Topic: Should we invest in a bitcoin exchange? - page 3. (Read 836 times)
If I understand you well, you want to invest in bitcoin exchange because it is very beneficial but not stating categorically what will make you bitcoin exchange better. I will advice you to go through some of the exchange platforms that have shutdown and try understand what make them stop operating. exchange platform involve alot of money to keep it running not just the startup cost. Also, there are many exchange platforms out there. How will you want to cope with the competition ?. My advice is that you should consider another project except you have any meaningful contribution that is lacking in all the present exchange platforms
There is more to having a Bitcoin exchange than just buying the source code. Many exchanges have closed down due to lack of users, high cost of maintaining security, which is paramount and you must have an in-depth in programming language for you to be able to tweak based on your need
I want to believe that no matter the business, the key to make it successful goes beyond just the setup costs and more importantly running the business goes beyond some form of fondness for trading as Op has mentioned. Currently, the trading space is saturated to the extent that only exchange sites with large funds to spend on various advertisement and publicity that could even have a chance to survive for as long as 2 years couple with various regulatory compliances that are continually stifling the free entry and exits that was witnessed in the market years back.
Building an exchange is hard. Many sources say 6 months to a year when all is said and done. You will need to have experienced team including back/front end developers, designer, product manager and etc. I suppose having only $10K won't be enough.
If everyone creates their own bitcoin exchange then who will be trading there to have volume? If you have capital and enough knowledge about managing bitcoin exchange then sure you can go but buying source code from someone isn't a good choice.Create your own exchange if you have a team to do which involves lot of time and money as well.For me existing exchange is enough for my trading activities.
Other people will trade in various exchanges, but to create their own bitcoin exchange, they will need to have a large amount of the money.I don't know how much money will be needed to create bitcoin exchange, but I am sure that will be a big amount.
Besides money, you will need skills to manage and communicate with your team because you can not work alone to manage the exchange.
You need to spend much time to build the exchange, and sometimes, you will need to think about something new that will be different than the other exchanges.
We already have so many exchanges to trade, so I think we better use that exchange, which we already used.
First, you should be updated with Bitcoin news and aware of its volatile situation. You know that it is not an easy job to make an exchange you should be kept in mind different factors like KYC, and securities. You took a great initiative. There are several Bitcoin exchanges even we didn't remember all the names of exchanges. Do hard work and promote your exchange on different platforms. It is a tough job but keep it on & Cheer Up!! 
It would be awesome to have a decentralized exchange coded of our own and set x amount of fee per trade to an address which can further be used to promote that exchange, in this case there won't be any problem for the users to initiate an exchange as the funds won't be deposited on the centralized server so there won't be any fear of a hack, also no KYC will be required because we won't be processing any funds the code or decentralized exchange will be acting as a mediator between 2 parties taking a small percentage of fee. So this is a win win situation.I know a lot of decentralized exchanges are out there but also are the centralized ones, so it will be better to go for innovation rather than following the herd.
First of all are you sure you could really trust those people and the team that you would create.
It isn't easy as you think it is maintaining it would cost a lot and of course you would also work on promotions for publicity to gain some customer.
I think it would cost more than $10K for all of it and it is also a huge risk because nobody would easily trust a new trading site.
It isn't easy as you think it is maintaining it would cost a lot and of course you would also work on promotions for publicity to gain some customer.
I think it would cost more than $10K for all of it and it is also a huge risk because nobody would easily trust a new trading site.
First, you should be updated with Bitcoin news and aware of its volatile situation. You know that it is not an easy job to make an exchange you should be kept in mind different factors like KYC, and securities. You took a great initiative. There are several Bitcoin exchanges even we didn't remember all the names of exchanges. Do hard work and promote your exchange on different platforms. It is a tough job but keep it on & Cheer Up!!
It would be awesome to have a decentralized exchange coded of our own and set x amount of fee per trade to an address which can further be used to promote that exchange, in this case there won't be any problem for the users to initiate an exchange as the funds won't be deposited on the centralized server so there won't be any fear of a hack, also no KYC will be required because we won't be processing any funds the code or decentralized exchange will be acting as a mediator between 2 parties taking a small percentage of fee. So this is a win win situation.I know a lot of decentralized exchanges are out there but also are the centralized ones, so it will be better to go for innovation rather than following the herd.
