Do you want to start a bitcoin or Cryptocurrency related business but lack ideas? If YES, here are 50 best money making bitcoin business ideas. In the world of cryptocurrency today, bitcoin is taking the lead and there is no doubting the fact that bitcoin has come to stay in the world as far as online currency is concerned.
Presently, bitcoin is in strong competition with gold as an investment platform, but there is no doubt that bitcoin has more varied uses in the financial market than gold can ever have. There are immense business opportunities that involve bitcoin and quite a lot of investment savvy entrepreneurs are looking for viable ways to become part of this revolution.
Though some speculators are claiming that bitcoin has presently gotten to its zenith and is poised for a fall, but it should be noted that whether appreciating or depreciating, bitcoin is still a very profitable investment. If you want to join stakes with entrepreneurs already in this line of business, then here are 50 business ideas that would let you invest in this still upward bound cryptocurrency.
Best Bitcoin Business ideas
1. Become a Bitcoin Consultant
One very important bitcoin related business idea that an entrepreneur can key into is for him or her to become a bitcoin consultant. You can brand yourself as the local Bitcoin expert in your city or community.
As of now, there are not many Bitcoin consultants in any particular area, so why don’t you take the lead and walk people through how to get started on bitcoin trading? Of course you will need to know the in and out of bitcoin before you can claim to be a bitcoin consultant.
Bitcoin casino is really gaining prominence in the world of gambling. Even with bitcoin gambling sites like Starcoin, Crypto Games, BetKing, and vDice making huge profits online, the bitcoin gambling market is still big enough to accommodate new entrants.
If you have the wherewithal, you can start an online gambling site that utilizes bitcoin exclusively and you can offer games like playing dice, roulette, poker, lottery and or slots.
Peer-to-peer lending refers to a method through which individuals, startups, and SMEs can borrow from individuals without the use of a traditional financial intermediary. This enables financing for those who are finding it hard to secure a loan from a bank.
You can start lending your bitcoins to entrepreneurs and small SMEs using the bitcoin peer-to-peer lending platform for a profit. You can generate excellent returns by investing in this line of business.
Sell Goods and Services in Exchange for Bitcoin
Another bitcoin related idea that an entrepreneur who is considering leveraging on bitcoins to start a business is to sell goods and services in exchange for bitcoins. Some of the things one can sell include clothes, old gadgets, cars and even homes in exchange for bitcoin.
Presently, there a lot of sites that offer platforms for people to buy and sell products using bitcoin as the mode of transaction. You can build one such site and promote them on your social media. Presently, bitcoin exchange stores like Bitify and Purse mostly operate online, so you don’t have to worry about offline logistics.
Become a Market Marker on Localbitcoins.com
Localbitcoins.com allows you to trade Bitcoins for fiat currencies through individual trades, sometimes referred to as over the counter trading or OTC. Most people are comfortable selling bitcoins over the counter as the transactions are fast and they offer diverse methods of payment.
Hundreds of bitcoin traders from around the globe are making profits on Localbitcoins by becoming market makers (buying and selling in Localbitcoins).
Day-Trade Bitcoin for Profit
If you love the financial markets and regularly trade online, then day-trading bitcoin could be a good way for you to make money via this cryptocurrency. When it comes to bitcoin trading, the basic investment speculation strategy applies.
You are required to buy when the currency is low and wait for the price to increase before you sell it at a higher price to generate profit.
It is important you understand market trends and price dynamics if you want to make successful trades, and as bitcoin is primarily headline driven, it is important to follow bitcoin news closely when actively trading the digital currency. Some exchanges also allow you to trade bitcoin using leverage, which can help you increase your trading profit substantially but also possess a much higher downside risk.
Complete Microtasks for Bitcoin
Another way one can participate in the bitcoin revolution to make money is by completing microtasks for bitcoin. You can set up your own platform to carry out these tasks, or you can leverage on already working platforms like Bituro, Bitcoin rewards, Coinbucks, etc.
