How Much Does It Cost to Develop A Blockchain Wallet App?
Due to the vast technological development, practically all financial business verticals are putting their resources in Blockchain.
Lately, we can see the huge development of Blockchain technology and its applications. Thus, with this many new businesses and entrepreneurs have begun to invest in Blockchain technology. As cryptocurrencies are totally based on Blockchain, hence, there is an enormous demand for blockchain wallet application development.
In all our previous cost related articles, we have provided a ballpark figure of cost for the likes of already established apps like WhatsApp, Uber, etc.
In this particular Article, though, we will try to cover a technology that has not fully taken off yet and is the one that can create a real revolution when it does – Cryptocurrency/Bitcoin Wallet Application.
However, getting down to what the development entails and how much would cryptocurrency wallet app development cost, it is very important to brush your basics on what Cryptocurrencies are and how to build a blockchain wallet.
What Are Cryptocurrencies?
Cryptocurrencies are like ghosts. The ones who have seen (dealt in) them, swear by them and those who haven’t, are adamant in believing that they are what everyone tells them they are.
The concept of cryptocurrencies was generated when the anonymous inventor, Satoshi Nakamoto, of the First cryptocurrency, Bitcoin, gave the world a new technology. Nobody at the time imagined Bitcoin to become big news ever. But, as we all witnessed, Bitcoin did not only become big news, it led to a series of new cryptocurrencies and technologies to follow.
To define Cryptocurrencies, if we take away all the sophisticated words and processes, it will be reduced to “limited entries in a database that no one can change without fulfilling specific conditions”, which is how ANY currency in the world can be defined.
Now, since the increasing adoption of cryptocurrencies have made them not just real but also on the same platform as fiat money, the currency, like its fiat counterpart, also needs a place to be stored and transacted from.
Enter Cryptocurrency Wallet – The digital wallet used to store, send, and receive digital currency like Bitcoin.
Growing alongside the rising number of cryptocurrency traders and enthusiasts is the number of cryptocurrency wallets to save the users’ money in. This rise in cryptocurrency wallet development services has predictably brought an increase in the number of Blockchain wallet app users globally, according to statista.
As per the graph is given below which shows the number of Blockchain wallet users worldwide from Q1 2015 to Q3 2018.
This statistically backed rise in demand for cryptocurrency wallets has directly resulted in Fintech enthused businesses to add Cryptocurrency Wallets as a part of their revenue and business model.
Before we move on to the features, tech stack, and developmental challenges (and solutions) that would come together to form a answered price range of the question ‘How much does it cost to develop Blockchain wallet app’ or ‘how to make blockchain wallet’, let us take a quick detour to look at the cost and then the difference of wallets available in the market today.
An alternate solution from building a crypto wallet app like Bitcoin is integrating the functionality of adding ‘Pay with Bitcoin/Cryptocurrency’ feature in your existing application.
Let us look at how that works, and the time cost it comes attached with.
Digital Currency Payment Integration Within an Existing App
The demand and comfortability around cryptocurrencies have grown to such an extent that a number of online stores are now offering ‘Pay with Bitcoin’ option in their apps and websites.
This integration has come across as an alternative to Bitcoin wallets for businesses that want to have a part of Blockchain experience without having to invest in resources to make one from scratch.
Let us look at how this integration takes place and after that focus on how to Develop a Bitcoin Wallet App along with how bitcoin wallets work?
There are a number of third-party providers who offer the option to enable payment through Bitcoin or any other digital currency from within your existing application. The three that we mostly rely on and suggest to our clients are –
They offer different options for our clients. In case you wish to get the payment converted in your fiat currency value and then sent to your bank account, choose BitPay or Coinbase, but if you wish to send your funds to the exchange market or bitcoin wallet, go with Blockonomics.
The Cost of Crypto Payment Integration in your existing app will come somewhere in the range of $20k – 50k.
Now that we have looked into the different types of crypto wallets, the features that are common among all the leading crypto wallet apps, the technology stack that would go into the Bitcoin application development, and the associated challenges, it is time to look at the point that we got you here for the answer regarding how to create a bitcoin wallet app or in other terms, the blockchain wallet cost of developing a Bitcoin wallet application
How Much Does it Cost to Develop a Bitcoin Wallet App?
Noting all the functionalities, tech stack, and the hours of resources that would go into the feature-rich Bitcoin applications development, we have made a chart of the blockchain wallet development cost estimate that you would have to pay to get your apps like Bitcoin wallet developed.
