Cryptocurrency Wallet App Development Cost & Features
written by Nitin Garg | Jul 12, 2022
This article is a must-read for anyone interested in investing in cryptocurrencies and crypto wallet app development cost but unfamiliar with crypto wallets. When you hire cryptocurrency development services, you will need a crypto wallet to store your private keys.
It will provide a complete overview of crypto wallets, their types, their benefits, and crypto wallet app development cost.
Table of Contents
What is Blockchain?
Blockchain is the concept that has changed the perception of humans towards investment, banking and record processing, storage & maintenance.
When referring to the blockchain, you must come across various terms such as decentralized, immutable, open-source, public ledger, and many more. However, understanding the concept is much easier than you might presume by looking at these technical terms.
Made of Blocks: The blockchain technology is named so because it is made up of several interlinked blocks, not the literal blocks. The interlinked blocks make a never-ending chain; each block contains information related to the transaction and participants involved in the transactions.
Secure: With the introduction of blockchain technology, security issues that used to exist with the traditional methods of storing critical information are rightly addressed. All the new information that is intended to be stored on the network is done in chronological order.
Moreover, once the information is stored, it is impossible to go back or undo it without the consent of all the parties that are involved in the network.
Proof-of-work: Proof-of-work, a system that involves solving computational-mathematical problems for adding a block. This makes it difficult for the hacker to break-in and manipulate the data.
Private keys: An important element that appeals to the blockchain users the most is the utilization of private keys that are highly encrypted. The private keys provide a distinctive identity and proof of ownership to the users, and on the other side, the high level of encryption gives it immunity from cyber attackers. However, to secure these private keys, crypto wallets are required.
Scroll down to the next section to get a detailed overview of what a crypto wallet is:
What is Crypto Wallet?
Now when you have acquired a piece of basic knowledge about blockchain technology and its potential in revolutionizing the way when organizations or private owners used to process, store or disperse confidential information, it is time to develop basic know-how about crypto wallets.
Crypto wallets are referred to any hardware device, online platform, or software that are used to store private keys used in the process of exchanging information or making transactions.
There might be chances that you mistake crypto wallets as a medium that holds cryptocurrencies/crypto tokens/ or digital money.
Types of Crypto Wallets
Hot and Cold wallet
Hot and Cold wallet: Understanding the concept of hot and cold wallets is quite easy. Hot wallets are referred to as any wallet that is connected to the internet, somehow. These wallets provide remote access and are easy to operate.
On the other hand, cold wallets are those that are completely isolated from the internet. It means, instead of storing keys online, they involve storing keys on physical mediums that make them immune from any type of external intrusion or hacking.
Software wallet: There are many types of Crypto wallets available in the market out of which most of them fall under the category of hot wallets, i.e., use the internet in one way or the other.
Web wallet: Web wallet is one prime example of a software wallet that can be referred to as a hot wallet as well. This is because it does not demand installing any additional software; instead can be accessed conveniently using a web browser.
Mostly, a web wallet can be easily created without any external assistance; however, in some cases, there are parties involved that hold and manage the keys and wallets on your behalf.
Desktop wallet: Desktop wallets, unlike web wallets, require additional software to be downloaded on the desktop computer.
The main reason that contributes to its popularity is the fact that it can be completely controlled without any external interference. Experts suggest you always keep a backup of your wallet.dat file in order to retrieve your funds in case you lose access to your account.
Mobile wallet: Just like desktop wallets, mobile wallets are dedicated software applications; however, they are intended just for mobiles. Mobile wallets can be accessed remotely using your smartphones, making it suitable for daily transactions.
Hardware wallet: Hardware wallets fall in the category of cold wallets as they do not require an internet connection to operate. Instead, they are digital devices that use RNG to create keys, public or private. These types of wallets are high on security; however, they demand special attention at the time of implementation of the firmware.
Paper wallet: A paper wallet is the most basic form of crypto wallet, i.e., a piece of paper with a QR code printed on it. This QR code can then be scanned to facilitate crypto transactions.
Using a paper wallet comes with its own set of limitations. A major of it is that a paper wallet can not be used to make partial payments; instead transfers the entire balance. This is the reason why it is not considered a feasible crypto wallet when compared with the rest that is mentioned above.
How Blockchain Secures your Crypto Wallets?
No doubt that the number of varied elements makes the blockchain network secure enough; it is important for the users to adopt the best-practices to add an extra layer of security and protect their crypto wallets from getting into the wrong hands.
Encryption: Just like the blockchain network involves a high level of encryption, it is suggested for the users to encrypt their wallets as well. It provides security against cyber attackers.
Multi-signature: There are platforms that demand multiple signatures (approvals) before initiating a crypto transaction. Including this in your blockchain crypto wallets will help you to keep your keys and funds protected.
Benefits of Crypto Wallet Applications
Reliable solutions: A major reason why the Blockchain App Development Company emphasizes crypto wallet development is that they are considered as a trusted medium for the transmission of cryptocurrencies.
Saves conversion cost: Unlike the traditional currencies, transacting in cryptocurrencies does not demand any conversion even while making international payments. You can instantly facilitate transactions directly from the crypto wallets for a hassle-free exchange of cryptocurrencies.
