Cryptocurrencies vs Dropshipping Which is Best and Why?

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What are the best options for cryprocurrencies

How to become a Bitcoin broker

One of the easiest and most popular ways to get started in this industry is to become a broker. This allows you to buy and sell coins to other users.

Digital currency users have a preference to use peer-to-peer services over large corporations, which is quite different from other areas of finance. This preference extends to trading platforms, which means that small traders can easily set up a broker within their area or via the internet. LocalBitcoins is one of the most popular platforms for trading and buying bitcoin. It is based entirely on peer-to-peer transactions, and has thousands of traders making a living as brokers.

You earn your profits as a broker from the spread, which is the difference between ask and bid prices. It will vary depending on market conditions and your payment method. However, you can get an idea of the spread by simply visiting the pages for buy and sell in your area.

BTMs: How to operate a Bitcoin ATM

If you have sufficient capital, it is possible to start a business selling and buying coins. This can be easier and more profitable than operating specialist “Automatic Teller Machines” (ATMs), also known as “Bitcoin Teller Machines” (BTM).

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BTMs charge fees that range from 5-10% per transaction. In some cases, they can be much higher. Operators who are able to get their machines in the best places often see a return on their initial capital within a year. The machines don’t take up much space so it is possible to rent locations without spending a fortune. The initial cost of the machine and the need to store it with notes can make the initial investment quite expensive.

There are many machines that you can buy. You can also set your own fees. You can connect to an API to connect to third-party exchanges. This allows you to manage currency risk and keep your BTC and local fiat reserves at the same level. While most machines will require KYC, it is important that operators keep up-to-date with local regulations and ensure their machines meet all legal requirements.

A BTM can be an attractive option if you already own a retail store. Some systems are dual-functional. Many major BTM manufacturers include point-of-sale (POS) systems in their machines. Coinkite, meanwhile, offers exchange features that allow cashiers to purchase or sell coins at the till.

Here’s a list of the most sought-after options:

Romit: ATMs and Kiosks with integrated point-of-sale app and remittance options.

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BitAccess: A fully featured ATM machine with remote management, compliance options, note recycling and customizable compliance options.

GeneralBytes: Provides the option of a full kiosk or a combined POS system.

Skyhook: This machine is powered by open-source software and supports a wide variety of currencies.

Lamassu: Provides 3 machines in a variety of sizes and is the market leader as of the writing of this article.

GenesisCoin: GenesisCoin allows you to brand your product using their white label system. It also has all the features that you would expect.

There’s even a market for second-hand BTM machines. CoinATMRadar allows you to compare products and search for second-hand deals.

Bitcoin Vending Machine Businesses

There are many similarities between managing a vending machine company and a network of teller stations. These machines can be placed in strategic locations by salespeople who have a good knowledge of the local area.

Vending machines have a few limitations. Many people don’t have enough change to purchase coins, or they may not be able to carry enough. This is likely to increase the opportunity to replace existing systems with machines that accept alternative payment methods as cash usage continues to drop.

There are already machines that accept credit/debit cards as well as Bitcoin. Aeguana, for example, sells a high-end system with digital display that they claim has seen a 400% average increase in sales compared to traditional coin-operated machines in trials in the UK.

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You can retrofit any vending machine that isn’t already equipped to take Bitcoin payments, provided you are willing to do some work (or hire an engineer).

Opportunities for White Label Businesses

White label businesses are when another company gives you permission to use their product or service under your name and present it to customers as an independent business. These services allow for customization, even though the core product may not be unique.

White Label Exchanges

There are many benefits to white labeling if you’ve ever considered starting your own cryptocurrency exchange site.

First, high-quality exchange software that can match and execute orders at high speed is difficult and costly to create. White label exchanges are a cost-effective way to start your business. However, you can still choose which currencies and coins you wish to trade, set your own fees and personalize the user interface to fit your brand.

Another advantage of these services is the ability to share liquidity with other exchanges that use the same network. It can be difficult to build enough liquidity on an exchange to make it attractive for users.

Here’s a list with the best white label bitcoin exchange services:

AlphaPoint

BTCTrader

Draglet

WLox

White Label Casinos

The benefits of digital currency have always been most evident in gambling. This is due to the fact that many countries don’t consider it real money. Therefore, strict regulations and laws regarding online gambling may not apply casinos that use BTC only.

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There are many white label opportunities available for those who want to run their own poker, casino or betting site. These range from a fully-functioning website that can be easily customized (and ensure that you comply with local laws), to specific games that can be added to your site.

These are the top three providers of this service.

