Bitcoin Exchanges How to build them?
Bitcoin exchanges play a vital role in promoting the cryptocurrency by facilitating its use. Most bitcoin users perform their transactions through an exchange. However, bitcoin is not yet mainstream. So far, only a narrow segment of the population, mainly innovators, technology enthusiasts, and visionaries, have adopted bitcoin.
Several factors slow the spreading of a new idea or product. One of them is resistance to change. By nature, most people are resistant to change. Bitcoin and its blockchain technology bring change — dramatic change. Indeed, these novel technologies are bringing our civilization to the outset of a far-reaching technological revolution. Consequently, the resulting changes will be pervasive, all encompassing, and irreversible.
Eric Schaal says “If you want people to run electric cars in the city and suburbs, there will have to be many more charging stations,” Likewise, if you want more bitcoin users, there will have to be many more exchanges.
A bitcoin exchange is a site that facilitates trading bitcoins for fiat currencies or other digital currencies, and vice versa.
When selecting an exchange, consider security as one of the primary attributes. You should also verify how user-friendly the exchange is and what payment options it offers you (cards, Paypal, cash, and bank transfer). Moreover, you must make sure the exchange is available in your country. The level of regulation pertaining to bitcoin exchanges varies from country to country.
Another point to consider is the degree of decentralization of the exchange.
In the U.S., a court recently forced Coinbase to hand over user data to the Internal Revenue Service (IRS). In effect, Coinbase informed its users that the “U.S. government filed a civil petition yesterday in federal court seeking disclosure of all Coinbase U.S. customers’ records over a three year period. The government has not alleged any wrongdoing on the part of Coinbase and its petition is predicated on sweeping statements that taxpayers may use virtual currency to evade taxes.”
If you have an entrepreneurial mindset and wish to join a massive technological revolution, you can build your own local Bitcoin exchange. You can build one even if you are not too technically savvy and have limited capital to invest in software and infrastructure.
BTCTrader offers a fully branded, customized, and managed white-label service that offers you the ability to “start your local bitcoin exchange in 45 days.”
“This software solution is for entrepreneurs looking to own and run a Bitcoin exchange in their market without having to invest in software and infrastructure. The platform comes equipped with liquidity ‘in-hand’ meaning that partners’ exchanges have access to a full order book from the moment their site goes live. BTCTrader is responsible for the regular deployment of new platform features, updates and also the safety of all bitcoin balances,” says Alphan Gogus, CFO at BTCTrader.
Resistance to adopting bitcoin is diminishing. Indeed, bitcoin is achieving momentum, as shown by its price increases and the higher daily volumes that it has achieved in the last few months. More exchanges would certainly add to its momentum by increasing the mainstream adoption of bitcoin and its underlying blockchain technology.
Disclaimer: InfoCoin is not affiliated with any of the companies mentioned in this article and is not responsible for their products and/or services. This press release is for informational purposes only. Information does not constitute an investment advice or an offer to invest.