How Can Build A P2P Bitcoin Exchange Website Just Like Localbitcoins?
In today's world Cryptocurrency has become one of the preferred instruments for investors as well as for technology experts. The past decades show some price downtrend in bitcoins and people did not lose trust in the digital currency.
Did you need any type of cryptocurrency or tokens for your use?
The buying and selling facilitate for cryptos are available in cryptocurrency exchange websites and mobile apps across the globe.
Let us know some facts of foremost p2p localbitcoins exchange platforms.
LocalBitcoins was founded in 2012 in Finland by Nikolaus Kangas. In this platform, buyers and sellers come together to make a bitcoin exchange for person to person using their fiat currency with several types of payment methods. The August 2016, the company recorded 1.35million users on its platform and was generating up to $14 million weekly in revenue.
Some salient features make localbitcoins a favorite of many traders:-
The localbitcoins have a good reputations system each trader ratings are mentioned in an open profile.
The login guard will save your data when you logged in a different browser or IP you will require verification.
The Escrow wallets will save the trader's digital coins to avoid scammers.
The Google 2FA is a security feature that simply means that on users can log into their account, you will have to enter an OTP code that will be sent to your phone number or mail id.
How can we develop an exchange like Localbitcoins?
Before you go to the designing or development phase, just make a rough figure out of planning statements.
During this stage, research is the main theme you need to analyze the current market trends. Simple you should have to follow the questions that you need to find the answers while setup the exchange.
Do you need to offer special things different from competitors?
What would be the exclusive features that the users will get attract to from my exchange?
Is my exchange offering any security solution to the traders?
Unless you do a comprehensive analysis of the marketplace and the factors that make a difference in the crypto sphere.
You need to know the Minimum Viable Product (MVP) or Proof of Concept (POC). It acts as a prototype and helps you illustrate the efficiency of project versions.
The second phase involves planning and gathering all the facts from your research. You make a strategy to implement all the methods on the designs phase
Here are the functional aspects that you need to consider while in designing want to match the performance of your exchange with Localbitcoins:-
Transactions of Bitcoins
Management of User Accounts
Chat Support System
Updating the price of crypto in real-time
Maintaining the history of transactions
While designing your bitcoin exchange website you want to think out the mobile app whether you need it or not?
Because the cost may differ from the trading exchange or applications.
At the same time, you need to figure out the legal regulations of all the jurisdictions where your bitcoin exchange would be launch.
Check the Review of Technical Aspects like what programming language and other configuration resources are using in exchange. It delivers desired results in front and back ends with challenges and innovative solutions.
To getting the best results, I suggest a React or Angular both of the programs give you a favorable environment and are also cost-efficient.
After the development phase, you need to tackle more manpower and choose the best resources for delivering a bitcoin exchange like localbitcoins.
If you wish to hire a whole project development team in a cost-efficient manner.
Are you ready to meet a cryptocurrency exchange clone development company?
We are the sellbitbuy team members having 8+ years of experience in various crypto exchange clone development projects.
We Provide Some of our premium features in localbitcoins clone software
Online / Offline trading system
White label Multicurrency wallet
Escrow wallet Integration
Chat Bot Integration
Faster Ads Publisher method