Top 5 Crypto-Based Businesses You Can Start Today

One benefit that the present unregulated status of the cryptocurrency market offers individuals is the low entrance bar into various crypto businesses. This has opened the door for anyone with the will to start a crypto-based business and prosper with it. Few years ago, few people had ever heard of Changpen Zhao, the owner of Binance exchange. But here he is today, worth about $1.4billion, which he has earned from creating two crypto-based products; the Binance exchange and its reward token known as the Binance Coin (BNB).

This example shows the potential for earning from your own crypto-based business. But what are the hottest crypto-based businesses that you can start today? Five of these crypto-based businesses are itemized and discussed below.

  1. Start Your Own Crypto Exchange
  2. Start an OTC Exchange Website for Cryptos
  3. Start Your Own Crypto Cloud Mining Business
  4. Create Your Own Asset-Based Reward Token
  5. Start a Crypto-Trading Signals Service

It must be emphasized that these are not get-rich businesses or schemes. Real-life principles for running a business must still be adhered to and there is really no guarantee that these will become money-makers for you. You must still do your own due-diligence and take responsibility for any gains or risks that come with these businesses.

1.Start Your Own Crypto Exchange

The example of Binance was just mentioned, so this would be a good place to start. There are many other successful exchanges as you move from one country to another. In the US, Gemini is making waves. So also is Sistemkoin in Turkey, and exchanges like Huobi, Bittrex and Poloniex in other parts of the world. You can also start an exchange and make money from trading fees that are charged on all trading transactions.

There are certain risks that you must actively counter if your exchange is to survive. Perhaps the greatest risk is going to come from hackers, who are on the prowl for exchanges that have weak security infrastructure. The bad news is that these hackers are not just college school kids looking to play some pranks and gain some attention. There are state-sponsored hacking teams in the mix, and this greatly complicates the situation. You will therefore need to engage the best cyber-security experts to deal with this threat. Perhaps your best bet (if you are on a shoestring budget) is to go for a white-label solution. This means that all exchange software and security infrastructure is built by a company, and you simply buy the rights to rebrand and use the product as yours.

2.Start an OTC Exchange Website for Cryptos

What is an OTC exchange? It is an Over the Counter (OTC) cryptocurrency exchange where you as the exchange admin, can sell cryptocurrencies to individual users at a price that the exchange script determines. Here, users do not determine price: the admin determines the price. The exchange admin accepts fiat payments from verified users into an offline account, and they then buy the listed cryptos at the price set by the admin. Crypto balances are updated as transactions are done.

This is suitable for dealing with high volume traders who want to get all their cryptos from a single trusted source. The profit made by the admin is the difference in prices that accrue from buying cryptos from a user at a lower price, and reselling this at a higher price.

3.Start Your Own Crypto Cloud Mining Business

Crypto mining has been taken away from the realm of the expensive gaming cards and devices into the cloud. Cloud mining is not a new concept. It copies the same models that are used by companies that provide cloud storage. Many of these cloud storage companies are simply resellers, and yet are making good money from their services. You can do same with a cloud mining business. You do not need to install expensive mining equipment as is done in the offline mining variety. You just need to look for a provider that can setup the entire mining architecture for you for a fee. Your expenses will be in buying secure hosting space and putting out the word about your new business, while your income will come from charging a monthly or quarterly subscription fee. Many people think that the 2018 fall in the crypto market was the death knell for mining, but this is not true. Already, many of those affected cryptos have done between 60% and 100% gains between February and March 2019.

4.Create Your Own Asset-Based Reward Token

There are platforms that can help you create your own tokens. To avoid issues with financial regulators, you can create asset-backed tokens. In other words, if you have an existing business or assets such as land, buildings, and you want to raise funds for business expansion, you can create your own token and have it listed on an exchange.

As the business grows and you create some buzz around it, these tokens will start to command interest and they can be traded for money on the exchange, thus increasing the value. Not to speak of the fact that extra funds can take that business to the next level and ensure good profits for you and your fellow token holders.

5.Start a Crypto-Trading Signals Service

If forex trading and social/copy trading in forex were hot (and they still are), then the business of sending profitable trading signals to the trading public has just as much potential to be a good income earner. There are several ways to carry out this business. You can send out your own signals if you have good trading knowledge with profitable trading history to show. But if you do not have such knowledge, you may even decide to simply be an aggregator. Bring together sellers and buyers of these signals, and create a platform for them to do business, just as brokerages like eToro and Zulutrade are doing in the forex arena. You can then collect fees from both parties anytime they transact.