The crypto world offers endless opportunities for making money. We’ll be highlighting some of the best crypto business ideas you can start with now. This guide will give you tips and strategies to make your crypto business profitable.
Why are Crypto Business Ideas So Important?
Blockchain technology and cryptocurrencies have been around for more than a decade. It still feels like we are just at the beginning of crypto’s potential long-term. If you are an entrepreneur looking to start a crypto business, it is possible to be a pioneer in this area.
Cryptocurrency is growing in popularity worldwide. Users are adopting crypto more frequently, businesses accept crypto as payment more often, and organizations keep crypto on their balance sheets.
What does all this mean? There are many ways to make money in cryptocurrency in the future, including a variety of business ideas.
There are many options available for you to choose from, whether you’re looking for a side hustle or a large-scale cryptocurrency business. You can grow your business and make unlimited profits as crypto adoption continues to rise.
Crypto business ideas are various business opportunities that utilize or revolve around cryptocurrencies, such as developing wallets or exchanges, creating payment gateways, offering mining or consultancy services, launching educational or news platforms, starting investment funds or ATMs, and more.
Top Tips for Crypto Business Ideas
The right idea is the key to making money in crypto. We’ll be highlighting some of the best crypto business ideas you can start with now. These business ideas will continue to grow in the future.
Day Trading with Crypto
This is an extremely risky business idea. Don’t risk your life savings by trading with this money. As with any risky investment strategy, only invest with money you are comfortable losing.
The best thing about becoming a crypto day trader, however, is that you don’t need much money to start. This is a great opportunity for those who are looking to make a side income from crypto.
It is simple to get started. Sign up for a cryptocurrency trading platform.
You’ll want to open multiple accounts with multiple exchanges. if you intend on trading long-term. For beginners, Coinbase can be a great place to start.
Coinbase is used by more than 56 million people in 100+ countries to trade crypto. Sign up quickly by linking your bank account to create an account. Then you can buy and sell crypto immediately.
Coinbase also offers information about crypto and the cryptocurrency market. You will find tips, tutorials, and valuable insight for cryptocurrency day traders.
Coinbase, like most cryptocurrency exchanges, charges transactional fees for buying and trading crypto. These rates can vary from one transaction to the next, so be aware of this when you execute trades.
Also read: How to Build a Career in the Crypto Industry
Start a Cryptocurrency Exchange
If you have big dreams, you could start your own crypto exchange company where customers can trade and buy crypto via your platform. Transaction fees will generate revenue for deposits, withdrawals, and trades.
There are many different cryptocurrency exchange platforms available. You will need to research which one is best for you.
- Decentralized exchanges
- Centralized exchanges
- Hybrid exchanges
- Binary options exchanges
- Crypto exchanges based on clone scripts
- Exchanges based on ads
- Oder book exchanges
- White-label crypto exchanges
This type of venture is more difficult than other crypto ideas. Find an exchange software provider and a payment processor in addition to raising capital, and all the other steps involved in starting a crypto-business,
Start a Crypto Payment Gateway
Businesses are increasingly looking to accept cryptocurrency as the adoption rate for crypto continues to rise.
Businesses must go through a third-party provider in order to accept alternative payment methods, similar to credit card processing. This is where you come in to help meet this growing demand.
To stabilize the price, a customer can pay using crypto via an online payment gateway. The gateway converts the payment into fiat currency (government currency that is not backed by any commodity). The gateway then routes the transaction to its issuing bank, where it gets approved and settled. Finally, it routes the transaction to the merchant.
This type of cryptocurrency business makes money by charging transaction fees, account set-up fees, and paying subscriptions for merchant services.
Offer Crypto Asset Management Services
You can manage crypto portfolios for others if you have already learned crypto trading and created your own strategy.
The business functions in the same way as traditional investing, but it is a financial management service.
Your clients come to you with the money they wish to invest in crypto markets. Based on the goals of your client, you will determine their risk tolerance and create a portfolio that suits their needs.
Clients can get crypto financial planning, advice, and financial analysis. You can offer coaching services in cryptocurrency, just like other fiat financial consultants. This will give insight to those who are interested in learning more about crypto investments.
These services can be offered remotely online, with minimal overhead. This allows you to make higher profits as your business grows.
Buy and Sell Cryptocurrency Online
Many cryptocurrency users want more from their investments. They want to be able to use cryptocurrency to purchase everyday goods and services. Problem is, the majority of businesses still don’t use crypto as a payment method.
These buyers can be targeted by selling products online for crypto. This can be done with virtually any product.
Dropshipping is a way to reduce inventory and shipping costs by starting an eCommerce site. Dropshipping allows products to ship directly from the manufacturer, wholesale warehouse, or customer. For your convenience, we have compiled a list of the top dropshipping companies.
To facilitate these transactions, all you need is an internet exchange. Merchants will find this process very easy with Coinbase Commerce.