Bituro is a smartphone app that pays you in bitcoins for small tasks such as watching promotional videos, filling out surveys and testing apps. Bitcoin Reward enables you to earn for watching videos, downloading and testing apps, filling out market research surveys and other minor tasks.
Coinbucks is a smartphone app that allows you to earn bitcoins for playing mobile games, downloading smartphone apps and completing online promotional offers. You can start completing tasks on these platforms to earn bitcoin profits.
Another viable bitcoin business one can start is to engage in bitcoin cloud mining. Bitcoin cloud mining is the process of mining bitcoins using a remote datacenter with shared processing power. Cloud mining is beneficial to individuals as it allows them to carry out their mining activities without having to manage the complex mining hardware.
Cloud mining enables you to earn bitcoins without mining software, mining hardware, bandwidth, electricity or other offline issues. However, there is a cost associated with cloud mining as a service though and this can have an effect on your bottom line.
Start Bitcoin hardware mining
Mining bitcoins the original way with hardware and other gadgets can be quite complex and is usually not recommended for beginners, but it is another bitcoin related business idea. The process entails the use of sophisticated machines that are expensive and consume quite a lot of electricity to solve mathematical algorithms in exchange for bitcoins.
Bitcoin miners enable bitcoin transactions by sharing their processing power. In exchange for enabling the bitcoin network to function, they are rewarded with new bitcoins. This is basically what it means by to mine bitcoin.
Buying and holding bitcoin is a good way to make money out of bitcoins. To be able to buy and hold bitcoin, you first need to obtain a bitcoin wallet.
A bitcoin wallet is used to send, receive and store bitcoins. You can obtain one from an online based service such as Coinbase or Blockchain.info. These are two of the most used bitcoin wallets and they come with an online and a mobile version. Having said that, the safest way to store your bitcoins would be offline.
Once you have a wallet service, you can establish multiple bitcoin addresses which allow you to receive bitcoins from others.
No real life addresses are necessary, just your bitcoin address will suffice for any digital currency transfers. All transaction can then be viewed on the blockchain. You can buy and hold bitcoin in your wallet pending when the price increases for you to cash in. This business is mostly done in the long term.
Launch a Bitcoin Company and Accept Digital Currencies
Many people looking to enter into the world of bitcoin will want to start their own bitcoin focused companies and charge customers in digital currencies for the services they offer. You can also offer this service as an entrepreneur. There is a world of possibility at the intersection where web technologies and digital currencies meet.
Maybe you have a unique idea for a bitcoin multi-vendor marketplace similar to Ebay, or a bitcoin powered social network similar to Facebook, or an auction site, or even a bitcoin betting website, why don’t you launch it and start making profits? The possibilities are endless.
Become a Bitcoin Broker
One of the most obvious as well as one of the most popular ways to start a business in this industry is to set yourself up as a broker, buying and selling coins to other users. It is a fact that bitcoin users often have a preference for using peer-to-peer services rather than large companies.
This preference extends to exchanges, meaning that it is very easy for a small trader to set themselves up as a broker in their local area or over the internet.
As a broker you earn your profit from the difference between bid and ask prices. This varies according to market conditions and the payment method you are using. To have an idea of market conditions, you can simply visit the buy and sell pages on bitcoin sites of your local area.
If you have enough capital behind you then a more easily scalable, and potentially more profitable way to set up a business involving bitcoins is by operating specialist bitcoin Automatic Teller Machines (ATMs) also known as ‘Bitcoin Teller Machines’ (BTM).
Fees charged by BTMs seem to start around the range of 5-10% per transaction, and in some cases there are a lot higher. Operators who manage to get their machines into the best locations often report a return on investment for their initial capital in less than a year.
These machines do not take up a lot of space, so renting locations would not cost so much, but the cost of the machine and the cost of loading it with bitcoins can cost quite a bit.
There are a wide range of machines available to buy, and they usually allow you to set your own fees to the level you want. Some machines will also allow you to connect to a third-party exchange through an API in order to manage your currency risk by keeping your reserves of both BTC and your local fiat at a constant level.
