Must Things To Know Before Creating A Cryptocurrency App Development
Cryptocurrency is a trending topic on the media, It is the hottest talking trends in the blogs, digital contents, reputed financial magazines, and also in print media. The irony of the popularity calculated from the breaking crypto news, and list of options. So nobody can ignore the term cryptocurrency because every trending content are ended up with benefits of cryptocurrencies.
So entrepreneurs are waiting for the jump on the bandwagon by using cryptocurrency in different ways. Creating an app is also a beneficial idea, thus, we are revealing must things to know before creating a cryptocurrency app.
Everyone has a desire to be a billionaire and cryptocurrency is one of the shortest paths, but investing in the digital currency is not the only way. You can be a cryptocurrency adviser for newbies or a trading expert to solve the initial issues.
There are many options that supposed to be a good business idea but creating a trading app is the great business ideas. The idea of creating a platform for trading and cryptocurrency exchange is the coolest one. The imminent future of the cryptocurrency is also encouraged the investors to make something beyond the expectation.
The cryptocurrency is a new term for all of us, thus, there is very little information available on the Internet compared to the demand. Most of the investors are looking for the easiest way for cryptocurrency trading because this technology is on the initial state. As mentioned earlier, this topic hit every news journal and almost all financial blogs, but yet there are very much to described.
Being a leading mobile app development company USA, we are well acquainted about blockchain technology and how to use it on app development. We have an on-going project related to cryptocurrency app, thus, we are the best source to feed all your queries. We didn’t promote any content as internet jargon but the thing is people want a meaningful insight into one piece of content. Here we go…
Cryptocurrency: How Cryptocurrency Works?
To dive into the depth technicalities, first, we have to find out what is cryptocurrency stands for. Cryptocurrency is a digital and private currency that relies on encryption to generate funds via virtual transaction. Digital nomad preferred cryptocurrency as a unique currency system that makes uncentralized currency system based on blockchain. The attractive and most favorable benefits of cryptocurrency are its security, it has constructed through blocks or we can say blockchain technology.
It is a chain or block of the digital transaction that doesn’t rely on any centralized body like central banks, thus, it tough for hackers to crash the system, even the government doesn’t have the right to do so. The security and safe transaction is the reason behind the huge popularity of cryptocurrency. But the technology is not in control because it has more than 1000 types of cryptocurrencies. Most popular types of cryptocurrencies are Bitcoins, Litecoins, Etherium, Zcash, Ripple and Dash.
The uncover doubt on this topic is, “Does anyone make their own cryptocurrency”. On the first note, the answer is Yes, anyone can make their own cryptocurrency but it is not as easy as it looks. Actually, the process of creating own cryptocurrency is nearer to complex and it doesn’t guarantee for the ROI. Many popular brands like Unicef France and Wix that are preparing to create own cryptocurrency system for their transaction. Sound interesting… isn’t it?
The Difference Between Cryptocurrency and Bitcoins
As already mentioned above, A cryptocurrency is nothing but virtual or digital money that is based on blockchain technology. The transaction relies on the encryption to generate funds that clearly a virtual transaction. The cryptocurrency is based on the decentralized system that means no central body such as banks have rights to control over it. The technology offers a chance to create own currency, thus, there are thousand of cryptocurrencies available in the market. Bitcoins is one of them.
PayPal had these goals 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 the big challenge on the Bitcoin side.
– 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 of the cryptocurrencies are legal. The word Bitcoin first minted and created by Satoshi Nakamoto in 2009, it is an unregulated private currency. The purpose of launching Bitcoin is creating an alternative to sovereign digital currency. It is illegal in many countries because it doesn’t have any real value base.
What Is Blockchain Technology?
The 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 information, one block’s data clearly depended on the previous one. All blocks are separately controlled, thus, no centralized system in the blockchain. The uncentralized construction makes blockchain the first choice for every cryptocurrency based application.
In concise, it is technology for transactions in digital currencies are recorded and publicly. It also supports bitcoins trading that’s why most of the trading application compatible with the Blockchain technology. The technology offers robust security on the customer side, no personal data exchanged. Therefore, no third-parties include between owner and customer that gives a reason to make a cryptocurrency application to entrepreneur.
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, Bank of America CEO
No one can predict the future of cryptocurrency because it is not a centralized body. Nobody has direct control over this financial system and even the government also struggle to track info from the digital currency system. Maybe in the future, the government of most countries make strict rules and guidelines over cryptocurrency. Most of the investor found it very insecure to invest in bitcoin so maybe we witnessed a secure future for cryptocurrency.
