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Must Things To Know Before Developing A Cryptocurrency App Development

July 18th, 2019

Cryptocurrency is one of the most popular topics on the web. It is widely talked about in blogs, digital content, reputed financial magazines, and print media. Nobody can ignore the term cryptocurrency and the benefits it provides.

So entrepreneurs are waiting to jump on the bandwagon by using cryptocurrency in different ways. Creating an app is a beneficial idea. Thus, we are revealing must things to know before developing a cryptocurrency app.

Everyone desires to be rich, and cryptocurrency is one of the shortest paths. But investing in digital currency is not the only way. You can be a cryptocurrency adviser for newbies or a trading expert to solve the initial issues.

Many options are supposed to be a good business idea, but creating a trading app is the best of all. The idea of creating a platform for trading and cryptocurrency exchange is the coolest one. The imminent future of cryptocurrency has also encouraged investors to make something beyond expectation.

Cryptocurrency is a new term for all of us. Thus, there is very little information available on the Internet compared to the demand. Most investors are looking for the easiest way for cryptocurrency trading because this technology is in its initial state. As mentioned earlier, this topic hit every news journal and almost all financial blogs. But yet there is still very much to talk about.

Being a leading mobile app development company, we are well acquainted with blockchain technology and its application in app development. We have an ongoing project related to a cryptocurrency app. Thus, we are the best source to feed all your queries. People wanted a meaningful insight into one piece of content. So here we go…

Cryptocurrency: How Cryptocurrency Works?

Before we dive into the depth, we have to find out what cryptocurrency is. Cryptocurrency is a digital and private currency that relies on encryption to generate funds via virtual transactions. Digital nomads refer to cryptocurrency as an uncentralized digital currency that is based on blockchain. The most attractive benefit of cryptocurrency is its security. It has been constructed through blocks, or we can say blockchain technology.

It is a chain or block of digital transactions that does not rely on any centralized body like central banks. Thus, it is tough for hackers to crash the system. Even the government does not have the right to do so. The security and safe transaction is the reason behind the increasing popularity of cryptocurrency. But the technology is not in control because it has more than 1000 types of cryptocurrencies. The most popular cryptocurrencies are Bitcoins, Litecoins, Etherium, Zcash, Ripple, and Dash.

The uncovered doubt on this topic is - Can anyone make their own cryptocurrency? The answer is, Yes. Anyone can make their own cryptocurrency, but it is not as easy as it looks. Actually, the process of creating your own cryptocurrency is very complex. And it does not guarantee the ROI. Many popular brands like Unicef France and Wix are preparing to develop their own cryptocurrency system for their transaction. Sound interesting, right?

The Difference Between Cryptocurrency and Bitcoins

As already mentioned above, A cryptocurrency is nothing but virtual or digital money based on blockchain technology. The transaction relies on encryption to generate funds that are clearly virtual transactions. The cryptocurrency is based on a decentralized system. That means no central body such as banks has the right to control it. The technology offers a chance to create your own currency. Thus, there are thousands of cryptocurrencies available in the market. Bitcoin is one of them.

PayPal had the goal of creating a new currency. We failed at that, and we just created a new payment system. I think Bitcoin has succeeded on the level of a new currency. But the payment system is somewhat lacking. It’s very hard to use, and that’s a big challenge for Bitcoin.

– Peter Thiel, Co-Founder of PayPal

Bitcoins are a type of cryptocurrency but have some differences. Most of the digital currency has followed the guidelines of central banks. That’s why most cryptocurrencies are legal. The word Bitcoin was first minted and created by Satoshi Nakamoto in 2009. It is an unregulated private currency. The purpose of launching Bitcoin is to create an alternative to sovereign digital currency. It is illegal in many countries because it does not have any real value base.

What Is Blockchain Technology?

Blockchain technology is used for creating exchange and transaction values in real-time. As the name implies, Blockchain is the technology that works on the distributed network public database with blocks of information. The data of one block is dependent on the previous one. All blocks are separately controlled. Thus, no centralized system exists in the Blockchain. The uncentralized construction makes Blockchain the first choice for every cryptocurrency-based application.

In short, it is a technology for transactions in digital currencies to be recorded publicly. It also supports bitcoins trading. Thus, most of the trading applications are compatible with Blockchain technology. The technology offers robust security on the customer side, with no personal data exchanged. Therefore, no third party comes between the owner and the customer. That is a great reason why you should consider developing a cryptocurrency app.

