IS BITCOIN EXCHANGE SOFTWARE DEVELOPMENT A PROFITABLE BUSINESS IDEA TODAY?
Yes! Of course, why not creating your own bitcoin exchange software stands to a productive idea for making money online with the exchange or transfer of the world’s famous cryptocurrencies like bitcoins?
Explore more about the same and get ready to launch a winning bitcoin exchange in the market with the embracement of bitcoin exchange software solutions of a leading bitcoin exchange development company shamla tech!
Well; having a plan to come out with a bitcoin-related business but lack ideas for it?
No worries let me give a powerful suggestion here, which is none other than the bitcoin exchange development. Yeah! It would be totally worth for you if you choose to develop your own bitcoin exchange market for your business expansion needs.
Trust me. I am sure that this idea works well for all the entrepreneurs belonging to any profit expectation slab, irrespective of discrimination.
In today’s world of cryptocurrencies and blockchain, the total amount of cryptocurrency tokens is found to overcome the live cryptocurrency count. This depicts that a lot of crypto business concepts are there ranging right from the exchange to Initial coin offering (ICO) as of today.
But out of those, bitcoin exchanges take the lead in making an unimaginable profit in no time. Hence the initiation of a bitcoin-powered venture is undoubtedly a great idea to go with right now.
Come; let us have an insight into the same…
What is a bitcoin exchange software:
A bitcoin exchange software is a ready-to-launch application to start a bitcoin of your own and that too with your desired features and functionalities. This can be made possible with the help of customization facilities provided in the app.
If you adopt bitcoin exchange software from our side for your business, then you would be able to get a completely customizable user interface designed with high-end technology like blockchain. Moreover, our expert team of developers would help you come out with such a highly liquid exchange to leverage your exchange business.
Is bitcoin safe to transact?
Yes, obviously bitcoin is the one among those digital currency types that ensure utmost safety while making transactions. Let’s see how…
In general, making payments via bitcoins never requires the submission of the users’ personal details. Hence the users need not have the fear of security, as the bitcoin transactions are always protected against identity-related thefts.
To furnish some more level of protection to the transactions, the bitcoin users can go for taking backups of their transactions thus encrypting the overall transactional data for better protection ever.
How do the bitcoin exchanges work?
The bitcoin exchanges work right away by allowing the users to exchange bitcoins for some other cryptocurrency types. The trading with a bitcoin exchange software happens in either one of the following ways, which depends upon the type of the exchange:
- Normal trading platforms: Here, the exchanges happen between the traders (buyers and sellers), with some considerable amount of transactional charges.
- Direct trading platforms: Here, the exchanges happen between the individual platform users with the cost of transactions set by the users.
- Hybrid trading platforms: Here, the exchange happens with the execution of multiple kinds of functionalities at a time.
- Brokerage platforms: Here, the exchange happens with the intrusion of cryptocurrency brokers.
What are all the major vulnerability points with bitcoin exchanges and how do they tackle them?
When it comes to any kind of cryptocurrency exchange inclusive of the bitcoin exchange, there are some potential safety risks possible which might be exploitation of user account, fraudulence, manipulative system/user errors, and internal security holes of the exchange, and device/network and cyber attacks.
Thus, undeniably the storage of virtual money in any media has some risks associated. For instance, if you hold your cryptocurrencies like bitcoins in a bitcoin exchange platform, you will no longer be able to have direct control over them. Instead, the exchange does it by having control over your digital assets.
Thus, you might be at the risk of wallet hacks since the exchange market is highly un-regulated as of now. But to avoid this, the exchanges have been coming up with some unique security features like 2FA. Moreover, they get registered with the necessary regulatory regimes like KYC and AML to get rid of unauthorized account hacks and money laundering threats as much as possible.
So as a user wishing to make some transactions in a bitcoin exchange software, you should be very much careful about the extent of security that the selected exchange provides. If you choose a highly secure bitcoin exchange, you would undoubtedly be able to avoid the possible security threats, thus getting a better transactional experience ever.
As an extensive bitcoin exchange software solutions provider in the industry, we at Shamla Tech are developing highly secure bitcoin exchange software to make you overcome the security vulnerabilities with ease. So, never ever hesitate to make use of our reliable services.
What are all the basic criteria to look for in a bitcoin exchange?
The following are some of the traits that make any bitcoin exchange software ideal over its counterparts:
- Community reach and reputation:
Look for whether the brand actually is having the desired reputation in the market…
The first and foremost aspect that depicts the quality of any bitcoin exchange is the level of reputation that it builds within the community. The reputation range of a bitcoin exchange software can be analyzed via its integration into community-building programs and its discussions in forum sites such as crypto compare. It can be shown as well through its social media channel utility.
Thus, the conversational part seems to be the most promising aspect for the exchange in building a better community and reputation ever. If an exchange maintains a good reputation level, then there would be obviously a reason for us to stay.
- Trading charges:
Look for how much fee does the exchange charges for transactions and how far it seems transparent in it….
Nowadays, traders look for exchanges offering complete transparency in charges they impose for the trading operations. Because this can help the traders manage their finances in a more precise way. Moreover, transparency in trading charges accounts for boosting up the brand’s trust as well among the user’s community.
But if you find anything hard in defining the transparency of an exchange, then it is appreciable to stay away from that, so that you would possibly overcome the upcoming risks.
- Payment gateways:
Look for how many types of payment modes that it offers to the users…
The bitcoin exchange users most probably prefer to choose the exchange with multiple payment options. The reason here is that they wish to have the convenience of making payments with multiple gateways, which might include credit cards, PayPal, or some other conventional payment modes. The higher will be the number of payment modes in an exchange, then the larger will be its user base and trading volume.
But on the contrary, if you suspect any kind of indifferences like the payments only via wire transfers, then it would be better to move on.
Do look for an exchange with better standards of authentication in the industry….
Any bitcoin exchange demanding the users to verify their identities for multiple times before onboarding is undoubtedly good in terms of security. If the exchange additionally integrates 2FA (two-factor authentication), then there would certainly be no risks available and you can proceed to trade with it with confidence.
- Operational history:
Look for how long does the exchange is in operation….
We all know that a newly launched exchange has a higher amount of risks as compared to exchange with some years of operation. Hence it is somewhat credible to analyze the history of operation before going to utilize an exchange.
- Exchange rates:
Look for an exchange with better exchange rates ever in the market…
Finding out and comparing the exchange rates of various bitcoin exchanges can help you get some better deals that you may not find anywhere else. Hence proper analysis is needed in regards to exchange rates before opting out for the service of any exchange.
- Security standards:
Look for how cum the exchange commits itself to the greater security standards…
Maintaining a good level of security is a positive sign for any bitcoin exchange to reach its business targets in no time. So, track whether the exchange has taken any special measures to keep its entire marketplace secure; whether there is any kind of ongoing security updates available.
Some exchanges ought to provide a refund for the users, in case if they have their funds stolen in an illegal way. So, the exchanges with proper refund policies also can be kept on the positive side.
If you are an entrepreneur looking to onboard your own bitcoin exchange software in the industry with all the above-said traits, then you can prefer our reliable bitcoin exchange software solutions with no regrets.