Running a bitcoin vending machine is much like running a traditional vending machine. The only difference is that the payment method is via bitcoins.
One of the known limitations of vending machines is that many people simply don’t carry a lot of change around with them, and may not have the coins needed to make a purchase. As the use of cash continues to decline this is likely to present an ever-expanding opportunity to replace coin systems with new machines capable of accepting alternative payment methods.
Already there are machines available to purchase which accept both credit/debit cards and Bitcoin. You can buy a vending machine that accepts bitcoin and you would have started a good stream of passive income.
Here, the seller usually buys bitcoins when needed, and immediately transfers them to the buyer. This is almost what happens in Bitcoin ATMs and with LocalBitcoins, where people who want bitcoins lack the bank account/KYC/AML qualifications to buy them themselves.
So they get somebody else to buy the bitcoins and sell them along to them, usual with a commission added in. Drop shipping companies generally make use of a third-party service to facilitate bitcoin payments.
Start a bitcoin reseller business
If you already have a viable business in retail or if this is a sector you are thinking about going into, you may also like to consider reselling Bitcoin related products. A site called Prypto offers a way for retailers to sell Bitcoins in the form of scratch cards or vouchers.
This is perfect for adding to the counter of a local newsagent of Grocery Store, but can also be used by online businesses.
There are many digital products unrelated to digital currency which have reseller programs. This is a great way to get into retail without a huge expenditure on buying stock, and making a product available for purchase with bitcoin may win you some business.
Become a bitcoin escrow Agent
If you have built up a name for yourself and your business as somebody that can be trusted, then you can use this trust as a launching pad to set yourself up as an escrow agent or agency. Generally, the role of an escrow agent is to arbitrate over disputes that may involve online purchases, freelance contracts, or other business and trade arrangements.
In becoming a bitcoin escrow agent, you get to hold transaction payment for the seller and the buyer pending when the transaction is completed. The payment is made to a bitcoin address which requires the signatures of the buyer, the seller and the escrow agent in order to send a transaction.
If there is no problem with the transaction, then the buyer and seller sign and payment is made, but if there is a problem then the escrow agent must choose whether to sign the payment or the refund. You can create a profile on websites like Bitrated to promote your services as an escrow agent.
Become a bitcoin oracle
An oracle is, simply put, a translator for information provided by an outside platform. Oracles provide the necessary data to trigger smart contracts to execute when the original terms of the contract are met. These conditions could be anything associated with the smart contract – temperature, payment completion, price changes, etc.
The marketplace for these highly specialized middleware software models is growing rapidly, and as new ways to utilize Blockchain technology are being conceived of every day, the demand will only increase. Oracles publish information over the blockchain which can be used for betting, for financial derivatives, or for smart contracts.
This is a very profitable bitcoin related business one can start, but you have to be very knowledgeable in bitcoin and blockchain programming before you can make any headway in this area.
Buy and flip bitcoin related apps and websites
Website flipping is when you buy a website, increase its followership, contents and profitability (if it was redundant), and then sell it in a relatively short period of time. There are many different websites and apps that could benefit from integrating digital currency into what they offer.
It is also possible to buy websites and apps for much less, and to ‘flip’ them within a fairly short period of time. Integrating digital currency for in-app purchases or for user-rewards schemes, or simply converting stores to accept BTC payments may be worth considering as ways to add value to an established business. This business is suitable for a seasoned programmer.
Build bitcoin websites
Another bitcoin related business idea that can prove profitable is to create bitcoin related websites for sale. When it comes to monetizing your site, there are many advertising networks and affiliate programs which pay out in bitcoin. Also, you can use your website to affiliate businesses and products that utilize bitcoin and other cryptocurrencies.
Create a bitcoin faucet
Bitcoin faucets are a reward system in the form of a website or app, that dispenses rewards in the form of a satoshi, which is a hundredth of a millionth BTC, for visitors to claim in exchange for completing a captcha or task as described by the website.
It should be noted that faucet owners make money by placing ads on this highly engaging websites and you can build a faucet within 10 minutes.
