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.


BTCBUSINESS.jpg


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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