Convenient crypto-exchange: Crypto wallets deliver a high level of customization and can be an effective medium to exchange a wide variety of cryptocurrencies.
What is the Best Way to Create a Cryptocurrency Wallet?
Your cryptocurrency wallet app can become famous if you have the right planning about how to develop a cryptocurrency wallet.
Let’s build a crypto application and learn crypto wallet app development cost.
1. Become familiar with blockchains and cryptocurrencies
Crypto app development relies heavily on blockchain technology.
Getting started with blockchain and cryptocurrencies is the first step in building a crypto wallet app.
Cryptocurrencies (digital currencies) are made possible by blockchain technology in the same way e-mail is made possible by the Internet. Blockchains are chains of blocks that contain digital data (information) and are connected by cryptographic principles. Connecting blocks of digital data creates blockchains. Securely sharing valuable data is the whole point of using it.
2. Make use of open-source cryptographic libraries
Open source is the norm when it comes to cryptocurrencies. The wheel doesn’t need to be reinvented, so it does not need to be reinvented. The BitcoinJ SDK or Coinbase SDK are free tools and libraries that are already available.
A cross-platform Java library for Coinbase SDK is available. In addition to supporting iOS and Android, it helps developers create cryptocurrency wallets. This library supports Python, Java, Ruby, and many other popular languages.
3. Use APIs
Building a cryptocurrency wallet app using APIs is an excellent way to add many features. When you use a distributed ledger API, your crypto wallet will be synchronized with the blockchain ecosystem. You can choose from Coinbase, Bitcore, and Factom, some of the most popular APIs.
By utilizing APIs, your development team can complete the steps quickly, speeding up the development of your app.
4. Go Cloud
Your app must be built on the right cloud platform in this step. If you plan to develop a web application, you can choose PaaS (Platform-as-a-Service).
Integrating a blockchain as a service (BaaS) provider into your crypto wallet app development is essential. The companies that offer BaaS products include Amazon, Azure, and Microsoft.
Depending on your needs and requirements, you can analyse a cryptocurrency wallet app development cost using either of these approaches.
5. Choosing the Right Technology Stack
It will succeed if you choose the right technology stack for your app.
Angular.js and Node.js can be used to build a web app using HTML5 and CSS3. You can use this to create an application that is scalable for cryptography.
You can choose between Java and Kotlin when you build native Android apps.
Apple’s Swift and Objective-C are both supported for iOS apps.
6. Make Security a priority
Building a cryptocurrency wallet app requires a high level of security. This is why your cryptocurrency app needs to be as secure as possible.
2FA – fingerprint, face ID, and hardware authentication – can be added to the crypto wallet app as an extra layer of security.
The developers must ensure continuous security updates. Using the latest technology, they need to identify (if any) bugs and other security issues as soon as possible.
7. Competitor Analysis
Crypto wallet apps must stand out in the crowd, so they should be unique. Keeping an eye on your competitors is therefore crucial. Identify the technologies they are incorporating and what they are doing. See if you can add unique features to your app by checking out the features.
When you want to win a competitive edge over others, you must be aware of what’s happening around you.
8. Start developing your app
You should do the following when you are ready to begin developing your crypto wallet app:
Make sure your app has all the features you want.
Integrate your database with the application code.
Create an interface that is simple and user-friendly.
Test your wallet extensively before launching it.
Development of Blockchain based Crypto Wallet Apps Cost-Driving Factors
Several factors go into determining the final cost of Blockchain app development.
A Blockchain app’s cost estimation reveals many things, from the project goals to hiring a Blockchain development company.
To understand how the final pricing is determined, let’s examine the different components of the cost.
According to the application, stakeholders, and the end-goals, different industries may have varying requirements. Creating a Blockchain application for a healthcare project may require an investment of $50,000 to $150,000. Investing from $40,000 to $100,000 may also be necessary for other types of industries.
It is recommended that you have a clear understanding of your industry-specific requirements before you contact a Blockchain development company.
Technology such as blockchain is constantly evolving. The technology structure of Blockchain is still being explored by those who have worked on projects for many years. Taking experience into account is always a good idea.
To develop your Blockchain application, you will need to bring more experience.
Depending on the application, the complexity level can vary. App architectures that use user-oriented features can simplify the user experience.
Depending on their experience level, you may have to spend between $50,000 and $200,000.
A Blockchain development agency can evaluate your Blockchain app idea to determine its potential. Consulting an app development company that designs, develops, and manages blockchain apps can also be an effective way to explore new app ideas.
Blockchain App Types
Using blockchain technology, traditional digital solutions can be decentralized.
As there is a surge in demand for secure and feature-rich NFT marketplaces as the NFT market grows. Developing a deployable product for the NFT marketplace can be done by an NFT marketplace development company.
Business leaders seek to decentralize conventional and delayed financial processes by investing in DeFi development services.
Strength of the team
You may need to invest more in your Blockchain app if it requires more resources.
You may want to look for an organization that meets your resource needs in terms of quality and quantity.
