Bitcoin is easily the most popular cryptocurrency available today. An estimated 5% of the population in America owns bitcoins, many frequently trade bitcoins and other cryptocurrencies to make a quick buck. But this strategy like most get rich fast schemes, is just that; a scheme. Most people fail to realize that they can build a lasting business and a reliable source of income just by working with Bitcoins. Yes, you read that right. Bitcoins have the potential to be the foundation of a billion-dollar business. However, the idea of starting such a business can seem implausible. The few people how have started a business based on the Blockchain technology have managed to do so by starting a firm in Europe. BTC to Eur rates fluctuate frequently, but that doesn’t affect people who plan their moves in advance.
One of the places of establishing a firm in Europe is by starting in Estonia. The laws and regulations in Estonia are extremely favourable for entrepreneurs. The capital required for starting a business in Estonia is significantly less if compared to other countries. You only need 5, 500 euros to get started with registering a company that possesses a Blockchain license. Estonia is a technologically advanced place; people who aspire to start a business there can obtain an e-residency.
An e-residency allows people to start and manage a firm based in Estonia from a remote location. Many people, who face regulatory issues from the government in their country, often obtain an e-residency in Estonia and continue their business in such a manner. There are many options that an owner of a cryptocurrency agency can explore. Some of the most common are listed below:
This is a rather new business model as only a few people are currently doing this. This idea involves setting up a network of miners and allowing people to purchase contracts from your organization to join the mining process. This is definitely not an easy idea to implement, but attempting to do hard tasks often results in spectacular results. Keeping track of BTC to Eur rates and managing the fluctuations can be rewarding
This business model involves starting an e-bay style online store that only accepts Bitcoin as payment. This would also allow you to undersell the competition in price, you can accept payment in Bitcoin and make use of the naturally increasing value as profit. This would require help in the form of an investment partner, someone who can help with stocking goods.
Starting an Exchange:
This idea involves accepting other forms of cryptocurrencies such as Altcoins, Litecoins, etc and exchanging them for Bitcoins. Opening such an exchange can be difficult in the USA, but having a business established in Estonia, you can start feeling like the government doesn’t rule over you. However, staying updated with the BTC to Eur rate is essential to maximize profits.
Following the ideas above, one can attempt to leverage the full potential of Bitcoins!