Bitcoin faucets may not give you huge amounts of bitcoin at a time as one satoshi is equal to 0.00000001 BTC, but over time the money can add up and you could find yourself making a substantial amount of extra cash without having to do all that much work.
Design and sell Bitcoin WordPress themes
With bitcoin getting more popular and profitable, a lot of blogs about Bitcoin are popping up. Unfortunately there are very few Bitcoin WordPress themes to be found around. If you are good with coding, you can make several Bitcoin WordPress themes and sell them for a profit. You can utilize sites like ThemeForest to market your themes.
Register Bitcoin domain names
A lot of people are looking for Bitcoin domain names for their website. You could secure several Bitcoin domain names and then sell them at a profit to webmasters. This is perhaps one of the less utilized bitcoin business ideas that could prove to be very profitable. Why not launch in now when the competition is still quite less?
Like any currency, stock or other financial product, money can be made by judiciously buying and selling bitcoins. You can try doing this yourself, but you need to have incredible insight into the market to have any success. Just like those other financial products, however, some traders have created automated systems to buy and sell bitcoins based on a mathematical algorithm.
Start a bitcoin arbitrage fund
Bitcoin arbitrage is the buying of bitcoins on an exchange where the price is very low and selling it at an exchange where the price is relatively higher. The prices of Bitcoin vary on various exchanges due to the fact that the markets are not directly linked, and the trading volume on many exchanges is low enough that the price does not adjust to the average right away.
It is possible to profit from the very tiny differences between buy-price quotations at different exchanges but it requires very good trading software and Internet connection.
An exchange is where buyers and sellers conduct their business. A bitcoin exchange is a digital marketplace where traders can buy and sell bitcoins using different fiat currencies or altcoins. Bitcoin exchange platforms match buyers with sellers just like a traditional stock exchange.
A seller of bitcoin deposits some bitcoins with the exchange’s address. He can then sell his bitcoin for Dollars or other currencies or coins.
Similarly, a buyer of bitcoins deposits USD with the exchange and then uses the balance to buy bitcoins from sellers. Because no authority controls Bitcoin, its value is determined by the market transactions in bitcoin exchanges and nothing more.
That leaves considerable opportunities for people to speculate on Bitcoin, and earn money via market change and fluctuations.
Start short Selling bitcoins
Short selling allows you to profit from drops in the value of a commodity in the same way that you would profit from rising prices if you bought it. Presently, a lot of people believe that Bitcoin is over-valued and pumped up by speculators, if you as an investor shares this belief, then maybe you can start short selling bitcoins.
Short selling allows you to basically borrow an asset, such as Bitcoins, and sell it at current prices. Later on, you can purchase the Bitcoins to pay back the person or organization you borrowed them from when selling the first time around.
Hopefully, when you go to repurchase the Bitcoins, the prices will have dropped, making it cheaper to purchase the assets that need to be paid back. One of the most common ways to short sell Bitcoin is by using a cryptocurrency margin trading platform.
Host Bitcoin Forum
This is another bitcoin related business idea that can help one pull a lot of online traffic in a short while. Here, you can provide a free space for people to discuss various things related to Bitcoin or cryptocurrencies.
This business idea can prove very profitable if you already have a bitcoin business website as you can achieve more visitors just by integrating a forum with your websites. With the increased traffic, you can start dropshipping of bitcoin, start a faucet or start selling bitcoin related merchandise.
Just like fiat currencies, Bitcoin provides businesses and individuals with a powerful tool to raise funds for an upcoming or existing project. As an entrepreneur, you can equally start a business that is designed to help people attract bitcoin-based funding from a broad community of donors.
A crowdfunding campaign allows you to decentralize the funding process by acquiring backers and supporters to provide money up front. By accepting bitcoin as a payment method for your campaign, you can decentralize things even further and reach a global audience.
Create Bitcoin/cryptocurrency wallet
Wallets that allow users to store bitcoin have been around since the very first software client for the cryptocurrency was created.
A cryptocurrency wallet is a software program that stores private and public keys and interacts with various blockchain to enable users to send and receive digital currency and monitor their balance. There are several types of wallets that provide different ways to store and access digital currency.
