{"id":157149,"date":"2023-08-10T20:04:51","date_gmt":"2023-08-10T20:04:51","guid":{"rendered":"https:\/\/businessyield.com\/?p=157149"},"modified":"2023-08-10T20:04:53","modified_gmt":"2023-08-10T20:04:53","slug":"cryptocurrency-and-blockchain-powered-business-ideas-in-thriving-sectors","status":"publish","type":"post","link":"https:\/\/businessyield.com\/cryptocurrency\/cryptocurrency-and-blockchain-powered-business-ideas-in-thriving-sectors\/","title":{"rendered":"Cryptocurrency and Blockchain-Powered Business Ideas in Thriving Sectors","gt_translate_keys":[{"key":"rendered","format":"text"}]},"content":{"rendered":"\n
Cryptocurrencies have changed almost any industry they\u2019ve been introduced to. A decentralized and digital currency that allows anonymity was always an inspiring idea that appealed to both businesses and consumers.<\/p>\n\n\n\n
Over the years crypto had its ups and down as an investment opportunity. However, as a payment method, it\u2019s proven to be effective and useful. There are still many crypto-based industries that are thriving and that are filled with business opportunities.<\/p>\n\n\n\n
In this article, we\u2019ll dive into crypto-based business ideas that you can start with little investment and that can quickly scale up if you find your niche.<\/p>\n\n\n\n
The tax code is complex and nuanced such as it is. It\u2019s even more complicated and confusing when it comes to earnings made from crypto since it\u2019s a relatively new proposition. Many existing tax lawyers and accountants don\u2019t offer their services to those earning in cryptocurrencies.<\/p>\n\n\n\n
There\u2019s an opportunity in that niche as long as you\u2019re certified to work as an accountant and are willing to study the tax code as it relates to crypto. This is an ongoing process, as the regulations are changing rather quickly in this industry.<\/p>\n\n\n\n
\u00a0Even though crypto is a digital asset it requires a lot of hardware. This includes USB drives, wallets, and security keys. It\u2019s a simple business to start but you\u2019ll need a large initial investment<\/a> to purchase and store the products.<\/p>\n\n\n\n Those selling crypto-related products should also learn about the hardware \u2013 how it works, what are its downsides, and which crypto users could benefit from them. It\u2019s a new innovative industry and new pieces of hardware are introduced all the time, so it\u2019s a lot of work just to keep up.<\/p>\n\n\n\n Many businesses operating in crypto offer a variety of loyalties. This is a way to promote the business and attract new users or award loyal ones. At this point, there are many more such loyalty programs, than actual customers and users.<\/p>\n\n\n\n A network that allows the users to exchange the loyalties they\u2019re not using could be a profitable business. Through the use of blockchain technology, you can make sure that there are no frauds and mistakes. Starting this business requires a bit of IT skills but other than that there are no major investments.<\/p>\n\n\n\n \u00a0Online gambling is uniquely well-suited for crypto payments. The payments are quick, easy to track, and anonymous. All of those features work well with the gambling industry and there are already a lot of gambling establishments to choose from, on sites such as WeGamble<\/a>.<\/p>\n\n\n\n The biggest investment to make when starting such a business is the licenses to the casino games. However, that\u2019s not enough to be profitable in the gambling business. It takes time to build a reputation and a casino needs to bring in new players.<\/p>\n\n\n\n Bitcoin vending machines are vending machines used to purchase cryptocurrency. It works just as any other vending machine and it operates for a small fee. To start such a business you\u2019ll need a Bitcoin ATM. It\u2019s also required to register with the proper agencies to comply with money laundering laws.<\/p>\n\n\n\n As is the case with any other vending machine business, the key to success in this field of work is location. You need to find a location with enough foot traffic and interest in crypto so that you get as many users as you can.<\/p>\n\n\n\nA Network for Exchanging Loyalties<\/span><\/h2>\n\n\n\n
Online Gambling<\/span><\/h2>\n\n\n\n
Bitcoin Vending Machines<\/span><\/h2>\n\n\n\n
Cryptocurrency Exchange<\/span><\/h2>\n\n\n\n