Topic: Running a exchange is a very active job - page 2. (Read 1933 times)

haha, there are a lot of online businesses that are similar to exchanges and none of them require the owner to sit behind a computer 24/7 because that is impossible. instead there are developers automating everything with their code so everything is being handled through the code and all automatically and only they will have some support team to watch over everything and check for bugs and possible problems.

I work 7 days a week on my own business OP.  When you own the thing you tend to work harder due to you getting more direct rewards for efforts. You usually also get more flexibility to break when you want or you can always sell the business i guess.

i bet it does, its a hectic world, where every minutes and seconds the price keep on change, the purchasing ordering and selling maybe using code to execute, but it still need a lot of development and maintain team to supervise, and because the exchanger is dealing with people's money, so it need a good customer support and the users dont like to wait when its regarding to money, so exchanger is busy, active and stressful job

You need a team of people to sit and watch the cold and hot wallets every day, every hour, every minute. You need a team of people to sit and watch the trades as they occur.

If you're all alone or just a small team, like me, for example, you'll never get it big. About the only thing I do on my site (which is not an exchange by the way, but it accepts deposits and withdrawals of BTC), is secure the funds. Since I'm not working on it full time, I make people wait (a bit) if they attempt large withdrawals.

That wait, makes or breaks your business. If it's too long, people don't like it. There is no such thing as "too short" for waiting times, so the shorter the time waiting, or the quicker the support you can give your customers or clients, the better.

The best exchange is the one that accepts your deposits quickly, funds your account, allows you to trade almost instantly, and quickly withdraws either your cryptocoins or your fiat money to your bank accounts. All exchanges aspire to be that.

You will also need a team of people to watch, and that's all they do mostly, watch. For security purposes. They might try to do some penetration testing or whatever or try to crash your exchange on purpose. Or you have some sort of bug bounty for external security.

I would love to run an exchange, or be part of one.

I can assure you operating an exchange is more than just a "script".

Bitttrex has 4 co-founders, when i submit a ticket, their co-founder richie and rami usua;ly answered my questions, so i think their jobs are technical and customer support.

I think sites with Good UI and UX can get low bounce rate. And crease user engagement. Yobit and few other names above are really awesome. But all exchanger sites are running on script. Not manually. And human is animal can make mistake in it but programs dont make even single mistake and run it virtually.

But it is just ok right?  If you are earning decent amounts everyday because of spending some time of running your own exchange site. So it is just very fine with me even if i am not the owner as long as i am earning $15-$25 per day then i will be working 9hrs a day

Well for sure to run an exchange people are spending a huge part of their time, improving the code, raising the security, and well i really believe creating the bots, the thing is you will be spending a big part of your time as you need to control everything and expect no one will try to hack your exchange, the earnings might be 1-3btc daily, but the work is also huge.

In my own opinion owners of exchange sites wont be busy since he have staff  to order  to maintain his website and  also to support which would do the work maybe he would  spent few hours only  on checking  profits and any reports regarding to its site,

sure...and it requires time and effort...dedication comes into play...

Maybe when the exchange is just starting, he will have to be there as long as he can so that he can address the issues immediately and find solutions to problems. I believe it does not happen only to exchanges but to all companies as well who are just starting up but later on when the business is running smoothly then he can be there maybe just a few hours just to check the operations and then let his employees run the business with less supervision.

Though we are going a bit out of topic here I can't not disagree. I know people who hired those who manages the team and they do almost nothing by themselves, but the most of the profit is going to them because they own the company.

yes its a very active job but without having any skills, then you can't be the owner of market exchange, because we should understand about progamming language, and the hard thing is we should know about security of website so we don't have to be worried if in the future our website gets many attack. beside that, we should have a solid team which join to us and they can be the person we count in if something is happen.

Please you can trying for asking the owner of the exchange site if that is a busy job. You just need for sitting in your chair and seeing your monitor and all of that will running for naturally. and you are just need for controlling your security system.

Security is a big concerns here since there are many hackers who are preying on sites how they can gain bitcoins/money. Building trust and good rapport to clients investor is a must and should be focused. Once the reputation is damaged, its hard to pacify clients who lost their money.

I think they spend most of their time trying to secure other people's money against their own employees and also from hackers online. On the other hand, if you look at all the hacks over the last couple of years, it seems as though they not spending enough time, on that aspect of the business. ^hmmmmm^

Yes definitely running a bitcoin exchange site is more complicated as it seems because only owner can't manage alone the whole site since around hundreds of user trade in a minute and management team have to take extra care for south running of the site

I think running any website is a busy job, exchange job of course its a busy job because the price keeps on updating every minutes, and then the transaction also at high waves, and there are a lot of hacker want to try to hack the site, so maintain an exchange is a busy and active job

I think so. the dev just needs to create the bot and the script, so the bot will do the job because it's not possible that they sit in their room to handle that exchange. besides, we're in technology era. IMO