This is another great business one can start with bitcoin. After the arrival of Bitcoin and other cryptocurrencies, the demand for wallets increased. You can create more advanced bitcoin wallet technologies and get paid by charging small fees when people use them.
Start a bitcoin hotline
If you want to make some impact on the users of bitcoin, you can take after Breadwallets and start a bitcoin hotline that would seek to support the community of bitcoin users.
Daily, a lot of questions crop up, and with the constant fluctuations in bitcoin range, a lot of bitcoiners would always love to have firsthand information. To get this business started, you have to engage some professionals in the subject of bitcoin, while you set up the phone lines and promote the business.
Become an Online Trainer
There are a lot of people in a lot of places looking for more information on Bitcoin; in fact, there is a whole internet out there just waiting to “crack the code” on Bitcoin information.
People want to know what is going on in Bitcoin. You can decide to provide help and information to these people by becoming a bitcoin trainer. You should know that selling information is a very neat way to make money in today’s world.
All you really invest is your time, and you can sub-contract or outsource things you may not do well. In this business, there is no overhead cost to worry about, and you would enjoy great returns if you know how to market your business. You can accept bitcoin as payment, but it all depends on you. If you speak another language, you can expand your business to foreign markets as well to earn more profit.
Build smart contracts
The concept of smart contracts was first conceived by researcher Nick Szabo in the 1990s. Smart contracts are contracts that use software and protocols to facilitate, verify, or enforce the negotiation or performance of a contract, eliminating any third parties/laws.
If you have the knowledge and experience, you can write software that will run on top of a large, decentralized network like Bitcoin.
You can build smart contracts in the bitcoin blockchain in order to enforce contractual price agreements and to reduce the risk of bitcoin price volatility. Smart contracts have the potential to replace archaic paper contracts in the future, and offer dynamic agreements that tie into technology systems.
Become a free microtransaction provider
Earlier, it was nearly impossible to send amounts less than $1 over the internet because the cost of transmitting money was too high.
Recently, BlockCypher released a Microtransaction API making it possible to transmit payments as little as 2,000 satoshis or roughly 0.5 cents. You can equally come up with a microtransaction system that allows for easy and quick transmission of Bitcoin micro payments.
Start a charity that only accepts cryptocurrencies
Regardless of the fact that this is a nonprofit venture, but it is as well a bitcoin related business idea. You can start a charity drive that has bitcoin as it mode of payment.
Start a bitcoin recruiting service
Starting a bitcoin related recruiting service is one way to start a bitcoin related business. You can start a service where you bring together trained bitcoin and cryptocurrency professionals with businesses that need their services.
A lot of cryptocurrency related firms are always in need of BlockChain, Bitcoin, CryptoCurrency experts, wallets and currency experts, payments experts, robotics engineers, designers and software developers etc., thus making this business very viable.
Create and sell bitcoin user manuals
To take advantage of the versatile world of bitcoin, you can create and sell bitcoin user guides and manual. It is a fact that a lot of people still struggle with the technicalities involved with this cryptocurrency, so you can create manuals that simplifies it.
You can also create training programs which can easily explain to a common person what Bitcoin is, what is it required for and how to use it.
Another way to start a bitcoin related business is to start a taxi service that uses bitcoin as its mode of payment. This can be in form of an online e-hailing service. This service can find popularity especially if it is deemed more cost effective than the regular taxi service.
Create easy tools for bitcoin traders
Perhaps, Bitcoin traders are the most active and largest user group in the world of cryptocurrencies. Till date, bitcoin/cryptocurrency trading tools are quite complex and can only be effectively utilized by programming gurus. You can, as an entrepreneur, create bitcoin trading tools that are easy to use and can be understood by someone who has no programming experience.
Advertising is a huge business both online and offline and advertising networks that are online businesses have proven to be profitable businesses.
The most popular advertising network is Google which pays in Cheques or PayPal. Advertising networks make profit by selling advertising to advertisers who are looking to promote their businesses. Bitcoin advertising networks are one of the most required businesses online.
