Surf the Cryptocurrency Wave with Your Own Cryptocurrency Business
Some say the cryptocurrency phenomenon is the wave of the future. You could ride that wave to riches by starting your own cryptocurrency business.
The last several years have represented a boom for the fintech industry. This boom is due in large part to the much appreciated but little understood blockchain technology.
Basically, cryptocurrencies are created through the use of blockchain technology. Most often, people associate the term “blockchain” with Bitcoin, the first of the digital currencies. However, there are now multiple digital currencies, and new ones are created every day. And they are all based on blockchain technology.
People can use Bitcoin and other cryptocurrencies for both online and offline purchases these days. However, most of the excitement around cryptocurrencies comes from stories about people getting rich trading in them. For example, the value of a single Bitcoin has risen from only a few dollars in 2009 to its current value of more than $10,000.
Numerous determined entrepreneurs have been consequently inspired to start their own cryptocurrency businesses.
RELATED ARTICLE: UNDERSTANDING WHY CRYPTO MARKETS SUFFER
Cryptocurrency Creation
Cryptocurrency creation is a 21st century phenomenon, and it’s only in its infancy. However, people can now use digital money for numerous transactions. What’s more, cryptocurrency ATMs have begun to pop up in key locations in several cities around the world.
Governments are starting to take notice. They are beginning to consider establishing norms for the creation and sale of digital coins. Regulation of the crytocurrency industry will further attract entrepreneurs who want to set up cryptocurrency businesses.
Initial Coin Offerings, or ICO’s
Some of the most successful of the cryptocurrency businesses revolve around the idea of selling digital tokens through a new process called initial coin offerings, or ICO’s. This is similar in concept to initial public offerings or IPO’s, in which owners offer shares of their company to stockholders for the first time.
In the case of ICO’s, however, investors purchase digital coins instead of shares in a publicly traded company. The sellers of these digital coins are small companies that are seeking to raise money for their activities. Cryptocurrency brokers assist in these trades, which are conducted through cryptocurrency exchanges.
The Technology Behind the Industry
The businesses behind the cryptocurrency industry are the IT companies that develop and refine the blockchain technology that underpins the entire industry. There are also businesses that focus on cryptocurrency mining.
Businesses in both of these sectors require numerous resources. This urgent need represents multiple opportunities for enterprising entrepreneurs.
Where and How to Start a Cryptocurrency Business
There are two pieces of good news for people who want to open a cryptocurrency business.
The first piece of good news is that registering a cryptocurrency business is pretty simple. Plus, you won’t have to go through any special licensing procedure.
The second piece of good news for aspiring entrepreneurs in this sector is that most countries in the world are open to these business ideas. This is thanks in large part to the positive effect that cryptocurrencies have on a country’s economy.
For example, the small European country of Estonia makes it easy for people to start a business, even for non-citizens. They do this by allowing citizens of other countries to take e-residency in their country.
Then, the process of starting any business in Estonia, including cryptocurrency businesses, is just a matter of filing a few papers with the authorities. What’s more, you can do it all electronically, and you can also manage your new Estonian business remotely.
Ireland is another of the countries in the world where small businesses thrive by selling digital money. Starting a cryptocurrency business in Ireland has many advantages. Among these are low tax rates, governmental support, and an abundance of outlets that accept digital coins as payment for their goods and services.
What Does the Future Hold for Cryptocurrency Businesses?
Some experts claim that cryptocurrencies are here to stay. Others urge caution.
Meanwhile, more and more businesses are accepting cryptocurrency payments every day. Further, several countries around the world have either launched or will soon launch their own national cryptocurrencies.
So if you’re one of those risk-taking entrepreneurs who is ready for the challenge, you need only choose the right country for you and start your cryptocurrency business today.
