Cryptocurrency is the latest buzzword in the world of finance and investments. With its inception in 2009, it has come a long way, with various coins to buy and invest in. However, if you want to make a cryptocurrency app, but you're not sure how much it will cost to develop, this blog post will give you a decent idea about cost estimation. You will also get a glimpse of cryptocurrency, the type of products you can develop to provide crypto-related services, and the essential features you must consider adding to your app. The article also explains the workflow of building a cryptocurrency app, which is essential to understand if you want to create your own cryptocurrency application.
By Dhruv Joshi
15 Oct, 2022
In 2009, the revolutionary Bitcoin was released. Later, the cryptocurrency world evolved rapidly, and today, we have numerous coins to buy and invest in. If you have been an investor in bitcoin since the early stages, you may know how rapidly it has changed.
Still, the Cryptocurrency word may be new to some. But, it has started being used for buying goods, smart contracts, and exchange transactions. Entrepreneurs have shown an interest increase in cryptocurrency and have begun investing in it.
If you are a person who wants to make a cryptocurrency app but is not sure how much it costs to develop it, then you are in the right place. You will get a decent idea about cost estimation from this blog post.
First, let's see a quick overview of cryptocurrency.
A cryptocurrency is a digital or virtual currency that uses cryptography for security. The earliest and best-known cryptocurrency, Bitcoin, was developed in 2009. Cryptocurrencies are often traded on decentralized exchanges and used to purchase goods and services.
Cryptocurrencies are created through a process called Mining. Miners solve complex mathematical problems to verify transactions. Miners add new blocks to the blockchain , a decentralized ledger of all cryptocurrency transactions; later, miners are rewarded for their efforts.
After bitcoin's immense success, Ethereum (ETH), Litecoin (LTC) , and Ripple were released and are the best examples of cryptocurrency to date.
Now you have a glimpse of crypto, let's see what kind of product you want to develop so you can estimate the initial cost.
Which Sort of Product Do You Hope to Create?
There are a few products you can develop to provide crypto-related services:
For Example, Coinbase is a leading company for cryptocurrency services. Coinbase started as an exchange, but more products and services were added, like trading, wallets, physical cards, and more. Coinbase also provides pro accounts for their advanced traders.
The second example is Revolt. It offers multi-currency payments, offers cards, and transfers.
Before you go ahead with the development, you must ensure which direction you want to go according to your business model. You can reach experts who can help make your decision rock solid.
The crypto app development cost estimation depends on which functionalities you provide or implement for the mobile app or web. The full features and their advancements can tell you the estimated cost.
Now, let's take a deeper look at the cryptocurrency app features you must consider adding.
To protect customers from fraud, all currency-related apps need tons of user data for security and verification purposes. This module requires more work and testing.
All transaction-related apps need to be secure and quick. If you build an exchange platform, the trading system should handle many requests simultaneously. And exchange rates also should be constantly updated; thus, it needs more work on it that affects cost.
Today's world is hectic and competitive. The commercial world of today is primarily global. Many cryptocurrency wallets offer the ability to store various currencies, simplifying payments. It adds cost because of the multi- currency capability.
The success of the bitcoin exchange market depends on liquidity. Trading on the exchange site maintains its financial position, and a cryptocurrency exchange cannot function without active trading. You will need to integrate your cryptocurrency exchange's liquidity position into other active exchanges to manage the liquidity in your trade.
Numerous mobile wallet apps have QR code scanners. The QR code scanning function must also be included in the Crypto app. The user can scan the paper wallet using this QR code. The paper bitcoin wallet will be scanned, and the keys will be added to the wallet app. enabling you to carry out any transaction. A wallet with such a function will increase the price of your crypto app.
Well, it will be a currency app, so all the user data and their currency need to be secured for their safety. To prevent data from being stolen, Two-factor authentication and a high level of encryption are a must for mobile apps. Other security features are also required, like:
Impending these security features adds cost to development. A reliable partner like us has all the solutions.
The admin panel module is critical when it comes to financial transactions. The Admin panel helps to manage content and users.
Push notifications are the base standard for all types of mobile apps. They help in communication and marketing. They also inform users about critical updates, planned maintenance, and other updates.
Adding all the above features to a crypto app adds cost. Now, let's look at the workflow of building a cryptocurrency app.
We have listed some essential features for a crypto app that add security and functionality and can be adjusted to user needs. But it all depends on your business goals and requirements.
It is the project's first phase once you get in touch with us, during which we meet (in person or online) and go through the concept and all the specifics. Workshops are essential for figuring out your requirements and expectations. They also focus on selecting technology, producing preliminary mockups, and calculating development costs.
The optimum time to raise concerns, make inquiries and provide information about your business, target market, and rivals are now. To provide you with the optimal solution, we examine this data.
You must provide a flawless user experience and a stunning design in your cryptocurrency app. Why? Because people who will use these items to work with their money expect them to seem professional and understandable. The UX/UI team does design a gratifying and rational consumer journey. Each component of your program will have a specific function. UI/UX Squad does provide all the necessary items in an aesthetically pleasing design that fits your brand's personality.
At this stage, developers start working on the project. Whether web or mobile, a crypto app needs a robust and reliable backend. Although the user cannot see this layer, it manages all actions and data. In addition, your team will be made up of developers who can create the kind of solution you require.
For instance, if you're making a mobile app, you'll need two teams of programmers to work on Android and iOS or a cross-platform team to work on both platforms simultaneously. The tech stack we select for your project will largely determine the team's composition.
Any project must include a testing phase. We should never undervalue its significance. We test them early on, thanks to quality assurance specialists. A crypto app must be perfect because it deals with sensitive information and money. Several tests evaluate its performance, usability, integrations, security, and more. The tests are chosen based on the kind of software and the intended capabilities.
In this stage, the web or mobile app is released once the code is finished and every test is passed. A dedicated team can assist you in a variety of ways right here. Naturally, we help with uploading the software. Still, we can also develop and implement a marketing plan for the effective advertising of your bitcoin solution. We'll research your target audience and act based on their preferences and needs.
It is the last stage of development, but apps need lifetime maintenance and updates to work correctly, add new features, support the latest operating systems, and more. So, it's great to work in the long term with the same development firm for proper flow of maintenance and the latest updates on the app.
Well, it depends on your business goals and requirements. Many apps give smooth control over transactions and money, which makes it easy to use and manage their currency. But, having more features/digital products means more investment. So, it's always a good idea to survey customers about what they expect from the app. For example, the below techs are used for app development.
You can reach us to discuss your project so we can recommend the best tech according to your requirements.
Although it is difficult to determine an exact price, an app with basic features and functionalities will likely cost between $15,000 and $50,000.
The cost can increase to $150,000 if you add the most cutting-edge features.
The below graph shows a significant hike in bitcoin from 2013 to 2022. It looks promising for future cryptocurrencies to succeed as well.
According to the graph below, you can also see a growing number of people using blockchain wallets. So, investing in and building the app is a good move.
Building a cryptocurrency app is not piece-of-cake work. It needs many resources, a workforce, different techs, a good investment, and more. So, estimating the cost of a cryptocurrency app depends on what features and functionalities you add.
Each project is different, the different techs used and also the additional amount of team and resources used, so it's best to reach out to experts to estimate the final cost.
I hope the above information will help you to achieve your desired goal of developing a cryptocurrency app and estimating the cost of the app.
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