Hype Of Cryptocurrency Exchange Platform – Cryptocurrency App Development Guide

Market Statistics Of Cryptocurrency App

In the world of digital currencies, time is important since things may change fast due to severe market volatility. Check out the data below to learn more about how the crypto market operates.

The whole cryptocurrency industry is expected to reach $23.3 billion by 2023. According to bitcoin market size calculations, the blockchain market was only worth $1.2 billion in 2018. By the end of 2019, the value had risen to $2.2 billion. It is expected to continue to grow at a rapid pace.

65% of cryptographic money users claim Bitcoin. Bitcoin is the most widely used electronic money. According to digital money client estimates from 2021, it controls over 70% of the cryptographic money business. Furthermore, Bitcoin can account for up to 20% of an advanced cash dealer’s portfolio.

Every now and again, a message about Bitcoin appears on the internet. According to continuing digital currency statistics, 28,866 posts about Bitcoin are produced every day via web-based media.

Bitcoin had a market capitalization of $1072.21 billion as of February 21st, 2021.

What Is Cryptocurrency And How Does It Work?

Cryptocurrency is digital money that can be used to purchase goods and services, but to protect online transactions, and online ledger with strong encryption is needed. Much of the interest in these unregulated currencies is speculative, and speculators may occasionally drive prices up.

A cryptocurrency is a type of payment that is used to exchange products and services online. Many businesses have created their currencies, known as tokens, which may be exchanged for the goods or services offered by the business. Consider them to be slot machine tokens or casino chips. To gain access to a product or service, you will need to exchange real currency for cryptocurrency.

Cryptocurrencies are based on a technology known as a blockchain. Blockchain is a decentralized system that manages and records transactions across numerous computers. The safety of this technology is part of its allure.

Advantages of Cryptocurrency App Development

Using cryptocurrency in eCommerce apps has opened up plenty of new possibilities, as we all know. As a result, businesses are reaping considerable rewards. What are they, exactly? Take into account the following:

Decentralization

The decentralization of the financial system is the most major benefit of employing cryptocurrencies and Blockchain Technology. The database can be readily managed by the app’s owners and users.

Fast Transactions

The processing and settlement of monetary transactions take time. Your company will have to wait several days before receiving the funds. You may construct an infinite number of transactions and send them in a single second this way.

Transparency and Anonymity

Every transaction is documented. At the same time, if the crypto address is not publicly authenticated, neither the sender nor the receiver will be known.

Low Transaction Fees

Price is a top objective for the majority of firms. You don’t need as many third parties or middlemen to provide promises with blockchain since it doesn’t matter if you can trust your trade partner. Instead, you must just rely on the blockchain’s data. In addition, because everyone would have permitted access to a single, immutable version, you won’t have to study as much paperwork to execute a deal.

Also read: How App like Coinbase Earn? Make Cryptocurrency App

How To Create A Cryptocurrency App?

With the correct plan in place, you can develop a cryptocurrency wallet app that is frequently used. Let’s look at how to go about it and create a crypto application.

Understand Blockchain and Cryptocurrencies

Blockchain technology is critical in the creation of crypto apps.

If you want to create a cryptocurrency wallet app, you need first to learn about blockchain and cryptocurrencies.

Blockchain is a promising and groundbreaking technology that enables digital currencies (cryptocurrencies) to function in the same way as the Internet enables e-mails. As the name implies, blockchain is a chain of blocks containing digital information (data), and the chain is the cryptographic concept that connects the data blocks. The entire goal of employing it is to allow for the secure sharing of vital data.

Make Use of Common Cryptocurrency Libraries that are open-source

The majority of cryptocurrencies are open source. As a result, you are not required to reinvent the wheel. You may utilize pre-existing free libraries and tools such as BitcoinJ SDK or Coinbase SDK.

Coinbase SDK is a Java library that runs on several platforms. It assists developers in creating bitcoin wallets for both the iOS and Android platforms. Furthermore, this library supports a wide range of popular programming languages, including Python, Java, Ruby, and others.

Utilize APIs

APIs are an excellent method to create a feature-rich bitcoin wallet program. When you utilize a distributed ledger API, you can quickly synchronize your cryptocurrency wallet with the blockchain ecosystem. Here are some of the most popular APIs to consider: Coinbase, Bitcore, and Factom.

Go Cloud

At this point, you must choose the best cloud platforms for your project. If you are developing a web application, you can use PaaS (Platform-as-a-Service).

However, for cryptocurrency app development, you must first find a BaaS (Blockchain as a Service) provider and incorporate their cloud service into your app. Companies such as Amazon, Azure, and Microsoft provide BaaS offerings.

You can use one of them to create a secure bitcoin wallet software, depending on your needs and desires.

Select the Appropriate Technology Stack

The correct technological stack will ensure your app’s success.

For example, if you want to create a web app, you may utilize Node.js or Angular.js in conjunction with HTML5 and CSS3. This will assist you in developing scalable crypto web applications.

When creating a native Android app, you have the option of using Java or Kotlin.

Swift or Objective-C may also be used to create iOS apps.

