How does Bitcoin business work? The popularity of cryptocurrencies is growing from year to year. Many people are constantly racking their brains about what blockchain startup ideas can be brought into this business and, most importantly, how to profit from them.

In this article, we have compiled a list of the coolest types of businesses in the cryptocurrency world based on our own observations.

How can you make money from Bitcoin in 2020:

1. Cryptocurrency Exchange Platform
2. Decentralized Apps as a Bitcoin Business Opportunity
3. Cybersecurity System for Bitcoin Transactions
4. Cryptocurrency Wallet
5. Cryptocurrency Crowdfunding
6. Bitcoin Consulting Business
7. Bitcoin Information Sites
8. Cryptocurrency Trading
9. Money Transfer Business Using Bitcoins
10. Online gambling with smart contracts

Let’s check each of the blockchain small business ideas properly!

Top 10 Bitcoin Business Opportunities You Can Start 

When people read something about the cryptocurrency business model, they think about trading or HODLing. 

Below we are going to prove to you that this market is broader!

1. Cryptocurrency Exchange Platform

Many platforms allow buying bitcoin with PayPal; you can find it almost everywhere - on Safetrading, for example. 

The most important thing you have to do is analyze your competitors and understand what users are missing. 

Such Bitcoin business ideas are trendy, so any user-friendly innovations will definitely be appreciated.

2. Decentralized Apps as a Bitcoin Business Opportunity

Safe bitcoin wallets, crypto bots, price tracking applications are in great demand in the market now.

Any software development company will be happy to help you develop your application using your wishes and requirements. You can choose, for example, app dev companies like MLSDev.

3. Cybersecurity System for Bitcoin Transactions

As you know, cryptocurrency is absolutely unregulated, so hackers lie in wait for users at every turn. 

Now there are a lot of services that claim that transactions are carried out safely through them. However, as experience shows, there are "buts" everywhere.

A company that can provide and prove the security of transactions will have great success in the future.

4. Cryptocurrency Wallet

People may tell you that there are a lot of different wallets on the market. And there are, but many of them are custodial and store your data on their servers, which means they are not completely safe. 

A successful cryptocurrency wallet should provide the following services: 

• fast transactions, 
• the function of internal cryptocurrency exchange, 
• the ability to buy/sell cryptocurrency using a bank card, etc.

5. Cryptocurrency Crowdfunding

This Bitcoin business opportunity is suitable for those who want to speed up making money.

Crowdfunding is the process when investors give you money as support for your valid white paper project. Three types of such projects exist - ICO, STO, and IEO. The first one is the most popular because of the bigger amount of investors there. 

6. Bitcoin Consulting Business

As we have already noticed, a lot of people are interested in trading. 

According to statistics, 70% of traders on the market are beginners who need advice from experienced traders. Therefore, the creation of a platform for providing advice is now in great demand. 

By the way, there are very few such services now.

7. Bitcoin Information Sites

Do not forget that any of the Bitcoin business opportunities is highly dependent on what is happening in the market. 

That is why you have an excellent opportunity to create a website where the most important news and statistics related to Bitcoin will be posted.

8. Cryptocurrency Trading

Well, of course, how can it be without trading Bitcoin for profit! 

Now the market offers a lot of Bitcoin business opportunities - exchanges, cryptocurrency channels, and crypto bots that will help you make money. The most important point here is to choose a secure service that guarantees you the safety of your assets. 

The only thing that you cannot control is the work of exchanges since they are all custodial, and the safety of assets is not in your hands, so most experts advise leaving only the money you need for trading there.

Money Transfer Business Using Bitcoins

You can create a secure platform through which users can send money in cryptocurrencies - in Bitcoin, Ethereum, and so on. 

The recipients are able to exchange them for cash using the built-in exchange service or withdrawing money to the card.

Online Gambling with Smart Contracts

I don't think that it's worth mentioning that gambling is very popular now. 

And cryptocurrency will allow you to make bets safer using smart contracts, which will guarantee the confirmation of transactions and will significantly reduce the likelihood of a fraud.

How to Start a Bitcoin Business: 6-Step Process

I believe that after reading the first part of our article, you already have several blockchain business ideas in your head that you want to translate into reality. 

Now it is important to build a plan for your future Bitcoin business opportunity and write it out step by step to reduce the probability of mistakes.

Before starting your Bitcoin business in 2020, it is essential to:

1. Decide on Your Bitcoin Business Idea & Objectives
2. Learn about Laws &  Regulations in a Field
3. Find Necessary Partners
4. Implement Best Security Practices
5. Offer Customer Support

It is time to discuss the importance of every aspect.

Decide on Your Bitcoin Business Idea & Objectives 

Initially, you need to understand what purpose your business will pursue. 

Maybe you want to make Bitcoin transactions more accessible and secure or advise people on starting a cryptocurrency trading activity. 

It will not only give you a good foundation for developing the platform, but it will also identify the most important function of the service.

Learn about Laws &  Regulations in a Field

Essentially, cryptocurrency is not regulated. 

However, there are certain countries where certain cryptocurrency activities are illegal or restricted. 

To provide users with up-to-date information in the future, check out all existing legal restrictions in the world of cryptocurrency.

Find Necessary Partners  

Let's imagine that you want to create an exchange platform or the same cryptocurrency wallet to explain this with an example. 

They cannot be made functional on our own. To do this, you need services that offer an exchange like Shapeshift, for example.

Implement Best Security Practices

Security is an essential part of any cryptocurrency service. 

You need to understand exactly how you will ensure the safety of the assets of your future users:

• mnemonic phrases
• passwords
• two-factor authentication
• non-custodiality, etc.

Offer Customer Support

Any service needs to be improved regularly. 

Therefore, it is very important that customer support works well 24/7. This will not only allow you to timely solve emerging problems but also help to gain the trust of users.

Benefits & Opportunities for Bitcoin Business

In order for you to fully understand the benefits of the Bitcoin business, let's consider each of the points separately.

Transaction Costs Savings

What do people value besides safety? 

To save their own money, of course.

This is logical that if the service takes 10% of the transaction fees, then you are unlikely to want to use it again. 

Therefore, the lower and more justified the commission, the better.

Fraud Protection

Scammers are a huge problem in the cryptocurrency world. 

The increase in the number of secure services or audit platforms helps to increase people's confidence in this type of digital asset.

Worldwide Access

The convenience of cryptocurrency is that it can be sent from one end of the world to another, and neither the fee rates nor the processing time depend on kilometers. 

Therefore, the audience of your future service is absolutely uncountable, which is a huge plus.

Conversion Rates Increase

With the advent of a large number of cryptocurrency wallets and exchange services, the popularity of cryptocurrency transactions is growing more and more every day. 

That is why the conversion rate is increasing, and with them, the popularity of such platforms is growing.

New Markets Entering 

Cryptocurrencies have become not just an opportunity to send money quickly, but, for example, pay for services. 

In developed countries, it has long been possible to pay for goods and services using Bitcoin.

Bottom Line: Bitcoin Business Opportunities in 2020

In this article, we examined in detail the options for Bitcoin business opportunities and the benefits that it will bring you. 

So, let's highlight the most important points:

• safety if the key factor of your business
• it is important to consider all the limits
• popularity creates high demands
• you need to be better than your competitors.

Bitcoin and other cryptocurrencies offer excellent opportunities to expand your activity and to implement new useful features. As soon as you are attentive to details and users, your service will have a bright future!

Wishing you good luck!