Ours is an increasingly digitized day and age; and every day, it seems as if more and more basic facets of our daily lives are conducted online, many of us find ourselves driven to digitize our lives as much as possible.
And perhaps that’s one of the main appeals of cryptocurrency. A currency unbound by the laws or taxes of any particular nation, existing wholly in an online, digitized platform – for many who have grown up in the digital era, more or less everything about it makes it appealing as an alternative to standard legal tender.
And for some of us, the notion of using this digital currency for our personal expenses is not quite enough. No, we recognize the tremendous economic potential of cryptocurrency, and we’re looking to get ahead of the game by setting up our own cryptocurrency platform. After all, there’s a worldwide market out there – the world’s leading cryptocurrency exchange platforms [some of them are binance, OKEx, Bitfinex, Huobi, HitBTC, Liquid] are still riding high off the cryptocurrency craze, pulling in revenues of as much as $1 billion a year.
And for good reason: cryptocurrency once thought of as some esoteric hobby for computer whizz-kids, is now a global phenomenon, growing more accessible by the day. As a result, once you’ve found yourself resolved to start investing in it or building a business upon it, the process of doing so is now easier than ever – though, of course, should still be approached mindfully.
How to Set Up Your Cryptocurrency Exchange
To begin, you will need to purchase a cryptocurrency exchange software script and gain full access to the source code. Many online would have you believe that this sort of purchase can run you up thousands; but at San Francisco based Firm exBlock, you can purchase a code for as little as 1 Bitcoin, or 30 Ethereum [Special Promotion at Twitter as on 14th May].
In addition, you will need to gather funding for your platform – after all, a business endeavor involving something as volatile as cryptocurrency requires the sort of investment likely well out of your personal funds. Consulting with private investors, or gathering money via crowdfunding platforms, is much more viable than paying out of your own pocket.
And once your investor base is set up, you’ll need to build your equally important customer base. Do this carefully – a small number of loyal customers are ultimately far better than a massive amount of customers who’ll quickly move on. Do research into the cryptocurrency-using demographic you’re aiming for – for the most part, it’s young, tech-savvy people. Peruse marketing options, and tap into the online platforms and advertising techniques most effective for this demographic. If you crowdfunded your platform, tap into the funders as potential customers. As with any business, your cryptocurrency platform cannot survive without a solid customer base.
And finally, once your platform gains ground in the highly competitive world of cryptocurrency, you can move on to the next logical step: bringing your platform across the globe. As mentioned, cryptocurrency is a global phenomenon; and by adding support for different languages, exchange rates, and international policies, you are tapping into a world of fresh customers.
