Years after Bitcoin was born, people started paying serious attention to cryptocurrencies and the blockchain by late 2017. In 2018, entrepreneurs have begun to explore how to make money apart from just trading the digital currencies.
Below are a five ways you can make money by being involved with virtual currency or its technology, the blockchain.
1. Facilitating International Financial Remittance Using Blockchain
Sending money from one country to another has over the years suffered from substantial transaction costs plus it takes days before the funds can be withdrawn from the other end.
However, with blockchain, payments can be made from one corner of the world and arrive on the other side within minutes or even seconds.
For example, an entrepreneur can choose to use a blockchain powered mobile or desktop application that uses the XLM token to facilitate cross-border payments. It saves on time and cost.
2. Virtual Currency Exchanges
These exchanges facilitate the trading of digital currencies. They are also used to convert digital currencies to fiat.
To cater to the growing crypto trading needs, the number of cryptocurrency exchanges also have to increase. There are even ways to clone an exchange’s script leaving the entrepreneur dealing only with the security aspect.
3. Providing Cryptocurrency Wallet Services
2018 saw an increase in hacks targeting cryptocurrency exchanges. Crypto traders have in turn been less dependent on exchange-provided crypto wallets and are choosing to use non-exchange controlled wallets for increased security.
Developing crypto wallet service and enhancing its capabilities, e.g., enabling crypto sending and receiving will ease its use and gain adoption. You can choose to earn from transactions or subscriptions.
4. Facilitating Crypto Lending And Borrowing Activities
Globally, the lending business has recorded tremendous growth over the years. Its the same with cryptocurrencies. Borrowing cryptocurrencies from individuals and crypto firms and setting a guaranteed return on the same can be profitable.
Crypto lending can also be profitable. You can choose to issue fiat loans with crypto as collateral, or you can decide to lend cryptocurrencies at a given interest.
5. Raising Money Through Blockchain
Crowdfunding activities such as initial coin offerings are often restrained to specific regions. But, with the decentralization nature of blockchain, the region barriers are eliminated giving investors all over the world an opportunity to contribute funds to a project they believe in.
By running a blockchain platform to support crowdfunding activities, you can make money by charging withdrawal fees.