The most exciting business to start is bitcoin exchange and this article will help you create a bitcoin exchange. This article covers from knowing the competition to getting the right code to set up a business like this. But first let me tell what exactly is a bitcoin and why is the world worried about its existence.
What is a Bitcoin?
Bitcoin is a digital currency that is accepted worldwide irrespective of the currency of that particular country. And bitcoin being the first of cryptocurrencies is also the most valuable among them. Bitcoin creator is still mysterious and some say either the creator is a man or a group of people going by the name ‘Satoshi Nakamoto’ in 2009. Bitcoin is also commonly known as ‘decentralized digital currency’.
To create a bitcoin exchange business with the help of this bitcoin exchange software called BitExchange.systems.
So let me take you through the process of creating a bitcoin exchange.
Know the Competition
Before creating a bitcoin exchange, research and know the existing bitcoin exchanges. An abundance of research will make you understand the business model of the competitors in the business. Bitcoin is most commonly called as a ‘bubble’ and repeatedly say that it will fade away in the coming years.
Try and understand the bitcoin exchanges on what makes them successful in this business by reading their success stories.
Select a location
Another crucial factor to consider is to select the location and to understand whether you want to take the business globally or just want to operate within the boundaries of the country.
This has to be taken into consideration because there are laws and legal requirements which vary from country to country.
The laws pertaining to this type of business are to be followed failing which there might be cases and will only lead to worst scenarios. An operator’s license is required to start when choosing to start a business in a different country or a territory.
Connect with the market
The next step is to connect with the target market and this only allows you to create a product and a marketing strategy. It is quite confusing when it comes to keeping in mind a particular audience in this field as people of all ages and backgrounds invest in bitcoins.
But if looking to operate globally then making a business language compatible is a plus for the exchange business.
Describe the site
The customer entirely relies on the how the site works and if the site looks good, a number of customers will want to trade on it. A site should look professional and also be secure at the same time. The key to running a business like this efficiently is the amount of security it comes with allowing a customer to trade freely with no worries.
Allowing customers to trade in other cryptocurrencies can improve and add to the growth of the number of customers and conduct the transactions under one platform.
Look for a Bank
Selecting a bank is another major factor to consider is the Bank you want to partner with to process fiat related currencies. This allows customers to sell and buy bitcoins.
Choosing a good bank will help in faster settlements and quick payment processors whereas some take more than 2 days for these transactions.
Market the company
A marketing strategy should be pre-planned before starting a business like a bitcoin exchange. Posting about the exchange services you provide on social sites and writing articles about it will garner customers from the target market.
A marketing strategy like word of mouth can do wonders for your business and help bring in more customers.
Need the right Bitcoin exchange script? Take help from BitExchange.systems, the most secure script in the market.
Here, have a look at some of the features they provide:
- Atomic Swaps using Escrow methodology
- Liquidity Management
- Margin Trading
- Peer to Peer exchange option
- Admin Panel to control your Cryptocurrency exchange
- Hot & Cold Wallet
- Buy-Sell anytime effortlessly
- Order Book that lets you keep track of your transaction history.