A growing number of people around the world are becoming aware of the benefits and possibilities offered by investing with Bitcoin System in cryptocurrencies like Bitcoin and Ethereum. Many new opportunities are rising for aspiring business owners and entrepreneurs to further mainstream the currency. Below is a list of new opportunities which the development of cryptocurrency has opened.
There is no affiliation between us and the owners of these businesses. We’re just referencing them as a good example of the type of new business/investment opportunity made available by cryptocurrency. We’re sharing this information with you to show other entrepreneurs the different applications of cryptocurrency and how this new payment system can open up other opportunities.
New Opportunities
Bitcoin IRA
This concept illustrates how cryptocurrency should be viewed as a viable source of retirement funds. Bitcoin IRA helps people open a retirement account in a way that is completely compliant with the law. Your IRA funds can be transferred to this plan and converted into cryptocurrency, giving you yet another option for investing in this digital currency.
Several rules and regulations are governing your IRA must follow to achieve this process. In addition to the potential of seeing your investment increase in value as cryptocurrency increases in value, this type of IRA has minimal fees. The IRS has recognized that digital currency is a form of currency and allows it to be tax-deferred like a traditional IRA.
IRA withdrawals before retirement age are subject to the same early withdrawal penalties as traditional IRA withdrawals. As a result, it is an ideal option for growing your retirement fund now.
Bitcoin Teller Machines
We think this is one of the coolest ways of enabling mainstream cryptocurrency. One of the very first of these machines to become readily available is BitAccess and they illustrate how cryptocurrency can be made more accessible. With these machines, you can deposit cash and in return get a digital wallet containing Bitcoin cryptocurrency.
Likewise, users can use the machine to exchange cryptocurrency for traditional currency as well. You can find these machines in Boulder, Colorado as well as other cities around the globe. Also, certain industries, such as the cannabis industry, that had difficulty with conventional banking structures are now benefiting.
Social Media Payments
Messenger platform Kik now allows cryptocurrency payments through social media. This is a new example of how crypto is emulating the normal financial processes. Using traditional currency payments, Kik does the same as Facebook and Instagram.
Transacting this way allows people to make transactions without the need for a regular bank account or to move their money through a centralized bank. The payment method also helps avoid the cost of money conversion and hassles when the recipient is using a currency from a different country.
Money payments and transfers
Considering bitcoin can perform many of the same functions as banks but cheaper and more effectively, Bitcoin is showing the rest of the world that banks are no longer needed. This is particularly evident in developing countries, where citizens often operate without traditional bank accounts.
A Kenyan Based company, BitPesa works in the same way as Western Union but not in an affordable way. Through wire transfers, Kenyans, Nigerians, Ugandans and Tanzanians can receive cryptocurrency.
Bottom Line
With the increase in the influence of cryptocurrency, many businesses are beginning to set up and before the end of 2030, there will be a whole new level of opportunities created out of cryptocurrency. According to statistics, there has been an increase in the interest in Bitcoin in many countries since 2017.
According to the data, there are 1,718 Bitcoin ATMs in 58 countries, with the largest concentration in the U.S. and Europe. A significant increase in the value of cryptocurrencies could be due to the remarkable proliferation of these new applications.
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