Hi again!
I just made a promise to myself to come to Hive more often and post.
Since I and Aly have a new baby now, we are both considering using the BTC that we have to launch a business. So, as we are brainstorming different ideas, I felt the need to come and write some of them here for you also. You can also notice some ways to make BTC that are still working while freelancing online.
And here they are with a short intro about BTC for newbies. I have first invested in BTC in 2012.
Launched in 2009, Bitcoin has evolved similarly to the development of the Internet. It gradually gained increasing popularity. The feature that attracted most investors was the significant increase in the value of this cryptocurrency. If in 2010 two pizzas were purchased with 10,000 Bitcoin, in December 2017 the value of BTC reached $ 20,000. The price explosion has attracted a lot of people to the crypto rollercoaster, which is trying to find its place in a volatile market. The phenomenon has facilitated the emergence of a lot of Bitcoin business ideas for those who have learned how the most interesting financial revolution of the century works.
Bitcoin consultant
The first thing a beginner does is look for an expert to advise him. I have advised friends and business partners so far, related to BTC. For those who have learned about Bitcoin earlier and have already learned how the market works, this is an opportunity to become local experts.
So here, for business ideas with Bitcoin, you can become the local cryptocurrency consultant. This helps others to start investing and trading Bitcoin.
Complete microtasks to get Bitcoin
Currently, there are many platforms that reward participants for various activities and minor tasks in cryptocurrencies. Bituro, Bitcoin rewards, and Coinbucks are just a few examples. Some tasks do not require specialized knowledge.
You need to view promotional videos, complete some market research, and questionnaires, or test applications.
Other activities require specialized programming knowledge (such as identifying code bugs). There is therefore room for all levels of training.
Marketing of products and services to obtain cryptocurrencies
Another business idea based on Bitcoin is addressed to those who have commercial inclinations. Selling goods and services on cryptocurrencies is relatively simple, with the help of payment operators such as Bitpay or Purse. There might be others for sure, but I have been using those two, so far.
You can create your own site to promote on social media or you can accept Bitcoin if you already have the site.
Buy and store Bitcoin
For those thinking long term, investing in Bitcoin is extremely advantageous. The price of the most popular cryptocurrency has risen from $ 0 to $ 20,000 in less than 10 years.
Investing in Bitcoin has the potential to represent a significant reserve of funds for later.
Even if you missed the opportunity to buy Bitcoin at ridiculous prices, an investment made now can offer benefits in the years to come.
Trading on Localbitcoins.com or others
If long-term investments require too much patience, you can take advantage of price developments on Localbitcoins.com platforms.
They allow you to trade Bitcoin for fiat currencies through individual transactions, called Over-The-Counter (OTC) trading.
These are popular methods of trading because they are fast and offer various payment methods. Hundreds of commodity traders around the world make profits on Localbitcoins becoming decision-makers (buyers and sellers in Localbitcoins).
Bitcoin Escrow Agent
If you have managed to gain a good reputation as a cryptocurrency trader, you can take advantage of this opportunity to establish yourself as an escrow agent. In general, the role of an escrow agent is to arbitrate disputes that may involve online procurement, independent contracts or other commercial and commercial agreements.
As a Bitcoin escrow agent, you will record the payment of the transaction for the seller. You will also store the funds until the transaction is confirmed by the buyer.
Payment is made to a bitcoin address that requires the signatures of the buyer, seller and escrow agent to send a transaction.
If there is no problem with the transaction, then the signature and payment are made automatically. But if there is a problem then the escrow agent must choose whether to sign the payment or refund. You can create a profile on sites like Bitrate to promote your services as an escrow agent.
Launch a crowd-funding website with Bitcoin
Like fiat currencies, Bitcoin provides businesses and individuals with a powerful tool to raise funds for a future or existing project. As an entrepreneur, with Bitcoin business ideas, you can launch a site designed to help people raise funds in cryptocurrencies from a large community of donors.
A crowd-funding campaign allows you to decentralize the funding process by involving a large number of supporters and supporters. By accepting Bitcoin as a payment method for your campaign, you can decentralize things even further. You can reach a global audience.
Launch a Bitcoin company and accept cryptocurrencies
Many people who want to enter the crypto world want to set up their own companies that focus on this field.
In general, the fees for these services are also paid in cryptocurrencies. You can also offer this service as an individual entrepreneur. Whether it's a marketplace platform, an auction site or a betting site, the possibilities are endless. There will always be room in the market for new business ideas with Bitcoin.
The fact that you accept cryptocurrencies as a payment method will be a novelty that will attract the curious public.
Gaming
The latest trends in online multiplayer games have led to the creation of a very viable gaming experience. A major part here is the random rewards for rare items in the game.
These elements can be openly exchanged between players. Because rewards are random, creators do not promote the direct sale of designated items. I only sell "boosters" to increase the chance of getting them.
This phenomenon can be framed in Bitcoin business ideas, for those willing to sell these rare items. Because cryptocurrencies are highly popular among computer and online gaming enthusiasts, as with other Bitcoin business ideas, you can opt to sell rare items against cryptocurrencies.
You can do it directly on existing platforms or you can create a specialized platform if you have the necessary specific knowledge.
Start operating a vending machine in Bitcoin
The operation of a vending machine that distributes drinks or other products is similar regardless of the payment method chosen. A relatively simple business idea to implement is to add the Bitcoin payment option.
This has an advantage because some people simply no longer use cash. And cryptocurrencies only require a mobile application.
As the use of cash continues to decline, there is a growing opportunity to replace coin systems with new machines capable of accepting alternative methods of payment.
There are already vending machines available for purchase that accept both credit / debit cards and Bitcoin. You can buy a vending machine that accepts cryptocurrencies and thus get a passive income stream.
Manage a Bitcoin ATM
If you have enough capital, a more profitable way to do business with Bitcoin is to manage Bitcoin Teller Machines (BTM). The fees charged by BTM are around 5-10% per transaction. In some cases they are even much larger.
Operators who manage to place crypto ATMs in the best locations often report a return on investment for their initial capital in less than a year. These cars don't take up too much space, so rental locations wouldn't cost that much. But the cost of the car and the cost of loading with Bitcoin can be expensive.
There is a wide range of cars available for purchase and they usually allow you to set your own taxes at the desired level. Some machines will also allow you to connect to a third-party exchange through an API to manage your currency risk. This keeps your reserves, both BTC and cash, at a constant level.
Make sure that the appliances are adjusted according to local legal regulations.
Development of smart contracts
The concept of smart contracts was originally conceived by researcher Nick Szabo in the 1990s.
Smart contracts are contracts that use software and protocols to facilitate, verify or execute the negotiation or execution of a contract, eliminating any third parties / laws. If you have the knowledge and experience, you can write software that will run on a large, decentralized network, such as Bitcoin.
You can create smart contracts on the Bitcoin blockchain to impose contractual price agreements and reduce the risk of gross price volatility.
Smart contracts have the potential to replace archaic paper contracts in the future. Moreover, it offers dynamic agreements that are linked to technological systems.
Thanks for reading this!
If you could help me and Aly with other ideas, we would appreciate it.
We haven't made a fortune yet with our BTC investment, but we have enough to start a business, online or offline. This might happen next year because now we're involved into other....family...stuff with the new baby around.
PS Do you think we could use our BTC for a blockchain business here in Hive?
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