Here is a solid foundation to start with if you are thinking of starting a cryptocurrency business. It will also help define how to write a cryptocurrency pitch deck that finances your business idea. We’ll start with some common questions and their answers to make sure you start off on the right foot. and then we will give you the top 5 tips for starting a cryptocurrency business. Let’s jump right into the basics of cryptocurrency businesses.
what is cryptocurrency?
In very basic terms, cryptocurrency can be thought of as virtual money. When we talk about what most like to call “crypto” for short, we are talking about a digital currency secured by cryptography. this last word gives name to this medium of exchange.
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a couple of examples are bitcoin and ether. you may have heard of these more, but there are many others.
The cryptocurrency is not issued by a bank or central authority. it’s simply distributed over a network of computers, so it’s immune to government control, shall we say. however, you can still transfer it online or through a regular bank.
how does cryptography work?
cryptography is a way to protect transactions and control new currency units. Basically, a blockchain is used as a distributed ledger technology. still, we will not get to a complicated explanation of how crypto works on a technical level. this type of encryption basically guarantees the integrity of the transactional data. and makes it extremely difficult for crypto to be double-spent.
How do you get cryptocurrencies?
There are different ways to get cryptocurrencies. the standard option is to buy some through a credit card. however, miners can also earn tokens by solving crypto puzzles. and some video games will also exchange hours of gameplay for cryptocurrencies, for example.
Can I create my own cryptocurrency business?
It is possible to create your own virtual currency and then develop it, yes. however, you should know that cryptocurrencies are a hot topic. Many people want to follow in the footsteps of bitcoin to earn tons of money.
How do you start a cryptocurrency business?
On how to start a cryptocurrency business, we will start by stating that cryptocurrencies sound like a perfect solution for a profitable investment. that’s especially the case in this ever-expanding digital age. however, we must also warn you that opinions are divided on the profitability of it. take a serious look at the market before rushing into any decision.
To answer this question, we will move on to the top 5 tips for starting a cryptocurrency business:
1. write your business plan
We are not suggesting that you sit down and produce a 40-page document that describes your swot in a formal and detailed manner. we don’t actually endorse business plans per se. However, like any business, you should consider the operation of your potential business before starting one.
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For example, start by researching all relevant and related costs and expenses. do the same in your target market. you may already have this, but think about your company name as well. while you’re at it, check to see if the options that appeal to you are available. finally, and if you can, start thinking about possible business models.
These are just examples of what should be your standard food for thought when starting any business. You will need to have these and many other aspects defined and studied as you move through various stages of your startup. But it’s good practice to start thinking about all the operational elements of your business as an initial step. Our CEO’s 12 minute video on how to start a business in 2021 can be of great help to you in this regard.
2. form a winning team
Valuable teams are critical to the success of any startup. having a fabulous team behind a solid business idea can even fund you when you have little else going. but a cryptocurrency business also needs strong cybersecurity.
The above aspect should get you thinking about programmers, technology and processing partners that won’t kill you with fees. A turnkey exchange is a viable solution if you are just starting out on your way to the early stages of your business. however, you can also choose to use a broker.
You will need the best marketing and legal assistance you can get. and we’ll expand on the legal concerns below.
3. obtain and retain legal advice
Basically, you will be faced with the decision of starting your cryptocurrency business from scratch or choosing something more out-of-the-box. in any event, you must comply with all applicable laws and regulations. and these vary depending on your location. they also depend on where your customers and business partners are when they exchange their currency. and there are licensing requirements to meet.
To fulfill your legal duties, find the best legal advice you can get. then maintain excellent ongoing relationships with these people.
4. find financing
Almost every small business needs it. and your company might not be an exception. In this note, note how we describe costs for technology and coding, hosting, legal advice, registration, marketing, and more.
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The bottom line is that starting a business, even a cryptocurrency business, is not cheap. you also need to set up and maintain that exchange when it comes to dealing with crypto. so spend some considerable time figuring out exactly how to write a cryptocurrency pitch deck that funds your business idea. We’ll expand on this below to help you raise venture capital.
5. start trading
Here’s something that works a little differently in cryptocurrency trading than it does in other types. When it comes to marketing in this niche, you will need to target miners as well as traders. these are in addition to anyone already using your cryptocurrency, of course.
create marketing strategies aimed at miners that allow them to solve equations. and reward them for their efforts. channel merchants, too, so people can spend their digital currencies with them.
Market in a way that shows your uniqueness. and emphasize how it is completely safe to use. You can gain audience by assuring them that many people will use your currency. for that, you need to work to capture a sizable market.
Free social media advertising might help at first. But consider setting aside funds or raising funds to cover marketing costs, at least until you have a solid mass of merchants.
If it helps, transparency and fast, reliable support can help attract customers and keep them coming back to use your currency.
how to write a great cryptocurrency pitch deck
Let’s move on to cryptocurrency pitch decks. First, we must recommend our cryptocurrency business template. we do it because we know we did it considering all the startup pitch deck must-haves and tailor it to the specific scenario of cryptocurrency business. it should suit your needs appropriately, whether you are planning to create an exchange, mining platform or build a wallet.
Using this template will also line up everything you need to think about when launching a cryptocurrency business. as such, you’ll find an initial problem and solution slide along with one dedicated to your product details. these are followed by another on its main features.
plus, there’s room for all the areas we mention in our tips. The template makes it easy to include a description of the business model and a definition of your go-to-market strategy. however, it also incorporates their competitive landscape and an excellent introduction to their all-star team. followed by your finances, it concludes with an explicit mention of your fundraising goals.
get help with awesome design
rely on this free cryptocurrency business template to download pdf or use online, or check out any other resources. however, we primarily recommend that you spend time, effort, and resources on a compelling presentation platform that finances your cryptocurrency business. however, if you can afford it, we strongly recommend that you seek out presentation design and consulting services. we of course also offer them here at slidebean. check it out to find out more!
