It’s the year 2021 and by now almost every one of us has heard about the famous Cryptocurrency. And to add some more knowledge, Bitcoin was the first-ever cryptocurrency released to the public in 2009 by Satoshi Nakamoto.
If you, as an Entrepreneur, are planning to invest in the mighty and disruptive technology of Blockchain, then working on a Cryptocurrency development solution is what might fascinate you the most this year.
In this article, I will lead you through the amazing journey of What is Cryptocurrency and how you can invest in an app for Cryptocurrency to lead a successful business.
- What is Cryptocurrency and how it works?
- The difference between Cryptocurrency and Bitcoin.
- What are the advantages of creating a Cryptocurrency application?
- What are the must-have features in a Cryptocurrency application?
- What is the possible revenue model for the Cryptocurrency app?
- What is the future of Cryptocurrency?
What is Cryptocurrency and How it Works?
To delve into the technicalities, first, we need to figure out what cryptocurrency means.
“Cryptocurrency is a private, digital currency that relies on encryption to generate funds through virtual transactions.”
The digital nomad preferred cryptocurrency as a single monetary system that creates a non-centralized, blockchain-based monetary system. One of the most attractive and favorable benefits of cryptocurrency is its security. It has been built using blocks or we can say the mighty blockchain technology.
It is a chain or block of the digital transaction that does not depend on any centralized body such as central banks, so it is difficult for hackers to block the system, even the government has no right to do so. Safety and secure transactions are the reason behind the great popularity of cryptocurrencies. But technology is not in control because it has more than 1000 types of cryptocurrencies.
The most popular types of cryptocurrencies are Bitcoins, Litecoins, Etherium, Zcash, Ripple, and Dash.
The question discovered on this topic is: “Can anyone make their own cryptocurrency?”
On the first note, the answer is Yes, anyone can create their own cryptocurrency, but it is not as easy as it sounds. In reality, the process of creating your own cryptocurrency is more complex and does not guarantee ROI. Many popular brands such as Unicef France and Wix are preparing to create their own cryptocurrency system for your transaction. Sounds interesting … right?
Difference between Bitcoin and Cryptocurrency
As already mentioned above, a cryptocurrency is nothing more than virtual or digital money that is based on blockchain technology. The transaction relies on encryption to generate funds that are clearly a virtual transaction.
The cryptocurrency is based on a decentralized system, which means that no central body, such as banks, has the right to control it. The technology offers the possibility of creating your own currency, so there are thousands of cryptocurrencies available on the market. Bitcoins is one of them.
Bitcoins are a type of cryptocurrency, but they have some differences. Most of the digital currency has followed the guidelines of central banks, which is why most cryptocurrencies are legal.
The word Bitcoin first coined and created by Satoshi Nakamoto in 2009, is an unregulated private currency. The purpose of launching Bitcoin is to create an alternative to the sovereign digital currency. It is illegal in many countries because it has no real value base.
What are the Advantages of Creating a Cryptocurrency App?
- The biggest benefits of using cryptocurrency and blockchain technology are the decentralization of the financial system. Application owners and users can manage the database.
- Since there is an absence of centralized control, there is less chance of hacking into systems. App owners also get security patches through this.
- All cryptocurrency investors have a mobile-centric approach, so creating a cryptocurrency app is always a great business idea.
- As blockchain technology is new and there are very few reliable resources, users are looking for a comprehensive solution in the form of an app.
- Another benefit of the cryptocurrency app is the money exchange features that allow users to exchange money while roaming.
- The future of cryptocurrencies is also a huge benefit in terms of the latest trends and ahead of the competition.
All in all, to jump on the bandwagon and ride with the trend, the idea of creating a cryptocurrency exchange app is just great.
What are the Must-have Features in Cryptocurrency Mobile App?
Building a mobile application is a piece of cake, but when you prepare for any type of financial application, many things matter. You must go with a top Cryptocurrency development company in India that has extensive knowledge in developing a cryptocurrency app.
Here are some of the features. essential to create a cryptocurrency application.
- Allows an easy way to log into social media and sign up with Google
- Let users see market trends in real-time
- Give detailed information with filtering and shortening of coins
- Allow the user to see the value of cryptocurrencies on the international market
- The market situation in real-time through attractive charts (rings, pie, line, row, and bar)
- Add cryptocurrency exchange to give an idea about the real value of cryptocurrencies
- Track the live values of cryptocurrencies in different currencies.
- Enable the search option to select at least 1000+ cryptocurrencies
It is always good to be ahead of the times and invest in future technology, but cryptocurrencies are already touched by the big players in the financial market. So you go the extra mile to make sure your app supports next-gen features.
Here is how a Cryptocurrency development solution provider must work on app development:
- Push notification for live update.
- Fast and safe application for reliable factors.
- Allow users to exchange currencies quickly and easily.
- To build a custom and user-friendly application, allow multilingual support.
- Real-time update function by swipe up (pull-to-update gesture).
- Attractive and responsive app design for mobile devices and tablets.
- Attractive user interface and clean code without errors.
- News about cryptocurrencies in real-time through blogs or other popular sources such as CoinTelegraph.
- Cryptocurrency market surveillance feature to educate users on the right investment.
- Insist your users to rate your app and share it, this helps increase popularity.
What is the Possible Revenue Model for a Cryptocurrency App?
Working on a great idea is almost like building a castle in the air. All you’ve got to do is finalize the revenue model for the Cryptocurrency app development.
Here are some other income mapping methods.
- Google AdMob integration for mobile interstitial and banner ads
- Sponsored advertising with custom sizes
- Reference method to attract visitors
- Create a Pro version of the application with some additional features
- Enable text, carousel, and video advertising
What is the Future of Cryptocurrency?
The future of cryptocurrencies is unpredictable because it is not a centralized body. No one has direct control over this financial system and even the government also has a hard time tracking the information of the digital currency system.
Perhaps in the future, the government of most countries will establish strict rules and guidelines on cryptocurrencies. Most investors found investing in bitcoins very safe, so perhaps we witnessed a safe future for cryptocurrencies.
Most of the popular companies plan to create their own cryptocurrency because they have a proper database on how bright the future of cryptocurrencies is. Brands like WIX and Unicef France have their own digital currency for transactions and donations.
Facebook also jumped on the bandwagon with its own cryptocurrency-like programming language called Libra. Facebook’s brave move shows a clear indication that there is much to come in crypto.
Where To Go Next?
2021 has just begun and it is being seen as the decade of disruptive technologies ruling the world. Now that you know how to work upon your idea of Cryptocurrency app development you must figure out the next step.
Well, ideally your next step should be to find the best Cryptocurrency development company and propose your idea of a Cryptocurrency exchange mobile app. Their expert developers will help you sail through this sea like a pro.
If you have any other queries or suggestions, feel free to comment below.
Till then that’s all folks!
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