The minimum team size for a basic project is four or five individuals, including a Blockchain developer, an app designer, a back-end developer, a quality assurance specialist, and a project coordinator.
An example would be the development and establishment of a Decentralized Autonomous Organization (DAO) on a large scale.
To It is important to consider developing a customized Blockchain application to meet the varying customer demands and gain high ROIs. Using unique design strategies, you can improve the end-user experience.
Developing personalized blockchain applications is crucial, as most users are unfamiliar with DApps. The right features cannot be why an aspiring business loses early customers.
Types of Apps & Crypto Wallet Development Cost
Types of Blockchain-Based Crypto Wallets
Marketplace for NFTs
Decentralized Autonomous Organization (DAO)
Cryptocurrency Wallet App
Cryptocurrency Exchange App
Let’s analyze the cost of the most popular Blockchain app types now. All essential factors driving the cost of Blockchain app development have been discussed.
Marketplace for NFTs
Among modern-day business enthusiasts, NFTs are becoming increasingly popular investments. This highly ambitious cryptographic asset has attracted numerous world-renowned brands, including Gucci, Gabbana, Louis Vuitton, Adidas, and Nike.
If It is essential to hire a company that can validate your idea, estimate development costs, and design and deploys a platform focused on results if you plan to create an NFT marketplace.
The cost of creating an NFT marketplace may range from $50,000 to $130,000.
Users can access user-oriented functionalities through decentralized applications (DApps). Distributed ledgers are used to record transactions in these applications since there is no intermediary regulating data transfer.
Our DApp development company can help you develop a mobile application that meets your needs.
Creating a DApp may range from $45,000 to $60,000.
An autonomous organization that runs on decentralized and digital infrastructure is known as a decentralized autonomous organization (DAO).
Creating and establishing your DAO can be done by a DAO agency.
Creating and setting up a DAO from scratch may cost between $3,500 and $20,000.
Cryptocurrency Wallet App
Businesses use cryptocurrency wallets to score crypto tokens, conduct cryptocurrency transactions, and manage data efficiently.
Users can create and manage unique transactions using these wallets using a wide range of cryptocurrencies.
These applications allow crypto enthusiasts to trade flawlessly using transformative digital resources and new-age technologies.
Design, development, and deployment of a cryptocurrency exchange app may cost $50,000 to $100,000.
Blockchain Model Implementation Costs
Deploying your Blockchain app in the decentralized infrastructure is the next step after you’ve coded it. Blockchain frameworks and technology stacks affect the process. Project management, continuous integration, maintenance, and other segments are also included in the estimated cost of Blockchain implementation.
Incorporating Blockchain technology into your mobile app could cost anywhere from $3,000 to $5,000.
Estimation of blockchain app development costs
As a result of understanding the complete cost structure, we can determine a probability estimation based on the analysis of the various components.
A Blockchain app can cost between $50,000 and $300,000 to design, develop, and test from scratch.
The team require to develop a Crypto Wallet App
It demands a team of experts to turn your vision of owning a robust Crypto Wallet App into reality. The team members that are required in the process are mentioned in chronological order:
Android and iOS Developers
Project Manager- The one who leads the team deployed on your project.
Android and iOS Developers- Responsible for creating the app for the respective platforms.
UI/UX Designers- They add visual appeal and functionality to your app’s interface.
Back-end Developers- They are in charge of the server-side logic and linking the work of the front-end developers.
Front-end Developers- They add visual elements to the app that the users interact with in the crypto wallet app.
Tester- Tester’s role is to check the software development and address the probable issues (in case if any).
Must-Have Features in a Crypto Wallet App
Push Notifications: Push notification plays an important role in keeping the user informed about the latest fluctuations in the value of cryptocurrency, transaction success and failure, transaction requests, and to receive real-time daily activity updates.
Two-Factor Authentication: Two-factor authentication will add an extra layer of security to your crypto wallet app. It can be enriched by asking for username, password, and OTP in the process.
Session Time-Out: Integrating an auto-logout feature will help you to provide extra security to your app other than the two-factor authentication as stated above.
Authorization: The user authorization page will help the users to keep their keys and funds secure from any unauthorized access.
Auto-Cancellation: You can also consider integrating this feature in your Crypto Wallet app as it can be helpful in case when multiple payments are initiated (accidentally) due to server-side issues.
Now when you know the importance of crypto wallets, the next step is to Hire Crypto Wallet App Developer.
BR Softech Pvt. Ltd. is a class-leading Crypto Development Company that can provide you with optimized blockchain-based software solutions at a cost-effective price.
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I am Nitin Garg Founder of BR Softech PVT LTD - an Award-winning, app, web & game development company. We are armed with 180+ geeks & 2753 clients worldwide, I have driven by the spirit of entrepreneurship and dream to build a billion-dollar-company.
BR Softech Pvt. Ltd. excels in providing cost-effective IT Solutions. Established in August 2012 with over 10+ years of rich experience. An Apex rated IT serving company around the world. Our team of innovative and creative designers deals in web designing, and mobile game/software development intending to deliver outstanding digital outcomes.