Bitcoin Exchange App Development: a Bit of Smart Tips That Save Your Coins
The question of how to create a bitcoin exchange service is more relevant than ever before because cryptographic currency attracts not only ordinary users. Today, digital money arouses the interest of traders, investors, and miners. For example, a large French bank named BNP Paribas is exploring possibilities of integrating bitcoin into the currency reserves, and its British "colleague" Barclays has partnered with bitcoin-retailer Safello to find the best way of using the blockchain technology in the financial area. As you can see, the world of cryptocurrency is growing rapidly. Isn't it a good reason to consider the bitcoin exchange app development?
- Ideas for cryptocurrency services
- Key features of a blockchain exchange app
- How much does it cost to create your own bitcoin exchange app?
In Japan, cryptocurrency has already passed the legalization phase as an official means to pay for goods and services. However, in other countries, digital money is becoming a natural part of everyday life too. And this factor makes the bitcoin marketplace development a relevant issue, for it is bitcoin that can be called the most popular cryptocurrency, the 1st one of its type.
Transactions of bitcoins are being regulated by an extensive peer-to-peer network with a single and shared database. This decentralized P2P network uses an electronic digital signature and the support of a proof-of-work protocol aimed to guarantee the legitimacy of funds.
In order to create your own bitcoin exchange service, you must have this cryptocurrency in the 1st place (of course!). Bitcoins are being often obtained by mining, but this is a complex process with a lot of pitfalls. Happily, there are more simple options, for example:
This is a special online marketplace that allows participants to sell or buy a certain amount of cryptocurrency at a specific price. The process takes place between the participants themselves, which, in fact, is characteristic of any P2P interaction system.
These services help to convert money into bitcoin and vice versa (given the internal rate).
In this case, the seller and buyer of the bitcoins personally discuss the terms of sale and the acceptable exchange rate.
The methods of obtaining bitcoins described above imply that the owner of a cryptocurrency will need a special service for managing his digital money. And you should think about how to capitalize on this need.
One option is bitcoin currency exchange website development (or app development, no matter). But there are also other ways to deal with this issue.
If you do not want to create your own bitcoin exchange program, there are heaps of other ideas, for example…
#1. Bitcoin Wallet Apps
This idea immediately comes to mind when you think of using bitcoins. Cryptocurrency Wallet Apps have become highly popular among users because such mobile services greatly simplify the interaction with digital money. You cannot keep wondering how to create a cryptocurrency exchange system without knowing all the details about bitcoin wallet applications, for these issues are very close.
#2. Exchange rate monitoring
In addition to bitcoin marketplace development, you can create an application that will keep users advised and help them monitor the exchange rate.
For example, the Blockfolio application provides users with all the information about changing the rates and gives a chance to earn money by investing in coins wisely and efficiently.
The mobile program named Bitcoin Checker also gives a tool to monitor currency exchange rates, this app acts by collecting data from more than 80 exchanges.
#3. Getting bitcoins
If you remember, we’ve described a few ways to get bitcoins. The creators of Earn.com offer us an additional option to achieve this goal. Maybe they were not interested in the traditional bitcoin exchange app development; instead, they've built an original service that allows users to earn bitcoins for responding to messages and performing specific tasks.
#4. Bitcoins nearby
Another promising idea of the sort is building an app similar to Bitcoin Map - the one that tells a user about outlets and people in his (or her) location that sell goods and services for bitcoins.
The application contains an interactive map, an updated list of outlets nearby, a list of favorite stores, a calculator for converting bitcoin, and so on.
#5. Sale of goods and services
The bitcoin marketplace development can take many forms. For instance, the Gliph application allows buying and selling goods and services for bitcoins through users' direct interaction. Gliph includes a secure messenger and payment system that makes it possible to conduct in-app transactions.
And still, the most popular idea is the bitcoin currency exchange website (or app) development.
The blockchain exchange app is a platform for transferring, converting, and withdrawing digital money. What features should this service have?
- Log-in, registration. Of course, it's hard to imagine an application without the authorization feature, the bitcoin marketplace development is just no exception.
- User profile. Again, this is another must-have feature for any mobile program (and not only mobile).
- Creating a wallet. This is a great way to effectively manage cryptocurrencies.
- Cryptocurrency conversion & exchange. In general, you create your own bitcoin exchange app for having this particular feature.
- Binding an application and an internal wallet to payment cards.
- Execution of transactions. This feature is logically related to the previous one.
- The history of transactions made.
The 7 features we've described are quite enough for the bitcoin exchange app development if we mean creating an MVP model. If you are interested in a more complicated service, you’re free to fantasize about the expanded functionality which would include:
- Gamification. Offer users simple entertaining games during the operation with cryptocurrency
- Search for people selling bitcoins
- Search for places where the user can pay with cryptocurrency
- Monitoring the course of cryptocurrency
You decided to create your own bitcoin exchange app, site, or both. The next question is how much it will cost.
Let's see what kind of specialists you may need and how much their services would cost.
- The Project Manager who oversees the entire process of bitcoin exchange app development.
- UI/UX designers. Their task is to create an attractive and intuitive interface for your application or site. What is the price? Well, it depends on whether you are going to undertake the bitcoin currency exchange website development, for you may be satisfied with the creation of an application alone. But if you are interested in both mobile and web versions of the program, the cost of this stage will be about $11,000.
- Services of the front-end web developer. Again, if you do not need a website, then this step can be ruled out. Its price is about $15,000.
- Mobile development. The price starts at $60,000 for bitcoin exchange app development (for both platforms: iOS, and Android).
- Backend services for bitcoin exchange platform development. This stage establishes interaction with databases and ensures uninterrupted operation of the server part of the app. The cost will be at least $25,000.
- QA experts are responsible for testing the program at all stages of the bitcoin marketplace development.
We’d like to note that these figures imply a rate of $35 per hour - the rate of development companies from Ukraine and some other countries in Eastern Europe. If you hire specialists from the US or Western Europe, your expenses will have significantly increased.
According to Goldman Sachs, the global investment banking leader, digital money has all the prospects of changing payment technology in the coming years. And that’s why you should create your own bitcoin exchange application or website: you need to keep up with the times.
Of course, this task is a complicated business, you need to understand not only the bitcoin market, but also the nuances of coding, backend-frontend issues, and other stuff. If you are not a professional in these matters, it is better to delegate the bitcoin currency exchange website development to experts, for example, our Agilie team.
It’d be a wise choice, for our portfolio contains the project that, among other things, allows spending bitcoins in a more convenient way. It's about the Wirex app which offers mobile banking services, easy money transfer, and worldwide-issued bitcoin debit cards.
And Wirex is not the only project that proves our expertise in mobile development. Contact us right away and let’s get started!