Future of Cryptocurrency Claims The Great Business Idea

There ought to be a hard look at the policy of anonymous currencies because the ability to track information of money flowing is one we use seriously against terrorism and as [a tool] against improper, illegal behavior.

— Brian Moynihan, CEO, Bank of America

No one can predict the future of cryptocurrency because it is not a centralized body. Nobody has direct control over this financial system. Even the government struggles to track info from the digital currency system. Maybe in the future, the government of most countries would bring stricter rules and guidelines over cryptocurrency. Many investors found it very insecure to invest in bitcoin. So we may witness a more secure future for cryptocurrency.

Most popular companies are planning to create their own cryptocurrency because they believe that cryptocurrency has a bright future. A brand like WIX and Unicef France have their own digital currency for transactions and donations. Facebook has also jumped on the bandwagon with its own cryptocurrency as a programming language called Libra. The brave move by Facebook shows a clear indication that there is a lot to come in crypto.

Most Popular Cryptocurrencies

As mentioned earlier, more than a thousand types of cryptocurrency are available because of the flexibility to create your own currency. Bitcoin is gaining attention for the last two years, but it is illegal in many countries. Thus, the new currency showed itself as altcoins of bitcoin. The altcoins tend to update versions of bitcoin in the following legal ways. So here we jot down a list of the most popular cryptocurrencies apart from Bitcoins.

  • Ethereum (ETH)

  • Zcash (ZEC)

  • Dash (DASH)

  • Litecoin (LTC)

  • Ripple (XRP)

  • Cardano (ADA)

  • Bitcoin Cash (BCH)

  • Monero (XMR)

  • NEO (NEO)

Most Popular Cryptocurrency By Market Capitalization

There is a clear win for Bitcoin because it is the most expensive and most popular cryptocurrency worldwide. According to Statista, the market capitalization of major cryptocurrencies is Bitcoin with a total market cap of over $133.3 Billion revenue till 13 April 2018. Except for Bitcoin, other most popular cryptocurrencies are Ethereum, Ripple, Bitcoin Cash, EOS, Litecoin, etc. As the image showing the main area where most people invest in is Bitcoin and Ethereum.

Advantages of Creating Cryptocurrency Application

  • The biggest benefit of developing cryptocurrency app with blockchain technology is the decentralized financial system.

  • Since there is an absence of centralized control, the possibility of hacking the system is low. The app owners also get the security patches through this.

  • All cryptocurrency investors have a mobile-first approach. So it is always a great business idea to create a cryptocurrency app.

  • Blockchain technology is new, and there are very few trusted resources. So users are searching for a one-stop solution in the shape of an application.

  • Another benefit of the cryptocurrency app is money exchange features that allow users to exchange money while roaming.

  • The future of cryptocurrency is also bright as per the latest trends.

  • All in all, the idea of jumping on the bandwagon and developing a cryptocurrency exchange app is just superb.

Must-Have Features While Creating A Cryptocurrency Application

Creating a mobile application is a cakewalk. But when you prepare for any kind of financial app, then many things matter. At Acquaint Softtech, we have ample knowledge of developing a cryptocurrency app with perfection. Thus, we are the best mobile application development company. Here are some must features for creating a cryptocurrency app.

  • Allows easy way as social media login and signup with Google

  • Allow users to watch real-time market trends

  • Give detailed information with filtering and shortening coins

  • Allow users to watch international market cryptocurrency worth

  • Real-time market situation via attractive charts (Donut, Pie, Line Graph, Row, and Bar)

  • Add Cryptocurrency exchange to give an idea about the live value of crypto

  • Trace the live values of the crypto in the different currencies

  • Enable search option to select at least 1000+ cryptocurrencies

How To Create A Popular Cryptocurrency Exchange Application

It is always good to be ahead of time and invest in future technology. But cryptocurrency is already touched by big players in the financial market. So you need to go the extra mile and make sure your app is loaded with next-gen features. Here are some tips about how to create a popular cryptocurrency application.

  • Push notification for live update with Image and CTA

  • Fast and Secure application for trust factors

  • Allow users to fast and easy exchange currency

  • To make a personalized and user-first app, allow multilingual support

  • Real-time refresh feature through swipe-up (Pull to refresh gesture)

  • Alluring and Responsive App design for mobile and tablet.