First, you should be updated with Bitcoin news and aware of its volatile situation. You know that it is not an easy job to make an exchange you should be kept in mind different factors like KYC, and securities. You took a great initiative. There are several Bitcoin exchanges even we didn't remember all the names of exchanges. Do hard work and promote your exchange on different platforms. It is a tough job but keep it on & Cheer Up!!
If everyone creates their own bitcoin exchange then who will be trading there to have volume? If you have capital and enough knowledge about managing bitcoin exchange then sure you can go but buying source code from someone isn't a good choice.Create your own exchange if you have a team to do which involves lot of time and money as well.For me existing exchange is enough for my trading activities.
Other people will trade in various exchanges, but to create their own bitcoin exchange, they will need to have a large amount of the money.I don't know how much money will be needed to create bitcoin exchange, but I am sure that will be a big amount.
Besides money, you will need skills to manage and communicate with your team because you can not work alone to manage the exchange.
You need to spend much time to build the exchange, and sometimes, you will need to think about something new that will be different than the other exchanges.
We already have so many exchanges to trade, so I think we better use that exchange, which we already used.
You have two ways to do this, start using codes and start testing, these two things are undetermined and may take years, but the worst comes promotion and real capital investment.
Case 2:
Get an expert company in the field and buy or rent the license, these exchanges can come in the color, shape and even the buttons you choose, in fact some may even offer you initial working capital or purchase and sale volumes, etc. .
But on average you need an "initial" investment of about $ 300,000 (or +++)
As I guess and without offense, it must be in case 1, because someone who is in case 2 would be very rare to see him around here, asking that question, I must tell him that this type of business, like bitcoin mining, has Specialized a lot, and that the romance of a programmer raising an exchange at code point and step, I finish, will not return.
Those that you believe exist under scheme one (via 1), arise because there is capital investment and partners.
Case 2:
Get an expert company in the field and buy or rent the license, these exchanges can come in the color, shape and even the buttons you choose, in fact some may even offer you initial working capital or purchase and sale volumes, etc. .
But on average you need an "initial" investment of about $ 300,000 (or +++)
As I guess and without offense, it must be in case 1, because someone who is in case 2 would be very rare to see him around here, asking that question, I must tell him that this type of business, like bitcoin mining, has Specialized a lot, and that the romance of a programmer raising an exchange at code point and step, I finish, will not return.
Those that you believe exist under scheme one (via 1), arise because there is capital investment and partners.
I can't imagine if I have a dream to make an exchange because that is the hard thing to do and it is not about money or acapital to start but it is just how I can safe other people's money that I can access anytime and know all of them. Seem like I will not ever have such dream, I'll not imagine profit that I get but I just imagine how the risk that I'll be face later. I just hope that I can master all trading strategy so I can make money even it is more safe, I have no burden to keep and make other people comfortable to my service. But it is depend on you, if you know all risk that you will be face you can start it now and be sure you are a trustworthy person.
If it's that easy to run a crypto exchange, everyone that has enough funds will gonna make their own crypto exchange and you will gonna see that the numbers of crypto exchange will reach up to thousands. But as you can see, it's not that easy to run. in fact for every single crypto exchanges required some special teams to do their own duty in the exchanges. we're not counting other staff like those people who are specialized in security and preventative measures against hackers. In other words, it's not an easy job to have one and also you really need to have some huge amount of capital to actually run a real crypto exchanges.
Keep an eye out of this platforms that offers bitcoin exchange source code especially if you do not have a deep background or extensive technical knowledge on this matter since building a cryptocurrency exchange is not as simple as we might think.
Building an exchange should be done deliberately and having the control of people's money, and being the intermediary of their trades needs a well-educated technical team behind a complex project. Secondly, it is a no-brainer that opening an exchange also needs to consider the legal implications as it will serve as the protection for people who uses the platform especially if the source code you will be using is not originally created by you.
In fact, people with no programming background should not use an open source code of a bitcoin exchange because of the possibility that it might have a backdoor written on it which can cause a catastrophic failure of funds being lost.
Building an exchange should be done deliberately and having the control of people's money, and being the intermediary of their trades needs a well-educated technical team behind a complex project. Secondly, it is a no-brainer that opening an exchange also needs to consider the legal implications as it will serve as the protection for people who uses the platform especially if the source code you will be using is not originally created by you.
