Topic: BITCOIN EXCHANGES (Read 879 times)
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The problem I see here is the risk associated with such a project.
An exchange is a prime suspect to get hacked and it is not only a risk for personal data, it obviously contains a lot of money. Especially when working with crypto currencies your "bank account" is only a private key with no way to stop someone from sending all the contents of the wallet to their own.
If you are not a splendid programmer yourself, you cannot verify the work done for you. External testing will be a huge cost factor and might drive costs above budget.
Personally I'd say if you are really willing to invest money, start with a project with less severe risks and a smaller scope. If that works out, build a network or ecosystem out of your projects. If those work well together and you gathered a lot of experience with handling development teams, law requirements and user interaction, then you might take the step from common applications to a financial application.
Don't skip the learning curve, rather risk a little with some smaller project instead of being able to lose all when creating an exchange.
An exchange is a prime suspect to get hacked and it is not only a risk for personal data, it obviously contains a lot of money. Especially when working with crypto currencies your "bank account" is only a private key with no way to stop someone from sending all the contents of the wallet to their own.
If you are not a splendid programmer yourself, you cannot verify the work done for you. External testing will be a huge cost factor and might drive costs above budget.
Personally I'd say if you are really willing to invest money, start with a project with less severe risks and a smaller scope. If that works out, build a network or ecosystem out of your projects. If those work well together and you gathered a lot of experience with handling development teams, law requirements and user interaction, then you might take the step from common applications to a financial application.
Don't skip the learning curve, rather risk a little with some smaller project instead of being able to lose all when creating an exchange.
One of the key questions is whether you deal with USD or EUR. If you do then add a few million dollars extra for licencing and compliance. And even if you remain alt only it's likely similar regulations will eventually descend on you.
It's the type of idea that seems cool until you start pricing up the actual details and dangers.
It's the type of idea that seems cool until you start pricing up the actual details and dangers.
Unless you know what you are doing, I would advise you to just forget about it. There are so many exchanges already and the market for them isn't really that big. Also, another point is that it will cost a lot of money to make. It might probably cost a million dollars to make a decent one. Also, if you just plan on using free software, good luck with hackers.
To add up to what others has just said, I will recommend you find a freelancer from a reputable site to do your work, if you have no experience (I suggest you learn also). Some freelancers are evil, and they can go around to get into your site and do whatever evil plan they wish. So find a good freelancer, and also settle them properly, avoid any problem or misunderstanding between you and them, and make sure the site is built with high level of security.
Most of the freelancing jobs are not fit for the investors. Then OP wish to invest on trading platform not technical projects I hope he is not that much by the way. Please do the investment on trading but you have to be careful to monitor the price chart accordingly due to set up the trading value.
Unless you know what you are doing, I would advise you to just forget about it. There are so many exchanges already and the market for them isn't really that big. Also, another point is that it will cost a lot of money to make. It might probably cost a million dollars to make a decent one. Also, if you just plan on using free software, good luck with hackers.
To add up to what others has just said, I will recommend you find a freelancer from a reputable site to do your work, if you have no experience (I suggest you learn also). Some freelancers are evil, and they can go around to get into your site and do whatever evil plan they wish. So find a good freelancer, and also settle them properly, avoid any problem or misunderstanding between you and them, and make sure the site is built with high level of security.
Unless you know what you are doing, I would advise you to just forget about it. There are so many exchanges already and the market for them isn't really that big. Also, another point is that it will cost a lot of money to make. It might probably cost a million dollars to make a decent one. Also, if you just plan on using free software, good luck with hackers.
hello,
thanks to everyone for the answers.
as you can understand I've not so much experience at coding and security... but I have the capital to invest.
I'm looking for coders, penetration tester, designers, etc...
the second question I would like to do about building the exchange:
better and safe rely on freelancers or put togheter a team?
the reason for this question is only from organizational view!
thanks to everyone for the answers.
as you can understand I've not so much experience at coding and security... but I have the capital to invest.
I'm looking for coders, penetration tester, designers, etc...
the second question I would like to do about building the exchange:
better and safe rely on freelancers or put togheter a team?
the reason for this question is only from organizational view!
Even if you have the capital and all the funding, the real question is do you have the experience in managing a start up exchange? Do you really know what you are doing?
As I have suggested before, its better to get the experience by working in an exchange and them going out on your own.
I have found two exchanges[1][2], the first one seem to be old and no longer being updated while the second one last update was 23 days ago so you might want to start with that. It's worth mentioning however that If you have absolutely no programming and more importantly security knowledge, Its better to not start your project because It's very likely that you will get hacked If you don't know what you're doing.
[1] https://github.com/peatio/peatio
[2] https://github.com/txbits/txbits
[1] https://github.com/peatio/peatio
[2] https://github.com/txbits/txbits
Hacking is the most serious problem any exchange is always facing that is why most exchanges right now are heavily investing on site security especially since they are dealing with money here...money of other people who are using the exchange because of trust and credibility. Once this trust and credibility is broken then the business can be gone for good.
Running an exchange is not an easy feat and there is a need to hire people who are good in programming and security so that the site can not be compromised in any way. Sadly, even big sites who have the money to spend can be victims of hacking too. We have seen news of hacking recently and there can be more in the future. Hackers are now more focused on how they can sneak in and victimized others...they are getting sophisticated and more adept as well as sometimes ahead of their anti-hacking counterparts.
