# Starting a bitcoin exchange



## ozcoin (23 April 2012)

I want to start a bitcoin exchange from oz bank deposits into the major bitcoin exchanges through my own website. How would I go about this?

All I know so far is I want to be able to use ANZ, Commonwealth, Bendigo, Westpac, NAB & Suncorp as deposit locations & be able to turn my custormers deposits into currency in the likes of MtGox, Cryptoexchange & Bitconica.

Do I need a accountant? Need to set up a ABN? Compliance? Desposit daily limit? or will the banks even open up my accounts?

So many questions.


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## So_Cynical (23 April 2012)

ozcoin said:


> I want to start a bitcoin exchange from oz bank deposits into the major bitcoin exchanges through my own website. How would I go about this?
> 
> All I know so far is I want to be able to use ANZ, Commonwealth, Bendigo, Westpac, NAB & Suncorp as deposit locations & be able to turn my custormers deposits into currency in the likes of MtGox, Cryptoexchange & Bitconica.
> 
> ...




You cant... that's why MtGox and the rest of them are in business and why they cant even actually deal in hard currency's...least thats how it was in BC world 6 months ago...anything changed? 

BTW i was going to set-up BC term deposits about 18 months ago...lucky i didn't cos i would of been wiped out in the big $20 run up.  tread carefully.


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## Gringotts Bank (16 May 2013)

Untraceable currency.  Can be used online.

Organized crime will be *all over* this.


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## pacestick (8 December 2013)

Gringotts Bank said:


> Untraceable currency.  Can be used online.
> 
> Organized crime will be *all over* this.




not correct It is easier to trace than cash   as was demonstrated to the us congress in their recent hearings but I do think you have to  have some tech smarts to do so  I dont  have any .The difficulty law enforcement faces  is that once they catch  the crims they cant get the  money back in the same  way  you see  when they raid a place and take away sacks of it . They have to unlock the bitcoin wallet  which has high encryption value . The next generation of computers quantum computers will be able to do this but they are  not expected to be available for a decade or so. Therefore the only way to unlock the value of a bitcoin wallet is for the crim to give you the  password or to make it so simple that you can crack it . It  would appear to be the later that has occurred recently at a number of exchanges
Meantime  the chinese government has placed restrictions on its use  banning banks but  not individuals  from trading in bitcoins 

http://www.smh.com.au/business/mark...from-bitcoin-transactions-20131206-2yugy.html


However this does not seem to have slowed  chinese buying of bitcoin 

http://fiatleak.com

The americans have  begun buying in much bigger amounts since the congession hearings and it may be wall street bankers who are doing so

http://www.forbes.com/sites/kashmir...f-america-analysts-say-bitcoins-value-is-1300

Meantime it is flucuatiing wildly in very short periods 

http://www.bitcoincharts.com/charts/mtgoxAUD#rg2ztgSzm1g10zm2g25zv 

try the two day chart and use aud mtgox  rather than the default and you will see what I mean


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