Everyone is taught that the main purpose of every business is to make profits. Projects can however be classified in phases:
- As an entrepreneurship
- As a company
- As a business
As an entrepreneurship, we’re talking about the solutions offered by the project, its feasibility, and its viability.
As a company, we’re concerned about structures and organizations, the order and design of workflow.
And lastly, as a business, we’re concerned with making profits.
In the Blockchain space likewise, every company has these phases and classifications and that means vast opportunities are inherent in the space. Business Opportunities in the Blockchain space can be broadly divided into two:
● Technical opportunities
● Non-technical opportunities
Because of the rising development of Blockchain technology and its advanced adoption in various sectors, there is an increase in demand for skills that are useful to the Blockchain, hence the opening of technical opportunities and non-technical opportunities.
What are Technical Opportunities?
Technical Opportunities is an umbrella word for all tech skills required in the Blockchain space. For simplicity and brevity, we’ll look at three examples here:
- Blockchain Development: This scope involves the responsibility of developing and designing Blockchain-based solutions and apps. Statistically, one of the highest paying tech opportunities in the Blockchain space, building a career around Blockchain development is highly profitable.
- Blockchain Web Design: Users love a good experience when interacting with Blockchain-based solutions and apps. This scope is responsible for building customer-oriented UI interfaces to spread awareness of Blockchain products.
3. Blockchain Quality Engineering: This covers analyzing the quality, planning, and delivery of Blockchain projects, ensuring that they are in line with the stipulated standard.
What are Non- Technical Opportunities?
If it works for the Blockchain, is not technical, and involves soft skills, it is a Non-technical opportunity. Following the succinct pattern as earlier, let’s review three examples:
- Blockchain Legal Consultation: This is an emerging niche in the Blockchain space, not many legal consultants are tailored to serve Blockchain companies. Carving out a niche to protect Blockchain companies against international laws, rules and regulations would be highly profitable.
- Blockchain Content Creation: Every company needs a good social presence, Blockchain companies included. It’s not good enough to have good projects, you need to advertise to and inform users of your project through your media handles. Content creators are the ones who make that happen.
- Blockchain Human Resources Management: As a company, HR is one department that can’t be overlooked. Blockchain companies have a large number of employees, most of which are cut across various countries and locations, the HR department of a Blockchain company should be tailored to work over that range.
Opportunities are available to anyone who can serve Blockchain projects in the entrepreneurship phase, company phase, or business phase, but more often than not, Cryptocurrency is the major focus in the Blockchain and it will be helpful to mention opportunities inherent in it.
Cryptocurrency Business Ideas You Can Implement
The most popular Cryptocurrency business is crypto OTC trading. OTC trading is direct over-the-counter trading between two parties (a buyer and a seller). What many fail to identify is the plenty of opportunities existing in cryptocurrency beyond OTC trading. You’re in the right place though because we’ll be looking at different businesses one can do in the Cryptocurrency space:
Become a Spot trader: Spot Trading is the same as Day trading. All you require is a verified account on a reliable exchange and a good knowledge of fundamental analysis or technical analysis. For example, you can analyze the HaggleX token and based on your speculation, buy a certain amount of it knowing that it would be up 5x-10x in a short while.
Spot Trading is safe and easy. Exchanges also support spot traders by giving them access to security features like ‘Stop loss’, ‘OCO’, and ‘Limit’ orders.
The only disadvantage with spot trading is that exchanges might carry out your trade instruction earlier than you’d have liked because of market volatility.
Become a Futures trader: Futures trading is riskier, more rewarding, and more capital intensive. Like spot trading, you require a verified account on a reliable exchange and you might want very good technical analysis too.
In Futures trading, you’re making price predictions of various cryptocurrencies and placing a trade order on those predictions. Unlike spot trading though, if your trade goes south, your account gets liquidated.
Futures trading is however more rewarding than spot trading, profits can span from 100% to as high as 900%.
Become an Arbitrage trader: Arbitrage trading is recommended for people with perfect knowledge of various exchanges, whether Centralized or Decentralized.
Arbitrage trading occurs when you purchase a particular coin/token on one exchange at a lower price and sell it off on another exchange at a higher price.
Understanding the various user interfaces of the exchanges is very necessary, you don’t want to lose your funds simply because you’re trading without knowledge. For example, people make money from buying $Hag on indoexofficial and swapping it on Pancakeswap dex.
Become a Liquidity Provider: Not many would classify this under businesses in cryptocurrency but a lot of money is made through liquidity provision.
The role of liquidity providers is to deposit huge amounts of a particular coin/token to its liquidity pool and be rewarded in amounts proportional to the percentage of their total stake in the pool.
In some cases, being a liquidity provider gives you certain rights and privileges that others may not be advantaged to enjoy.
Be an Escrow: An escrow is a neutral third party who holds the token for sale until the cash for it has been released to the seller before he releases the token to the buyer. He does so at the agreement of the two parties involved.
There are a lot of scams going on today. Although blockchain is a finance system built on mutual trust, people still break that trust over and over again. This is the reason why escrow services are important.
As a trader in the cryptocurrency space, it is advisable to trade with only those you can vouch for. In a situation where you can’t trade with them, use the services of an escrow to avoid being defrauded.
Become a HODLer: Huge returns are made in Crypto when you hold your assets for a long time. HODLers are the real winners in the crypto space.
Not officially a business but you can make it your business as it’s highly profitable. Look out for new coins/tokens with a good use case and potential and bag them for a long time. An example of tokens to bag is $Hag.
Be a better OTC trader: What is better than a good OTC trader? A better OTC trader, lol. As addressed earlier, OTC trading means over-the-counter trading and it is usually done between two parties without an intermediary (usually an exchange in this sense).
However, one is likely to make better gains from OTC trading if they pay lesser fees on the platform they use. Imagine sending $80 worth of ETH and paying a network fee of $30. Using an app like HaggleX however, allows you to carry out transactions for as low as $1 and below. Get the HaggleX app today.
Opportunities don’t come once but until you learn to identify them, you may never see them again. Blockchain technology and Cryptocurrency offer vast opportunities. If you don’t know what platform to use, download the HaggleX app. If you don’t know which token to HODL, get some $Hag (Dyor).
Download the HaggleX app today and start your crypto savings journey.
Google Play Store: https://play.google.com/store/apps/details?id=com.hagglex.hagglex
I do hope you take steps with these few pieces of information I’ve shared today. Please leave a response, I’ll love to see it.