Now, if I have the money to spend, I better start my own version of Bitcoin or an altcoin and then partner with people who know what they are doing and who can add more value into the table. This way, if I am still interested in an exchange, then I would integrate it into the main site just like what [ur=http://bitconnect.co]Bitconnect [/url]is doing right now.
hello,
thanks to everyone for the answers.
as you can understand I've not so much experience at coding and security... but I have the capital to invest.
I'm looking for coders, penetration tester, designers, etc...
the second question I would like to do about building the exchange:
better and safe rely on freelancers or put togheter a team?
the reason for this question is only from organizational view!
thanks to everyone for the answers.
as you can understand I've not so much experience at coding and security... but I have the capital to invest.
I'm looking for coders, penetration tester, designers, etc...
the second question I would like to do about building the exchange:
better and safe rely on freelancers or put togheter a team?
the reason for this question is only from organizational view!
For me, its better to hire that have a good experience in designing and coding the exchanges that you want to put up. But in order to hire the best, you should be willing to pay premium price so that you will have a good exchange. Stay away from those that offer cheap price but will not give you want you want. If I were you, I will hire a manager that will overlook at the project because since you don't have experience, people might take advantage because of your lack of it. The project manager then will report to you where you at right now and adjust schedule if necessary or even get new faces to join your project.
hello,
thanks to everyone for the answers.
as you can understand I've not so much experience at coding and security... but I have the capital to invest.
I'm looking for coders, penetration tester, designers, etc...
the second question I would like to do about building the exchange:
better and safe rely on freelancers or put togheter a team?
the reason for this question is only from organizational view!
thanks to everyone for the answers.
as you can understand I've not so much experience at coding and security... but I have the capital to invest.
I'm looking for coders, penetration tester, designers, etc...
the second question I would like to do about building the exchange:
better and safe rely on freelancers or put togheter a team?
the reason for this question is only from organizational view!
Hi Cryptogladys, the fact that you are here in a BTC forum looking for open source code for an exchange means that you have no experience in coding or starting a tech start up. Am I correct?
If I am, then it would be better to start a simpler BTC business. First, gain some experience in managing coders, securing a site and most importantly raising money from investors.
Another way to gain experience in running an exchange is to work for one.
If I am, then it would be better to start a simpler BTC business. First, gain some experience in managing coders, securing a site and most importantly raising money from investors.
Another way to gain experience in running an exchange is to work for one.
I have found two exchanges[1][2], the first one seem to be old and no longer being updated while the second one last update was 23 days ago so you might want to start with that. It's worth mentioning however that If you have absolutely no programming and more importantly security knowledge, Its better to not start your project because It's very likely that you will get hacked If you don't know what you're doing.
[1] https://github.com/peatio/peatio
[2] https://github.com/txbits/txbits
[1] https://github.com/peatio/peatio
[2] https://github.com/txbits/txbits
Hacking is the most serious problem any exchange is always facing that is why most exchanges right now are heavily investing on site security especially since they are dealing with money here...money of other people who are using the exchange because of trust and credibility. Once this trust and credibility is broken then the business can be gone for good.
Running an exchange is not an easy feat and there is a need to hire people who are good in programming and security so that the site can not be compromised in any way. Sadly, even big sites who have the money to spend can be victims of hacking too. We have seen news of hacking recently and there can be more in the future. Hackers are now more focused on how they can sneak in and victimized others...they are getting sophisticated and more adept as well as sometimes ahead of their anti-hacking counterparts.
Now, if I have the money to spend, I better start my own version of Bitcoin or an altcoin and then partner with people who know what they are doing and who can add more value into the table. This way, if I am still interested in an exchange, then I would integrate it into the main site just like what [ur=http://bitconnect.co]Bitconnect [/url]is doing right now.
I have found two exchanges[1][2], the first one seem to be old and no longer being updated while the second one last update was 23 days ago so you might want to start with that. It's worth mentioning however that If you have absolutely no programming and more importantly security knowledge, Its better to not start your project because It's very likely that you will get hacked If you don't know what you're doing.
[1] https://github.com/peatio/peatio
[2] https://github.com/txbits/txbits
[1] https://github.com/peatio/peatio
[2] https://github.com/txbits/txbits
In addition to that, if you really have a plans to put up a trading platform, at least give your customer a better support because most of us are really looking at this at somewhat a measurement if we really want to used your website or not.
I also suggest since you have a lot of money, invest and get a good designer, not just programmer, but a designer that will understand how to properly put up a security tighten platform around your system because hacker are really targeting it now more than ever because of the huge amount of money involved. Good luck to you mate.
I have found two exchanges[1][2], the first one seem to be old and no longer being updated while the second one last update was 23 days ago so you might want to start with that. It's worth mentioning however that If you have absolutely no programming and more importantly security knowledge, Its better to not start your project because It's very likely that you will get hacked If you don't know what you're doing.
[1] https://github.com/peatio/peatio
[2] https://github.com/txbits/txbits
[1] https://github.com/peatio/peatio
[2] https://github.com/txbits/txbits
hello everyone,
I would like to invest some money in building a crypto exchange like bittrex, kraken, bitfinex...
I was wondering if there are some exchanges out there that used open-source code or built the exchange with the help of freelancers on internet.
if so, which one of the famous exchange? or all they built the exchange with proprietary code?
I would like to invest some money in building a crypto exchange like bittrex, kraken, bitfinex...
I was wondering if there are some exchanges out there that used open-source code or built the exchange with the help of freelancers on internet.
if so, which one of the famous exchange? or all they built the exchange with proprietary code?
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