What difficulties will you face when developing an online cryptocurrency exchange?

Question

Payment systems

On the wave of cryptocurrency hype, I thought about creating an exchanger for bitcoin, ether and other currencies in order to earn money on commissions. What challenges will I face if I embark on this adventure? As you might guess, my resources are very limited: this will be my personal project and I will be the main developer, the initial capital is 150 thousand rubles.
UPD : Do I need a license to register such a business and will it cost a lot (in Russia)?

Answer 1

0. Lack of understanding of how everything works
1. Lack of experience in developing such systems
= wrongly committed a transaction, money went to the wrong person, reimburse from your own pocket
= brought down the network, hundreds of thousands of people hate you
...
2. Lack of expertise in information security
= a lot money on the exchange, there is a hole, there is no more money on the exchange
...
3. Legal problems when registering a business

The legal status of the Bitcoin system in the Russian Federation is being discussed[13][14][15][16][17][18].

Legal_status_of_Bitcoin_system
// Russian newspeak - already on the wiki
Problem from the legal side - instability of legislation in the Russian Federation and random application of law
Problem in jurisdictions with stable legislation and well-established law enforcement in the field of cryptocurrencies - traffic with not quite legal money flows through you, special services are interested in you

Answer 2

Just toss that idea and move on to the next one.
Getting into cryptography and operations with other people's money without experience and understanding of how it all works (or, alternatively, without a lot of money to hire experienced people) is impossible. From all points of view - the technical aspect, moral, security, and so on and so forth.
No "I'll figure it out along the way" does not work here. At best, you will burn through the start-up capital, at worst, you will remain indebted to someone and get into trouble with the law.
PS Although I sometimes envy such people - I would be so optimistic.

Answer 3

The main difficulties, as you yourself probably already understood, are legal ones.
With risks from "nothing will happen" to a show trial, if you are very unlucky.

Answer 4

In addition to the above, I will add another fraud.
They will fill you with dirty money, payments or banks will block accounts (possibly fan-shaped, i.e. all related to them) and proceedings will begin. Ready for this, do you understand how to defend yourself?

Answer 5

Exchangers are already like dogs not cut, what will yours be better?