Do you want to know what thrives during a recession? Cryptocurrencies.
The 2008 financial crisis led to the creation of Bitcoin. And what caused the 2008 financial crisis in the first place? A housing bubble. And guess what’s happening now? Interest rate spikes, which is creating a housing bubble.
But we’re not here to talk about the housing market. We’re here to tell you that crypto, birthed from financial crisis, is the perfect too for you to survive another crisis.
There’s no doubt the cryptocurrency industry is complicated. The technology offers a lot of potential in the future, and this is your chance—in the early stages of the crypto game—to create a sustainable business that thrives during economic turmoil.
Create a blockchain, cryptocurrency, and Bitcoin consulting service.
The growth of the blockchain and cryptocurrency industry has given rise to a new class of experts: crypto consultants. Crypto industry consultants help users launch their own coin, teach them how to trade crypto, help them understand the ins and outs of the crypto bear market, and advise them on how best to spend their money in this new frontier.
The most successful crypto consultants are those who can separate fact from fiction and translate complicated technical jargon into understandable language that makes sense for novices.
The key is knowing where your client’s background lies as well as what kinds of questions they have so that you can tailor your pitch accordingly.
Build a crypto exchange platform.
In the midst of recession, there is a great opportunity for entrepreneurs to build new businesses.
The cryptocurrency market is still in its infancy, and there are many opportunities for entrepreneurs to create new business models and products that can help people overcome the current economic situation.
A crypto exchange platform is where you can buy, sell, and trade cryptocurrencies. You can invest in crypto exchanges like Binance or Coinbase and actually be able to exchange your fiat currency (like the US Dollar) into cryptocurrency (like BTC). There are even fiat-linked stablecoins which are quickly taking up double-digits in the entire crypto market valuation.
The benefit of using a crypto exchange platform is that it offers an easy way for anyone with access to internet banking to start investing in cryptocurrencies
There are several companies that already provide users with a platform to exchange cryptocurrencies for fiat money, including Coinbase and Kraken.
However, there are no companies that allow users to trade cryptocurrencies directly without going through fiat money exchanges. If you have technical skills, this could be a very profitable business idea because it will offer a service that people need right now.
Sell blockchain-based eCommerce solutions.
Blockchain, the underlying technology behind Bitcoin and other cryptocurrencies, is a decentralized digital ledger that allows you to transfer value between users without an intermediary.
Unlike traditional payment systems like PayPal or Stripe which keep track of everyone’s money in one place, blockchains distribute this responsibility across many computers. Each transaction is recorded on all the computers in the network so there are no single points of failure and it’s very difficult for anyone to hack into or alter records on the blockchain without being noticed by others in the network.
This means that blockchain technology can be used not just for cryptocurrency but also any situation where you need a secure record keeping system—such as tracking ownership of items such as property deeds (in real estate) or artworks (in fine art), recording votes during elections (in government), counting votes within organizations (like unions), even recording medical records and verifying identities.
Putting this into action, you can sell data storage space on the blockchain.
Develop a crypto loan platform.
Crypto loans are an emerging concept in the crypto space. They allow you to use your crypto assets as collateral and earn interest on them. This is a new way to get your hands on more cash without having to sell off digital assets.
Crypto loans are becoming increasingly popular, especially since they can be used as collateral for other loans. You can use your knowledge of cryptocurrencies, along with your website or app development skills, to create an online platform where people can apply for crypto loans using their crypto assets as collateral. You could even offer different types of crypto-backed loans or even offer interest rates based on how much risk you want your clients to take on.
This kind of service will be especially useful during recessions when central banks are turning down loans and interest rates are low.
Create a crypto crowdfunding platform.
Crowdfunding is a popular way to raise money from the public, and we can see its success from sites like Kickstarter and Indiegogo.
These sites, however, use traditional fiat money. But you can up the ante with something not just more unique/niche, but stable.
Though it might sound off to say that cryptocurrency is stable, given the volatility of crypto markets (not unlike stock markets), it is much more stable in a US recession. This is because crypto isn’t attached to a fiat currency, like USD or GBP. If shit does down with the federal reserve and the value of the dollar crashes, it won’t directly affect the value of a bitcoin but it will crash our traditional financial institutions.
You can create a stable crowdfunding platform based around cryptocurrency and blockchain that promotes innovation no matter the state of the US economy.
Develop an NFT marketplace, or create a series of NFTs.
If you want to make money with crypto, you need to find an idea that will work for you and your skillset. If you’re into collectibles and trading, NFTs might be your golden ticket.
If you have some design skills, creating unique non-fungible tokens (NFTs) or building a marketplace to sell them can be a great way to earn money with crypto.
In fact, this is one of the easiest ways to earn money with crypto because it doesn’t require much effort other than creating your design assets or building your marketplace website.
There are hundreds of websites that offer simple templates for creating new NFT designs or building new sites around them. You can even use some of these templates yourself or start from scratch using HTML5 and CSS3 code libraries such as Bootstrap or Material Design Lite.
During the pandemic, NFTs and fintech use was at an all time high—and that’s measuring data from just last year. Whether you think NFTS are a fad or not, we can safely say crypto will perform well during the next recession and billionaires out of those who stake the game.
Bitcoin rose from a financial crisis. It’s part of the decentralized future of commerce and safe from economic downturns.
Making money from cryptocurrency has never been easier.
It’s an exciting time to be alive when there are so many opportunities for entrepreneurs to get involved with cryptocurrencies like Bitcoin, Ethereum, and others in the fintech space. And while it might not equal in liquidity as other markets like forex, digital currency is here to stay.
And as these coins become more popular, it means that more people will want to know how they can use them too – which could mean big business for startups looking at crypto as a financial system.
With so many options out there, it’s hard not to find something that fits what you want in your crypto business. Nor is it difficult to see how crypto during recession thrives.
If you’re interested in crypto, want to get into the space, but don’t know where to start, we have the answer. Speak with our representatives here at DirectPayNet to get set up with a crypto merchant account so you can prep your business for financial success.