Who are in constant touch with the finance industry already knows a thing or two about the Bitcoin and they are also very likely to know about the chaotic growth story Bitcoin apps make every once in a while.
Bitcoin is continuing to enjoy popularity among tech-savvy investors.
This has contributed to the continuously mushrooming of several Bitcoin wallet applications.
There have been quite a few worth remembering now like Electrum, Airbitz, Bread, Copay, BitPay, Ledger, and Paper Wallet. All these apps help people make a purchase and sell Bitcoins in a simple manner.
While Bitcoin wallet apps will continue to remain popular, not all apps are as popular as the Coinbase.
Coinbase which allows buying and selling cryptocurrencies in a simple manner stands as the most popular.
After remaining popular on both Android and iOS for some time it recently hit the top spot in App Store as the most downloaded app.
If you are awestruck seeing the growth and success of the Coinbase and just want to build a similar app replicating its success story for you, some questions are very likely to have engaged you for quite some time.
One of them obviously concerns the cost of development.
Let us in the length of this blog try to offer you a detailed estimate of the development cost for a Coinbase like an app.
You can only Hire Bitcoin Blockchain developers only when you have a clear idea about the challenges involved and the cost factor.
The Cost To Develop A Bitcoin Wallet App Like Coinbase
Easy Platform For Transacting Cryptocurrency
The first requirement is to offer an easy to use platform that helps people buy and sell cryptocurrency easily and without the least hassle.
Your app not only should allow buying and selling of Bitcoin but it should simultaneously allow buying and selling of other well-known cryptocurrencies like Ethereum, and Litecoin directly through the app.
The app should also allow people buying and selling the same while making payments directly from their bank or cards.
Keep People Informed On The Fluctuations Of Price
Like any other market, cryptocurrencies also go up and down in value.
A wallet app allowing you buying and selling Bitcoin or Ethereum should also allow you to see the price fluctuations of the respective currencies from the same interface.
The app should make people informed about the ups and downs of cryptocurrency prices.
Besides offering the latest prices, the app should also offer easy to understand historical charts.
Easy Exchange From One Cryptocurrency To Another
Another important feature of any wallet app dealing with cryptocurrency is to allow easy exchange from one currency to another.
There are several popular cryptocurrencies on the market ranging from Bitcoin, Ether, Litecoin, Dash, Ripple, and Monero.
The app should allow users to exchange their currencies whenever they choose.
Offering Transaction Details
Your wallet app should be loaded with a feature that allows users to quickly seeing their transaction details and account balance with a quick glance.
The users should be able to check all their time-stamped transactions through an easy to access, historical chart of transaction details.
Push Notifications & Alerts
Obviously, notifications and alerts make the most of the native app experience for any app. But when it comes to apps for financial transactions, they become more significant.
In a typical wallet app, the notification messages and alerts typically inform users about the real-time prices of the cryptocurrencies.
The feature should also allow setting prices beforehand to book profit through the transaction.
Thanks to this feature a user will be instantly notified whenever the price of a currency drops or gets a hike beyond the pre-set limits.
Do you want to give your wallet app something more that is not offered by Coinbase? Well, you can give your users additional customer support.
Unlike Coinbase you can equip the app with quality customer support that can deal with all sorts of customer queries.
Assessing The Development Time
Now that we have come to know about the required features of a wallet app like CoinBase, it is time to assess the required time and cost of development for the entire app.
You need to calculate the development hours required for every single feature followed by the time required for testing and bug fixing.
This is how you can get a solid idea of the entire development hours and the cost of development for the app.
The second determinant and variable factor will be the platform you are building the app for.
If you are building the cross-platform app, it can actually prove to be less expensive compared to the development of the app for iOS or Android platforms.
Lastly, the cost of development will also vary depending upon the rate developers are charging.