Should we invest in a bitcoin exchange? - page 4.

Oasisman

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Quote from: dunfida on July 09, 2020, 03:59:14 PM

better
not to pursue out this dream because you are just basically wasting up your time.

Waste of time and resources to be precise.
$10,000 won't be enough, since you'll ba paying for your manpower in a monthly basis, considering new exchanges will struggle to find markets and glitches/bugs are more likely to occur on the first and second phase of running the exchange.
That $10,000 alone isn't enough to market and advertise your newly created exchange.

OP should stick to continue trading, or invest to other platforms. Creating your own exchange isn't advisable.

dunfida

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Quote from: mace15 on July 09, 2020, 03:49:35 PM

Why invest in bitcoin exchange if you can invest in bitcoin. Investing to have own bitcoin exchange requires a lot of knowledge and money. In my opinion it is not an easy task to look for since you should know a lot needed requirements to improve the services and you must grow your users and it's safety.

Also the amount had mentioned wont really suffice nor be enough on considering on building up your exchange.Yes, this one would really require lots of works and lots of factors that should be considered first before pursuing on creating your exchange not just because you do saw that this business is profitable but it doesnt mean that it would be simple for someone to take the same step.
From site build up to marketing then that thing alone does already require too much work and if you are the owner with no soo much knowledge on how things works then better
not to pursue out this dream because you are just basically wasting up your time.

mace15

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Why invest in bitcoin exchange if you can invest in bitcoin. Investing to have own bitcoin exchange requires a lot of knowledge and money. In my opinion it is not an easy task to look for since you should know a lot needed requirements to improve the services and you must grow your users and it's safety.

metenjean

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Investing on long term better use offline wallet and keep away from saving your bitcoin assets in exchange wallet, I think better if you save all your coin in nano ledger wallet because very safety and there are never have offline time, we know many time exchange disable for withdraw and you need waiting when available for cash out your money if saving in exchange wallet.

hulla

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@OP, Invest or creating exchange site is a good idea but required alot of research with experienced/expert in block chain and internet security not an organization that provided a source code and later be the same group to hack the site.
I will advise you to read the basic step provided on here but i dont recommend their service cause i only want you to know all what you need.

Quote from: ?? on ??

thee are too man bitcoin exchanges at this time, people only trust exchanges like Binance that can protect their funds.

There is much already existing crypto exchange site but that doesn't mean there's no room for another one since crypto business is a broad industry and whats important the most is offering people some unique features which was one of the reason people seem to acknowledge Binance cause no exchange site should be totally and that include Binance.

Botnake

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Security always matters in starting an exchange, it has to be your first priority because when you start and you get your exchange hack or information are leak, your exchange is over and you will lose the money you invested.

It's a big market but with a tight competition as big exchanges are already getting big part of the market, so it's a tough challenge for a start-up but it's not impossible to succeed when you are effective in running your own exchange. IMO, exchange business as long as you have clients/customers is more profitable than running a gambling site, so make your own decision and be realistic all the time to gauge things properly, risk and reward must be carefully evaluated.

Maus0728

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Quote from: ?? on ??

making an exchange can be easy, but then promoting it to have enough users and securing people funds can be a ve difficult task.

Both of them are definitely cumbersome task. Creating an exchange requires intensive programming knowledge, maintaing them in the long run isn't simple, pulling people to use your exchange can also be the most difficult task especially if you can't provide a tantamount of improvements compared to the existing exchange in the public.

mk4

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Quote from: ?? on ??

making an exchange can be easy, but then promoting it to have enough users and securing people funds can be a ve difficult task.

Nope. Getting people to actually use your exchange and securing their funds are just few of the many challenges you're going to face. Sure making the exchange itself might be "easy" if you have low standards and just want an exchange that's technically running but could barely run consistently without problems.

Debonaire217

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Instead of investing directly to have your own exchange, why don't you try to invest to those exchanges that are already been established? In this way, you can eliminate massive problems such as maintenance of the exchange, and competition with other exchanges. Perhaps, you will need a huge budget and a great team that has a very good experience in both cryptocurrency, and network security. Most of the time right now, exchanges serves as a target for hackers, especially those that aren't really having a strong security, and I can say, even those that are established and secured are still hackable.

One example is what happened to binance, though, they have paid the lost through their liquidity pool, it is also one thing to consider when you establish your own exchange. You should have plenty of funds to back your exchange up.

Lorence.xD

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Quote from: Maus0728 on June 19, 2020, 04:41:21 AM

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.

This online source code is the first thing that we should avoid according to my IT professors because people with no technical background will be the biggest victims there might be malwares installed in those source codes if you do not know what you are doing, the best thing would be learning how to program or if not find a trusted programner to create an exchange, online source codes are the biggest cesspool for malicious people so be careful.

samcrypto

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There's no need to invest on bitcoin exchange if you don't have knowledge on it and if you are just using a pre-code to create bitcoin exchange then you are risking too much. Also, you have to consider the volume of exchanges right now which is so hard to compete with and a lot of money that you need before executing it. I'd rather choose to invest directly on a top exchange and simply earn profit, don't complicate things if you don't have knowledge about it. If you really want to create and run your own exchange then you must do everything to make it happen and start building a great foundation with your great teams.

