Each of these points has the right to life and success is guaranteed in any case, but the starting position is far different.
Mistake # 2. Ignorance of the audience can be detrimental to your business. Request information from relevant sources, live with Reddit community or read local cryptocurrencies news and the industry's blockchain.
Okay, you say. I decided on the market, I know the target audience. How can I earn $100,000 a month? My answer is to choose the product that suits your audience. Knowledge and sensation of your audience are the most important points, they build an exoskeleton of business. Now the following types are popular:
Exchange. Perfectly fits for users who are not familiar with trading and orders. If the cryptocurrency is still poorly regulated in this country - this is one of the good decisions.
P2P Exchange. The countries that regulate have already shown enough attention to cryptocurrencies and bitcoin in particular. News and community are advanced enough. In this case, it does not matter how the Government treats positively or negatively. The desire to earn money from citizens was born long before the regulation.
Trading systems. Margin trading and leverage are a real investment game. If you are familiar with the boom of the market 10-15 years ago when online forex was gaining peak popularity then forget about it. The crypto exchanges have at least doubled the influx of new people, and even quadrupled. The system for real gamblers, and because of the volatility of the market represents a jewel for the owners. Given that the players are one. For example, it has long been known that Israelis are one of the gamblers, however, in Israel any kind of such platforms are banned. And these only fuels demand and desire.
Escrow or the system of the guarantor. This is something similar to the exchange and p2p exchange. In fact, the owners of the platform do not need to have funds on their accounts and the exchange occurs between users (like the p2p exchange). In addition, the interface of such systems is very simple and understandable even for a beginner. These are localbitcoins and remitano clones. Penetration of such systems is lower, simplicity is higher, and launching is easier.
Mistake # 3. In any incomprehensible situation, look at the mistake #1 - don't remain alone with questions. If you want to see the demo of each of these systems - write us, and I'll be glad to answer and help you.
Let's analyze what is necessary to earn $100,000 and talk a little about the numbers. How can I earn on P2P crypto exchange:
1. Fee for trading with 2 parties (buyer and seller) - 1% .. 3%;
2. Profit from market bots - 3% .. 10%;
3. Withdraw, fixed - $ 5 for each transaction, regardless of the amount.
4. Deposit (undesirable), but for currencies such as USDT (Tether), each exchange puts a fee - $ 5 .. $ 10.
The normal ratio is 60% on transactions, 35% on bots, and the rest on withdrawing and deposit. $100,000 per month means $3400 daily. The average user puts $1200 (or the equivalent in EUR, GBP, etc.) for the order. Let's do the math:
- $2040 at the exchange;
- $ 1190 earnings of bots;
$270 through deposits and withdrawals.
Total, $2040 * 100 * 1.5 = $ 306,000 in daily turnover, generated by only 255 users. Acceptable figures, for a small number of people. Okay, let's continue, because 255 are active users. Having 8 years of experience in marketing and conversion optimization, let's take a look at the following calculations. Nevertheless, we will use the Sherlock Holmes method to determine the initial indicators we are trying to achieve.
The average conversion on the landing page to a registered user is 6% of the total number of users. Experienced marketers know what to work with, and increase conversion to 12%. Usually, about 10% of users are active, the rest appear from time to time on the platform, but triggers are needed to attract them. So, to the numbers.
Mistake #4. Do not invest in marketing. Marketing and advertising are investments that come back a hundred times, and in the crypto industry, this period is literally a month. Plan it.