Most of the popular company planning to create own cryptocurrency because they have proper database about how bright the future of cryptocurrency has. Brand like WIX and Unicef France have their own digital currency for transaction and donation. Facebook also jump on the bandwagon with it’s own cryptocurrency as programming language called Libra. The brave move by facebook shows a clear indication that there is a lot to come in crypto.
Most Popular Cryptocurrency Types:
As mentioned earlier, there are more than a thousand types of cryptocurrency available because of flexibility to create own currency. Bitcoins gaining attention from the last two years but it is illegal, thus, the new currency showed themselves as altcoins of bitcoin. The altcoins tend to update version of bitcoin with following legal ways. So here we jot down a list of the most popular types of cryptocurrency excluding 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 in worldwide. According to Statista, the market capitalization of major cryptocurrencies is Bitcoin with a total market cap over $133.3 Billion revenue until 13 April 2018. Except for Bitcoin, other most popular cryptocurrencies are Ethereum, Ripple, Bitcoin Cash, EOS, Litecoin and so on. As the image showing the main area where most of the people invest in is Bitcoin and Ethereum.
Advantage of Creating Cryptocurrency Application
- The biggest benefits of using cryptocurrency and blockchain technology are decentralized of the financial system. Owners and app users can manage the database.
- Since there is an absence of centralized control, thus, least possibilities to hack the systems. 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.
- As the blockchain technology is new and there are very few trusted resources. So users are searching for one stop solution in the shape of application.
- Another benefit of cryptocurrency app is money exchange features that allow users to the user to exchange money while they are roaming.
- The future of cryptocurrency also a big benefit in terms of the latest trends and ahead of the competition.
- All in all, to jump on the bandwagon and marching with the trend, the idea of creating a cryptocurrency exchange app is just super.
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 than many things matters. At Acquaint SoftTech, we have ample knowledge of developing an app similar to cryptocurrency app with the perfection that’s why we are voted as the best mobile application development company USA. 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 detail information with Filtering and Shortening coins
- Allow user to watch international market cryptocurrency worth
- Real-time market situation via attractive charts (Donut, Pie, line, 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’s always good to ahead of the times and invests in future technology but cryptocurrency is already touched by big players of the financial market. So goes the extra mile you have to make sure your app should compatible with next-gen features. Here are some tips about how to create a popular cryptocurrency application.
- Push notification for live update compatible with Image with CTA.
- Fast and Secure application for trustworthy 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 right investment.
- Insist your users to rate your app and share 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 so all you have to do is finalize the revenue model for the application. Because it’s worth, The major revenue model for any money exchange app would be the percentage amount of app owner as mediator. 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 USA, we vouch for best app development with futuristic design. Our developers are striving to meets clients expectations by using the latest technology. We have vast experience for creating finance based mobile application and our recite our excellence in app development.
If you are looking for the cryptocurrency app development, then we are the best source because we have several on-going projects for the cryptocurrency mobile app development, thus, we know how to make it more profitable and productive. We ensure the best app development and transparency on each stage.
We have successfully handover dozens of stock forecasting app to our beloved clients. If you have any queries related to the cryptocurrency application then feel free to discuss with our expert. Drop your dream idea at [email protected] or give us a call at +1 773 377 6499.
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 of exchange currency. All in all, it is the most expensive virtual currency worldwide without having any centralized body, so least chance to hack the core system.
Difference between Coins and Tokens?
Cryptocurrency doesn’t rely on physical currencies such as banknotes, but they have coins that messing 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, that is used for assets. On the other hand, Coins requires their own blockchain, so they can be used anywhere. In concise, Coins can buy Tokens but Tokens never buy any coins.
How to reduce cryptocurrency app development cost?
As mentioned earlier, the idea of creating 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 cost. Choose the right blockchain platform, design nodes, keep it simple in terms of design and make sure to prototyping 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 the crypto also increasing. There are many crypto apps that claim for the best features and easy user interface but only a few are willing to deliver excellence. Some popular cryptocurrency apps are Jexx, Mycelium, FreeWallet, CoinBase, Cryptonator, Trackers, and so on.
In A Nutshell
Technology moving silently towards an era where virtual currency will be all about. The physical currency like coins, banknotes are still important and have a glowing future but the digital currency has a lot to show. The only concern about cryptocurrency is bitcoin because it doesn’t follow the guidelines so remain illegal in many countries. Every finance related app need to follow the 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 an experienced team of the app developer, otherwise, great ideas cause turn into worthless jargon. Keep SHARING this piece of content with your colleagues.