you to securely store the cryptocurrencies on behalf of the users. Additionally, if you can build the capability to send and receive cryptocurrencies, it makes people’s lives easier. Integrating it with other businesses will allow user to make cryptocurrency payments. You would make money on every transaction executed through the wallet or charge them a subscription fee.
- Blockchain crowdfunding business
Aspiring creators with path breaking ideas often face rejection from investors who fail to see the value in the product. Their secondary medium of choice to raise funds? Crowdfunding. Crowdfunding is a concept that allows a large pool of general public to see what the idea is and then, if they believe in the idea, can choose to contribute sum as small as $5 to anything. Crowdfunding campaigns when backed by many people have raised more capital than they intended to in the past.
Not limiting to a specific region, a blockchain powered crowdfunding business would enable investors of all backgrounds across different countries to back genuine idea, without many limitations that were plaguing investments earlier. A turnkey crowdfunding script would help allow you to start a crowdfunding business immediately and every transaction done on the platform, when people buy a token or when creators want to withdraw the sum in a fiat currency of their choice, you stand to make money, while helping them achieve their dreams. This is our final idea on the list of trending cryptocurrency business ideas.
Whether you are a first time entrepreneur or a seasoned one, cashing in on the cryptocurrency or blockchain trend could help you make a mark in the technology industry. Remember, fortune favors the bold!
If you want to add an idea to this list of cryptocurrency business ideas, do let us know in the comments.