Despite being still in its youth (the first cryptocurrency appeared a decade and a half ago), the industry of digital money and blockchain technology has already managed to integrate closely into the global financial system. And according to the laws of market relations, industry immaturity implies huge opportunities in terms of implementing various business ideas since the level of competition here is still not high enough.
This means that any of us can be successful entrepreneurs in the field of the cryptocurrency business. The only condition required here is to be creative and persistent. In this case, you will be able to get significant profit from investing in cryptocurrency and participating in promising projects like Decimalchain.
The prospects of this are indicated by the fact that an increasing number of trading platforms offer the option of paying with cryptocurrency, and many companies have cryptocurrency accounts on their balance. Do not forget about the rapid and total growth of investments in cryptocurrency projects. That’s why more and more traders and investors around the world wonder how to start investing in cryptocurrency.
Of course, there are many ways to make money in the crypto industry. Some of them require knowledge of the basics of cryptography, others cannot be implemented without large initial investments, and it is almost impossible to say for sure what crypto to buy now or what is the best crypto to stake. But there are also those that can be used by ordinary people. The point is to decide whether it will be just a side job for you or you want it to be the business of your life. But even in the first case, you will still have the opportunity to expand the business in order to increase its profitability, especially if your business is built on some top cryptocurrency.
What makes a “home-based” business: the pros and cons
The beginning of the COVID pandemic forced many enterprises to switch their employees to remote working. Hundreds of thousands and millions of people got some spare time and opportunities for additional earnings. And one of the first questions they started to ask themselves was, “what crypto to buy now” and “how to start investing in cryptocurrency.”
A home business, regardless of its scale, would be really beneficial for the family budget. But before proceeding to concrete steps on implementing such a business, you should study all pros and cons of this initiative.
Let’s start with the pros:
– any home business implies minimizing overhead costs, including those related to state regulation taxation types, because, in most countries, business on the Internet is not subject to strict accounting;
– you get the opportunity to significantly expand the geography of sales up to the international level;
– working at home allows you to have a flexible schedule;
– Once you`ve analyzed the prospects of your crypto business, you will be able to involve both family members and other people you trust in your working process.
Cons:
– be aware that you will have to work alone in the initial stages. This is the price for freedom of action, and if you are an extrovert, at first, it is quite hard;
– Home business will certainly require you not only to change your habits but also, most likely, to make some rearrangements in your apartment.
– freedom of action will not be absolute in any case since you will have to adapt to the realities of your business and, possibly, work at night as well. In many cases, there is no concrete schedule, and free time appears simultaneously.
If you cope with all these issues, you will be able to enjoy a new job, in addition to getting direct financial profit.
Find a home business idea that works for you.
Investing in cryptocurrency is a great way to get passive income, even if you put money not only in some top cryptocurrencies. Besides, some investors are able to predict the next crypto to explode or what is the best crypto to stake. But by no means are such investments not the only way to profit in the digital world. In any case, it requires considerable initial investments if you want to get high returns. At the same time, you will need to study the market and its trends in order to know which cryptocurrency is more profitable to buy now, which coins can skyrocket, and which ones are unpromising.
Therefore, let’s consider the TOP 3 ideas for starting a profitable crypto business that does not require significant investments.
NFT selling
Even in the young crypto industry, new trends are emerging that are rapidly becoming super-popular. This is exactly the distribution of non-interchangeable tokens.
NFT, or unique objects of digital art can become a source of high income. If you are a creative person, you just cannot take advantage of new opportunities. NFTs can be sold in the traditional way, but unlike real paintings or sculptures, digital ones are not protected from plagiarism and pirated distribution in any way, so you should not count on high profitability. The use of blockchain technology eliminates these issues so that NFT becomes not just a fashion statement but an effective way to protect copyrights.
To start making money on this, you do not need to be a member of the Academy of Arts, it is enough to give a few illustrative examples. Thus, Victor Langlois, a young artist working under the pseudonym FEWOCIOUS in the field of vector art, managed to earn about $20 million at one auction, and in just two years, his fortune increased by $50 million. Brooklyn artist Blake Jamison also decided to switch to digital art and, in a short time, managed to earn $46 thousand on paintings distributed in the form of NFT.
Note that NFT is not only for digital paintings; unique digital objects can be music tracks, exclusive photos, or even real estate rights. To start selling unique tokens, you will have to learn the basics of minting, that is, NFT minting procedures. And also the TOP cryptocurrencies that provide such an opportunity (for example, the Ethereum or Decimalchain platforms).
According to some data, about a third of new collections of non-interchangeable tokens are sold at a price that does not cover the cost of their placement on the blockchain, but 67% is a significant factor in order to take a risk. In addition to the direct sale of NFT, there are other ways to monetize them, for example, in online games.
Selling things for crypto.
More and more trading platforms offer the feature of crypto payments. This is a direct consequence of the growth in the number of users owning a cryptocurrency originally purchased only as an investment.
And since this trend is only gaining momentum, you should definitely use its opportunities. Well, you will have to demonstrate certain organizational skills – launch an online store and organize direct deliveries of goods from manufacturers. And the main thing is to provide the opportunity to pay with cryptocurrency, using crypto exchanges acting as platforms for performing such transactions. For example, use a bundle of Coinbase Commerce and Shopify, where the first company is the largest online crypto exchange, and the second will provide direct deliveries of goods of any orientation.
An important advantage of the Coinbase Commerce platform is the absence of a fee for accepting cryptocurrencies (but the transaction fee is mandatory for most transactions), as well as the quick process of registration and creation of a cryptocurrency wallet.
Defi Exchange Platforms
The term Defi should be understood as the use of blockchain and cryptocurrencies to create financial services and useful products. An important advantage of using decentralized finance is that there is no need for intermediaries. Recently, there have been more and more platforms that provide users with the opportunity to independently create in-demand services in the world of finance.
The most promising areas of Defi applications can be called services for the acquisition or investment in cryptocurrencies. It’s no secret that there are cryptocurrencies that are considered the best for staking, while many focus on tokens that promise rapid price jumps. If you are well-versed and know what is the next crypto to explode, use these skills to get additional benefits using your own Defi application.
As an example, we can cite the Decimalchain platform and its token Decimal, which provides users with the opportunity to quickly create their own cryptocurrency using the token Decimal as a base. And you don`t need to waste time guessing what crypto to buy now once you study the project`s prospects.
Summing up
The above-mentioned business ideas for earning on cryptocurrencies are far from being the only ones. If you are a creative person with an unconventional mindset, you are quite capable of coming up with your own promising way of earning money in this rapidly developing niche.
Most likely, you will have to learn the basic concepts related to blockchain, cryptocurrencies, and smart contracts. You also need to understand that everything that concerns this young industry is associated with high risks, but if you apply the right strategy and planning, the chances of getting a significant profit will be very high.
At least, no other niche is able to guarantee high earnings without significant initial investments with a long payback period. In this regard, a crypto business is an indisputable leader, and investing in cryptocurrency is one of the best ways to make a profit in 2022 even if you have no idea what is the next crypto to explode or what is the best crypto to stake.