It's hardly been four months since 2020 and most of us are already constantly nagging about how difficult this year has made our lives. But, this year did bring thrilling news to the crypto community. What was it? Let’s take a brief look!
Cryptocurrencies Ban lift - A glimpse :
On March 4th 2020, The Supreme Court of India passed a judgement, lifting the ban of cryptocurrencies in India. The trading of cryptocurrencies has always been warned against in India because the RBI considered the crypto business was risky. As a result of this, in early april 2018, RBI banned the use of cryptocurrencies in India.
To paraphrase the above statement, The Reserve Bank of India prohibited banks from providing services that facilitated individuals and business entities in dealing with cryptocurrencies. They stated that the move was essential to restraint “ ring fencing” of the country's financial system. And they also mentioned cryptocurrencies were not to be treated as reliable currencies as they were not properly stamped by the government. But earlier, this year, the supreme court lifted their ban due to the disproportionality and with RBI shortcoming of the facts to prove cryptocurrencies were a risky business. This news fetched great joy for the crypto community!
Even though the account of crypto users from India was stated only at 3% before RBI’s ban, it is believed that, after this lift, there is going to be a tremendous growth in the upcoming years. Cryptocurrencies and crypto exchanges have already been gaining huge traction globally and are tremendously evolving. With this news, the opportunities have expanded to India too! Many budding entrepreneurs are aspiring to try their hands with crypto exchange business to spin huge profits for their venture. If you are from India, and you have a crypto business dream, there is no better time than now to create your own crypto currency exchange and go viral in the market. To do so, you need to know the cryptocurrency exchange development process in and out. Before diving into that, if you're a beginner, let’s take a look at what crypto exchanges are and their benefits.
What is a crypto exchange? How is it useful?
A cryptocurrency exchange is a medium that allows traders from all over the world to exchange their cryptocurrencies for other cryptocurrencies, digital assets or fiat money. A cryptocurrency exchange is underpinned by blockchain technology. Blockchain technology helps control, verify, and secure transactions that happen on the exchange, by a chain of blocks coded with cryptography. In this digitally evolving world, cryptocurrency exchanges along with blockchain, are completely revolutionizing every major industry and taking the businesses to the next phase. This is mainly because of the many benefits involved with exchanges and blockchain, compared to traditional stock exchange businesses. Let’s find out what the benefits are.
Key benefits of crypto exchanges alongside blockchain technology:
- Instant, Efficient, peer-to-peer transactions
The traditional exchange businesses involve many complications such as added expenses ,brokerage fees, commissions from involvement of third parties like brokers, agents etc. It also involves a lot of conditions and paperwork. But with cryptocurrency exchanges, all that stress is put to rest. Cryptocurrency exchanges allow direct peer-peer transactions anytime, from/to anyone around the globe. The transactions are instant, efficient, and highly-secure.
- Easy access:
As cryptocurrency exchanges are completely digitized, it is very easy to access. Anyone with an internet connection can conduct crypto transactions, anywhere at any point of time.
- Individual ownership
With traditional banking/ credit cards, the control over your funds eventually goes to a third party which results in them deciding the life and death of your assets. Your accounts might be closed without proper notice. But with a crypto exchange, you are the sole owner. You can entirely own and decide anything that happens with your public and private keys, your identity, address etc.
- Blockchain Immutability
The primary reason few businessmen hesitate to set up crypto businesses is because they are concerned about hack threats. But with blockchain technology backing your exchange, you have nothing to worry about. Blockchain has an immutable nature. Transactions once recorded, cannot be altered/ interchanged. Also, when a third party tries to hack/enter, the user gets an alert which enables a risk-free business.
- User anonymity
In blockchain based cryptocurrency exchanges, the user’s identity and information is completely anonymous. Blockchain completely secures the user’s interest helping with hassle-free transactions.
- High-end security
As blockchain is coded with cryptography, the crypto exchange transactions are end-to-end and completely protected. This enables smooth, secure transactions not only locally, but all over the world.
These are the top core advantages you can avail with crypto exchanges. Now, to build your own exchange, you need to first go through four important steps to make sure your exchange is legitimate to sustain in the long run and shine over your competitors.
The four essential steps to build an authentic crypto exchange:
- With the widespread demand, it is mandatory to conduct extensive research to understand the market needs, and to provide solutions that fit the needs.
- In Depth analysis on existing competitors to provide unique solutions which will drive investors towards your exchange.
- Take advice from experts on legal procedures, financial aspects etc. It is mandatory as there are not many exchanges currently in India. Experienced people can give you the right insights to make your business withstand in the market.
- Last but not least, hire an experienced cryptocurrency exchange development company!
Building an exchange from the ground up, will consume ample time, money, and requires qualified technical assistance. Whereas, purchasing whitelabel crypto exchange solutions from a top company, will give you many benefits. White label solutions are ready-made solutions that come along with a name, branding, logo designs, every necessary technical, security, and feature integration. One such reliable company that provides 100% pre tested whitelabel solutions for your exchange. The expertise helps with real-quick, cost effective solutions that will make your exchange a hit in the market.
What does a whitelabel crypto exchange consist of?
- Multi-currency support
- Multi-Language support
- Multi currency secure wallet
- Liquidity API integration
- Automated KYC/AML integration
- Admin backend panel
- Powerful trade matching engine
- Order sharing
- Advanced Blockchain technology and smart contracts integration
- Integrated referral program
- High-end security integration
Apart from this, their white label cryptocurrency exchange software is also highly programmable, scalable, and can be customized according to your preferences. So, make use of this widely-open million dollar business opportunity. Get in touch with them, attain whitelabel solutions and go viral in the cryptosphere!
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