DevelopingIdeasNFT & BlockchainPlanning

January 24, 2022

Our Guide on How to Create Your Own Cryptocurrency App

Stan Sakharchuk

Co-Founder & CEO

January 24, 2022

1935

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Cryptocurrency is a buzzword in the modern world. Being one of the most popular digital currencies that is said to replace dollars, people use these assets to buy goods and services. Cryptocurrency is a popular choice for many companies and customers as it ensures a high-security level working on blockchain ledger used to secure all online transactions. Immense interest in these unregulated currencies results from people’s desire to gain profit without working. 

Even though cryptocurrency is now used as a new form of payment that can be exchanged online for services, goods, or even for paying salary somewhere, there is a great space for companies to enter the industry with their brand-new ideas. In this highly digital world, time is an essential factor as the market situation changes quickly due to high market volatility and COVID-19 impact. 

The worldwide blockchain market is estimated to grow to $23.3 billion by 2023. For example, the market size worthed only $1.2 billion in 2018, when people only started to recognize cryptocurrency as the future of the world. A year later, the market value was estimated to be $2.2 billion. So we can safely say that the annual growth is expected to grow with every year and even a day.

According to the most well-known marketplace, over 65% of cryptocurrency users own bitcoins. This is the pioneer in the blockchain ecosystem and is now one of the most popular digital currencies. We carefully curated this guide to help any company enter the industry and grow revenue. Here you can find easy steps and tips on how to create a blockchain app and grow your business alongside market size.

What is a cryptocurrency?

This is a digital asset or payment system that doesn’t rely on financial organizations to ensure safe transactions. This is also called a peer-to-peer system that allows anyone from all across the world to send and get payments. Cryptocurrency replaces physical money that is carried in your pocket, as digital payments exist only online and are stored in special digital wallets. The first cryptocurrency, Bitcoin, was introduced to the world in 2009 and remains the leader today. 

How does cryptocurrency work?

All cryptocurrencies like Bitcoin, Ethereum, Litecoin, and Ripple run on a distributed public ledger known as the blockchain, a system of recording all transactions appearing and held by asset holders.

Cryptocurrency units are created through a process called mining, which requires using computers to resolve tricky mathematical issues when generating coins. However, holders can buy digital coins from specialized brokers that will then be stored and spent via online wallets.

It is vital to mention that you don’t have anything material when you have a cryptocurrency. This is only a key that provides you with an opportunity to move a record or a coin of measure from one to another without unnecessary third parties.

Types of cryptocurrency applications

Cryptocurrency wallet

This is one of the most popular types of cryptocurrency software that is designed to store customers’ private and public keys. These applications allow customers to sign needed transactions, track expenses, and keep all passwords within one platform, which is safer and more protected.  

Statistics aggregation platform

Even though there is not much information regarding these types of apps, it is a popular and in-demand software that might be a good choice to enter this market. However, when creating this software, you need to pay high attention to the UI/UX design, plus make sure your product has outstanding functionality needed for collecting data.

Cryptocurrency trading application

When developing this application, you have a choice: it could be a regular cryptocurrency exchange like well-known Bitstamp, or Kraken, decentralized exchanges like Compound, or peer-to-peer trading platforms such as LocalBitcoins. The development of these applications requires deep expertise, a long time for the development process, and many resources. This is because it is not only a mobile platform, but it also has to contain a corresponding back-end.

E-commerce app

It’s like having an online store or exchange platform, and you want to get payments in cryptocurrencies like Bitcoin. However, make sure you hire an experienced blockchain development company as the team will probably need to process each such payment manually because today, there are no stable payment gateways exciting in open source. Even though these projects have already been created several times with little success, an experienced development team can help you achieve market success.

Benefits of crypto app development

Decentralization

This is mainly because of the blockchain digital ledger presence in these applications. Its decentralized nature makes cryptocurrency free from regulated power, meaning no one can create rules for cryptocurrencies’ holders.

Unlimited and fast transactions

Since companies strive to provide ultimate convenience, cryptocurrency apps will be a great choice for them. While regular processing and settlement of transactions require time and resources, crypto apps allow businesses to make an unlimited number of transactions within minimum time. 

Reduced transaction fees

As everyone knows, all financial organizations charge significant fees for every transaction. Even though crypto apps do not free you from paying fees, the amount of money is significantly lower.   

Open transparency and anonymity

Within the blockchain ecosystem, every transaction is recorded and exists in the system, providing open transparency. In addition, in case the crypto address was not publicly confirmed, the transaction remains anonymous.

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Key features of crypto apps

1. User Authorization

Considering the popularity and value of digital assets, your application needs to be protected from hackers attacks. This is why this feature is a must-have for any of these applications. We recommend you enhance the authentication of your customers using two-factor or multi-factor authentication (2FA or MFA). 

