With the emergence of cryptocurrency, a lot of people are realizing the value of investing in Bitcoin and other top cryptocurrencies like Ether and Ripple. And that has resulted in a lot of cryptocurrency wallet app development. But how do you Create a Cryptocurrency Wallet App?
Today, cryptocurrency is considered as the most profitable resource for investment that attracts maximum people from all over the world.
In addition to this, the market in the last five years has been grown by more than 560 times. The term cryptocurrency is working exactly the same way as other currencies like the EURO and USD. With the aim of the complete security of transactions, it keeps the whole process of new coins creation under control.
You can find various newcomers to the cryptocurrency space and even old-time crytonites that are constantly looking for the safest wallets in order to store their bitcoins, ripple, ether, and other cryptocurrencies.
The Constant Growing Market of Cryptocurrency Wallet Apps
As you know that the price for the cryptocurrency is going up and down, and it has been predicted that the bitcoin price will go up in the near future soon. According to the Sensor Tower Store Intelligence data, more than 25 million users have already installed different bitcoin wallet apps since 2014, and among all those apps, Coinbase has just reached no. 1 on the U.S. App Store top free iPhone apps chart.
In addition to this, the bitcoin wallet apps have been downloaded 4+ million times that represent year-over-year-growth of 800% since November 2016 when they saw an estimated 450000 installs.
With the growing demand for cryptocurrency wallet apps, entrepreneurs have decided to invest in creating a cryptocurrency wallet app that allows people to send and receive cryptocurrency and store them securely.
To create successful cryptocurrency wallet apps like Coinbase, you can check out the below mentioned exclusive features that will help people to send and receive cryptocurrency a lot easier.
Top Features to Consider While Creating a Cryptocurrency Wallet App
#1. Easy Transferring/Receiving of Cryptocurrencies
When it comes to developing a cryptocurrency wallet app like Coinbase, the main feature that you can consider in your mind is easy transferring and receiving of cryptocurrencies like Ripple, Bitcoin, Ether, etc., without any hassle.
Before, it was not easily possible to transfer as it was taking a certain period of time for funds to available in the bank. Now, banks are charging transaction fees from both parties’ recipients and senders. However, now it becomes easy to transfer money in terms of cryptocurrency using wallet apps. Make sure that you make it simple to transfer and receive cryptocurrency by making the process faster with no fees.
#2. Connecting Bank Account With Simple Process
Another essential feature that can make your cryptocurrency wallet app stand out is making it easy for people to connect their bank account by following a simple yet easy process. By connecting their bank account, they can buy and sell cryptocurrencies like Bitcoin, Ether, Litecoin and more.
They can directly buy and sell bitcoins and other cryptocurrencies from their device. Moreover, allow your users to keep cryptocurrency in their wallet and transfer it to the exchange when they want to trade, buy and sell.
#3. A Safe & Secure Ecosystem
The entire way the cryptocurrency ecosystem has been organized makes a wallet app a completely safe and secure place to store, exchange and use Bitcoin, Ripple, Litecoin and other cryptocurrencies. All the transactions that will be performed in the wallet must be signed with a digital signature before it sent to the blockchain.
Once it is sent to the blockchain, the transaction will proceed easily, and after it will become committed that means the money can be easily transferred to another wallet. In addition to the secure ecosystem, you must allow your users to see their transaction history and current balance with live updates.
#4. 2-Factor Authentication With Password Protected
2-factor authentication that is also known by two-step verification that is a simple security process in which the users offer two authentication factors in order to verify their authenticity.
In this process, there is not only a need for a password and username but also that only the user has with him like information or anything that they have to themselves. Two-Factor authentication will increase the security of your cryptocurrency wallet app and users’ transactions.
Plus, you ensure that you allow your app users to decide whether they want to go with 2-factor authentication or not. So, these are the four important features to make a cryptocurrency wallet app successful from other wallet apps that are already obtainable in the market.
How Much Does It Cost to Develop a Cryptocurrency Wallet App?
If you have decided to make a cryptocurrency wallet app, then you must have one of the important questions in your mind – how much does it cost to make an app like Coinbase or any cryptocurrency wallet app?
To give a basic idea about the approximate cost of making a cryptocurrency wallet app, we contacted one of our blockchain developers, who already have experience in developing the Cryptocurrency wallet app.
Considering some of the common features and functionalities in mind, he gave the approximate cost of developing a basic crypto wallet app that is $24,750. The cost varies features-to-features, functionalities-to-functionalities, and developers-to-developers and it also depends on the platform (iOS and Android) that you want to develop on.
To know the exact cost, it would be good to discuss your requirements with any leading mobile app development company. In case, if you have any queries and questions, you can let us know by commenting below and we will try to get back to you asap!