Byte-Size Bucks: Ideas For Business To Work With Digital Currency. If you are stuck for a business idea in the face of the modern world of internet startups and small businesses that are leading the charge for eCommerce, have you thought about the currency approach? No traveler’s checks, but bitcoin.
It is a form of digital currency and is proving very successful as an online way to trade for goods and services. There are many upsides to using bitcoin as a currency, from the exchange rates to the reduced payment issues that can come with transactions from other countries.
Bitcoin operates as a currency for the internet, and there are business ideas that can utilize this very well.
A Mining Bitcoin Business
Mining is a popular method of acquiring bitcoins, where people are using their computer hardware to be rewarded in bitcoins by solving complex math problems. It is much like mining for gold, except you are using a powerful computer and software instead of gold pans and buckets.
As the competition for mining has become fierce, and the more advanced the software and hardware, the faster you are able to get the elusive bitcoins. A lot of people use mining pools to combine their computing power with many other bitcoin miners.
With the number of miners that are out there, you are easily able to find an angle in which to corner this hungry market.
Provide Bitcoin Wallet Protection Services
When purchasing your first bitcoins, you are directed to set up your own “digital wallet.” And, much like a real wallet, this is where you store your money. But when you buy bitcoins, there are so many choices to get them from, your wallet needs to be secure and hacker-proof.
Running an organization that deals in methods to protect customers’ bitcoins will be big business, as when bitcoins are stolen, there is no way to actually recover their stolen currency.
Your options are to provide protection to each customer by overseeing transactions and implementing hacker protection tools, or your could trade-in “cold wallets” which are hardware wallets that are not connected to the internet. They are, therefore, hacker-proof.
Be A Bitcoin Payment Processor
These are also known as bitcoin exchanges. The payment processor business is an area that has received a lot of funding from venture capitalists in recent years.
Companies like Amazon will be using bitcoin as a method of payment, and it is likely that other large online stores will follow suit. By catering to that market, you are looking at very lucrative contracts from online businesses and eCommerce companies.
Find A Way To Translate Bitcoin To The Offline World
There is a massive challenge that bitcoin faces in the coming years, and that is to ensure its survival and to be accepted by those that do not use it.
The people that are currently interested in the future of bitcoin are the ones that are using it. If you can find a method to make it widely accepted and market bitcoin as an alternative to real money, it will prove to be a very successful business idea.
