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Jannn
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March 01, 2017, 01:43:49 PM
 #21

Is making a bitcoin exchange a profitable business? Has anyone have any experience?
And I don't mean an online one, but a local one where people can go and buy/sell bitcoin.
What do you think?
I can understand that it will depend upon the location, but I think it can help in inviting more people to bitcoin too, right?
Thats a good idea and Bitcoin exchanges is very profitable but running Bitcoin exchanges is need more work to do on it.


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March 01, 2017, 01:55:29 PM
 #22

Is making a bitcoin exchange a profitable business? Has anyone have any experience?
And I don't mean an online one, but a local one where people can go and buy/sell bitcoin.
What do you think?
I can understand that it will depend upon the location, but I think it can help in inviting more people to bitcoin too, right?
In general it's profitable as you only get fees on transactions. Your aim is to invite more people to sign up in your site and exchange their bitcoins and that is where the expense will come. People will not use your exchange site if your site is not well designed and safe, bear in mind that the competition is there and if you want to succeed, you also need to compete or even outperform your competitors.

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March 01, 2017, 02:39:01 PM
 #23

Bitcoin exchange can be profitable business. But what will be the difference of your exchange against an online exchange site?If you cannot present a remarkable difference or advantage against online exchange, your business may die because of lack of customers. Personally, I prefer to do transactions online in the comfort of my home. But if you can present an advantage that can convince customers to get out and go to your store to exchange bitcoin, maybe your business have a chance to thrive and make profit.

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March 01, 2017, 03:10:09 PM
 #24

Bitcoin exchange can be profitable business. But what will be the difference of your exchange against an online exchange site?If you cannot present a remarkable difference or advantage against online exchange, your business may die because of lack of customers. Personally, I prefer to do transactions online in the comfort of my home. But if you can present an advantage that can convince customers to get out and go to your store to exchange bitcoin, maybe your business have a chance to thrive and make profit.
It's a good idea, but firstly it requires a large investment, and secondly, where you have a guarantee that people will want to change bitcoins from you? I for example will never change to a new exchange, or where I or my friends have not changed. I better change more on a proven exchange the cheaper on is not checked.
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March 01, 2017, 03:37:18 PM
 #25

yes it is profitable but only if the exchange have a lot of active traders but you have to know that making cryptocurrency exchange is very risky because it can be aiming for the hackers and i think you had been heard that there are some exchanges got hacked and losing a lot of bitcoin and to making new exchanges besides the advantages you should thinking also about disadvantages too

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March 01, 2017, 03:39:54 PM
 #26

Is making a bitcoin exchange a profitable business? Has anyone have any experience?
And I don't mean an online one, but a local one where people can go and buy/sell bitcoin.
What do you think?
I can understand that it will depend upon the location, but I think it can help in inviting more people to bitcoin too, right?

Even an electronic exchange is quite hard to develop and maintain, considering most banks don't want to do anything with crypto and freeze crypto-related business accounts often.
A physical exchange will have this problem in spades, not to mention a constant stream of smearing by mainstream businessmen and lawmakers.

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March 01, 2017, 04:05:26 PM
 #27

Is making a bitcoin exchange a profitable business? Has anyone have any experience?
And I don't mean an online one, but a local one where people can go and buy/sell bitcoin.
What do you think?
I can understand that it will depend upon the location, but I think it can help in inviting more people to bitcoin too, right?

if you just want to invite more people to bitcoin then don't expect any profit at all. it should be done out of love for bitcoin and its future.

if you want profit only then it depends on the location and the fact that are people even interested in buying bitcoin physically? and what kind of customer would that attract?! i mean any regular person would just buy on an exchange (online) unless your shop offers better price which i doubt because of the fees that has to be added for profitability.

