Bitcoin was the first of many cryptocurrencies that are currently existing in the market of decentralized digital currency. Bitcoin is garnering investors and money shortcut money seekers as it works without a bank or a single administrator, allowing them to buy or sell goods and services.
But here is an interesting fact that the creator of Bitcoin is yet unknown while some believe it to be a person or a group of people going by the name “ Satoshi Nakamoto”.
Bitcoin is generally a reward where people get to earn it in the process called ‘mining’. Bitcoin came to be known as it was the first of cryptocurrencies but as of now, there are over 1700 cryptocurrencies in the world. And almost the 90% of market cap is by the top 20 currencies.
Bitcoin is the future of payment and at present several large companies accept it as a legitimate form of currency. Also consider finding the best bitcoin exchange software as the security and the trust which is to be built relies on the amount of security you provide to your users.
Now let us talk about the crux of the article,
Bitcoin exchange website works as a medium for trading and exchanging cryptocurrencies and the people who do it are called as bitcoin traders. And this where bitcoin exchange sites come into play which acts as a platform for trading bitcoins with anyone around the world.
Registration, Order placing and making payments come under the process of trading. Trading on a website is a platform where all your cryptocurrencies are stored or sent to your digital wallet.
There are two types of orders on how trading on a bitcoin exchange website takes place:
- Buy Order
- Sell Order
When a trader is looking to buy a bitcoin the order is a ‘Buy order’, and when you want to sell a bitcoin it is termed as ‘Sell Order’. These orders are then matched by an algorithm, which inspects the specifications and requirements. A successful trading is known when algorithm matches both the buy and sell order and automatically enabling the trading to take place.
The reason to start or create a bitcoin exchange website is that the market capitalization is increasing regularly and henceforth making entrepreneurs accept this as their payment system and some are even setting up bitcoin startups.
Here are some tips for you to know when launching a successful bitcoin exchange website:
Legal consent: A business like this involves different sets of regulations and guidelines which are to be considered. Obtaining a proper license, complying to know your customer regulations and handling of the legal aspects which arise in a business like this.
And we suggest you hire qualified and experts who have adequate knowledge about this domain saving you and the business from legal problems.
Technology solution: Get in touch with some of the best developers as the major concerns of people investing in bitcoins is the security. Build a highly-secure and a user-friendly website that allows your customers to carry transactions with utmost safety and security.
Customer Support: this is another crucial tip when out to create an exchange site is the amount of effort you put into assisting the customer. The moment you start a bitcoin exchange, your users need your help in answering queries and questions that they have.
Assemble the team which for you is best when it comes to understanding people’s problem, make them work round the clock and reward them heavily, also see to that they reply to the user’s complaint on time.
Creating a Bitcoin Exchange Website:
Consider the Competitors
There are as many as more than 200 websites in this field and it is hard for someone new to get into a business like this. The growth of the internet is helping people to find various alternatives when looking to trade or start a bitcoin exchange business.
A person can visit “About Us” section company’s webpage which allows him/her to know more about the company like their success stories, achievements, objectives and also know the minds behind the company’s growth.
Try and understand not only their success but also the failures as understanding them can let you know the reason behind their decline in this industry.
The main question you need to ask yourself is where are you going to start your business?.
There are two ways to answer the question either you can start in the country where you belong to or take your business globally by setting up it in a different country.
Consider the rules and regulations of the location as in some countries trading of bitcoins is legal whereas in some places it is illegal.
Bring together the TEAM
To make your company successful you need a team and not just gathering people who get your job done, but doing it effectively is the top priority.
This process is time-consuming but when done productively can get you the best in-house team to help your business run into profitability.
Consider posting for recruitment on social sites, interviews and get the best possible candidate for the post you are looking for. If hard finding and want to cut costs, then try outsourcing the idea to European countries.
Also read, IBM Will Beat Bitcoin
The Bottom Line
So this is what it takes to create a bitcoin exchange website and creating this expands the business into the cryptocurrency market.
If you want to share your thoughts and ideas on creating a perfect exchange site then write to us in the comments section below.