Satoshi Nakamoto created it in 2009, and it’s the first cryptocurrency. This new way of paying was decentralized, international, and didn’t depend on a bank to operate.
By September 2021, the total market cap of all cryptocurrencies will reach $2.16 trillion, the same as the economic output of the 8th largest nation. Therefore, developing bitcoin apps and products within the financial technology industry is a lucrative business.
The whole process of cryptocurrency app development is seamless and simple for you because we’ve done so many cryptocurrency projects from scratch.
What Is A Cryptocurrency App?
First, we’ll start with some Basic Terminology:
It’s a virtual currency backed by strong cryptography that can be traded for goods and services. Counterfeiters have trouble counterfeiting this stuff because they can’t double spend. Probably the biggest reason for the recent cryptocurrency boom is that they’re not controlled or manipulated by governments. A company’s items or services are traded for a currency (token).
Many cryptocurrencies exist, but Bitcoin (BTC) is the most popular. At the moment, there are over 6500 other types of cryptocurrency. The most important ones are Ethereum, Litecoin, Cardano, Polkadot, Stellar, Chainlink, Tether, and Monero, aside from Bitcoin.
Blockchain technology powers cryptocurrencies. Blockchain is a system to manage and record transactions decentralized across many computers. It’s safe, so that’s one of its appeals.
You can exchange fiat for cryptocurrency, track cryptocurrency funds, and exchange cryptocurrencies for fiat.
Below are several reasons why digital currencies and cryptocurrency apps are on top now:
So what Is A Cryptocurrency App?
We’ll start with some basic terminology:
Cryptocurrency is a digital currency that can be exchanged for goods and services, secured by strong cryptography — that’s why it’s nearly impossible to counterfeit or double-spend it. The main reason behind the recent dramatic rise of cryptocurrencies is that they’re not issued by any authority and are immune to government control and manipulation. In addition, many companies issue their own currencies (tokens), which can be traded specifically for the company’s goods or services.
Bitcoin (BTC) is the most popular cryptocurrency that has become a standard for other cryptocurrencies. Currently, there are about 6500 different cryptocurrencies in the world. The most important digital currencies except Bitcoin are Ethereum (ETH), Litecoin (LTC), Cardano (ADA), Polkadot (DOT), Stellar (XLM), Chainlink (LINK), Tether (USDT), and Monero (XMR).
Cryptocurrencies operate using a technology called a blockchain. Blockchain is a decentralized technology spread across many computers managing and recording transactions. Part of the appeal of this technology is its safety.
You can exchange fiat for cryptocurrency, track cryptocurrency funds, and exchange cryptocurrencies for fiat.
Crypto Apps & Digital Currencies are Hot Now for These Reasons:
Decentralization.
With blockchain, you can own cryptocurrency without being controlled by anybody.
Fast & Unlimited Transactions.
Money is fully available immediately on the recipient’s account, so users don’t have to wait days. Users can also do as many transactions as they want.
Low Transaction Fees.
The fees for cryptocurrency transactions are relatively low compared to those for financial institutions.
Internationally Recognized.
You can save on conversions and commissions by using cryptocurrencies if you send and receive money from different parts of the world.
Transparency & Anonymity.
You won’t know who sent it or got it if the crypto address isn’t public.
A Step-By-Step Guide to Developing Cryptocurrency Apps
Make sure your App Solves a Problem
You should first figure out what users are struggling with and then make sure your app solves them. Maybe even all of them. From there, you can pick a blockchain solution that works for you. Then you have to do a cost-benefit analysis and a risk analysis to decide whether the app is worthwhile.
Decide How you Want to Approach Developing the Crypto App.
Use public libraries or write your own. Instead of building an app from scratch, you won’t have to code the whole thing. If it’s a functional and unique app, it’ll cost a lot more.
Decide on App Model Development.
Whether hybrid, internal, or cloud-based. Furthermore, you need to decide what blockchain solution you want to use: private, public, or hybrid blockchains are all allowed. Also, rate the most suitable stack based on your chosen platform. Mobile frameworks like React Native and Flutter are the most popular for both iOS and Android cryptocurrency wallet development.
Think About App Configuration
Most of the components cannot be changed once configured, and the blockchain app needs to be configured correctly. Once you plan the server components, you’re ready to decide what language to use, which databases to use, and what servers to use.
Design the Right User Interface & User Experience
For the app, make it easy to use. Pay attention to colors and the nuances of the content.
You can pick from prebuilt or custom APIs (Application Programming Interfaces).