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March 01, 2017, 04:15:46 PM
 #28

Is making a bitcoin exchange a profitable business? Has anyone have any experience?
And I don't mean an online one, but a local one where people can go and buy/sell bitcoin.
What do you think?
I can understand that it will depend upon the location, but I think it can help in inviting more people to bitcoin too, right?

if you just want to invite more people to bitcoin then don't expect any profit at all. it should be done out of love for bitcoin and its future.

if you want profit only then it depends on the location and the fact that are people even interested in buying bitcoin physically? and what kind of customer would that attract?! i mean any regular person would just buy on an exchange (online) unless your shop offers better price which i doubt because of the fees that has to be added for profitability.

It's just a personal feeling, but I think it will be hard to get enough people into a shop so that it's profitable.
The bitcoin community is spread all around the globe.
And sure, you will find some bitcoiners in every city. But will those be enough to cover your costs?
Somehow I doubt that.

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March 01, 2017, 04:55:52 PM
 #29

if you have many customer, you sure can earn money from an exchange.

this is the problem all the major exchange have all the customers, will be very hard for a new exchange to get trusted and do proft from customers that have high loyalty to other well established exchange, and fee on a new exchange need to be very low to attract new investors, it need an hard work for security and customers service, people hate when there are no proper customers service, for me it's not worth the risk for now, maybe if crypto become very very big in the world



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March 01, 2017, 05:11:50 PM
 #30

if you have many customer, you sure can earn money from an exchange.

this is the problem all the major exchange have all the customers, will be very hard for a new exchange to get trusted and do proft from customers that have high loyalty to other well established exchange, and fee on a new exchange need to be very low to attract new investors, it need an hard work for security and customers service, people hate when there are no proper customers service, for me it's not worth the risk for now, maybe if crypto become very very big in the world

This is the case right now. The industry of exchanges is not saturated but the problem is that there is only quite a few exchanges that control majority of the volume of trades. I think the main reason this is the case is that there have been quite a lot of problems trusting new sites and also that the features and usability of most new sites is lacking. So that is why it is hard to penetrate this market. However, if you do succeed then you will profit big time. Poloniex does roughly 50,000 BTC trades a day and he gets around 0.15% in fees per trade. Which means Poloniex earns around 7,500 bitcoins a day.

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March 01, 2017, 05:33:25 PM
 #31

Bitcoin exchange can be profitable business. But what will be the difference of your exchange against an online exchange site?If you cannot present a remarkable difference or advantage against online exchange, your business may die because of lack of customers. Personally, I prefer to do transactions online in the comfort of my home. But if you can present an advantage that can convince customers to get out and go to your store to exchange bitcoin, maybe your business have a chance to thrive and make profit.
It's a good idea, but firstly it requires a large investment, and secondly, where you have a guarantee that people will want to change bitcoins from you? I for example will never change to a new exchange, or where I or my friends have not changed. I better change more on a proven exchange the cheaper on is not checked.

Bitcoin exchange which covert bitcoins to altcoins and vice versa is a very good idea as most people complain that they could not find any such proper exchanges.
These days mostly people trade with people who are trusted. Profile of such are easily available though Facebook and local bitcoins but we need exchange for proper buy sell of bitcoins to Fiat.
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March 01, 2017, 05:37:27 PM
 #32

Not everytime. There are too many exchanges these days and most of them are unable to handle requests of trades and hence delay their transactions which causes users to change the exchange site. Many exchange websites have shut down or been hacked too (recently coinsbank, coinbase and snapcard faced the same) and hence these websites are more vulnerable to hacks. Exchange websites only earn from the transaction fee and hence it's better to have a website like localbitcoins and paxful where users can themselves open trades and use the website only for transactions.


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March 01, 2017, 05:40:46 PM
 #33

Is making a bitcoin exchange a profitable business? Has anyone have any experience?
And I don't mean an online one, but a local one where people can go and buy/sell bitcoin.
What do you think?
I can understand that it will depend upon the location, but I think it can help in inviting more people to bitcoin too, right?

That's one of the most Lucrative businesses out and it's actually part of my plans to open an exchange in the UAE this year. The verifications and bureaucratic systems the local Bitcoin exchanges use here are just irritating and this has motivated me to create a system that can be user friendly and easy for all to use. The commission on the exchange of Bitcoin prices are huge profits that you can take advantage of plus conversion from the USD to the local fiat also fetch the exchanges some more money.

