Let’s talk about business. Big business. The year 2019 has been a good year for the cryptocurrencies. There have been no major collapses and the growth rate of most coins have stuck to expectations. This was not the picture in 2017/2018, which is being called a bloodied set of years. Bitcoin touched a euphoric $20000 a unit, only to fall, face first. It lost up to 75% of its value and it’s currently trading at INR 6000. Analysts believe that Bitcoin is poised to hit INR 10000 anytime soon. Whatever be the outcome, it is certain that cryptocurrency is here to stay and for new age investors, it is a gold mine.
With the advent of technology, blockchain is revolutionising transactions and quite a few ideas of today may well become the face of tomorrow.
Let it be known that the most important action happening over a blockchain is an exchange. So if you have to make the most out of cryptocurrency, then create an exchange. And it is not tough at all.
However, a few basics first:
Cryptocurrency Exchange Platform – It is a website that executes cryptocurrency trading between any user or peer.
Trader – Who buy or sell cryptocurrencies for Fiat currencies or for any other cryptocurrencies.
How does a Bitcoin trading work?
Bitcoin Trading is the process of transferring or exchanging bitcoins for fiat or normal currencies or for any other cryptocurrencies between two users through a fully secured exchange platform.
In the cryptocurrency exchange website, there will be three main players:
- The Buyer
- The Seller
- The Admin
The admin’s role is varied. They are:
- Connecting as we as creating a network of bitcoin buyers and sellers
- Monitoring the Fund transactions and keeping an eye out for any fraudulent activities
- Charging transaction fees for each successful transaction
- Keeping the website secured by implementing set security protocols
Creating a Bitcoin Exchange is one of the best ideas of 2019.
Cryptocurrency Exchange/ Cryptocurrency Trading
Similar to a Bitcoin Exchange, the cryptocurrency exchange facilitates trading or exchange in any cryptocurrency or fiat currency. The workflow and the basics remain the same.
Bitcoin Wallet Service Startup
Cryptocurrency exchanges take place through a wallet. Every user will have a wallet with a Private Key. Creating these wallets is a prospective business with immense future growth.
Cryptocurrency is the future of the financial market and the correct time to hit the hammer is now.