Make Security a Priority

When creating a bitcoin wallet software, security is crucial. As a result, you should be certain that your cryptocurrency app is secure.

With 2FA — fingerprint, face ID, and hardware authentication — you can add extra protection layers to the cryptocurrency app development.

 Investigate Your Competitors

You want your cryptocurrency wallet software to stand out. As a result, keeping an eye on your competition is critical. Know what they’re doing and what technology they’ve used. You may look over the features to see what special features you can include in your app.

Begin Working on Your App

So, when you’re ready to begin developing a crypto wallet software, make sure you complete the following:

• Decide on all of your app’s features.
• Create the application code and connect it to your database.
• Create a basic, user-friendly interface.
• Before releasing your wallet, be sure it has undergone comprehensive testing.

Important Features to Have in Your Crypto Wallet App

The following is a list of must-have features for any cryptocurrency wallet app : 

User Authorization

Cryptocurrency investments are just as volatile as stock market investments. As a result, when it comes to creating user accounts on cryptocurrency trading applications, it is very necessary to adhere to the highest security and identification requirements.

Multiple Cryptocurrencies

It is because numerous new currencies are introduced regularly, and their values fluctuate. As a result, you shouldn’t keep many different wallets to hold your cryptos. Would you do it?

As a result, your cryptocurrency wallet software must enable you to deal with many currencies at the same time.

Push Notifications

Push notifications are an important feature that allows your users to be informed and notified of crypto transactions at all times. Users of your cryptocurrency application will be alerted about the price of their digital currency, the success or failure of any transactions, and so on, using this function.

This feature ensures that you receive real-time notifications for any transactions on your account.

Latest Conversion Rates

Without access to and calculation of transaction fees based on constantly changing conversion rates, no bitcoin wallet app is complete.

This is because the crypto wallet software allows users to trade money in many modalities, such as the same digital currency, alternative digital currencies, or both digital and fiat currencies. This will very certainly need their being informed of the current currency value in real-time.

Payment Gateways

A payment gateway connected to your app can make it easier for users to acquire and trade digital goods.

QR Code Scanner

A QR Code Scanner function improves the speed, convenience, simplicity, and security of your cryptocurrency wallet software transactions.

If your crypto wallet software has a QR code scanner, you may automate the scanning of wallet addresses and public keys. As a consequence, with a single click, it improves bitcoin transfers.

Blockchain-Based Transactions

Blockchain technology, on which you should build your crypto app, is a game-changer. Your users will be able to send and receive digital currency using your crypto application in a completely tamper-proof and quick manner as a result of it.

How Does Cryptocurrency Trading App Generate Revenue?

Financial transactions are carried through using cryptocurrency trading applications. A big number of individuals are flocking to the market to exchange cryptocurrency.

But, if you create a bitcoin trading platform like Coinbase, Binance, Gemini, and others, how do you make money? Let’s look at how cryptocurrency app development is profitable.

Advertising

The most popular revenue approach utilized by bitcoin trading app developers is in-app advertising. Those interested in learning how to turn their bitcoin exchange software into a revenue-generating asset can allow third-party partners to distribute their banners, video commercials, and other forms of adverts on the app.

Freemium Business Model

It is a leading modernization approach for building a user base via the development of a strong brand identity. You provide your audience a major chance to examine what you have to offer by presenting your product with a set of complementary features. You can also include premium features that generate income for your cryptocurrency app development.

Application Subscription

You can see some parallels between this monetization approach and the freemium model. When it comes to offering subscription packages with premium features, however, such features will be the product’s USP and will set your bitcoin app apart from the competition.

Affiliate Marketing

You can also start affiliate marketing schemes in which you give a link to the advertisers’ product or service pages. One may be perplexed as to what items or services they may link with, but there are various alternatives based on the aims of your application. If your business is only focused on trading, you can provide affiliate connections to marketers who offer bitcoin training.

Paid Applications

This technique presupposes that the user just has to pay once and then gets quick access to all functions. When mobile applications were first released, this was the only monetization option accessible.

Selling Data

It is utilized by practically all major mobile apps, therefore you should consider it. The most crucial thing is to communicate marketing data rather than sensitive user information. Consumer attitude wants, and interests are all examples of marketing data.

Also read: The Rise Of Non Fungible Tokens – Benefits, Features, Risks, and Scope

Cost of Cryptocurrency App Development

We’re talking about creating an Android and iOS crypto app. The cost of cryptocurrency app development is entirely dependent on your goals. It has all of the features you desire in a trading platform.

It is necessary to consider the cost of hiring specialists such as developers, designers, and testers. There are other more aspects to consider, such as the technology stack, your financial limits, and the development timetable. There are no limits to the price options; it all relies on the level of personalization.

Summing Up

You can learn about the features and expenses of cryptocurrency app development in this blog. We hope that by reading this blog, all of your uncertainties will be dispelled, and you will be able to create the greatest mobile crypto trading app.

You can also contact a mobile app development business to assist you with the creation of your bitcoin exchange app and give mobile app development services.