It is an interesting fact to exemplify that a cryptocurrency exchange can earn up to $62M on average per month. And that’s why cryptocurrencies are the talk of the town from the past few years. It is the reason that most of the business owners and traders trust the essential technology called Blockchain.
One of the most popular cryptocurrencies of the decade is Bitcoin, instead of investing in one, why don’t you just start your own Bitcoin Exchange New Zealand? Wouldn’t that be challenging? Let’s find out!
Why Should You Start a Bitcoin Exchange in 2020? Is It Worth It?
The cryptocurrency industry has started to gain a huge potential, as a result, thousands of international and local markets for bitcoin exchanges have given a royal entry inside the market.
Your entrepreneurial mind might be wondering with a lot of questions like is it possible to beat the competition from other bitcoin exchanges and cater to a position in the market? How can I make my exchange to top other exchanges?
Starting your own Bitcoin exchange is a cool idea because as long as you have huge market demand, competition is going to be cutthroat.
It is 100% worth it because you might have the chance to build a billion-dollar business and getting millions in profit every idle minute.
5 Reasons to start a Bitcoin exchange Business
Let’s see some of the advantages and reasons why you must start a bitcoin exchange business in 2020. Cryptocurrency Exchange Software is prevalent nowadays; you can even get your ready-made scripts to start your business.
● Hurry To beat the competition
Many young aspiring entrepreneurs are also dreaming of starting their career in cryptocurrency, hence to establish your position, hurry up and beat the competition. There are many leading exchanges which you need to take care of like binance, coin base, etc.,
To become a successful bitcoin exchange business, you can’t expect a sudden flow of profits; you must focus on the service you’re providing is from a secure source and serves the right quality for users.
● Myriad of New Traders
As I have said before, Bitcoin exchange is a hot topic all over the world, so if your exchange has gained a rating among the customers, you won’t be able to stop the flow of new customers.
Hence, make sure that your website can handle enormous liquidity with new traders.
● Focuses on Peer-to-Peer
The bitcoin exchange system focuses on P2P technology to send and receive payments across the globe. It doesn’t require any authority or approval from higher or external sources.
● No Banking Fees
Fiat currencies have to pay banking fees, but in bitcoin exchange, you don’t need to pay maker or taker fees when you go through the deposits and withdrawals.
● Discrete Purchase
Your personal identity cannot be tracked readily, unlike other transactions. The purchases on bitcoin are discrete, and unless the user voluntarily publishes his information, it will be hidden from the public eyes.
What are the key expenses you need to be aware of while starting a Bitcoin Exchange Business? Does It Require a legal team for Online Compliance?
When you host a website for your business, there will be a plethora of expenses that you need to be prepared to face. Let’s encounter some of the key expenses in this article-
- A domain name is very important for browsing and searching your website; it costs around $10 and $20 for normal accounts and may go up to $200 and $300 for primary accounts.
- As you will be running an E-commerce site, you must possess an SSL certificate (Secure Socket Layer) to identify and mitigate risks for sensitive information such as details of credit card and personal information.
- Web hosting is another huge expense you must be aware of; it may cost around $10 to $99 per month depending upon the factors.
- Your website landing page must look authentic and attractive to the user, so the web designing costs and redesigning costs $1000 to $20,000 based on your system.
What do people think about Starting their own Bitcoin Exchange? According to Internet Research and Reviews.
Let’s see some of the reviews to Create Cryptocurrency on their own-
All In All
I hope you are ready to start your business, looking at all the advantageous features like a bitcoin wallet, control panel, matching algorithm, and security features.
Bitcoin exchange is one of the most efficient and promising areas of online business that you can create if you have relevant insight into the topic.
FAQs
1. Does Bitcoin operate a 24/7 system?
Yes, Bitcoin can be operated for 24 hours, 7 days a week. It is a fantastic currency with a lot of advantages.
2. Can the transaction be undone after it is complete?
The transactions in cryptocurrencies cannot be undone unless specific conditions are met. It is irreversible and unalterable.
3. How do I get a Bitcoin?
You can get bitcoins through bitcoin faucets like completing tasks on the websites, playing online games, and writing stuff about cryptocurrency. Or you can purchase it from the internet as well.
4. Is Bitcoin legal and safe?
Bitcoin is regulated because it is not considered as electronic money in many countries according to their laws. Anyways you must be warned about the risks in investing bitcoins.
5. How do I cash out Bitcoin?
You can cash out bitcoins with third-party exchange software. It may be Coinbase, Kraken, etc; third-party apps can help you cash out cryptocurrencies without any risks.