If you are a bitcoin enthusiast and want to start your own bitcoin exchange business, congrats you are on the way to build a rich future by choosing the best business opportunity. But it would only be possible if you chose correct software with correct features to build your unique bitcoin exchange business website.As operating an exchange is a very involved endeavour. You need to have expertise yourself in certain areas which are necessary to start any bitcoin exchange business. Following are 10 features that any open source bitcoin exchange php script must have:
1.) Hot and Cold Wallet
To store bitcoin in a safe and secure manner is more important than ever before. Multiple ways are available to users for achieving this goal. For those cryptocurrency enthusiasts who prefer to take full control over their secure bitcoin storage, using a hot wallet and cold wallet is well worth looking into. A hot wallet is a wallet which is kept online and connected to the internet. They are designed for day to day transactions. There are 3 types of hot wallet: Mobile, Desktop and Cloud. A cold wallet is kept offline, often stored on physical paper, USB or hardware. Cold Wallets are suited for long term storage of cryptocurrency- ideal for an IRA investment.
2.) P2P Exchange Option
It is a peer to peer network with disruptive technology. It has the power to challenge the status quo and eliminate the middleman in business areas. A P2P platform brings together people who want to exchange the currencies. By using this, users can obtain better exchange rates then they can get from the traditional currency exchange mechanism. This technology is basically for secured bitcoin storing and transactions. It is one of the most essential features any Open Source Bitcoin Exchange php Script should have.
3.) Admin Panel
A website is all about the content, growth, engagements, duplicate accounts etc. You surely will need an admin panel where you will be able to quickly review and interact and to get the things done consistently and accurately. It should have all the basic features to let you manage your sites. A user friendly, flexible, proficient and secured admin panel is needed in any Open Source Bitcoin Exchange php Script.
4.) Buy/Sell Feature
Buy/sell feature is the most important feature of any bitcoin exchange. It is the feature on which the whole exchange works. You need this feature on this platform to buy or sell any cryptocurrency. It is the module where you can enter any amount or the amount which is already there in your wallet. After entering, you can carry forward the transaction and can sale or purchase bitcoins or any other alt coins as per your wish.
You need to build a complex architecture that provides secure transactions and manages deposits and withdrawal properly. Security is a very major issue and some things need to be considered like internal security procedure, network & hardware security, KYC (Know Your Customer) and AML ( Anti-Money Laundering), 2 Factor Authentication for users. The security needs to update regularly without fail. Check if your Open Source Bitcoin Exchange php Script has atleast the basic security features built-in.
6.) Robust API
An API is the core business asset that differentiates one mobile app or the whole business to another. It is used by various programs to let them communicate with other software. A robust API implies to an enhanced functionality of the application. It needs to be treated independently to be integrated to provide and consume information from unknown customers. A given API should have the standards as per the client requirement. It would be better if you create one secure and robust API and receive the current market rate for every available coin on currency exchange.
7.) Order Book
Building proper trading engine i.e. order book is must needed feature to open bitcoin exchange. It has a record of all the transactions that has taken place. It contains list of orders of buyers and sellers for financial instrument. The order book lists the number of shares being bid or offered at each price point or market depth. A good Open Source Bitcoin Exchange php Script has a good order book.
8.) Money Deposit / Withdrawal Module
This module is needed as to buy bitcoins or other alt coins in any exchange starts from depositing funds in the users accounts. This is done to avoid any mis-handling of the currencies from the exchange by the users. To have a safe and secure Cryptocurrency exchange script, it is needed to have a streamlined process and the perfect in-built funds deposit module. You also need to withdraw everyday. This needs to be handled automatically and in a smooth manner for your users to stay and do more business in your marketplace. This the reason, you have to make most consistent module for this.
9.) Provision to add more Alt Coins
There should be provision to add more alt coins. In this way, more people are able to invest money and investments yield higher prices. User needs to add more alt coins if he wants to carry out the transaction. Apart from bitcoins, there are many other alt coins which are being used frequently and there should be an option to add those. Any Open Source Bitcoin Exchange php Script that has a good APi layer can fit in alt-coins easily.
10.) Transaction History Module
It becomes difficult to keep a track of the changes made in tally data. Transaction module is needed for the same. It helps in keeping the record of the transactions that’s has been done by the user. It keeps the details of payments like selling, buying, withdrawing or depositing alt coins in the account. The powerful exchange script shows all the transactions for each user automatically whenever required.
These 10 features are the must to Open Source cryptocurrency Exchange php Script. The above features will definitely help you in building a user friendly Bitcoin Exchange like Coinbase.