How to start a bitcoin exchange business?
Cryptocurrency is a household name mainly because of Bitcoin’s achievement since its inception in 2009.
Well, there are a lot of countries that are in favor of Cryptocurrencies like Japan, Canada, Germany, and Holland. Whereas there are a lot of countries, who are against these digital Currencies called Cryptocurrency.
So what exactly is a Cryptocurrency?
A Cryptocurrency is a digital asset worked to work as a medium of exchange which uses cryptography for transactions. Cryptocurrencies are a type of digital currencies or virtual currencies.
Cryptocurrencies use decentralized control which is opposed to central banking systems. The control of Cryptocurrency works through a Blockchain, a public transaction database.
What is a Blockchain?
Blockchain invented by Satoshi Nakamoto in 2009 for the use of Bitcoin.
A blockchain is a growing list of records called Blocks, which are connect and secured using Cryptography. Continue to learn more about Bitcoin and how to start a bitcoin exchange business.
What is a Bitcoin?
Bitcoin is a cryptocurrency that is accepted as a worldwide payment system. Bitcoin was the first in cryptocurrencies which started in 2009; a bitcoin works without a Bank or a central administrator. The most exciting part is that Bitcoin creator’s identity is still unknown. The inventor goes by the name Satoshi Nakamoto where some say it is either group of people or a single person.
Download the best Bitcoin exchange software.
Planning to start a bitcoin exchange business? Here are the steps you need to follow:
Choose the right country
As I said earlier, there are only a few countries that offer transactions to take place in Bitcoins. Whereas some countries term Bitcoin’s use as illegal. If the country you belong from is yet to accept the usage of Bitcoins, wait for a while, the Government will realize it as the growth of Bitcoin is significantly growing.
As of now in a country like India, the Reserve Bank of India(RBI) has banned banks dealing with Bitcoin and other cryptocurrencies. However, the RBI is planning to launch its digital currency to curb costs of managing fiat paper and hard money.
Know your audience
There are numerous exchanges in the world; there are registrations which have crossed the limitations set by exchange businesses.
Since some businesses came with these limitations but given the number of customers looking to invest in Bitcoins where the majority of those want you to take their money seeing the returns which are hitting all-time high every day.
Well, initially it is hard to prove to customers that the business you are doing is honest and loyal towards them or not. Hire a team who understand both your business and the questions thrown at them. Also, try hiring a team that knows the blockchain language.
Assist your customers 24/7 and make sure that you leave no questions unattended.
Choose a Bank
As most of the Banks follow the banking systems of their respective countries, hence making the Bitcoin business difficult. Banks in India have a check on the transactions on their account holders if found trading in Bitcoins they tend to ban those accounts.
So I recommend you have a word about the transactions you are set to receive through Bitcoins.
Choose a Bitcoin exchange software
A bitcoin exchange software is a software that helps you in setting up your exchange business instantly. The software allows you to integrate any cryptocurrency.
Choose software that provides you the following:
- SSL- security
- Automatic limits for funds withdrawal
- Intellectual anti-fraud system
- Two-factor authentication system
Promote your business
We all know that Bitcoins are relatively new to the market and most of the people wouldn’t know that your business is existing or not. So promotion should be given the top priority.
If you are low on a budget try promoting your business on social media with sites such as Facebook, Twitter, and Instagram as these might help you garner clients quickly and easily.
Finding it hard to develop the right Bitcoin exchange software? Take help from BitExchange.systems, the most secure script on the market.
Here, have a look at the features they provide:
- Atomic Swaps using Escrow methodology
- Liquidity Management
- Margin Trading
- Peer to Peer exchange option
- Admin Panel to control your Cryptocurrency exchange
- Hot & Cold Wallet
- Buy-Sell anytime effortlessly
- Order Book that lets you keep track of your transaction history.
- Security with 37 fort Knox