Many Bitcoin users have always dreamed of opening their digital currency exchange platform, although regulation may prevent most of them from doing so. Moreover, it is not easy to setup a Bitcoin exchange platform and run it successfully, as security measures need to be top notch and support has to be handled professionally. Peatio could be an attractive solution to tackle most of these problems, as their cookie-cutter open source solution is quite appealing.
Peatio Looks Differently At Digital Currency Exchange Solutions
Although the Bitcoin ecosystem was designed to cut out the middleman from the financial equation, far too many users still rely on centralized services for exchanging currencies. Peatio wants to address this issue by making their exchange solution available to the public.
Some might argue that there is no need for extra software or code to become one’s own digital currency exchange, and they would be right up to a certain extent. Anyone in the world can go out to buy and sell Bitcoin on their own accord, albeit there are some regulatory requirements to take into account. A lot of countries label this type of activity as money transmitting, which requires a specific license to operate.
That being said, there are more countries where regulation of Bitcoin exchange services remains up in the air, which creates opportunities for aspiring entrepreneurs. The Peatio project is open source and lets anyone make the necessary changes to suit their particular needs. In fact, there is one exchange in operation using this solution for quite some time now, called Yunbi.
For those digital currency enthusiasts looking to support a variety of coins, the Peatio solution will have you covered as well. Bitcoin is supported – of course – as well as other currencies such as Ethereum and BitShares, to name a few. Considering how this project is open source, community members can release their code additions to the public as well.
Despite this software solution being freely available, do not underestimate how hard it can be to run a digital currency exchange. This is not an undertaking people can wing as it will require all one’s attention and effort to ensure smooth operations. Moreover, without properly understanding the security aspect of running an exchange, one shouldn’t attempt to run an exchange at all, as one can land in a whole lot of trouble if users’ funds go missing.
If you liked this article follow us on Twitter @themerklenews and make sure to subscribe to our newsletter to receive the latest bitcoin and altcoin price analysis and the latest cryptocurrency news.