How Much Does it Cost to Develop a Cryptocurrency Wallet App

After carefully evaluating the business logic, man hours, the technology stack requirements, and functionalities that would go into making a successful crypto wallet app the cryptocurrency development companies gives crypto wallet app development estimation, As of rough estimate the wallet app cost around $20k to $100K. For detail pricing based on idea, you may request proposal and estimation from Kryptomind.

Cryptocurrencies are a form of digital currency that is powered and protected by blockchain technology. The blockchain is used to solve cryptographic puzzles that are used to confirm transactions. This helps in making your transactions more secure. Moreover, this helps in making crypto impossible to double spend or counterfeit.

Now a blockchain is a public ledger accessible to anyone with a computer. This allows for complete transparency, so that the people are in control of their finances. Another important factor that makes Cryptocurrency so popular is that they are not distributed by any central authority, making them technically resistant to government intervention or exploitation.

What is a Cryptocurrency Wallet?

Cryptocurrency wallets are similar to the ones you’d find on your phone or computer. You can also buy a physical computer that runs a wallet app if you like the feeling of carrying a wallet. Satoshi Nakamoto introduced the first cryptocurrency wallet when he first published the bitcoin protocol in 2009. While Bitcoin is the most commonly used cryptocurrency, others based on the blockchain technology have appeared, and all of them can be stored in a cryptocurrency wallet. Multiple cryptocurrencies can be deposited in a single wallet.

You guide the sender to a specific cryptographic address provided by the wallet when you want to acquire cryptocurrency, whether by buying it on a currency exchange or obtaining it as a gift or as revenue. Your cryptocurrency may appear to be stored on the wallet in the same way that files are on a USB drive, but the information on the wallet only points to your cash’s location on the blockchain, which is a public ledger that tracks and authenticates all cryptocurrency transactions. Scanning a retailer’s QR code or sending a particular amount of cryptocoins to the retailer’s public address are also easy ways to spend with the wallet.

Types of Cryptocurrency Wallets

Various crypto wallet types can be classified into three categories: software, hardware, and paper wallets. They are also known as hot or cold wallets, depending on their working mechanisms. The majority of cryptocurrency wallet providers are software-based, making them more convenient to use than hardware wallets. Hardware wallets, on the other hand, are the most stable choice. Paper wallets, on the other hand, are made up of a “wallet” written on a sheet of paper, but they are now considered outdated and ineffective.

• Software Wallet
• Hardware Wallet
• Paper Wallet

Team Required to Build a Cryptocurrency Wallet

You’ll need a good concept, a team of experts, and professional developers to turn your vision into reality in order to create a highly functional app. In the creation of a blockchain wallet app, an experienced team of developers know how to apply the required technologies. Here’s a list of some of the most important people you’ll need to build a Crypto wallet app.

• Project Developer
• Android Developer
• iOS developer
• UI/UX Designer
• Backend Developer
• Tester/QA

Features of a Crypto Wallet

Encrypted login Authorization

Although the authorization stage is one of the most important features of a mobile app, when we look at a crypto wallet app, the authorization stage takes centre stage. To access the cryptocurrency wallet, users must first sign up or fill out a form with their keys.

The authorization function must be built with a proper and well-tested security protocol in place since it is the first stage where keys must be entered. Using Google Two Factor Authentication from the beginning of the onboarding process is one way to ensure that the app is secure.

Businesses would be able to add an extra security layer to their software by implementing two-step authentication, which is commonly avoided by non-crypto based applications.

Conversion Rate of Exchange Implementation

Since the crypto wallet app would allow users to move money between various modes of the same digital currency, different digital currencies, and with digital and fiat currency, they will need to be kept up to date on the current currency value.

Push Notification Feature

The admin can use the push notification function to alert crypto wallet app users about the price of their digital currency, transaction success and failure, address addition, and so on. Users will be able to keep track of all of their account activity in real time thanks to this functionality.

Manage Address List

This function would help to make the whole process much smoother and more convenient by providing users with a mode to manage the addresses with which they often transact digital currencies.

Paper Wallet Information Scanner

A variety of mobile wallet applications have the ability to check a paper crypto wallet using a QR code and then add keys to the app’s wallet in order to complete a transaction. After that, the scanned data can be used to send and receive money.

Multi-language Support

A good crypto wallet will be used all around the world. So to fulfil that demand and to make a better market for yourself. Your Cryptocurrency wallet should be able to support multiple languages, so as to capture the maximum market.

Custom Choice of Characters for Passkey

Crypto wallets or bitcoin wallets are often flexing about how many characters are supported on their respective devices. This passkey helps in providing better security. Hence a wallet that offers the option for more characters will be considered as safer than others.

Custom Integration of Currencies

This is the integration of different cryptocurrencies into a crypto wallet. When this is done, your wallet already has all the framework for the common cryptos. This allows users to save time, as they wouldn’t have to add new currencies for transactions.

Transaction Features

The entire concept of Blockchain is to change the way people transact in the future. The transaction function is the most important aspect of the crypto wallet app. Users will be able to send and receive digital currencies inside the crypto wallet app as a result of this. It goes without saying that the security and pace of this section of the app are critical.

Security Protocols

The security feature that comes with the crypto wallet app is simple but equally essential. You can give your users the option to change the pin or password or whatever private information they want to alter inside the app because it is based on Blockchain, a technology that is known to revolutionise Mobile App Security.

Building a crypto wallet app from the ground up with all of these features will necessitate the support of a technology mix that is built and combined in such a way that the resulting amalgamation delivers a quick, scalable, and hack-proof solution. In reality, the technology stack chosen is a major factor in determining the cost of developing a cryptocurrency wallet app.