Challenges in building a Bitcoin Exchange website

isabellanoviya

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It’s not too easy to start a bitcoin exchange with only having the programming experts, website designers, and domain experts. It needs a little more than you think. Many of you have failed and some of them have succeeded in developing that. But what I want to say is “you need to overview these challenges before developing a secure bitcoin exchange platform”.

I can list some challenges faced in the crypto exchange business

1.Security

If you begin a trader, then what will be your expectation?

Of course, It is security. Because security is the foremost word in all business sector. We had found out many exchanges security breaches like Mt.Gox, Bitfloor, Poloniex which took part in history.

Here are some features to prevent your exchange site from hackers.

Two-factor authentication

The 2FA adds another level of security to your trading account. It helps to make sure that cybercriminals are not able to log in to your account even if they have access to the account’s credentials.

AML/KYC

Anti-Money Laundering (AML) and Know Your Customer (KYC) regulations are used to identify individuals carrying out Bitcoin transactions. These regulations are often aimed at exchanges or financial institutions that facilitate Bitcoin transactions. AML regulations are set to prevent the conversion of money obtained from illegal activities.KYC regulations are aimed to know which customer transfer more financial from this exchange.

2.Liquidity

The successful exchange platform stories begin with liquidity without an order book and trading activity, potential customers will not come to your exchange platform. Just you can use dummy accounts in your exchange websites engaged more trader.

3.Multi- Wallet support

A cryptocurrency wallet is a basic element in all exchange platform. It is protected a digital wallet which helps you to store and transacting digital currencies like Bitcoin and Ethereum,litecoins. The wallet must use encryption method to protect your private keys. Simple, you can track your digital wallet with special software.

4.Escrow system

The escrow is a middle person or vendor to guide the user on the website. Now, all website has a silent escrow system. You can maintain the whole website through a secure dashboard.

It is a primary challenge faced by all crypto entrepreneur. I recommend you Sellbitbuy which helps to all crypto entrepreneur provides ready-made bitcoin exchange script with all technological features without any worries you can launch your Bitcoin exchange website to mount heights of success.