Blockchain application development cost when looking specifically at the Bitcoin wallet application segment, ranges from somewhere around $85k to 95k, depending upon the features’ list that you wish to add in your app.
Here is the cost breakdown structure of Bitcoin wallet development –
Before we move on to the features and types of crypto wallets that would come together to form an answered price range of the question ‘How much does it cost to develop Blockchain wallet app’ let us take a quick detour at the difference of wallets available in the market today.
What Are the Different Types of Crypto Wallets?
When we talk about the different crypto wallets, the types that lead the category in terms of popularity are Mobile Wallet App and Web Wallet Apps. These apps run on the users’ phone through the app and allows them to not just store the digital currency but also transact money between other users or use them to make payment in the stores.
The reasons behind this growing popularity of Cryptocurrency Mobile Wallet usually range from-
Ease is the most primary reason behind this upsurging popularity of cryptocurrency mobile wallet apps. By bringing the wallet on a device that is on you at all times of the day, it becomes extremely convenient to transfer money or simply check the balance on the go.
Store and manage multiple cryptocurrencies
Blockchain Wallet App or other similar cryptocurrency wallet apps come with the benefit of storing and trading multiple digital currencies without switching between screens or devices. Also, it enables a single app to function as a platform to remain updated with the status of your digital currency portfolio.
Cryptocurrency Mobile Wallet Apps come packed with a superior security algorithm since its inception stage. Plus, since the wallet is literally with you at all times, the chances of it getting lost or damaged are minimal to none.
With this settled Crypto mobile wallet that is posing to be the most in-demand and invested in wallet type, let us now give our concentrated focus on the nuances and cost that you would have to work around and invest in to get your own Cryptocurrency Wallet App developed.
What are the Features of Crypto Wallet Apps?
Although considered to be one of the most common features of a mobile app, when we look into a crypto wallet app, the authorization stage comes into the limelight of importance.
In the feature, users are made to sign up or fill in a form with their keys to access the Bitcoin wallet.
Since it is the first stage where keys are to be entered, the authorization feature has to be developed with a proper and well-tested security protocol in place.
One way to ensure that the app is hack proof straight from this first onboarding stage is to add Google Two Factor Authentication.
By adding two-step authentication in the app, businesses will be able to add an additional security layer which is generally avoided by generic non-crypto based apps.
2. Conversion rate
Since the crypto wallet app will allow users to transact money between different modes – between the same digital currency, between different digital currency, and between digital and fiat currency, they would need to be updated on the real-time currency value.
3. Addresses’ list
This feature will be aimed at making the whole transaction a lot more speedier and convenient by giving the users a mode to manage the addresses they frequently transact digital currencies with.
4. Push notification
Using the push notification feature, the admin will be able to notify the crypto wallet app users of the price of their digital currency, success, and failure of the transaction, address addition, etc. Through the feature, users will be able to remain up to date with all of their account activity in real time.
5. Paper wallet import
A number of mobile wallet apps also come with the feature to scan the paper bitcoin wallet using the QR Code and then add keys in the app’s wallet to make a transaction. The scanned information can then be used to send and receive money.
6. Transaction feature
The whole essence of blockchain is to revamp the future of transactions. The most crucial part of the crypto wallet app is the transaction feature. Through this, users will be able to send and receive digital currencies within the crypto wallet app. Now, it goes without saying that it is of prime importance that this section of the app is 100% hack proof and speedy.
7. Security features
A common but equally important part of the crypto wallet app is the security feature that it comes with. Being based on Blockchain, the technology known to revolutionize Mobile App Security, You should give your users the option to change the pin or password or whatever private information they want to modify within the app.
Building a crypto wallet app, with all these features, from scratch would require the backing of a technology combination that in itself is developed and combined in a way that the amalgamation would deliver a fast, scalable, and hack-proof solution. In fact, the choice of technology stack is what plays a dominant role in establishing a cryptocurrency wallet app development cost.
The End Note
The standard cost to create or carry out blockchain application technologies is taken from different sources like open source tools, development team, analytical verticals, feature integration, and so much more.
All these components give an oriented portrayal of the blockchain application development range. The expense of setting any blockchain application requires a strong project assessment about its expense to create or implement.
Hence, for blockchain wallet app development, hiring an experienced team of experts or skilled crypto wallet development company is an economical way to streamline the process of app development as compared to other options.
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