The evolution of cryptocurrency is making waves in the financial industry. Bitcoin is one of the hot and significant topics which is making the headlines of newspapers and other forms of media. The cryptocurrencies have been revolutionizing the way the financial industry is working and developing. Recently, this currency has been in huge demand and there have been various new bitcoin apps for trading.
This huge demand has given birth to various new bitcoin-based apps like Bread, BitPay, Ledger, blockchain.info, Airbitz, and Electrum. These apps have allowed users around the world to trade bitcoins and other cryptocurrencies in the safest manner possible. But, if want to know the best of them, Coinbase App is one of the most in-demand.
Coinbase also became one of the most downloaded apps in 2017 as there is a bitcoin fever going around the world.
A Brief Look Into Powerful Bitcoin Based Mobile App – Coinbase
Coinbase is operating since 2011 and was founded by its two partners Fred Ehrsam and Brian Armstrong. It has managed to become one of the best apps and provides a platform with an effortless UI and UX making it possible for the newbies to understand the crypto trading industry. This app is like a blessing in disguise for the enthusiasts of Cryptocurrency and self-made a bridge between them and the opportunistic market of bitcoin and other cryptocurrencies. It has attracted many entrepreneurs who can flourish this newfound business interest.
The popularity of Coinbase company is reaching heights and has fueled the trading for various crypto assets. Everyone wants to make an app like Coinbase as it has already made a path for extensive business opportunities. This app is the most demanded of the society of entrepreneurs and if you are also looking for what is the cost of building a Coinbase application, then let’s analyze the conceptuality of the basic idea behind this wonderful bitcoin-based mobile app.
The Right Approach To Cryptocurrency App Development
It is not easy to develop a bitcoin app as you have to get in touch with the best app development company and take care of several features for exchanging currencies like bitcoin. When we talk about the cryptocurrency app development, it means that we need to develop a bitcoin app for Android as well as iOS platform.
The bitcoin will be used to exchange bitcoins by selling or purchasing them. If a person is looking to transfer a large sum of money, he can rather send a bitcoin to another user equal to the amount owed.
List of Other Cryptocurrency Apps In the Market
Thi app is designed for the users who want to deal in cryptocurrency effectively and efficiently. You can have easy access to real-time market data live with all the required information. This app is also going to help out with the latest price changes as well as the updated value of your holdings.
The users will also get the daily and weekly updates which ensure that they will not miss out on any important information.
2. Coin Stats
Coin Stats is the best and ideal app for you if you are looking forward to tracking the bitcoin investment and stay updated. You can instantly have an analytical view of the market data as well as the price of other cryptocurrencies. This app can send you price notifications and alerts from over 20 exchanges.
3. Crypto Pro
If you want to work with various cryptocurrencies, the Crypto Pro is the one-stop solution for you. It has a news section for every coin, and will also keep the user informed with the latest changes.
Cryptocurrency Exchange Platforms in the Market
Presently, there are two types of cryptocurrency platforms that are there in the market. These are :
- Centralized cryptocurrency exchange:
The centralized cryptocurrency exchange is an online platform that is used to buy and sell the cryptocurrencies. This is one of the most common means that investors use to buy and sell crypto assets. In these centralized cryptocurrency exchange platform, the trading fees are pretty high of the middlemen, but there is ease of using it, with advanced features such as exchange and charting.
- De-centralized cryptocurrency exchange:
These are the peer to peer crypto exchange platforms where the users transact the cryptocurrencies with each other. These platforms are less prone to the risk of hacking and are transparent as well. This service does not rely on the third-party service to hold the customer’s funds.
Well, now after the types of cryptocurrency exchanges, it is time to learn about the features of the Coinbase app which can be applied in your business app.
Salient Features of the Coinbase app – a Cryptocurrency Exchange App
1. Buy and Sell Crypto Assets Easily
The first thing that must be provided to the user is a platform where they can buy and sell the bitcoins and other crypto assets easily. They must not be confused while dealing with the app and must be able to carry out the transactions with ease. They must not fear while linking their debit or credit cards with the app. In short, they must feel safe and secure while trading.
2. Regular Updates
One of the other best features of the Coinbase wallet app is that it keeps the users updated about the price of bitcoin and various other cryptocurrencies. The users who are looking to purchase and sell cryptocurrencies must get constant live updates about the price of Bitcoin, Ether, Ripple, Litecoin and many more.
Provide the users with a price increase or drop with exclusive charts so they can get the real-time as well as historic currency updates at the same place.
3. Exchange Cryptocurrency
The other feature that you must have in your app is the easy exchange of cryptocurrencies. It does not matter whether a crypto asset is supported by your app or not, you must allow the app users to exchange between these cryptocurrencies. For example, if a user wants to convert Ether into Bitcoin or Bitcoin cash, you must authorize them to do it.
Provide these users with the best and the worst rates available in the market with which they would be able to exchange the currencies.
4. Previous Record of Transaction and Balances
The Coinbase app provides its users with the details of the past transactions and balances. This is one of the other important features that need to be considered while developing a bitcoin-like mobile application. This would enable the users to see their past transactions and keep a check on the most recent activities.
Don’t expect the users to just remember the transactions. Provide them with this feature and let them check their history from the moment they download the app. They can check whether they have sold or purchased the currency with detailed information of date and time.
5. Push Notifications
Push notification is one of the most useful features that you can add in your bitcoin Coinbase-like app. The users are never going to miss another opportunity to use the app with the best features. Let them set the prices of cryptocurrencies at which they are looking to sell or purchase them.
They are going to get an instant notification alert once the price goes up or down from their set prices. This will allow them to make a quick decision whether to buy or sell the cryptocurrencies like bitcoin, ripple, or ether.
6. Customer Support
The Coinbase app stands out if compared with all the other crypto-based apps because it provides its customers with tremendous customer support. Provide your app users with the same feature and provide them with a solution to any problem or question.
You must put together a team that can provide the customers with the best support so if they have any query related to the cryptocurrency, it can be solved without losing a customer. Guide them with every single feature of your app so they do not face any problem while navigating it.
These are the most common and the best features that you must include in your app like Coinbase. These features will make your app desired by all the bitcoin enthusiasts.
Tech Stacks For Making An App lIke Coinbase
For making an app like Coinbase, the back end of the application is made by using Node.js or Java. For quicker development, there are useful libraries like BicoinJ, Chain-Java, etc. which includes all the important features needed for crypto app development.
The front end is usually developed on React or angular. You can also opt for React native as it enables to create modern interfaces fast and helps in saving a lot of time. Using the react native, you will be able to build one application that can run on both platforms, iOS & Android.
In the worst-case scenario, it is best to begin with building an MVP( minimum viable product) or a working prototype as it can help you test your hypothesis with the users and allows you to showcase your product to potential Investors.
Well, the total amount to build a Coinbase app depends on various things like the feature which are to be added and the time which will be taken by the developers to build an app. It also depends on the cost of professionals like developers, designers, and testers who have an idea of what type of app you are looking to set up. The cost can go around somewhere around USD 57,000 to USD 98,000.
The cost of the development also differs as it depends on the location of your development team and the rates present in that market. Thus, a professional team with experience and expertise like us will be able to build you an engaging blockchain exchange app. If you are looking to kick-start the project, reach us and we will provide you with a free consultation!
Nikhil Bansal is the CEO and Founder of Apptunix, a leading web and mobile app development company helping businesses in streamlining their processes with powerful and intuitive mobile apps. With extensive experience in iOS app development, he has established himself as a highly-focused Solution Architect and UX expert, the one who is always ready to make efforts in the direction where technology blends with lives.