How Much Does it Cost to Build a Cryptocurrency App?
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.
What is 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:
- Exchange platform
- Crypto Wallets (Remote only or Cold (physical) wallets)
- An all-in-one solution that provides all features
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.
Features of Cryptocurrency App
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.
User Accounts
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.
Buying & Selling / Trading
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.
Multi-Currency Support
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.
Liquidity Management
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.
Paper Wallet
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.
Security
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:
- Anti-Dos
- Biometric authentication
- CSRF
- SSR protection
- AML integrations
- SQL injection prevention
Impending these security features adds cost to development. A reliable partner
like us has all the solutions.
Admin Panel
The admin panel module is critical when it comes to financial transactions.
The Admin panel helps to manage content and users.
Push Notifications
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.
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.
Workshops
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.
UI/UX Design
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.
Development
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.
Testing
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.
Release
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.
Update and Maintenance
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.
Which Framework and Programming Language is Best?
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.
- Backend: Node.js and Java
- Frontend: Vue.js and Angular
- Native mobile: Swift (iOS), Kotlin (Android)
- Cross-platform mobile: Flutter
You can reach us to discuss your project so we can recommend the best tech
according to your requirements.
Estimated Cost to Build a Crypto Currency app
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.
Is It A Good Idea To Invest In A Cryptocurrency App?
The below graph shows a significant hike in bitcoin from 2013 to 2022. It
looks promising for future cryptocurrencies to succeed as well.
Source: Statista
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.
Source: Statista
Summing Up
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.
