The emergence of cryptocurrency has opened several venues for business-minded people to earn money. They have become a global phenomenon where an exchange of digital currencies takes place in a decentralized system.
So, they are not controlled by a central authority like traditional systems. In the first quarter of 2019, the average no of bitcoin transactions per day was calculated to be 3,10,000. If built extremely carefully, digital exchange platforms have a higher chance of success. Thus, here are some steps to help you begin your own venture.
Planning
When you are about to launch such a humongous project, it is given that there has to be thorough planning backing it up. Chart out all the detailing required to build the platform.
This is the stage where you decide whether you want a website, or a mobile app, and many other big rulings during the digital exchange development. You foresee and set the time and budget that will be invested in the weaving of the entire system and connecting all the plugs together. The first step after planning should be obtaining a trading license.
Software
It is certainly a very crucial step to single out one from the three types of software choices since it also plays a deciding factor as to how much monetary expenditure will take place. The choices for digital exchange software are:
- Build from scratch: You gather your resources and build the overall system and software from scratch. It requires to have a proper team of developers who build it exactly how you have envisioned your platform to be. Such a thing though requires lots and lots of funds and is a hectic task.
- Open-source scripts: There are plenty of websites for IT specialists that provide free of cost codes for open source platforms. But they come with greater risks since unknown bugs are present in them. To make it a safe operation appoint a team of professional software developers who find those bugs and correct them as per your requirements. Yet there are always security risks involved.
- Ready-made software: The easiest and commonly selected option is to buy a ready-made software. Many proprietors supply this software that simply requires small adjustments here and there to make it your own. It is definitely cheaper than building one from scratch.
The architecture
- User Interface: Build your platform to be user-friendly. It must be easily navigable and well designed to attract consumers. Considering the present digital setting, it must be intuitively supported by all devices like mobile phones, tablets etc.
- Wallet: Create inbuilt digital wallets for convenience of the consumer, so that they can save or withdraw digital money easily and safely using the wallets. Wallets are names of two types – hot (external wallet for currency exchange) and cold (a personal safe keep).
- Aggregator: It is a costly but important process where you appoint an aggregator who will process a huge amount of information per second to display it on your platform, for the consumers.
It is safe to say that the online exchange of cryptocurrency is a valid medium of earning money if used properly. In order to do that many businessmen and women have been creating their own digital exchange platform development. If you want to be one of them, contact Webcom Systems to get started!
Webcom Systems is a custom software development company that helps startups and enterprises build quality software to achieve growth and scale. As a software development company in India, we design, develop and deliver high-quality applications. Looking for top custom software developers? Get a free software demo and consultation.