The most well know bitcoin advertising networks are Anonymous Ads, RunCPA and Mellow Ads. You can equally start your very own bitcoin advertising site where people and businesses pay you in bitcoin to advertise their products and services which are usually bitcoin related.
Start a bitcoin Paid-To-Click Site
A bitcoin paid-to-click site might be similar to faucets but in this case you will be selling cheaper paid advertising than giving away free bitcoins to people who decide to view those ads. The site is primarily created to let advertisers place ads for a fee, while you distribute your earnings with the people who view the ads.
You can search on the web on how to start a bitcoin paid to click site. The biggest bitcoin paid to click sites are btcclicks and get-paid, but you can as well start your own site and with good marketing skills carve a niche for yourself.
Product/Program Review Site
Product review sites have been around for many years. You can create a product or program review site that will detail everything about any bitcoin program or product you come across. You can earn bitcoins by selling some of the product yourself by being an affiliate or earn your commissions through advertising networks. As a program review blogger, you can make money by participating in some of the programs.
Create a Bitcoin News Site/blog
Another profitable bitcoin related business anyone one can start is a site or blog that regularly delivers news about bitcoin. This business requires you to be up to date about the industry and also be the first to deliver such news. You can always build a big network and a following on social media and forums in order to run a profitable business.
You can deliver the latest news and be the go to person in terms of bitcoin and cryptocurrency. There are many ways to monetize a news site or blog and a few of them is to create a profitable robot to do day trading for you, start a faucet rotator, get profit from referral etc.
This is perhaps a novel bitcoin related business idea because all bitcoin transactions are always done online. You can take the leap and start a mini grocery that accepts bitcoin as a mode of payment.
If you reside in an area that is generally unaware of bitcoins, you may need to first promote what bitcoin is through giving out flyers and lectures. Again, you can equally start an online grocery store where your customers get to order their produce online and pay with bitcoins while you deliver their goods to their homes.
Create and sell Bitcoin Physical Product
You can equally create a bitcoin product that you can sell to the bitcoin users. Most bitcoin products are appreciated by avid bitcoin users and they can equally give them as gifts. Producing your own bitcoin product that can sell will give you profits for a long time. A physical product can be one of the things people are looking for, as long as it adds value to bitcoin users.
You can sell your products both online and offline. Some of the bitcoin products currently available are the bitcoin hardware wallets such as the ledger wallet and Keepkey, and bitcoin T-shirts, mugs etc. But you can equally look beyond this and just allow your creativity free reign.
Create Bitcoin related gift ideas
Do you know a community of bitcoin users? Then you can put together bitcoin related gift ideas that you can sell to them for anniversaries and special holidays and celebrations. You can put together monogrammed mugs, Tshirts, bitcoin vouchers etc in the gift basket.
Alternatively, you could create online bitcoin gifts. Here, you get to create a gift by depositing Bitcoin into a newly generated wallet, then send your friend a link to that gift. Instructions are given on how to access the wallet, withdraw the Bitcoins or invest with it, etc.
Buy a bitcoin franchise
Buying a bitcoin business franchise is another way to get actively involved in the bitcoin revolution. Choosing the franchise route means that not only are you provided with a product/service to sell, but you also get access to a proven strategy and business plan, and the rights to use an established brand that may already have name recognition and may run its own advertising campaigns that you can benefit from.
Start a White Label Exchange
If you have ever thought of running your own cryptocurrency exchange website, then there are some significant advantages when you decide to go through the white label route. The first is that high quality exchange software capable of reliably matching and executing orders at high speeds is a complex and expensive thing to develop yourself.
Setting up a white label exchange is a low cost way to get into this business, but would still allow you to select which coins and currencies you want to trade, set your own fees, and customize the user-interface to suit your brand.
This is perhaps another business idea that has to do with bitcoin. You can start up a cryptocurrency news magazine where you get to publish every breaking news on cryptocurrencies and bitcoin in particular. You can run an online as well as a offline version to expand your target market.