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March 01, 2017, 08:48:58 PM
#41

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?

A friend of mine was in that business in Singapore but they relocated to Canada last year, from our conversations it was doing well but left it after the halving last year when he sold all his Bitcoins for fiat and relocated.



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March 01, 2017, 09:27:46 PM
#42

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?

A friend of mine was in that business in Singapore but they relocated to Canada last year, from our conversations it was doing well but left it after the halving last year when he sold all his Bitcoins for fiat and relocated.

I also have a friend who worked on this. He is still in this business, because it is profitable. Only such a business need a large start-up capital

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March 01, 2017, 09:44:44 PM
#43

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?
I use to sell some coins to my friends but I don't use to charge any fee for these exchanges. However I also know some other friends that do use to charge some commissions (around 10% of that transaction) and it is really profitable for them, even some friends have been able to make a living from this business because of the great amounts and number of transactions that they use to carry out.


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March 02, 2017, 02:41:32 AM
#44

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?
I use to sell some coins to my friends but I don't use to charge any fee for these exchanges. However I also know some other friends that do use to charge some commissions (around 10% of that transaction) and it is really profitable for them, even some friends have been able to make a living from this business because of the great amounts and number of transactions that they use to carry out.

Well they are lucky to fool other people with 10% transaction fees. In the exchange I use, they don't charge for a fee. They make money though from buying low and selling a bit higher. Like a money exchanger. They just do a 3% difference in the buy and sell of bitcoins which is nice, aside from that there is no other fee.

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March 02, 2017, 03:10:00 AM
#45

Is making a bitcoin exchange a profitable business? Has anyone have any experience?

Yes it's profitable because you can adjust the prices of the your coins for buying and selling though I don't have experience with it. I just know how business works.

And I don't mean an online one, but a local one where people can go and buy/sell bitcoin.
What do you think?

In my country, there are a 4 I guess local exchanges that are competing. But there is one that is standing and shining. Think about it, if you there's a competition in your country and if there is make your site the best with services.

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 are going to aim with this too, yes it's a good help. Attracting people to bitcoin and making business with them.

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March 02, 2017, 04:00:29 AM
#46

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?

A friend of mine was in that business in Singapore but they relocated to Canada last year, from our conversations it was doing well but left it after the halving last year when he sold all his Bitcoins for fiat and relocated.

I also have a friend who worked on this. He is still in this business, because it is profitable. Only such a business need a large start-up capital
For providing the money to make your users can get money for instantly. But this business very worth on the eastern countries. many of my friends were opening that service and really profitable. They are take 0.5 percent for the every transaction.


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March 02, 2017, 05:12:07 AM
#47

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?

for a local bitcoin exchange to be profitable it has to be offering bitcoin at prices with a big spread meaning buy very low and sell very high compared to online exchanges. and this means less people are going to be willing to buy/sell there but at the same time if they had no other choice they will do it.
in other words, as you said it depends on the location.

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March 02, 2017, 07:17:16 AM
#48

Yup. Its profitable business. Excahnge usually gets profits for every transactions has been made. Some exchange takes .02% or more. I think China exchanges the cheapest fee for every transactions. Actually China exchanges are not charging fees. But they are forced to take fees because of PBOC. If you want to create an exchange site. I think fee is the key to make it successful. So make the fee cheap.

May I know of you have some experience in running or managing an exchange? Its so easy to say that its profitable however there are costs and expenses to think about. I think most of the exchanges are barely making some money.

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March 02, 2017, 08:07:23 AM
#49

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 we talking about local exchange to buy and sell bitcoin, it profitable as this what i know from my friend doing in daily. my friend buy and sell bitcoin into many people, not just from people near him but also for another cities in my country. he said that the profit is enough to fill his needs in daily and he can also saving the money into his bank account. i think this is not just about buy and sell bitcoin but its about helping people and makes them easy when they want to buy and sell their bitcoin.

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March 02, 2017, 08:15:04 AM
#50

Before
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 we talking about local exchange to buy and sell bitcoin, it profitable as this what i know from my friend doing in daily. my friend buy and sell bitcoin into many people, not just from people near him but also for another cities in my country. he said that the profit is enough to fill his needs in daily and he can also saving the money into his bank account. i think this is not just about buy and sell bitcoin but its about helping people and makes them easy when they want to buy and sell their bitcoin.