If you want to create your own API, you can use one of the prebuilt ones. For example, there are APIs for validation, key pairs, address generation, storing and retrieving data, and managing smart contract interactions.
Testing & Scaling
Identify crashes, latencies, memory and storage problems, plus performance issues with a Minimum Viable Product (MVP).
Here are some Recommendations & Estimates for Cryptocurrency App Development
First things First
Decide what kind of cryptocurrency app you’ll develop before launching your project. Apps like these are usually crypto wallets, trading apps, or aggregation platforms.
Crypto Wallet
Cryptocurrency wallets, or blockchain wallets, allow users to store their cryptocurrencies. Bitcoin and Ether are two of the most common digital currencies supported by crypto wallets. More than 70 million people use blockchain wallets. As you can see in the graph below, crypto wallet usage has grown significantly over the last 10 years:
Apps that make cryptocurrency wallets so easy to use. They’re cheap, decentralized, and easy. A central authority won’t control transactions that are fully anonymous and encrypted.
A Cryptocurrency Wallet’s Quality Depends on a Few Things
Supported currencies include Bitcoin, Ethereum, litecoin, xrp, and others.
- Security: (such as fingerprint scanners, FaceID, hard-drive authentication, multi-signature, etc.).
- User Experience: You shouldn’t have to deal with your wallet any harder than PayPal, Google Pay, or Apple Pay.
- Anonymity: Tools that give users peace of mind. While token mixers are being developed, big investors and miners aren’t going to deal with so much cryptocurrency.
Top Cryptocurrency Wallet App Features to Build
- User authorization (two-factor authentication)
- Multi-cryptocurrency support
- Conversion rates
- QR-code scanner
- Push notifications
- Transferring and receiving operations
- Transaction history
- Security features
Bitcoin Wallet, BitGo, Coinbase, GreenAddress, Electrum, GreenAddress, Infinito, and Edge are some of the best cryptocurrency wallets.
Crypto Data Aggregators
Data aggregators like these give you information about cryptocurrencies (prices, market capitalization, trading volume, pair trading, rankings of exchanges, etc.). Investors use them to get a better understanding of the crypto market.
Pay attention to the UX/UI if you’re building a crypto app. This affects how users see data and how they interact with it. This determines how useful these services are to them.
Crypto Data Aggregators – Factors to Consider
Quality of Displayed Data
Exchange rates should be updated in real-time. We want to be able to see the rate of each coin (trading pair) from any exchange.
Analytical Tools
You should be able to build trading strategies with good crypto aggregators.
Additional Functions
are push notifications, cryptocurrency exchange integration, and news feeds?
Top Crypto Aggregator Features to Develop
- Live prices and charts
- Price alerts (notifications)
- Newsfeed
- Watchlist
- Synchronization with user’s portfolio
The best crypto data aggregating apps currently on the market are CoinMarketCap, CoinGecko, and Kaiko.
Cryptocurrency Exchange Platforms (Cryptocurrency Trading Apps)
You can trade cryptocurrencies through e-marketplaces like platforms, mostly for buying and selling or exchanging virtual and fiat money. Making a cryptocurrency exchange is more complicated than making a crypto wallet because there are many more risks involved.
These factors can determine a cryptocurrency trading app’s quality
High Liquidity.
It’s logical to connect to a liquidity pool so users can buy/sell tokens instantly since you most likely won’t have enough trading volume at first.
Many Trading Pairs Should be Available.
“The more, the merrier” motto works here. But keep in mind that new coins might be frauds.
Reliability & Safety
You may be able to handle hundreds of thousands of transactions with a cryptocurrency exchange platform.
Features to Build in Cryptocurrency Exchange Apps
- User authorization and verification
- Trade engine
- Transaction history and order book
- A different approach to making critical decisions (MACD, RSI, Bollinger Bands).
- Push notifications
- Cryptocurrency wallet
- Security features
- Admin console
Uniswap, Kraken, Gemini, Bitstamp, and Gemini are the best cryptocurrency apps.
A Look at How to Build Crypto Apps & Costs
Without looking through a project, it’s tough to estimate cryptocurrency app development costs. However, you can make such an app for a lot less, depending on how you build it.
The first way to use a specialized do is to use an SDK. Tools and documents to help programmers create software for a specific platform or technology. For example, this is a good option for crypto apps that want to buy, sell, and exchange coins. Among the most popular SDKs are Blockchain, Coinbase, and Bitcoin.