  • Attractive User Interface & Clean code without any bugs

  • Real-time Cryptocurrency news via blog or other popular sources like CoinTelegraph

  • Cryptocurrency market watcher feature to educate users about the proper investment

  • Insist your users for rating your app and sharing your app. It helps in boosting popularity.

The Possible Revenue Model For Cryptocurrency Application

Working on a great idea is something like building a castle in the air. You have to finalize the revenue model for the application as well. Because that is what this is all about. The major revenue model for any money exchange app would be the percentage amount of app owners as mediators. Here are some other revenue mapping methods.

  • Google AdMob Integration for banner & interstitial mobile ads

  • Sponsored Advertisement with custom sizes

  • Referral Method to grab the visitors

  • Create a Pro version of the app with some additional features

  • Enable Text, Carousel and Video advertisement

Why Choose Acquaint Softtech For Creating Cryptocurrency Application

Acquaint Softtech is a leading mobile app development company. We vouch for the best app development with a futuristic design. Our developers are striving to meet the expectations of clients by using the latest technology. We have vast experience in creating a finance-based mobile application, and we recite our excellence in app development.

If you are looking for cryptocurrency app development, then we are the best choice. We have several ongoing projects for cryptocurrency mobile app development. Thus, we know how to make it more profitable and productive. We ensure the best app development and transparency at each stage.

We have successfully handed over dozens of stock forecasting apps to our beloved clients. If you have any queries related to the cryptocurrency application, feel free to discuss them with our expert. Drop your dream idea at info@acquaintsoft.com or give us a call at [+1 773 377 6499](tel:+1 773 377 6499).FAQs About Cryptocurrency App Development

FAQs About Cryptocurrency App Development

What do you mean by BTC?

Bitcoin Digital Currency is an acronym for BTC. It is one of the most popular types of cryptocurrency, developed by Satoshi Nakamoto in 2009. It is illegal in many countries because it doesn’t have any real value base. The reason behind the popularity of Bitcoin is the ease in exchange of currency. All in all, it is the most expensive virtual currency worldwide without having any centralized body.

Difference between Coins and Tokens?

Cryptocurrency doesn’t rely on physical currencies such as banknotes, but they have coins that mess with the tokens. Actually, both Tokens and Coins come under the cryptocurrency. But their purpose is different. Tokens are dependent on the blockchain like Ethereum, which is used for assets. On the other hand, Coins require their own blockchain, so they can be used anywhere. In short, Coins can buy Tokens, but Tokens can never buy any Coins.

How to reduce cryptocurrency app development costs?

As mentioned earlier, the idea of developing cryptocurrency app development is futuristic and profitable, but it has to be budget-friendly. The app owner should find out how to reduce cryptocurrency app development costs. Choose the right blockchain platform. Keep it simple in terms of design and create a prototype of the final output using the latest technology. Above all, hire a suitable cryptocurrency app development company such as Acquaint Softtech.

What are the most popular Cryptocurrency exchange apps?

The popularity of cryptocurrency is trending on the news and blogs. Thus, the number of apps related to crypto is also increasing. Many crypto apps claim the best features and easy user interface, but only a few deliver an excellent experience. Some popular cryptocurrency apps are Jexx, Mycelium, Freewallet, CoinBase, Cryptonator, Trackers, etc.

In A Nutshell

Technology is moving quickly towards an era where virtual currency will dominate other forms of currency. Physical currency like coins, banknotes are still important, but digital currency has a lot to show. The only concern about cryptocurrency is Bitcoin because it doesn’t follow the guidelines. And thus, it remains illegal in many countries. Every finance-related app needs to follow government guidelines. So you have to hire a renowned mobile app development company such as Acquaint Softtech for successful app development.

No doubt, The idea of cryptocurrency app development is profitable and futuristic. But you have to gather a team of experienced app developers. Otherwise, great ideas can turn into worthless jargon. Keep SHARING this piece of content with your colleagues.

Mukesh Ram

Founder and CEO, Acquaint Softtech

I love to make a difference. Thus, I started Acquaint Softtech with the vision of making developers easily accessible and affordable to all. Me and my beloved team have been fulfilling this vision for over 15 years now and will continue to get even bigger and better.

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