In fact, people with no programming background should not use an open source code of a bitcoin exchange because of the possibility that it might have a backdoor written on it which can cause a catastrophic failure of funds being lost.
At the same time I would like to state that there is a very big factor Competition, there are many exchanges out there in the market and I do think which makes it even harder for a person to invest in a particular exchange. With some of the major exchanges going down in the market over the years , I do think you can first buy a share in the exchange you are interested in and then see it's growth over the year , if you do believe that it does have a lot of potential then only you should go forth and make the investment , it is never going to be a safe bet but with an exchange that you would have worked with and looked after from the sidelines, you might know the pros and cons and at the same time you can plan it in a way that you can make use of its full potential.
Your exchange might :
Enable smart contracts
Be available offline which would even make it beneficial for traders
Might require no KYC and private information
Can even work with cash-btc
There are so many things that you can do , you can ever start a poll and ask people what would they require from an amazing exchange platform and then filter out things and see for yourself that what might be beneficial for both the users and the company.
Its a lot of hardwork.
You can get a Chinese solution for free, you would have to pay them a commission fee though. I also once got an offering from an Indian company that asked for 100K USD to build an exchange for me. Serious whitelabel exchange providers ask more like 300K USD, but that are those you don´t have to worry about anymore and are usually already established and well connected to KYC and AML, custody and helpdesk providers and have an API ready for all kinds of additional services.
If you want a DEX, you might get it cheaper but you won´t be able to handle large volumes.
Edit: I just got the link to this one, but I´m not sure if it´s a good solution: https://bitholla.com/ and their price list https://bitholla.com/pricing/
If you want a DEX, you might get it cheaper but you won´t be able to handle large volumes.
Edit: I just got the link to this one, but I´m not sure if it´s a good solution: https://bitholla.com/ and their price list https://bitholla.com/pricing/
It's not an easy thing to create a good bitcoin exchange, there are already many fake investment websites so people are very worried of investing, they are only choosing those legit, popular and old websites compared to the new one because of thinking that it may cause bad things for their money. If you want to create your own exchange you have to study first, you should do research or watch some youtube tutorials but it is not enough you have to still read things about it. You need also finances for creating ut, that is one of the important things before creating a website.
Well, it is a good idea, but do you think it is that easy, you really need to sit down more and analyse what it take to make it work, I wouldn't want to discourage you become there's no harm in trying and those who are there today started one day. In order not to end up as a scammer and people will rain curses on you, consult the proffesionals for guidance. More so, $10,000. will not be enough, are you planning to do it all alone.hope your decision is not from Greed.
If everyone creates their own bitcoin exchange then who will be trading there to have volume? If you have capital and enough knowledge about managing bitcoin exchange then sure you can go but buying source code from someone isn't a good choice.Create your own exchange if you have a team to do which involves lot of time and money as well.For me existing exchange is enough for my trading activities.
Creating your own bitcoin exchange is not that so easy, you have to work hard for it, you need to have first good knowledge and financial as well, you will spend a lot of money with that, you need to have your assistant for creating it, like some technological experts or the professions that will suit for creating it. You may start from studying it first before anything else, I know how hard creating a simple website what more for the bitcoin exchange which can have so many transactions. It needs proper maintenance if it will be implemented.
There is more to having a Bitcoin exchange than just buying the source code. Many exchanges have closed down due to lack of users, high cost of maintaining security, which is paramount and you must have an in-depth in programming language for you to be able to tweak based on your need
Having that amount to start, no wonder why your Bitcoin exchange won't grow but probably just get ignored. Think about what happens to many newly created small exchanges, they are going to die the same thing that might happen to you if you push yourself to make it.
You need a lot of things to finally run a business like this, you must be aware of the risk you'll be going to face. But one thing for sure, that $10,000 is enough to make it. I'd rather suggest you to stop pursuing that thing, creating an exchange isn't just a joke.
Just read this...
https://bitcoin.stackexchange.com/questions/17007/what-is-needed-to-make-a-bitcoin-exchange
You need a lot of things to finally run a business like this, you must be aware of the risk you'll be going to face. But one thing for sure, that $10,000 is enough to make it. I'd rather suggest you to stop pursuing that thing, creating an exchange isn't just a joke.
Just read this...
https://bitcoin.stackexchange.com/questions/17007/what-is-needed-to-make-a-bitcoin-exchange
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