I`m selling bitcoins to a guy who have offline exchange, he is working with bitcoins and litecoins for 5 % fee. I sold him a lot, and he is advertising on several forums and online marketplaces in my country, also he was recommended to me from some members here on forum. He have a lot of work, and I think he is making a good profit each day. He is working for years, and there is money in this, just you need to be patient and to make your reputation, for that you need time.


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xuan87
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March 02, 2017, 10:39:18 AM
#51

I think it will be quite profitable, there are so many people need local exchanger in their own local place, but it is depend on how many bitcoin user and how good is your reputation in that area, if you handle your exchanger correctly it will be a profitable business, but when you build your reputation you need to spend more time to advertise you exchanger

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March 02, 2017, 01:09:50 PM
#52

Exchanges makes profit from taking fees on transactions(deposit/withdrawal) and while exchanging from currency to another. I don't really understand how It's not going to be online though? If you mean something like LocalBitcoins and decentralized too then you won't be able to charge any fees in that case and still pay for the hosting of the website etc...
No I mean in the sense that it would be a local exchange place, for example in my city. Where people can go and buy bitcoin with money or sell bitcoin. And the profits can be made with the rate at which we exchange for buying and selling.
What do you think about that? Is that good idea for a business?
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March 02, 2017, 01:24:48 PM
#53

Making a local bitcoin exchange would need some serious studies about the viability of this kind of project. You can be a local exchanger but what would make people to use your service instead the giants that are already established ? Maybe a local payment solution related to your country but nowadays, you can buy and sell bitcoin with all the payments possible. I afraid the market is somehow "saturated" and or difficult to be in at least
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March 02, 2017, 03:53:36 PM
#54

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?

The present bitcoin users will be atmost 100 millions. When we compare to total world population, user is one among 7500 people. By opening local exchange, it may not bring you profits as expected due to less targetted customers. Online business is always better for such things.

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March 03, 2017, 01:02:16 AM
#55

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.
Unless he can offer something really good to customers creating a new exchange right now does not seem like the best idea since most of us already have an exchange we like using so unless the exchange he creates is that much better then not a lot of people will use it.

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March 03, 2017, 05:38:20 AM
#56

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?

The present bitcoin users will be atmost 100 millions. When we compare to total world population, user is one among 7500 people. By opening local exchange, it may not bring you profits as expected due to less targetted customers. Online business is always better for such things.
I agree. But if you market your business well, this can also lead to more people coming into the bitcoin world, though it will be an exchange point, but if one can sell it, I feel it can be very profitable. Right?
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March 03, 2017, 07:43:53 AM
#57

Making a local bitcoin exchange would need some serious studies about the viability of this kind of project. You can be a local exchanger but what would make people to use your service instead the giants that are already established ? Maybe a local payment solution related to your country but nowadays, you can buy and sell bitcoin with all the payments possible. I afraid the market is somehow "saturated" and or difficult to be in at least

In my opinion there would be no need for a local BTC exchange. BTC was designed to be open to everyone who wants to use it and it has the ability to operate outside of the law and instead it creates its own layer of payments that can cross borders. Why limit it by going local? Use it they way it should be. Borderless.

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March 03, 2017, 08:33:47 AM
#58

Bitcoin exchange can be really a good profitable business. At first, exchange need to be popular so you can attract more traders to trade in your exchange. And, the security of anyone who will invest or trade in your exchange. This can be good as long you will attract more people to use the exchange so that this can be successful.


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March 03, 2017, 12:38:53 PM
#59

Making a local bitcoin exchange would need some serious studies about the viability of this kind of project. You can be a local exchanger but what would make people to use your service instead the giants that are already established ? Maybe a local payment solution related to your country but nowadays, you can buy and sell bitcoin with all the payments possible. I afraid the market is somehow "saturated" and or difficult to be in at least

In my opinion there would be no need for a local BTC exchange. BTC was designed to be open to everyone who wants to use it and it has the ability to operate outside of the law and instead it creates its own layer of payments that can cross borders. Why limit it by going local? Use it they way it should be. Borderless.
What are you talking about? Having local exchanges doesn't take anything away from the open nature of Bitcoin. It just gives ease of use to the people who use Bitcoin.

OP, what you're talking about is basically a Bitcoin ATM. I have no idea how much profit they gain, guess it depends on their location.
I'd like to see some usage statistics from people who own one though.


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March 03, 2017, 04:19:22 PM
#60

It cannot be called profitable, but is rather a good way of spreading the word out to people who don't know about it.
I don't know about exchanges, but I have seen places here in India where people have opened Consultancies about Bitcoins and they are making others aware about this.

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