How to Start Your Own Business using Bitcoin Opportunities

dr.Gachet

dr.Gachet

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Jun 18, 2018
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Nowadays, blockchain technologies are developing amazingly fast, forming a favorable environment for those who intend to start their own Bitcoin-related businesses. Over the past nine years, crypto space has grown significantly, and many bitcoin investors have made huge fortunes.Today, there are many promising opportunities for opening a business in this industry. Today, there are numerous Bitcoin business opportunities to consider.

Preliminary Research Steps

Your search for the ideal BTC business should start with research. There is a great variety of Bitcoin business opportunities everywhere, but it is important to bear in mind that not all countries are pro-bitcoin. For example, China allowed only one BTC ATM to operate until banning ICOs in the country last year.


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Legal Advice

In order not to lose your investments, it is necessary to get acquainted with local legislation — even before choosing a specific business model. Countries differ in their crypto legalities. To avoid the worst-case scenario (for example, criminal prosecution and coins confiscation), consult the local authorities. An experienced lawyer can greatly facilitate this process.

Decide on Your Funding

Your available funding will play a crucial role in determining what business model best fits your criteria. The costs of bitcoin business organization can differ by several orders of magnitude. There are various low-cost options, for example, bitcoin-ATMs or merchandise. Any of these startups can be started with only $ 20,000.

There are many other BTC businesses requiring large investments. For example, a large capital will be required to run a sizable mining operation. ASIC-miners are expensive and costly to maintain. And you could spend a significant amount on mining equipment only.

For example, Antminer s9 units cost $698. A large size mining operation could consist of one hundred Antminer s9s. Many large mining farms even include thousands of mining rigs. A mining farm of this size would require a $700,000 investment before any other costs involved with the business, such as location, staffing, and installation.

Bitcoin Lending Services

Bitcoin landing services can become a source of required capital and, with proper application, significantly expand your financial opportunities. These services allow you to start a business without spending all coins your have earned. One of such Bitcoin lending platform is Unchained Capital, where you can take a loan in US dollars on bail of Bitcoin and Ether. The platform users can borrow up to 50% of the value of their crypto currency. The loans are available for three-month and two-year terms. The disadvantage is quite high interest rates — 10-15%, but with the right approach, a successful business can accommodate for these interest rates, without damage to profit.

It’s exciting to see how blockchain technology is providing the world with a plethora of new business opportunities. Many people in the crypto space believe the decentralized market will continue to see growth for many years to come. By opening a Bitcoin business now, you are positioning yourself wisely in this digital economic revolution.

 

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