How To Get Into The Cryptocurrency Business

How To Get Into The Cryptocurrency Business

PieceX Article on how to get yourself in the Cryptocurrency Business

The Cryptocurrency world is often highly misunderstood. Most people look at bitcoin’s inflatable value and assume that this means that starting a Cryptocurrency business is an easy and quick method to make money.

Unfortunately, that is not true. Like any Tech Startup or Enterprise venture, getting into the Cryptocurrency business requires a great amount of planning, tech development, legal consideration and funding.

In this article, PieceX will take you on a quick tour on how to get yourself and your company in the Cryptocurrency business.

Study The Market

The first step to getting into the Cryptocurrency business is to study the market. Whether you are a Dev Startup creating your very own Crypto trading bot or you’re an Enterprise looking to build your own Crypto Exchange Software, the first important thing to do is to understand the Market.

There are many questions to be answered before you put your fingers on a line of code or start your Cryptocurrency business. What is the current Market value of the most famous currencies? What tools are currently heavily needed in the industry? Does your Solution offer liquidity?

If you have answers to those questions, you can begin working on starting your legitimate Cryptocurrency Business.

Legalize Your Venture

Due to the financial nature of cryptocurrency ventures, it is very important to work on legitimizing your cryptocurrency business from legal and governmental perspectives.

Though it differs from one country to another, each country has a clear system to govern the legalities of Cryptocurrency businesses. It is important to consult a lawyer and find out what licensing procedures are in your area before you actually start working on anything in order to protect your venture as well as your safety.

Secure Funding From VCs

If you’re a major corporation or enterprise, this part should mostly be quite simple as you will make sure to fund your cryptocurrency business yourself and not worry about acquiring funding from external sources.

However, if you are a tech startup, you may need to work on your presentation on how to attract VCs within the Crypto industry to support your software and help you get the capital you need to start developing your Cryptocurrency software.

If this proves to be difficult for a startup or costly for an enterprise, stick around and we’ll let you in on a good solution.

Focus On Developing Your Software

The most important step to get into the cryptocurrency business is to actually focus on your tech. Blockchain technology is often very complicated so it is very important not to neglect the tech aspect. No matter how many financial analysts and marketing experts your team has, if your tech is not your focal strength, then your business will fall off heavily.

Not just to develop the actual software, your tech team will be responsible for creating full on security systems as well as test your beta live.

This much work on a tech team can be too costly and time consuming, and that’s why the PieceX Marketplace offers a huge amount of Cryptocurrency Source Code to help you build your software. It is a good place to start if you don’t have the funding or if your Enterprise would like to save resources and receive high quality services before delving deeper into the Cryptocurrency Business.

For more information, make sure to read more in PieceX’s Knowledgebase blog!

How to Start Your Tech Business: A PieceX Step-By-Step Guide

How to Start Your Tech Business: A PieceX Step-By-Step Guide

You finally have a good grasp on Software Development, you know your code, have your keyboard ready and want to create the next Multi-Million Dollar App and make it big in Silicon Valley.

Before rushing into code, the PieceX Team would like you to take a quick look at the Tech Industry. Like any other, the Tech Industry is centered around business. It is based on massive market research on demand and supply, creating the correct product, and distributing it to the right potential customer.

With tech, however, the nature of your solution differs. The technical aspect of any kind of Tech Startup is usually riddled with bugs and problems. So let’s go through it together. While there is never a guaranteed perfect plan to becoming a successful Tech Startup, here is our PieceX Step-By-Step formula on how to create yours.

Define, Create, & Validate Your MVP

Before getting into anything, the first thing you need to do is think of a Minimum Viable Product (MVP). This falls more towards the business side. So what exactly is an MVP?

To put it in simple terms, an MVP is the most minimalistic version of your product. A simple design that showcases how your product solves the problem it is made for and how it can be a solution.

After you define it and have an exact idea how it should work, you start moving towards actually creating it, building a base version that includes all the features your Tech Startup should aim to support for the Tech Industry.

Once you have that, you begin validating it by surveying whether your product actually provides a solution and improves the lives of those using it. You start equating whether people are willing to invest in this project and how much profit can you earn if you play all your cards right.

Build a Team of Developers

We now have an idea, a prototype of the idea, and a validated MVP. We can now actually move forward to becoming an actual Tech Startup.

In the Tech Industry, all Startups have a team, and to build a decent product, you need decent developers, but based on our PieceX experience, this process is usually difficult.

Finding the perfect members to participate in your team can be one of two things, either costly or time consuming. This works in the sense that you will have to find the right front-end developer, back-end developer and several language experts and pay each of them competitive salaries, or find developers willing to invest their efforts into your Tech Startup and gaining shares in it rather than strong payment options.

If you can’t afford either of those two things, stay put, we at PieceX still have a major option for you.

Seek Funding From Investors

In all cases, your tech startup needs funding to survive. Whether it’s the tools you will need to purchase or the salaries you will need to pay, you will most likely need funding.

Some Tech Startups choose to limit their funding to personal funding and not going to investors in order to gain complete control over their business. This usually needs a capital that you personally own and in most cases doesn’t work.

The iconic way is to begin seeking investors from various different Tech Industry Sects that would be interested in your product. Since you have a good MVP at the moment and a quick prototype to show, you should be able to convince investors with why your product is the next big thing and gain funding for it to be able to grow as a business.

Start Coding and Developing Your Project

You have a base for a validated product, a team of developers, and good funding, now it’s your time to shine. It’s finally your space to put all those years of Software Development into action and crafting your very own Tech Startup!

There are many methods to go through with it, here are two of the main methods people use in the Tech Industry:-

  • Develop From Scratch

While this option can be handy and useful as you will be the owner of every in-and-out of your Tech Startup, it is faced with two major issues, time and cost. Developing your App or Platform from scratch can take months if not years to perfect. It will need an immense capital in order to sustain your Tech Team and provide them with all the tools they need, which is why PieceX always advises Tech Startups NOT to develop from scratch

  • Buy Source Code

Rather than waste time and resources building everything from the ground up, you can always purchase, integrate, and customize ready-to-publish Source Code. The way to do that is by finding guaranteed Source Code Marketplaces to acquire the code most suitable for your Tech Startup and optimizing it for your business. PieceX offers a wide library of inspected Source Code with ongoing support and security measures to give your business the push it needs.

Generate Passive Income

We finally reached the end. You built your App or Platform. Your Startup has a good Business Model and is now working on increasing revenue to survive in the hustle-and-bustle of the Tech industry. That’s not the end of it.

Nowadays, businesses focus massively on generating passive income. There are various methods to do so. The most prominent method is to begin Selling Source Code. Due to infinite possibilities of sale, good source code can earn your business a great amount of revenue just by listing it on a sustainable Source Code Marketplace such as PieceX.

PieceX offers Startups and businesses of any size the chance to reuse and Sell Source Code onto its Marketplace giving them the ability to expose themselves within a community of 50,000+ Tech Startups and Enterprises as well as generate passive revenue over time.

Read More Articles like this at the PieceX Knowledge-Base Blog.