![](https://bitcointalk.org/Themes/custom1/images/post/xx.gif) |
August 31, 2012, 08:14:19 AM |
|
Hi,
I didn't know where to place this, so I am posting here.
There are many exchanges on the internet, for all sorts of currencies, real and virtual. I would like to run one, similar to Mt. Gox for example. I have an idea how they work, and can probably do it manually, but that will involve a lot of manual labor when everything can be done automatically.
Is there open source software available for a basic bitcoin exchange? I intend to only use one currency, and obviously it won't be any of the currently available ones. So I would cater to my specific country.
What would be needed? Domain name, hosting, php, mysql, apache, linux all come to mind as the basic minimum requirement.
Ideally, trading between users of the exchange would be instant. Cashing in or cashing out would involve bank deposits and can go through a verification process. People wanting another currency can get bitcoin out of the exchange and simply go to another exchange.
All the exchange software will actually do is match buys and sells according to parameters set by the users, and statistics and other values (exchange rate for buy and sell) are computed in real time and shown on the main screen. And all I will get as owner of the exchange is a small percentage.
I can certainly buy and sell bitcoins person to person. Initially, I'd get people to invest either their cash, or their bitcoins. Then the trading or exchanging can begin. I don't know if I want to become something like Mt. Gox that has all sorts of features.
The bottleneck would be the cashing in or out, since that is dealt offline by me physically going to the bank, or the users going to the bank to deposit to the exchange's account. There is of course internet banking, but essentially it is a fund transfer from you to me when you want to join, and from me to you when you want to leave.
I'd make a little money from the exchange every time the following happens: (I see there are 4 possibilities.) 1. someone cashes in, to join the exchange, so their account has value. 2. someone trades their cash value for bitcoin. (within the exchange) 3. someone trades their bitcoin for cash value. (within the exchange) 4. someone cashes out, to use their cash outside the exchange.
As a user, you dictate what is your buy or sell price, and if it matches anyone else's then the trade happens, or there is a "current market value" so it happens immediately. Perhaps I can estimate the value from the relative value of my currency to other currencies with larger volumes, and I'd just fix the buy and sell rate daily with a small spread, and with a small percentage as the fee.
And of course, all of this would be transparent and up front so the users know what is happening.
Is there software available for this already? Preferably open source so I can just install it on my web server and start playing already (testing first.)
|