Leo

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Invest your money in bitcoin and stay away from running an exchange, have you ever thought of how lots of exchanges close up? Exchange is not an easy thing to build, you've got to have lots of things in place to do it, don't allow some of gullible investors who will invest in your exchange to loose money on your exchange, $10000 is too small to keep an exchange going for a long time

MCobian

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Making bitcoin exchanges is a good idea for investment, but it is not easy to make bitcoin exchanges, require a lot of capital.
If you make bitcoin exchanges with only $ 10k capital, it will be difficult to compete with other exchanges. As we know the amount
current exchanges are very many, but many are bankrupt. Because it doesn't make good planning, in my opinion it requires a minimum
capital of $ 20k to be able to make good and interested exchanges. Because the biggest allocation of funds makes good exchanges,
is in the security and promotion section. By making exchanges with a good security system, coupled with large promotional costs.
Can make good exchanges that are of interest to many investors and traders.

mk4

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Quote from: cryptoperkele on June 19, 2020, 01:44:42 PM

I don't thing that's the goal of OP. At least it doesn't sound like that, he literally said that

Quote from: jane maradona on June 19, 2020, 03:26:47 AM

With a volatile bitcoin market investing in a bitcoin exchange is really beneficial.

So obviously he was thinking of quick profits only.

How'd you come up with that conclusion though? It's not like the volatility of the bitcoin markets(or the cryptocurrency markets) in general isn't going away anytime soon. I'd say it'd still be volatile after another decade.

RajaJudi

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Quote from: jane maradona on June 19, 2020, 03:26:47 AM

After many years of trading, I realized that I should have my own bitcoin exchange. With a volatile bitcoin market investing in a bitcoin exchange is really beneficial. I need more sincere advice? After consulting a number of suppliers. Only $ 10,000 for a bitcoin exchange. Details:bitcoin exchange source code . With such an amount, should an bitcoin exchange be invested?

I think you should investigate more about the source code. I've looked into the source code you sent and maybe it's not a good source after all. The link is not secured:

Their contact information is a from free email service:

I've checked their social pages as well, they're not really well-known and well-managed.

Assface16678

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As you can see most of the answer of the members right now is not to make an investment of leaving your money into a bitcoin exchange because most of them already experience this kind of problem too and also learn from other members or people. Also, I want to give my side and perspective about this kind of storing your funds. If you want to make an investment this is good you mush need to find some wallet that is secured and already have good integrity there are a lot of wallets that are suitable for your needs and wanted all you need is to use those properly. We are highly not recommended storing your money into an exchange because there are a lot of things happen may lose the money that you didn't know, and also it can be unexpectedly they down their system or permanently without notice because they already gained a lot of money that is enough to them to scam.

There are a lot of things that possibly happen to you and lose your funds and as an investor and people who want to earn and saves your money, you don't want that this will happen so avoid storing your money on exchanges.

pixie85

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Try to start your own exchange but remember that 10 thousand or 20 thousand to build it is not enough.

You need money in the bank so that when your first client comes and wants to sell his coins you have enough money to buy it from him. You need some startup money or you'll go bust in no time. I'm talking big money like 500 thousand USD at least.

You need secure servers, some trusted people to start a business with because an exchange doesn't run unsupervised and you arren't going to be there 24/7, a physical location for an office and so on.

ChiBitCTy

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Quote from: jane maradona on June 19, 2020, 03:26:47 AM

After many years of trading, I realized that I should have my own bitcoin exchange. With a volatile bitcoin market investing in a bitcoin exchange is really beneficial. I need more sincere advice? After consulting a number of suppliers. Only $ 10,000 for a bitcoin exchange. Details:bitcoin exchange source code . With such an amount, should an bitcoin exchange be invested?

Only 10,000 for an exchange will get you a platform that could probably handle about 100 customers max. To open up and create a legitimate exchange that could drive in business, maybe even compete with the other exchanges..you're going to need millions and millions of dollars. You need millions alone just to advertise these days.

cryptoperkele

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Quote from: mk4 on June 19, 2020, 05:57:57 AM

...
Take a look at the previously hacked exchanges. They couldn't even protect themselves even with all their earnings. What makes you think you will be able to do well?
...

I don't thing that's the goal of OP. At least it doesn't sound like that, he literally said that

Quote from: jane maradona on June 19, 2020, 03:26:47 AM

With a volatile bitcoin market investing in a bitcoin exchange is really beneficial.

So obviously he was thinking of quick profits only.

Artemis3

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Its a can of worms, stay away from that. Exchanges are nightmares; legal, security, financial, etc etc etc.

And it takes only one mistake for the whole thing to break down. There is a long history of failed exchanges out there, that should teach something. Even established exchanges are very dangerous and can collapse at any moment without warning, as it has happened before and will happen again.

Opening a bank is probably easier, or a casino for that matter, and safer.

Make a perfect exchange and the simple lack of volume kills it. I don't think you could successfully make a new exchange without having some sort of large company already invested in something else backing it up. And even with that, its no guarantee.

If you spend that amount in bitcoin, and look at it next year, or in the next three years, you'd probably have made more, even if not by much.

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