Cryptocurrencies are a widely used online platform for digital currency exchanges. These are digital currencies which owe their credibility to their technology rather than a central bank. Many of the transactions in this statistic involve cryptocurrency exchanges that exchange these coins for other currencies, including traditional currencies such as U.S. dollars or euros. It facilitates the people to exchange their bitcoins quickly and secure without any central authority. It allows users to maintain transactions digitally. The main reason for its extensive use is its international credibility and non-involvement of government regulations.
The digital exchange script supports many currencies like Bitcoin, Ethereum, Litecoin, etc. Of all the Cryptocurrencies, Bitcoin is popular as it is one of the earliest emerging markets. Amongst the digital currencies exchange, the Local Bitcoin clone platform is preferred amongst the users. Using the platform, users can publish ads for either selling or buying cryptocurrencies. Then, the users who are willing to buy can mention the price they are willing to pay and come to a negotiation with the seller. It is how transactions take place in the Local bitcoin script.
As this Local Bitcoin is popular amongst users, many entrepreneurs are interested in developing Local Bitcoin clones and establish their mark in the Cryptocurrency exchange platform.
Let us look at the business trends of Cryptocurrency exchange platform:
- As of March 2020, there are approximately 5021 crypto assets. The cryptomarket has a total market capitalization of over $155 Billion.
- Out of which, Bitcoin takes up 63.8% of the market value, and the top 10 cryptocurrencies make up around 88% of the market value.
- According to reports published by Statista, the cryptocurrency Etherum saw an average of 753.51 transactions daily. And other leading cryptocurrency exchange platform saw less than 10 % of it.
Seeing the trends, it is clear that the Bitcoin and Ethereum make up most of the cryptocurrency exchanges.
These are the features to be considered in building Bitcoin clone script:
- Escrow Wallet — Escrow script protects sellers from fraudulent buyers by requiring the Bitcoin to be deposited upfront.
- Two Factor Authentications — This feature guarantees that the transactions taking place in the platform are protected. It involves validation from both parties in the transaction.
- Wallet — It facilitates the users to store the Bitcoins so that they can use it for transactions whenever they want.
- Multi-currency support — This wallet supports almost all the popular cryptocurrencies like Bitcoin, Ethereum, etc. It allows users to store more than one at the same time in the same wallet.
The development of the Bitcoin clone app involves an in-depth understanding of cryptocurrencies and its exchanges. The in-app calculator must provide users with accurate results; otherwise, the users can incur can loss. Instead, business owners can opt for ready-made local Bitcoin clone PHP script offered by leading app development companies.