Cryptocurrency App Development – 5 Things to Know

Cryptocurrency app development is more in demand than ever.

These apps not only help track/control cryptocurrency funds, but they can be wallets where users store and use their cryptocurrencies.

And most importantly, they’re just what can help you establish yourself as an appreneur.

Yet before you start on your exciting journey as a cryptocurrency appreneur, below are five things you should be fully aware of.

1) Why Cryptocurrency App Development is a Great Idea

As a business-savvy person, you need to know why investing in cryptocurrency app development is a great idea. So, let’s go over the numbers and overall benefits for added clarity.

The State of the Cryptocurrency and Cryptocurrency App Markets

First of all, the world of cryptocurrency is thriving.

• In just 10 years (2012-2022), the price of the popular Bitcoin has increased by 540,000%.
• There are over 6,000 currencies. Of these, the top 10 control 88% of the overall market.
• Predictions of the global blockchain market indicate it will reach $23.3 billion in 2023.
• Around 18,000 businesses allow cryptocurrency payments.

The numbers for cryptocurrency apps are just as amazing –

• According to the Grand View Research report, the market will grow at an annual growth rate of 24.8% from 2023 over the next seven years. Just the CAGR of the crypto wallet segment in the US is expected to stay around 23.1% between 2022-2030.
• CoinMarketCap reports that the cryptocurrencies global market is the world’s 22^nd largest economy by gross domestic product.
• CoinMarketCap also estimates the volume of daily trade to be around $50.9 billion per day.
• There’s a growing demand for cryptocurrency apps. According to Pew Research, in the USA alone, 16%, or 53 million people, use cryptocurrency in some form.
• The global cryptocurrency market is projected to reach $1.8 trillion by 2027, signaling substantial demand for cryptocurrency-related apps.

The Value of Developing a Cryptocurrency App

Cryptocurrency apps offer the cryptocurrency market a lot of benefits, including decentralizing the financial system, speeding up transactions, minimizing transaction fees.

Yet you’re probably more interested in what they can do for you and your brand.

For traders, cryptocurrency app development streamlines crypto trading and eliminates the need for using desktops.

For businesspeople, the end result of the process increases their user base and trade numbers while boosting their brand reputation.

You can also use your cryptocurrency app to explore new revenue streams such as –

• Transaction Fees: You can charge a minimal fee for facilitating cryptocurrency exchanges, trades, and transfers.
• Premium Features: Offering advanced functionalities through in-app purchases or subscriptions can unlock additional revenue opportunities.
• Advertisement and Partnerships: You can use targeted advertisements or collaborations with relevant brands within the crypto industry.
• White Label Solutions: Generate revenue by licensing app technology to other businesses, earning licensing fees, or striking revenue-sharing agreements.

2) 3 Types of Cryptocurrency Apps to Develop

You have a choice of three types of apps for your next cryptocurrency app development – crypto wallets, crypto payment apps, and trading apps.

Crypto Wallet App

Crypto wallets help users store all their cryptocurrencies safely while maintaining different transaction records. They also make transactions easier and faster, and reduce the cost of money transfers.

Crypto Payment Apps

Cryptocurrency payment apps enable users to make transactions using cryptocurrencies for goods and services. In short, they promote the use of cryptocurrencies for making payments.

These apps typically include features like QR code scanning, address generation, and integration with merchants or online platforms.

Some apps may offer additional features like loyalty programs or conversion of cryptocurrencies to fiat currency at checkout.

Cryptocurrency Trading Apps

A cryptocurrency trading app acts as a marketplace by facilitating the purchase, sale, and trade of cryptocurrencies.

It can provide a platform for users to exchange one cryptocurrency for another or trade cryptocurrencies for fiat currencies.

3) In-Demand Cryptocurrency App Features

The third important aspect of cryptocurrency app development is the features your app includes.

Below is a mix of must-have and WOW features you should consider. You can always add more to these after discussing your options with your technology partner.

Security

Since this is money you’re dealing with, your app needs to at least have standard banking or FinTech app security features such as –

• Two-factor authentication or multifactor authentication to gate access to the wallet
• Timed log out to logout users after a period of inactivity or locking their devices
• Approval for repeated payments to prevent a popular form of fraud – multiple payments to the same address               

QR Code Scanner  

QR code scanners will spare app users from typing out lengthy public keys. Instead, they can scan them quickly and securely.

