In the last couple of years, no other topic has amassed such a polarized fan following as that of cryptocurrencies. Indeed, while a vast majority are curious, encouraged no doubt by Bitcoin’s impressive run in 2017, there has been skepticism as well. Bitcoin and the altcoin market aren’t universally recognized by many countries and that serves as a serious limiting factor to the digital coin’s value.
Sample this: The price of Bitcoin (the most popular of the cryptocurrencies) was poised at $930- $970 at the start of 2017. In a few exciting months however, a single Bitcoin was trading at an outrageous $20,000, per the CoinDesk Bitcoin Price Index (BPI). Consequently, cryptocurrencies got their mainstream push and the altcoin market exploded, debuting new players including Ethereum, TRON, Ripple, Litecoin, etc.
Indications are strong that after annexing 2017, Bitcoin will emerge yet again as the best cryptocurrency in 2018. Experts in the altcoin market predict that this pioneer will get its fair share of competition from other cryptocurrencies, but all signs point to a Bitcoin resurgence in Q2 2018. Naturally, we are speaking just of the pro-cryptocurrency world.
But seriously, as an investor, business owner or entrepreneur, can you afford to ignore cryptocurrencies in 2018?
Evolution of Bitcoins and the Altcoin Market
Quite honestly, many new entries into 2018’s altcoin market are only for the hustlers. This is from the viewpoint of an entrepreneur and general investor. Already, coin offerings (the initial point where crypto-coins are mined and sold) are adopting a new strategy: the issuing entity has no product, just business ideas on paper, with an understanding that its coins aren’t securities as they will be used to run the issuer’s core venture. Alternatively, some cryptocurrencies are now branded as ‘security tokens.’ Herein, digital coins are tied to actual real-world assets, including real estate, equity in companies or debt.
Strategies such as this amassed almost $6 billion for the cryptocurrency market in 2017. For anyone dealing with cryptocurrencies in 2018, understanding the ever-changing landscape and the inherent risks is the difference maker. Fair warning: keep your blinkers on at all times!
Crypto finds greater mainstream acceptance
Speak of the fluid economics of the world, and the New York–based NASDAQ stock exchange is a prime authority. Recently, this influential establishment made it known that they are open to becoming a cryptocurrency exchange in the future. Digital coins cannot get a better endorsement than this.
Aside from NASDAQ, prominent businesses are setting up their own Initial Coin Offering (ICO) and jumping into the fray. The Eastman Kodak Company is pushing away its image as a forgotten photography giant and is debuting the KodakCoin. Talk is ripe of Sears, Ask.fm and even OnePlus pulling off their own ICOs soon.
However, a shrewd investor cannot ignore the fact that the cryptocurrency market is highly unregulated and immature right now. Accountability isn’t administered by a commonly appointed standard bearer and a vast majority of the world’s governments are unsure. Maybe the concept needs more time in the oven.
What’s in it for me?
The Bitcoin empire and the altcoin market offer a number of entrepreneurial opportunities for those who aren’t influenced by the uncertainties detailed above. Listed herein are the top-5 prospects that can flourish in the pro-cryptocurrencies world:
- Cryptocurrency exchange: A full-fledged marketplace to trade in Bitcoins and other digital currency. Setup starts with a trading website and an expert understanding of blockchain technology.
- Cryptocurrency ATMs: Essentially called Bitcoin ATMs or BTMs, these will be an option for investors with deep pockets. The returns are guaranteed to be impressive, provided these ATMs comply with all of the local government regulations. Plus, there is the distinction of being a pioneer in this intensely lucrative option.
- Disruptive gaming: How does the prospect of selling rare in-game items in exchange for blockchain tokens sound to you? Gaming (both professional and personal) is on the rise and resourceful entrepreneurs are disrupting the proceedings with blockchain technology. It’s no secret that gamers are the first to embrace any groundbreaking technology that flashes across their screens, and thankfully this community has fully embraced cryptocurrencies.
- Escrow service: Premium brand names can help in the setup of an escrow service involving cryptocurrencies. And, the underlying business model is quite simple. Whenever any crypto transaction takes place, two specific confirmations are needed to validate the exchange. After these confirmations are issued by the sender and the receiver, the transaction is duly accepted by the escrow service and the exchange is completed. The service provider will be paid a small fee after the transaction is promptly recorded as part of the blockchain.
- Cryptocurrency consultant: Helping businesses that are looking to profit from cryptocurrencies and blockchain technology. Provision of expert knowledge and insights into this discipline, for a fee.
There’s more where this comes from. Check out the latest market research reports on Cryptocurrencies and Blockchain technology.