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March 01, 2017, 05:49:16 PM
 #34

Is making a bitcoin exchange a profitable business? Has anyone have any experience?
And I don't mean an online one, but a local one where people can go and buy/sell bitcoin.
What do you think?
I can understand that it will depend upon the location, but I think it can help in inviting more people to bitcoin too, right?
There is no point in creating a physical exchange if you want to deal with persons close to you then use localbitcoins, besides if you really want to create a physical exchange business you are better of exchanging dollars, euros and your local currency and offering bitcoin just in case.

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March 01, 2017, 06:29:54 PM
 #35

The last time i checked there were around 200 exchanges, and well just few of them has some good volume, but they made their reputation with time, soo besides huge competition you will find you need to have a good staff team to update or add new coins, delays are a problem at some exchanges, as well their poor support system. If you able to reply almost all issues that may have daily and add almost all coins you will be fine.


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rickadone
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March 01, 2017, 06:37:31 PM
 #36

Is making a bitcoin exchange a profitable business? Has anyone have any experience?
Before altcoin industry got boomed, if you have got idea for running an exchange that must be a very right time for a profitable business model. Still you can make a profitable exchange but you need to dedicate your full day on this forum so that you can catch new altcoins to get listed in your exchange.

When you are actively providing support, you can find your exchange becomes famous and profitable.

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bajing
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March 01, 2017, 07:19:30 PM
 #37

Is making a bitcoin exchange a profitable business? Has anyone have any experience?
And I don't mean an online one, but a local one where people can go and buy/sell bitcoin.
What do you think?
I can understand that it will depend upon the location, but I think it can help in inviting more people to bitcoin too, right?
You will get profit if you can get a lot of customer are made transaction sell/buy bitcoin but i don't understand you dont want build online exchange??

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March 01, 2017, 07:22:42 PM
 #38

The last time i checked there were around 200 exchanges, and well just few of them has some good volume, but they made their reputation with time, soo besides huge competition you will find you need to have a good staff team to update or add new coins, delays are a problem at some exchanges, as well their poor support system. If you able to reply almost all issues that may have daily and add almost all coins you will be fine.
You don't necessarily want to create no. 1 top exchange with the highest possible volume. Aim rather at niche market of local currencies.
Asia (beside China and Japan), Africa or South America is still unsaturated market exchange-wise.
If you are located there and has time and resources to build and maintain an exchange your business can be huge in the future.
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March 01, 2017, 07:29:48 PM
 #39

Is making a bitcoin exchange a profitable business? Has anyone have any experience?
And I don't mean an online one, but a local one where people can go and buy/sell bitcoin.
What do you think?
I can understand that it will depend upon the location, but I think it can help in inviting more people to bitcoin too, right?

So like a trade or p2p? Or something that all customers will deal their buy and sell right directly at your funds?

You must have a decent amount of capital at the early phase and willing to take the risk since at first you only have few customers. You also need some good staff since you can't take it as one. It will just become profitable if many users will use that services.

And quite agree that it can boost knowledge too to those other people who really didn't know bitcoin. Good example is our local exchanger, without their good and unique services, I doubt we will have a good numbers of bitcoin users here in our country.


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olubams
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March 01, 2017, 08:46:13 PM
 #40

Is making a bitcoin exchange a profitable business? Has anyone have any experience?
And I don't mean an online one, but a local one where people can go and buy/sell bitcoin.
What do you think?
I can understand that it will depend upon the location, but I think it can help in inviting more people to bitcoin too, right?

Exchange is actually profitable but there is no way one can excuse the online factor in other to reach more client speaking from the situation of things around here, having a location might be totally out of couple as the awareness is low couple with the cost of getting a location, running an office among others where one can do same thing from the comfort of your room or office in addition to daily job... That for me is just the right way to go about it...
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