The added convenience will also ensure your cryptocurrency app development efforts don’t go to waste.

Push Notifications

This is an important feature as it allows users to always stay informed about their transactions.

Users may also be notified about price fluctuations of their digital currencies, enabling them to make faster decisions.

Wallet Backups

This feature allows app users to back up and secure their wallets. In addition to backups on their devices, users can be given the option to choose cloud storage such as Google Drive.

Multi-Currency Support

Wallets should support as many cryptocurrencies as possible. This will be quite convenient for investors as it saves them from downloading multiple apps to manage their currencies.

Real-Time Conversion Rates

Users will expect to be able to get the latest conversion rates in their app. That way, they can make better trade decisions.

Great User Interface (UI)

Just because you’re creating a cryptocurrency app doesn’t mean you should neglect its look and feel. With hundreds of apps providing similar services, yours needs to stand out and make a good impression.

Chatbot

This is one of the WOW factors that’ll make your app stand out. A chatbot helps resolve issues as well as provide guidance for app users.

4) Cost of Cryptocurrency App Development

The short answer for this is anywhere from $25,000 $200,000+. How much you pay for cryptocurrency app development may vary depending on various factors which also influence the complexity level of the app.

Here are some you may want to consider –

• Type of App – Whether you need a wallet or trading app, you can expect them to be priced differently. You also have a choice between native, hybrid and web apps. Make sure to read about their differences to determine which is the best choice for your target audience. You can also consult with the developers as their experience matters too.
• Technology Stack – Node.js, PHP, JavaScript, and Corda are some of the options used for developing cryptocurrency applications. They also influence the price you pay for development as not all developers are proficient in multiple tech stacks.
• Tech Partner’s Location – The region your developers reside in can impact the cost of development. South Asian developers will cost you less than North American developers. This is why countries such as Pakistan and India have become the preferred IT markets for most.
• Number of Features – The more features you include, the more complex your app will become and the more time developers will spend on it.

If you wish to calculate the cost of your cryptocurrency app development project, make sure to find out the average hours it’ll take to make it. This will help you estimate your budget better. Just remember to factor in the above along with the per-hour cost you’re billed for a more accurate estimation.

5) Tips for Top Cryptocurrency App Development

Before wrapping up, here are some great bits of advice that can help you get the most value from your app. Use these along with your tech partner’s recommendations for a unique app.

Get the Legalities Out of the Way

Seek legal advice before you start development to learn about the regulations in your region and target audience’s region.

Hiring a well-versed lawyer will also enable you to get the necessary licenses and documents beforehand.

Choose the Right Tech Solution Provider

Make sure to select the right cryptocurrency app developers for your app. Don’t limit your selection solely to your budget. Instead, factor in their experience, performance, expertise, and client reviews.

Allow Your App to Sync with Other Apps

There are many APIs that your developers can use to enable your app to sync with others. In addition to added convenience, this feature increases liquidity by connecting your app to existing businesses.

Select the Best Payment Processor

Partner with payment processors who offer unique features and the lowest transaction rates.

Another aspect to consider while selecting a payment provider is its cybersecurity practices. Preferably, look for PCI-compliant companies to steer away from cyber threats.

Just remember to carefully screen your contract before signing it to avoid hidden fees. That’s actually another benefit for having a legal advisor on your side.

Don’t Cut Corners with Security

You yourself need to maximize the security of your app. After all, there’s a lot that you can lose with a single threat.

So, in addition to the security features you learned from here, ask your tech provider to implement whatever is necessary to ward off cybercriminals.

Keep Tabs on the Competition

You can’t make your app stand out unless you know what others are making. So, check out what your competitors are creating. You can also learn from their marketing tactics to better position your own app.

Ready to Start Your Cryptocurrency App Development Project?

You’re at the right place! DPL has ample experience working with both startups and large corporations to create FinTech solutions. And we’re excited to help you too with your cryptocurrency app.

So, use the form below to get in touch with our experts right away.