// Mobile apps
How to Create Cryptocurrency App?
// Mobile apps
How to Create Cryptocurrency App?
In this text, you will find detailed instructions on how to create your own cryptocurrency application. We will look at all the stages of this process with examples and explanations - from finding a business idea to creating an MVP and deploying an application. We will also indicate the estimated development cost.
The first decision to make when creating your own cryptocurrency app is to choose its type and niche. This is usually either a wallet, an exchange, or a marketplace, but there are other options. Here's a quick rundown of the most common cryptocurrency applications, including information about what to look for when developing them.
It is software that stores the private and public keys of users. Such software allows you to sign transactions, keep track of expenses and, of course, store all your passwords in one place (preferably in a secure place). Although there are already over 100 different mobile wallets out there, the chances that you will create the best one still exist as they all have their rather significant drawbacks.
Here is a set of parameters that determine the quality of the wallet:
What other parameters affect the success of statistics aggregators:
Here's what traders and investors need from a cryptocurrency exchange:
Manual processes that your application should automate:
Advertising. A monetization model in which app developers are paid for displaying third-party ads within their apps. Such advertising can be of several formats. Most common: Ads, Banners, Video Ads, Naive Ads, Text Ads, and Interactive Ads.
Freemium model. It is understood that users can access the basic functionality of the application for free and expand it later by connecting paid functions. The principle of this approach is simple: users download a free application, see the range and quality of the services provided, explore premium features with a preview, and pay for them. This model works well with games, SaaS and educational platforms.
App subscription. This model is close to freemium as it also allows you to test the mobile app first. However, unlike freemium, the subscription model is more suitable for applications with high user engagement and / or for services that provide unique content and services. The latter includes music and video streaming services such as Spotify, Netflix, and Apple Music. Online magazines and performance optimization services such as Todoist and Evernote also use this model.
Affiliate Marketing. Another way to monetize your app is to find a company that wants to work with you and launch an affiliate program. You will be placing ads within your app with unique links and making a profit every time users turn to leads and / or make purchases. Cryptocurrency applications usually cooperate with exchanges and exchangers, less often with information resources and stores.
Transaction fees. This option assumes that you will charge a commission on all transactions made within your application. This approach is suitable for exchanges and exchangers, unless it is a P2P platform.
Paid apps. This approach assumes that the user pays once and immediately gets access to all functions. When mobile apps first appeared, this monetization model was the only one. Now they are only 3,8% (114,540 out of 2,896,398 on Android).
Selling data. This is a controversial method as many users dislike it. But almost all popular mobile apps use it, so you should consider selling data too. The main thing is to trade not confidential user data, but marketing data: behavior, desires and preferences of consumers, broken down into categories, for example, by income level, location or marital status.
At the same time, you can develop a design in four ways:
Software Development Kit (SDK). It is a special set of development tools, utilities and documentation that allows programmers to create software for a specific technology or platform. This option is optimal if you need to create a cryptocurrency application for buying, selling and exchanging coins. The most popular SDKs are Coinbase, Bitcoinj and Blockchain. Here is the estimated cost of creating a mobile wallet using the SDK:
Developing an application from scratch. The most expensive and complex approach to creating a cryptocurrency application, which is used if you need a unique design and functionality. Most applications in the cryptocurrency market are developed from scratch, since SDKs are mainly focused on the development of exchanges, and APIs are still too limited in capabilities. Here is the estimated cost of developing an app from scratch.
#1. Mobile application type
#2. Cryptocurrency wallet
#3. Statistics aggregation platform
#4. Cryptocurrency trading application
#5. e-Commerce application
#6. Other options
#7. Service monetization model
#8. Cryptocurrency Application Design
#9. Approach to the development of crypto app