Shopify and WooCommerce are also integrated into the platform, which offers dropshipping solutions.
Coinbase Commerce is already used by more than 8,000 merchants to accept cryptocurrency for physical goods or services. Sign up in just five minutes and you can start accepting crypto for physical goods and services.
This platform does not charge merchant fees for accepting crypto. However, transaction fees will be charged to convert crypto into fiat currency.
Provide Legal or Accounting Services to Crypto Investors
This is a crypto business idea that only entrepreneurs fall under certain categories. It’s for accountants and attorneys.
You can charge much higher rates for services if you are a crypto-legal specialist or a CPA who specializes in crypto. Because you fill a niche that not all accountants or lawyers can handle, your rates may be higher.
As a crypto CPA, you can provide tax advice for crypto investors and bookkeeping services to crypto day traders. Crypto attorneys can assist their clients with the complex laws and regulations that surround cryptocurrency.
You can be sure that any potential client who is interested in these services has deep pockets. You won’t deal with crypto beginners who have $500 in their exchange accounts. Instead, you will be helping top investors find ways to save thousands of dollars. This means you can charge a premium for your expertise.
Crypto is gaining popularity. There’s a growing demand for people who wish to withdraw crypto for cash.
Many Bitcoin ATMs allow you to purchase Bitcoin and other cryptocurrencies using cash or debit card through the machine. This is a great feature for anyone who wants to start a crypto exchange.
The main difference between a Bitcoin Cash kiosk and a traditional ATM machine is that they don’t connect with bank accounts. Instead, they connect users with a cryptocurrency exchange platform.
The fees for crypto ATM transactions can range from 5% to 25%. This space is a great place to make a lot of money.
Crypto Freelance Writing
For those who don’t want their money to be at risk buying and selling virtual coins, there’s an indirect route to making money in crypto. Crypto-related content can be published online using your writing and research skills.
This space offers many opportunities for making money.
You can first write for existing online publications that are looking for crypto news articles and crypto blogs. These sites can also be helped with crypto SEO, crypto content marketing, and crypto email newsletters, and anything else to help drive traffic to their websites.
You can also start your own cryptocurrency blog to make money via affiliate marketing and ads. You can also sell ebooks about crypto online.
A crypto writer can make a lot of cash, especially if they are comfortable writing technical copy such as whitepapers and tutorials. Many laypeople don’t understand cryptocurrency. There is always a demand for great writers who are able to break down complex topics and explain them to the masses.
Sell Online Crypto Courses
Every day, people search the internet for information about crypto. Both novice and experienced crypto investors can benefit from this.
These questions can be answered by creating a website that offers online courses. You can offer courses via live webinars or pre-recorded training videos. Or a combination of both. Written resources such as a knowledge base can be offered.
This business idea works well for people who have a basic understanding of crypto. You can actually start your own crypto business by doing research and then transforming that information into an online course.
The potential profit margins for pre-recording and selling courses online are virtually limitless if you do. Only the costs of running a website and your time creating the courses will be charged.
Also read: Top 12 Cryptocurrency Marketing Strategies
Long-Term Strategies For Crypto Business Ideas
There are some strategic considerations that you should keep in mind when you launch a crypto business. These take more effort and time to reap the rewards.
You can Narrow Your Focus to a Specific Target Market
It is impossible to create a business that will meet the needs of all crypto users. High school students can buy and sell crypto for $20-50, as well as investors with millions of dollars in the crypto market.
Do your research to find out who and why you should target.
It’s fine to target crypto beginners. These users may not be trading or investing as much as they used to, but there will be plenty of opportunities for them in the future as crypto adoption rates worldwide rise.
You can also choose to focus on a particular niche in the larger crypto market. We will return to BearTax, which we have already discussed. This business specializes in helping crypto traders with tax documents.
Your target market might change over time. This is something you need to be aware of as crypto trends change in the future.
Be Prepared and Set Realistic Expectations
There are risks in every business. Crypto businesses are riskier than other types of businesses.
This is especially true for businesses that are directly involved in crypto exchanges in any form or shape.
It is important to be prepared for large swings in market prices and to set boundaries. What should you do if the price of your coin drops 50%? What can you do to manage crypto bear markets?
Bitcoin is a great example of this. It traded for almost $20,000 in December 2017, before falling to $4,000 just one year later in December 2018. Bitcoin was worth more than $60,000 in the spring of 2021, before falling to close to $30,000 a few months later.
You can reduce your risk by having contingency plans. This is just like traditional investing.
This business is not for you if you expect to start a crypto-business today and then retire with the profits next month. You should plan for the long term and be prepared for major swings along the way to success.
Last Line — Top Crypto Business Idea
After you have settled on the crypto business ideas you want to pursue you will need to consult an attorney before you can get started. An attorney will help you evaluate the risks associated with your venture, and make sure you limit your liability.