2. QR Code Scanner

Since QR codes are fast, secure, and provide speed, you can add this feature to your app. If you boost the app with a QR code scanner, users will be able to facilitate automatic scanning of the wallet addresses and get their keys. Therefore, it can significantly enhance all transactions within a few clicks. 

3. Push Notifications

Like with any other application, push notifications are a crucial feature. Your users can always be informed & notified of everything vital for them happening on the platform. Depending on the information in your product, users have to be notified regarding transactions, new coins, the price of their assets, the success of payments, as well as the failure.

4. Latest Conversion Rates

This is a great feature to add to crypto wallet development. None of these platforms can bring you success without calculating transaction fees according to ever-changing conversion rates. 

5. Blockchain Transactions

Since these apps run on blockchain technology, your customers will have an opportunity to transfer and get digital assets via the app you developed following an entirely tamper-proof model.

Additionally, your platform will give users the ability to see the current balance and the whole transaction history due to blockchain transparency.

6. Payment Gateways

If you add a payment gateway into your app, you can give users a chance to buy or sell their digital assets efficiently and fast.

Step-by-step development of cryptocurrency app

1. Understand Blockchain and Cryptos

Since blockchain plays a crucial role in crypto app development, you have first to analyze this industry and understand the basics of all these terms. However, it is always better to hire a full-stack tech company experienced in this space to allow you to reduce the time needed for understanding and avoid mistakes. 

2. Find Cryptocurrency Open-source Libraries

Most cryptocurrency libraries are open source, meaning you don’t have to craft everything by yourself. Check the websites like BitcoinJ SDK or Coinbase SDK to find the required tools and resources for your future product.

The biggest advantage of these libraries is that they support the most popular languages like Python, Java, Ruby, etc. Some also work with C ++ and JavaScript languages, so you will find the best that suits your development goals.

3. Apply APIs

API is a distributed ledger API that will help you build a feature-rich platform. APIs help the development team to easily synchronize the crypto wallet with the blockchain ecosystem. 

4. Choose the Right Tech Stack

As well as when choosing the team for your project, you will also need to understand what tech stack you need to give your product the needed success. For instance, if you are looking to create a web app, you will need a team developing on Node.js or Angular.js, along with HTML5 version and CSS3. In case you decide to build a native app, you will need Java or Kotlin for Android, or Swift or Objective-C can be used for iOS.

5. Enhanced Security

Security is essential when you create a crypto wallet app. Thi Is why you need to pay close attention to this factor when crafting this software. Depending on your resources, you can either add an extra security layer to the product using 2FA, fingerprint, face ID, or hardware authentication.

6. Analyze Your Competitors

Even though this stage is usually completed at the first step of the development process, here, you can analyze your market and identify what features make your app stand out in the crowd. 

7. Start Your UX/UI Design and App Development

Once you have a team of experienced designers and developers while also creating a list of features, start your development. Remember that the design should also be appealing and suitable for customers. It is vital to have an attractive design mockup before beginning the development. Then, create your first MVP and let users review it and understand the pain points. When it is done, create the whole software and send it for testing.

Types of crypto app monetization

Promotions

This is a great monetization method where you will be paid for displaying third-party ads in the apps. The type of this promotion can be divided into several formats, where the most popular ones are ads, video ads, text ads, banners, and interactive ads.

Freemium model

You should consider the freemium monetization model if you want to update your product and get income regardless of advertising. This is when you have an application with basic functions that can be downloaded for free, but then you suggest customers get a premium version with higher functionality that will be purchased.  

Affiliate marketing

This marketing model places ads in your application and gets revenue every time people reach out to potential clients and/or buy something from their services or products. 

Transaction fees

This quite popular monetization method in crypto apps option means that you will charge a fee for every transaction that appears on your platform.

Paid applications

Finally, the last and one of the most used methods are paid apps. Unlike the freemium model, users will not get access to your app until they buy it, so the more users you have, the more purchases you get every time. 

Why choose Interexy as a crypto app development company?

Interest prides itself with outstanding experience in blockchain app development. We provide various services for any idea, customizing applications according to your unique needs and requirements. 

We’ve been working on various crypto projects, offering clients the best crypto applications, exchange platforms, digital wallets, and even NFT marketing services to ensure market success. 

Therefore, when hiring our team, you get a full team of Project Managers, Business Analysts, developers, designers, and QAs already experienced in this challenging field. Our core values are transparency, speed, and quality, meaning you will always know the latest updates get your project on time without compromising features and any minor details you want to see in the final product.

The bottom line

Considering the popularity of crypto globally and understanding its benefits for any business, the demand and success of this industry can be clearly seen now. Cryptocurrency applications can bring immense opportunities for both businesses and customers who want to enter the space with a trusted provider. Although the market is full of competitors, it is growing every day and has a lot of pain points you can cover with your product. In order to not waste time, money and reduce your stress, Interexy is always here to take your idea and bring it into reality!