These days, one of the most exciting industry to get started in is the cryptocurrency industry. Ever since Bitcoin’s sudden surge in value back in 2017, lots of people have been looking to make it big with cryptocurrency. It’s not only cryptocurrency businesses that are becoming popular; blockchain trucking startups like Fr8 Network are gaining ground, too. So if you’re an entrepreneurial person, and think you can get started in the cryptocurrency world, it’s the perfect time to do it.
So if you’d like to learn more about the different careers you can get started in, read on.
1 Start an exchange
One of the most popular options for anyone starting in the cryptocurrency industry is starting an exchange. Especially if you’re always catching up on cryptocurrency news, researching which new coins are popular and what ICO campaigns are about to be started, you’ll know enough to trade them. But before you start, don’t forget to check on the legality of running a cryptocurrency business where you’re based. In some countries like Estonia and Spain it’s more acceptable; in others, it’s a real challenge. According to Steemit,
“Almost all governments require entities which are involved in the currency exchange business to adhere to the Know Your Customer (KYC) norms. KYC is the process whereby a business verifies the identity of its customers through government-issued ID cards or passports. The main purpose here is to discourage money laundering. Make sure you adhere to your country’s KYC norms and integrate a suitable customer verification procedure into your exchange. Otherwise, you might be wondering someday why the police are suddenly standing in front of your door.”
96 countries have made Bitcoin unrestricted, so there’s hope that soon more of them will allow you to run your business.
Once you’ve researched the legal situation, you’ll want to study up on your competitors. That way, you can study up on the market and understand what you could be doing better. Then, you’ll need to find the cryptocurrency software that works best for you. Just like starting any business, you should write up a business plan before investing any money in your business.
2 Run a cryptocurrency ATM
If you live in a densely populated area, for example, New York or Miami, you can make a passive income by owning a cryptocurrency ATM. Even though it’s a large initial investment, once you’ve made it, you can make money anytime anyone uses the machine. A Bitcoin ATM is an especially great idea since this cryptocurrency is so valuable.
According to coinpupil, a Bitcoin ATM “allows users to exchange Bitcoin for Fiat and vice versa. Some Bitcoin ATM locations are uni-directional and some are bi-directional depending on the functionality of the one you use.” Again, you need to check up on the legality of cryptocurrency usage in whatever state you’re running this in, and whether there any fees or registrations you have to worry about.
If you’ve noticed that cryptocurrencies are trending where you are, and you’ve already seen a few cryptocurrency ATMs in the bodegas, then it’s time to get started. After all, Bitcoin reached a worth of $10,000 in 2017, so there’s money to be made.
3 Cryptocurrency mining
Mining, of course, is one of the most famed ways of making money from cryptocurrency. Outside of the people who invested in Bitcoin and became super-rich, the other huge cryptocurrency success stories we hear about are college students who started mining early on and became rich almost overnight. If you’re really into technology and have the money to invest in it, it’s a great idea.
According to Medium, mining cryptocurrencies works like this: “Mining is when you use computer equipment like graphics cards to solve complex mathematical problems using brute force. It definitely puts your hardware to work. Mining helps more coins come into circulation along with helping transactions get verified on the blockchain.”
Don’t forget about the fact that, the more you mine, the more electricity you’ll use. Based on what state you’re in, you’ll have to pay more for your business. Check out this mining calculator to learn more about your costs versus gains. Louisiana has the cheapest electricity rates in the US, so if you’re a big fan of Mardi Gras partying, you’re in luck!
4 Educate about cryptocurrency
Finally, one of the best ways to make money from cryptocurrency, especially if you consider yourself is an expert, is educating other people about it. Whether you’re blogging or offering courses on YouTube, you can help explain a complicated technology to the masses who want to learn about it.
Think about it: as of February 2018, there were 500,000 active podcasts featured in Apple Podcasts, so if you started one about cryptocurrency, you’d be sure to be popular.
These are some of the best careers in the cryptocurrency industry. Which do you think you’re most interested in pursuing?