Last Updated on July 8, 2019
Every informed person needs to know about Bitcoin because it might be one of the world’s most important developments. Leon Louw, Nobel Peace Prize Nominee
About Bitcoin Exchange
A Bitcoin exchange is a digital marketplace where traders can sell and buy Bitcoins using various fiat currency or altcoin. Bitcoin currency exchange work as an Intermediary Platform between buyers and sellers of the cryptocurrency.
At the time of exchange, security is one of the primary attribute. You are also required to verify the user-friendliness of the exchange and what kind of payment options it is offering you like, PayPal, card, cash and bank transfer.
Bitcoin Live Price
However, you must ensure that the exchange is available in your country. As the level of regulation pertaining to Bitcoin exchanges differs from country to country. Bitcoin in Argentina is unregulated; however, the transactions with bitcoins may be governed under the Civil code by the rules of the sales of goods. Whereas in Japan, it is mandatory to register exchanges with Japan’s financial regulator.
Recently, one of the United States court forced Coinbase to handover the data user data to the IRS – Internal Revenue Service. Coinbase informed its users that U.S government has filed a civil petition in federal in search of disclosure of all the customers’ records for the last three years. The government has taken such steps to identify the taxpayers who evade taxes using the virtual currency. However, I would like to draw your attention to the system that it is peer to peer trading platform that cannot be censored or stopped.
Why You Should Build Your Own Bitcoin Exchange Wallet
Bitcoin exchange plays a significant role in promoting the cryptocurrency by enabling its usage. Most of the Bitcoin users make their transactions through an exchange. Bitcoin is not the mainstream, it works as an intermediator. Till now, only a narrow target market of the population like technology enthusiasts, primarily innovators and visionaries using Bitcoin. Enlarging the number of exchanges would help to adopt cryptocurrency’ s visibility, overcoming the resistance.
Build Your Local Bitcoin Exchange Wallet Application
With an entrepreneurial mindset, if you want to be part of this massive technological revolution, then you should build your own Bitcoin exchange application. You are not required to have limited capital to invest in infrastructure and software or be technically savvy, a company like Bacancy Technology can help you for the same. A top-notch web and mobile application development company like Bacancy Technology offers a customized, fully branded and white-label service to start your own bitcoin exchange application within 45 working days. It’s time to customize and launch your own digital exchange solution.
Bitcoin is achieving its momentum by its price increases and the higher number of daily volumes that has been achieved in the last few years. Expanding more exchanges would certainly add its momentum by growing the mainstream adoption of Bitcoin, underlying the Blockchain technology.
The Fundamental Idea of a Bitcoin Exchange Application
The only way to obtain the rewards of Bitcoin is to help people already engaging in Cryptocurrency. The recent trends indicate that Mobile Bitcoin exchange applications will be soon in high demand with the popularity of banking operations, especially alluring features like small transaction fees. A huge amount of people has identified Bitcoin and other cryptocurrency substantial low transaction costs. Huge number of people are using cryptocurrencies for money orders all over the country as its cheaper and quicker. Bitcoin is predominantly used by the mass market.
Benefits of Building your own decentralized Bitcoin exchange platform
Bacancy Technology the globally renowned for offering a cryptocurrency exchange platform is completely familiar with the protocol of Bitcoin and has been offering most secure, private and reliable Bitcoin exchange platform:
- Less fees
- Immediate Availability
Offer data for compliance as well as reporting, when it is exposed to an external trigger
Even if the server is down still it won’t affect the exchange and you can easily complete your process with our being hesitate.
The charges are very nominal and it is applied based on the user’s usage
Our quality code is open for audit, inspect and review by anyone to make sure the trustworthiness
Security is the first and foremost priority
How does it Work?
- Bacancy Technology’s Bitcoin exchange platform matches between two people.One is selling and another is buying the specific Bitcoins
- Some amount of cryptocurrency from the seller and local currency from the buyer is kept aside for the purpose of security
- The value is being exchanged as per the predefined steps.The local currency is transferred through a payment processor that supports non-revisable payments.
- The exchange continues till the seller has all the normal currency and a buyer has all the cryptocurrency as primarily agreed.
Team Required to build the Bitcoin Exchange for the web based application and Mobile App development. Let’s have a look at the resources and team required to launch your own Bitcoin wallet application with the basic functionalities.
- 1 full-time backend developer to develop the backend service
- 1 Android developer to develop an Android application
- 1 iOS developerto develop an iOS application
- 1 QA engineer to begin testing
- 1 PM to organizethe whole project
How Much Does It Cost To Build A Bitcoin Exchange Application Platform?
Considering the present trend, Bitcoin exchange application seems to offer substantial benefits. The success isnot occasional, based on the cryptocurrency state and exchange rate. The only certainty is its rise for the next several years and all the market tendencies, be it favorable or undesirable will result in greater interest. Cryptocurrencies like Bitcoins have never received such attention like the present. The market seems promising for such concepts.
To know the cost and discuss about how Bacancy Technology can help you build your own Bitcoin exchange application, just drop us a line!
We at Bacancy Technology owns skillful professionals who have in-depth knowledge and skillful expertise to help you develop your own Bitcoin exchange platform. If you have any thoughts about Ethereum Application Development, Blockchain based Decentralized application development, cryptocurrencies, Bitcoin wallet application or Bitcoin exchange wallet relevant to theabove blog, hire bitcoin developer from us. We highly appreciate your contributions!