A Complete Guide On Cryptocurrency Development

What is Cryptocurrency and how it works?

A cryptocurrency is a form of payment that can be exchanged online for goods and services. Many companies have issued their own currencies, often called tokens, and these can be traded specifically for the goods or services that the company provides. Think of them as you would arcade tokens or casino chips. You’ll need to exchange real currency for the cryptocurrency to access the goods or services.

Cryptocurrencies work using a technology called a blockchain. Blockchain is a decentralized technology spread across many computers that manage and record transactions. Part of the appeal of this technology is its security.

Proponents of blockchain technology say that it can improve transparency, increase trust and bolster the security of data being shared across a network. Detractors say that blockchain can be cumbersome, inefficient, expensive, and can use too much energy.

Rational crypto investors buy a digital asset if they believe in the strength and utility of its underlying blockchain. All cryptocurrencies run on a blockchain, which means crypto investors are betting (whether they know it or not) on the resiliency and attractiveness of that blockchain.

What is the future of Cryptocurrency?

According to Forbes, the bitcoin price prediction has just begun. The company strongly opines the brightest future of cryptocurrency. Let us dive into the future predictions about digital currency.

1. The Bitcoin prices will surpass $100000 per Bitcoin. Despite this year’s appreciation, usage is outpacing Bitcoin’s price. Daily transaction volumes (in USD) for Bitcoin are currently around 100X what they were at the beginning of this year when the price was hovering closer to $1,000 per Bitcoin. This volume growth is while most institutional managers are still sitting on the sidelines, waiting for custodianship technology to mature.

2. The biggest area of disruption will be electronically deliverable services: that is compute, bandwidth, and similar. Advances in blockchain technology will make it easier for marketplaces to form — and bring a huge amount of supply online. We expect to see one or more major digital commodities traded readily. We may even see miners for hire — who will provide their hash power to secure a particular coin with a contractual bounty — above and beyond the transaction and block rewards the protocols offer natively.

3. There will be fully decentralized exchange centres. A major driver spurring decentralization will likely be regulation — as certain currencies or exchange of currencies becomes more heavily regulated, it will drive behavior either to institutions that have proper compliance (for institutional investors) or underground.

4. The increase of liquidity — both for employees and supply of risk capital — will drive more and more savvy entrepreneurs to skip registering their company in a local domain. Or cause the creation of value to happen outside of this standard corporate formula.

5. We shall see the emerging crypto equities that register equity tokens. Just as more new projects will organize around a token economy, look for more businesses to tie their ownership or value to a legal tokenized equity structure.

Advantages of Creating a Cryptocurrency App

• The biggest benefit of using cryptocurrency and blockchain technology is the decentralization 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 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 they are roaming.
• The future of cryptocurrency is 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.

Top 5 Players in the Cryptocurrency Exchange Market

To save on your time, we have compiled a list of the best crypto exchanges by taking help from reputable crypto venture capital organizations in our knowledge. Let us find out which they are.

1. eToro: Best Overall

eToro is a one-of-a-kind, all-in-one copy-trading platform that is popular among bitcoin and FX traders. If you’re a buyer who loves to have their hands in a bunch of pies, eToro is a great place to start. This adaptable platform provides you with a plethora of trading and money-making opportunities.

2. Coinmama: Best For Beginners

Coinmama is an Israeli-based cryptocurrency broker and exchange. The service, which debuted in 2013, claims to offer a simple, secure, and pleasurable place to purchase cryptocurrency from anywhere on the planet. In reality, it benefits all countries except those sanctioned, such as North Korea.

3. BlockFi: Best Decentralized Crypto Exchange

BlockFi is one of the most user-friendly platforms for buying, selling, and earning cryptocurrencies. Similar to Robinhood, the exchange allows customers to earn up to 7.5 percent APY on their cryptocurrencies and provides a commission-free trading environment.

4. Coinbase: Best CryptoCurrency Available For Trade

Coinbase is the best crypto exchange in the world, with unmatched trading volume and a long history of industry-leading security. The platform, based in San Francisco, has been in business since 2012, making it one of the first adopters and providers of cryptocurrency-related products. Many newcomers use Coinbase to convert their fiat dollars to digital currency.

5. Binance: Best For Altcoins

Binance Exchange has maintained its position as one of the world’s leading crypto exchanges by providing users with the most cryptocurrency trading pairs of any reputable exchange, resulting in the largest trading volume of any crypto exchange. The exchange was founded in 2017 and was based in China at the time.

How Does a Cryptocurrency Trading App Work?

The cryptocurrency exchange app works as follows:

To begin with, the user registers to be part of the system and obtains an individual cryptocurrency wallet. Bitcoins and other currencies can be stored in this wallet.

When money is sent, the user conducts a transaction through the system. Afterward, funds are loaded to the user’s account on the app server. The user then chooses where the money will go and the currency it will be sent in. What happens next can be done without the user’s assistance.

Purchase of the cryptocurrency is completed by the system on the server side, and the end user’s engagement isn’t required either. Afterward, the foreign currency is bought after the cryptocurrency is sold. The final step involves the user receiving the funds in the currency of their choice into their bank account.

