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Are You Planning to Set Up Your Own Cryptocurrency Exchange Platform?

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If we look at the most impactful development in recent times the first thing that comes to our minds without a doubt is cryptocurrency. People have made huge profits by investing in cryptocurrencies like bitcoin and more at the right time. Many people have also managed to make a heyday by simply providing a cryptocurrency exchange platform to investors to trade cryptocurrencies.

Setting an exchange is pretty easy. but you need to know a few basic things before you start your own exchange.

Let us have a look at them –

Do you have a target audience in mind?

One of the most important things to consider before setting up any business platform is to figure out the target audience. Same is the case here.

When you are planning to set up a bitcoin exchange platform, the first thing you need to analyze and figure out is the audience that you are going to target.

For instance, in case of bitcoins, you can target both local as well as the global audience. So, you need to figure out which is your target audience and then plan with the development process. Why is this important? Well, you will get to know about it in the following sections.

Do you understand the legal terms?

The second thing you need to consider is the legal terms and conditions that you will need to follow.

There is a huge hullabaloo about the legal aspects related to cryptocurrency, but you might be amazed to know that there are 96 countries where bitcoin transactions are still unrestricted.

So, creating a cryptocurrency exchange platform while targeting these countries can prove to be the best idea.

Don’t forget to always take a thorough look at the legal guidelines operational in the area from where you plan to carry out.

Do you have a partner bank?

Another thing to remember here is that you are going to need a partner bank. The simple reason behind this is that you are going to deal with financial transactions.

In order to ensure that the financial transactions are carried out in a smooth and hassle-free manner, you need to ensure that you have the right support in the form of a partner bank.

Therefore, you need to contact a few banking institutions to see if they can help you, and understand their terms and conditions.

Do you have the right partner to develop the platform?

The most important step in the process is to find the right professional who can help you develop a secure platform. Why we have specifically mentioned the term secure is because the immense popularity of cryptocurrency has made these exchanges the first target for hackers.

To make sure that your reputation does not get hit due to something unwanted you need to focus on creating a secure platform. You can easily achieve this by hiring a seasoned developer who knows all the ins and outs of the industry.

For instance, they can test the platform out by mimicking a malware attack and see how your cryptocurrency exchange platform stands against it.

Conclusion

This last point sums up the basic things that you need to keep in the back of your mind when planning to set up a cryptocurrency exchange platform for yourself. Once you have an answer to these questions, you can easily go ahead and get going with the development and make some profits.

But, do remember to take all the necessary legal, compliance and security measures if you want to be in this game for for a long time.

So, are you up for it?

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Tesla CEO Elon Musk Tweeted Dogecoin to Reduce its Fees

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Tesla CEO Elon Musk Tweeted Dogecoin to Reduce its Fees
  • Tesla CEO Elon Musk Tweeted Dogecoin to Reduce its Fees.
  • Billy Markus planned to release a Software upgrade.
  • According to Musk, the Dogecoin upgrade Core 1.14.4 is critical.

The co-founder and CEO of electric car maker Tesla and rocket manufacturer SpaceX is Elon Musk has supported the meme token Dogecoin by revealing what will help the growth of cryptocurrency. On Wednesday, Elon Musk commented to Billy Markus aka Shibetoshi Nakamoto’s Tweet, by suggesting to lower the fees to make the crypto a more viable payment option for everyone.

Moreover, the price of the Dogecoin continues to drop, he commented, “super important for DOGE fees to drop to make things like buying movie tix viable”.  

Accordingly, In May Elon Musk noted that he was giving ideas and working with the Dogecoin developers to increase the system transaction efficiency. The co-founder of Dogecoin, Billy Markus but he no longer working on the project. He accepted and agreed with Elon Musk’s tweet and planned for a release of a software upgrade.

More so, currently, Dogecoin co-founder Billy Markus demanding operators to upgrade to Dogecoin Core 1.14.4 so it will reduce the fees to become the default setting. The Dogecoin update which was released in August contains outstanding performance improvement as well as bug fixes. According to Musk, the Dogecoin upgrade Core 1.14.4 is critical.

Current Market Status of DOGE

At the time of writing, as per CoinMarketCap, the price of Dogecoin (DOGE) is trading at $0.2069 with a 24-hour trading volume of $2,227,558,097. In the last 24-hours DOGE decreased 6.57%, similarly, in the last 7 days DOGE bounces back 14.93%. And it dropped 26.20% within a month.

And if this drop continues then it will fall to support level $0.16. The next support level is $0.14 and $0.12. If DOGE breaks $0.23 then it will surge to the resistance level of $0.26 and it might also hit $0.30

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Billionaire Mike Novogratz Says He’s “Not Nervous” About Crypto Sell-Off

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Picture of five crypto coins lined up

The crypto market has been subjected to major sell-offs since assets began to crash across the board. September which has been a historically bloody month for the market has stayed true to nature as various cryptocurrencies suffered crashes that dragged the market down. Due to this, over $1 billion longs have been liquidated in the market since Monday.

Billionaire Mike Novogratz was on CNBC to talk about the current market trends. But unlike most investors in the market, Novogratz does not seem at all worried about the numerous price dips rocking the market. Mike Novogratz is the CEO of Galaxy Digital, a hedge fund that manages assets ranging from traditional assets to cryptocurrencies.

Nothing To Worry About

Talking about the sell-off in the market, Novogratz explained that tensions were high in the space due to the current regulations talks by the SEC. He pointed to the developing Evergrande crisis, which Tether had been linked to, as also contributing to the sell-offs, which had put investors on edge. The CEO also pointed to long positions that were a little too optimistic, saying, “I think the market got itself a little too long.

Related Reading | September Leaves Behind Trail Of Blood, Bitcoin Long Liquidations

Novogratz sees the current market dips as a buy-the-dip opportunity. Simply stating, “I’m not nervous” in response to the bleeding market. In addition, the billionaire sees the Treasury introducing stablecoins which are going to be backed by Fed banks. “That’s going to be something we watch over the next week to three months.”

Crypto Market Holding At Critical Levels

Noting the crash, the CEO pointed out that the top two coins in the market had held at their critical positions. Spelling good news for the market. Following the Monday crash, bitcoin had held above $40,000 and Ethereum held up above $2,800 and Novogratz said, “As long as those hold, I think the market is in good shape.”

Related Reading | Bears Lose Hold On Market As Bitcoin Breaks $44,000, Crypto Market Tops Up $200 Billion

Both these assets had recorded massive losses following Monday’s opening. And bitcoin alone had seen over $800 million long positions liquidated in response to this. Ethereum had not fared any better in the market as the bloodbath had spilled over into altcoins. But despite this, the billionaire remains bullish on the market.

Another important factor for the billionaire was the amount of both public and private capital that was pouring into the space. At the beginning of the interview, Novogratz had mentioned that the crypto market had moved on from the story of bitcoin but has moved on to Web3. And investors, in a bid to not miss out on what could very well be the next internet, have funneled more and more money into the space.

Crypto total market cap falls back to $1.8 trillion | Source: Crypto Total Market Cap on TradingView.com
Featured image from Investopedia, chart from TradingView.com
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Crypto Market Cap Skyrockets 5.3% to Hit $2.05 Trillion

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Crypto Market Cap Skyrockets 5.3% to Hit $2.05 Trillion