CoinGaming

SoftSwiss

BetcoinGaming

White Label Services

There are likely many white label services that offer services beyond exchanges and casinos. If you are interested in this service, it is worth searching. But for now I will leave you with just one other service that you may like to take a look at: E-Coin offers entrepreneurs the chance to white label their bitcoin debit card service, and includes the ability to access their service through an API: https://devportal.e-coin.io/

Bitcoin Mining

Although mining is a competitive industry today, it doesn’t mean that new start-ups can’t succeed. Access to affordable electricity is the key to making a profit in mining. It may be possible to lower equipment cooling costs by setting up shop in a colder climate. However, this is a risky business and is dependent on variables which are hard to predict (such as BTC’s price). It will also require high capital outlay for equipment. Before you start your miner career, make sure you understand what you are doing.

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Bitcoin Franchise Opportunities

The franchise route gives you access to not only a product or service, but also a proven business strategy and plan. You can also use an established brand with name recognition that might run advertising campaigns that you could benefit from.

This is a step up from white labeling in terms of the support and help you receive from the company behind the product. However, you will need to pay a fee to buy the franchise. You should do some research on the current franchise opportunities before you decide to go this route. However, to get started and save you time, these are the three most intriguing franchises I’ve been able to locate:

Coin Telegraph – Coin Telegraph is a well-known name in digital currency news. They offer foreign language franchises in many different countries. NewsBTC is following a similar model.

Coingaia is a Bitcoin exchange that uses a franchise model rather than the white label route. This allows anyone to open their own exchange.

MegaBigPower – This is a great option for those who are interested in starting their own mining company but don’t have enough capital. They will provide electricity and a location, as well as ASIC mining machines and technical support.

Retail Businesses

While you can purchase most items with Bitcoin, there are still many opportunities for retail businesses that accept digital currency payments to establish themselves.

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BTC payments are attractive because of their low transaction costs, no chargebacks, and you can offer discounts to your customers to increase your chances of attracting new business.

An internet shop builder like Shopify is perhaps the best way to start a new retail store and accept payment in Bitcoin.

Reseller & Dropship Opportunities

You may be interested in reselling Bitcoin-related products if you are already involved with retail or are considering entering this sector.

Prypto, for example, allows retailers to sell Bitcoin as scratch cards or vouchers. This can be added to the counter at a local grocery store or newsagent, or used online by businesses.

Reseller programs are available for many digital products that do not relate to digital currency. This is a great way for you to start selling digital products without having to spend a lot on stock. You may also be able to make a product available for purchase in BTC. Dropshipping is another option to sell physical products. This involves the retailer receiving payment from the customer and ordering the product directly from the dropship wholesaler.

You might consider selling items on a decentralized marketplace by using one of our guides Syscoin for sellers or Open Bazaar to Merchants.

Monetizing trust: Escrow Agents & Oracles

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You may want to make a name for yourself as someone you can trust (or your business) by becoming an escrow agent.

An escrow agent acts as an arbitrator over disputes. This could include online purchases, freelance contracts, and other business and trade arrangements. It is very simple. Payment is made to bitcoin addresses. To send a transaction, buyer, seller, and escrow agent must sign. If there are no problems, the seller and buyer sign and the payment is made. However, if there are any issues the escrow agent must decide whether to sign the refund or payment. To promote your services as an agent, you can create a Bitrated profile.

The role of the Oracle is another business that requires trust from customers. Oracles can publish information on the blockchain that can be used to make financial derivatives or for smart contracts. For more information, take a look at this article about how to become bitcoin oracle.

Consultancy Businesses

You probably know more about Bitcoin than 99 percent of people reading this article. Why not share your knowledge with other businesses?

The blockchain technology that underpins Bitcoin and Bitcoin itself offer many opportunities for both new businesses as well as established ones. Most companies don’t know how they can take advantage of these opportunities. It doesn’t end at accepting Bitcoin payments. You could also use the blockchain to provide low-cost notary services, asset registry, smart contract, and many other benefits.

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Anyone who is looking to become a consultant should be aware that there are many lucrative niches available to anyone with some experience and the willingness to do research. You could approach small and medium-sized retailers in your locality and offer to help them with the point of sale, or even give a presentation about blockchain notary services to local law firms to get a general overview of what they can offer.

Flipping websites, apps & businesses

When you purchase a business to increase its profitability or turn it around completely if it is losing money, and then flip it in a short time frame. This term is most commonly used to describe online businesses, such as app or website flipping. However, it can also be used to describe brick & mortar businesses.

Many websites and apps could be benefited by incorporating digital currency into their offerings. You can also buy apps and websites for a fraction of the cost of other businesses and ‘flip them’ within a short time. As a way to increase the value of an existing business, it may be worth looking into digital currency integration for in-app purchases and user-rewards programs.

You can imagine that there are offline businesses with similar opportunities to entrepreneurs to increase their value quickly by using blockchain technology.

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Bitcoin Websites & Faucets

Another option is to create a website that is related to bitcoin. There are many affiliate programs and advertising networks that pay in bitcoin to help you monetize your website.

The faucet is one of the most well-known categories of website in this sector. It pays out small amounts of bitcoin to new users, either for testing purposes or for fun.

Which is your favorite? You can try them all and make your own decision!