If you are someone is passionate towards businesses involving the internet, then I personally feel that setting up a bitcoin exchange business is the one that will provide you immense profit. A bitcoin exchange business allows you to trade bitcoin currencies for flat or other digital currencies and vice versa.
So let me get to the point and guide through the process of setting up a bitcoin exchange.
Table of Contents
How to set up a Bitcoin exchange?
· Industry Overview
The very first step that is required to set up a bitcoin exchange script is to have an overview of the digital currency industry. Bitcoin is one of the largest internet based industry which has created huge impact regarding transactions in all leading countries.
Mainly, the innovators and technology enthusiasts are very keen on making full use of bitcoins. Most believe that bitcoins are the future and a nation with a growth of bitcoin users and payments will eventually change into bitcoin becoming the normal mode of payment. So if you carry the entrepreneurial spirit in you and are ready to become a part of this technology revolution, what better way to start then building your own Bitcoin exchange company.
All said and done, if you are starting up a Bitcoin exchange business, you need to have a basic knowledge of how cryptocurrency and digital payment works. Apart from the basic knowledge about digital currencies, you will also need to get the mandatory permit and licenses to operate such business.
· Research and Analysis
The bitcoin exchange business depends a lot on how thoroughly you research the process of starting an exchange business. There are a few factors you need to consider in order to start with the research process:
- Location: Bitcoin is not bound by the location, bitcoins garner people from various parts of the world who are interested in exchange and trading of bitcoins as they find bitcoins an easy way for earning money. So if you are looking for substantial business growth, include investors, programmers and tech-savvy from not only in your local region but also from outside the country.
- Economic Analysis: As an entrepreneur, you need to consider the initial capital you need in order to get started into the business of bitcoin exchanges.
- As a start, people starting up a bitcoin exchange business can also work from home hence would lessen the required capital.
In the initial stages, you can save by cutting cost on transportation, internet subscriptions, and public relations.
- Threats and challenges: before starting up a bitcoin exchange business analyze the threats you will face and the challenges arising in the business.
The challenges you are likely to face is the already set up bitcoin exchanges and trading businesses who offer the same services that you are planning to offer. There is never a shortage of threats with recent crackdown from governments with unfavourable policies and practises towards bitcoins. There is little to nothing that you can do with regards to Government policies.
· Technical & Manpower
The primary requirement to startup a bitcoin exchange is the technology required for it. To begin with, you need laptops or computers, internet facility, phone connection and some furniture required as per the workforce. Apart from the gadgets, you will need the help of a cryptocurrency exchange script. To help you with the scripts you can try BitExchange.systems.
Also read, Here’s Why Bitcoin Is On The Rise Again
Based on the capital you raise, you to need to hire employees according to your budget. For a start, it will not be easy for a startup to employ someone experienced. Engage those who believe in the growth of bitcoins and who are tech-savvy. If low on the budget, try to work with someone who is a programmer and software app developers that work as freelancers.
· Marketing and Strategies
All going good, but there seems to be no contract taking place? Guess you haven’t marketed yourself to the potential clients. The marketing strategy depends on your reliability, safety pricing and above all, does your site offer your clients a secured platform service?
Before starting up with marketing, make sure that you have a fascinating profile for you as well as your company. Explain your terms and conditions clearly to everyone, whether it be your collaborators or your customers, this will boost your chances of garnering the trust of your clients and as a result, you will start gaining clients.
The business will rely on how your marketing strategy is, and with the power of the internet, you can market your business through a wide variety of channels on the internet. Advertise and promote your business and take help from radio and channel broadcasters who allow you to promote through ads.
Finding it hard to create the right Bitcoin exchange software? Take help from BitExchange.systems, the most secure script in the market. Here have a look at their easily integratable features:
- 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