A successful transaction involves the foreign currency being sent to an account with a native currency. Once an account is established, the user confirms their account. Lastly, the transaction is automatically completed. In short, the cryptocurrency exchange app can be automatic with the exception of one step: the recipient needs to designate the wallet in a new account as “confirmed.”

However, if money is transferred from a confirmed account, the process becomes more troublesome and must be conducted differently. The most optimal approach is to team up with those who issue cryptocurrency debit cards. In the event money doesn’t warrant withdrawal, cryptocurrency can be loaded onto these cards.

The website will have an API via a backend service that both iOS and Android devices can use. It will allow for:

• The creation of accounts.
• Request for a money deposit.
• Requests to send money.
• Cryptocurrency > Currency exchange proxy APIs.
• Management of bank accounts.

Afterward, a backend portal will be implemented into the exchange application, which will allow the user to modify the information on his profile.

Trends of Cryptocurrency Trading App Market

As mobile phones continue to lead the game in adopting cryptocurrency worldwide, some organizations have begun leveraging this opportunity by converting them into investment assets. Let us see what are the recent trends across industries in crypto apps:

Finance and Investments

In fintech, blockchain already finds applications in areas like digital ID, insurance, customer authentication, etc. Blockchain is also fueling a more efficient and secure global payment interface through remittances, microloans and more. Cryptocurrency wallets are slowly becoming a prominent way of conducting transactions and buying goods. CoinDCX was the first of cryptocurrency exchanges across India that successfully integrated bank account transfers, letting users trade cryptocurrencies with Indian rupee instantly.

Retail

The retail fashion & luxury industry is expanding rapidly to satisfy the dynamic needs of customers. Blockchain and cryptocurrency integration into websites and apps for brands will let them do away with crippling industry challenges by enhancing operations of supply chain, and minimizing the grey market and counterfeit product risk. Apps can be integrated with interfaces for sharing verifiable claims for authenticity, tracking the product provenance from source-to-sale, etc, quick payments, etc.

Entertainment

With advanced technologies, experienced developers, and open source tools, blockchain gaming is unlocking immense value for gamers as well as creators. It is quite evident that an open and transformational entertainment economy will take over soon. Through blockchain, digital reward systems can enable players to collect collectibles in the form of digital cryptocurrencies while making the game fun and profitable.

Blockchain and crypto-based apps for streaming videos and music will let artists monetize their music effectively. With the development of a number of use cases of blockchain and cryptocurrencies across sports, brands and organizers are redefining how leagues, teams, athletes, and fans engage with each other.

How Does Cryptocurrency Trading App Generate Revenue?

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 it, The major revenue model for any money exchange app would be the percentage 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

Features That Make Cryptocurrency Trading App Stand Out From Other App Types

Creating a mobile application is a cakewalk but when you prepare for any kind of financial app then many things matter. At Softqube, we have ample knowledge of developing an app similar to a cryptocurrency app with perfection. Here are some must-have 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

Which Technologies Can be Used For Cryptocurrency Trading App Development?

As blockchain is dominating its presence in fields unheard of, any technology enthusiast needs to be familiar with the top programming languages which are best suited for Blockchain development services. The top technologies that anyone must learn for blockchain application development in 2021 are as below:

1. Solidity

Influenced by JavaScript, Powershell, and C++, Solidity is the first blockchain programming language that one must learn. Especially when you want to develop apps or are looking to get into the ICO development game.

2. Java

Java, the official language of Android mobile app development and a preferred option for backend development, is also considered one of the top blockchain programming languages used for Blockchain development.

3. Python

Blockchain programming in Python has not only ruled the world of app development, IoT app development, and network servers’ development, but is also proving to be an asset in the Blockchain-as-a-service arena.

4. Javascript

Considered for a wide range of app and game development needs, JavaScript is also one of the best Blockchain programming languages to keep an eye on.

5. PHP

Released in 1995, PHP (Hypertext Preprocessor) is another programming language used for blockchain development that every reputed mobile app development company recommends for creating Blockchain solutions.

6. C++

C++, introduced back in 1985 by Bjarne Stroustrup, is the best programming language for cryptocurrency development.

7. Go

Go programming language also lands in the list of top Blockchain coding languages with a blistering success.

8. Simplicity

Created by Russell O’ Connor, Simplicity is one of the high-level Blockchain coding languages that hit the market in November 2017.

9. Ruby

Ruby is the best language for blockchain development to headstart your career with.

10. Rust

Though a newbie in the Blockchain ecosystem, Rust is also being widely considered for building innovative, immutable, and secure solutions.

11. SQL

SQL (Structured Query Language) is also one of the top blockchain technology programming languages to consider in 2021.

12. Erlang

Erlang is another top Blockchain coding language you must consider for a brighter future ahead.

13. Rholang

Rholang is yet another impressive addition in the list of Blockchain programming languages. The language, unlike C++ or Python, operates with a functional approach over object-oriented.

How Much Does It Cost to Create a Cryptocurrency Trading App

The cost of building robust apps like Coinbase at the crypto platform would be somewhere around the range of USD 57000 to USD 98000. If you wish to get both a website and application developed for your cryptocurrency exchange platform, the amount that you would have to shell out in the name of cryptocurrency exchange app development cost would be somewhere in lines of – USD 1,32,000 to USD 1,45,000.