Bitcoin Forum

!!!!!!!!  BITCOIN-CENTRAL.NET !!!!!!!!!!!!!!!!!!!!!!!!!!!!!

Is accepting Email money transfer to its Canadian Bank. The fee is CAD $1.5

We are also accepting FREE Cash Deposits at 1070 CIBC Branches all over Canada. Please scan and send us a copy of your receipt.

On top of this there is ZERO COMMISSIONS Trading on BITCOIN-CENTRAL.NET

We use 2 Factor Google/Yubikey Authentication.

Be a part of our secure infrastructure and start trading.

Questions/Comments: Feel free to write to support@bitcoin-central.net

NOTE: We are open to your suggestions.

I would like to see CampBX implement this.

So what is your business model then?
People who put money into your system would surely like to know you have a mechanism to make enough money to cover costs and unforeseen issues.

We are an established exchange and have provided FREE open source platform for Trading.
We are now serving the Bitcoin community by providing ZERO COMMISSION TRADING.

Building a brand is not always about earning money.

Nope, but building a business usually is. Are you saying there's zero trade commissions for now, but once your volume increases you'll start charging them? Nothing wrong with that at all. What Julz was asking was what is your business model... We tend to trust people who have one, and distrust those who don't.

Exactly. You would build your brand by giving us confidence that this is not just a hobby - that it's in fact a viable business.
Nobody will begrudge you making a profit. It's in the customers' interests that you have enough money to grow,develop your systems and pay yourself so that you actually have an incentive to run a great business.  It costs money to run anything of any decent scale.  

'Zero commissions' implies that you either don't expect to grow much,or you intend to change your fees later, or you have some other revenue stream associated with the site e.g advertising.

Whatever the case - inspire confidence by letting us know how you intend to cover things such as your operating costs and growth.
Remember - mybitcoin was run on a no fees basis, and as it was (probably) just a profitless sideline or hobby for the operator.. customer support was awful, and obviously keeping abreast of security issues wasn't a priority. (This is giving the benefit of the doubt and assuming it wasn't a scam from the outset)

A free intro period is fine to help you get volume up - but be open about it and let people know there may be fees later. For example you could tell us that even when fees come in you intend to be highly competitive with other Bitcoin exchanges.

Actually, julz, I think MyBitcoin was very much run on a "for profit" basis, at least for one person.  ;D

BTW if you check your inbox you'll see a message from me regarding a PR idea, I'd like to know your thoughts.

Cheers,

Piper/Julz: Thank you for your quote. We haven't decided a date for charging any commissions yet. It will be free for  at least the next couple of months. After that we will charge a fee which will be quite less compared to the market, just enough to cover basic costs. We are also doing some Research in providing new exciting services for the Bitcoin Community. If there are any services/features that you would like us to add, feel free to let us know.

Regarding Security: Have you tried using our two factor Google Authenticator? Please give it a try.
 
I hope this answers your questions.

Excellent, that makes sense. Thanks.

I hope nobody minds if I chime in ? :)

Yes, some sort of revenue will take place in the middle-term, there might be a fee on trades, but it will always remain significantly lower than the competition.

There are other revenue sources that have to be taken in consideration when deciding whether a business model is sketchy or not. For example, an exchange service can remain free forever if it manages to keep its operating costs lower than the interests it is getting just to let its users deposits sit at a bank.

In case some of you didn't know, Bitcoin-Central.net is also a showcase for the eponym open-source exchange platform that also powers some other popular exchanges. So there is also potential revenue in expert consulting.

Oh, and if someone has concerns about security remember it's fully open sourced (the version you see on github is the version running on the server). Let me tell you that being aware of people reading your code over your shoulder is the best incentive to write secure and clean software :)

Give the guy a break guys..

He's JUST out of the gate and your slashing his legs..




He's Canadian (probably), leave him alone :)

That's a complete misreading of the situation.
Piper67 and I have been nothing but helpful.   

Yeah, Teflone. I think we actually slightly improved his standing. I'm Canadian and want nothing more than to have multiple exchanges here and operating in CAD. I think julz clearly identified what most of the community would have seen as a potential problem, it was addressed, and I for one am happy with the response.

I wish them all the luck in the world, believe me. And I'll keep an eye on them and possibly use them if I feel comfortable enough with their level of seriousness and professionalism.

Hello everyone.

I am a Canadian and Based out of Toronto, Ontario. We have worked hard to sort out the Legal stuff and have launched this exchange to provide service to Canadian Bitcoiners.

We are looking forward in gaining your Trust and hope that our safe, secure, scalable and stable platform is what you wanted.

Regards
Amit