Bitcoin, have you heard about it? Well if not then let’s get started with it. Making it simpler to understand “A digital aid or an asset which is designed to work as a medium for exchange which uses cryptography techniques to secure the financial transactions, control the creation of additional units, and the verification of the transfer of assets.”
Cryptocurrency was brought to this world or let’s say launched in 2009 by a group of individuals under the name of Pseudonym. Satoshi Nakamoto. Satoshi announced the creation of Cryptocurrency in late 2008. In this announcement, he said he developed something that many people were not able to invent before for real and that was Digital Cash.
Although, it was the first release of Bitcoin, a new electronic cash system which uses a peer-to-peer network to prevent double spending. Now, what does that mean? It means that when two systems are connected for a file transfer they don’t need a separate server computer to establish a connection. This makes the transfer secure itself. Now to prevent double spending we use this P2P Networks. Double spending is an attack where a given set of coins is spent in more than one transaction.
There was a time when these online transactions and payments were not that much in trend and safe either to perform. After seeing and observing the centralized fail attempts Satoshi tried to build something which works without a central entity and that is Digital Cash. Like a P2P network for file sharing.
Well to work out the transactions with Digital Cash you need a payment network with accounts, balances, and transactions. But here every network needs to solve its Double spending problem first.
Cryptocurrency Apps like Coinbase
Coinbase was founded in June 2012 two partners named Brian Armstrong & Fred Ehrsam. In 2012 the company launched the services for selling and buying Bitcoin through bank transfers.
Nowadays there is been a huge demand for Bitcoin-based apps like Coinbase which allows a user to buy and sell a Bitcoin in a safer way. When you try to find the apps for Bitcoin in App stores you will generally find and notice there are only a few types of those. And Bitcoin apps are among the popular ones.
While talking about Bitcoin the best Bitcoin wallet app is one of the most demanded apps. It enables a user to purchase and sell Cryptocurrency. Coinbase is one of the most downloaded applications in the app store. Cryptocurrency is one of the most secure trading platforms when it comes to money transactions. Generally, the Cryptocurrency exchanges take place either through a Cryptocurrency Exchange App or through a secure platform.
One good thing about Coinbase is that it does not have access to your passwords or funds at any time, saving your privacy and control. As you only you know the decryption passwords.
The cloud feature in this application only supports the iCloud and iOS devices and Google Device on Android devices.
What is a Bitcoin App Development?
Well, Bitcoin App development is not an easy task to develop, well get in touch in with the right mobile app development company. There are several features which will add up to the Bitcoin App, let’s discuss what are the things we need to develop a Bitcoin App for iOS and for Android.
Bitcoin App development here is developing a Bitcoin exchange mobile wallet application which will be used to exchange Bitcoins when a user needs to transfer a larger amount of money he can rather transfer a Bitcoin to another user which will be worth the amount.
Features of a Bitcoin Mobile Application:
Some of the innovative and Exceptional features this application would have from other applications which are embedded into the application are:
- Buy Bitcoin
- Sell your Bitcoins
- Transfer Your Bitcoins
- Seller: Post Request to know the selling Price of a Bitcoin
- Buyer: Post a Deal Request on the app in order to Buy a Bitcoin
Technical Parameters of a Bitcoin App:
Well the Bitcoin App API allows and enables you to access the BlockChain and assist to you to conduct the wallet functions with ease:
Some of the libraries used in a Bitcoin Mobile Application are:
- Bitcoin: It is a Java Library that allows to deeply integrating Bitcoin into your Application.
- Bitcoin Core RPC: Used for constructing distributed, client-server based app, the Bitcoin app runs with an RPC interface that is used for developing a client-server based application.
- Toshi.io: It is an open-source Ruby based App offered by Coinbase. The Bitcoin node uses a web socket API for making the server communication easier.
- io: It is used for generating the address and for establishing reliable transaction of Bitcoin through wallets
Key Benefits of Bitcoin App Development
Talking about Bitcoin it is one of the safest gateways for transactions across the world. Let’s find out the major benefits of Bitcoins
- Private Transactions: Payment Transaction Made through the Bitcoin App is completely Anonymous and Private. Thus it means the transaction cannot be tracked and processed or identified. Unlike the banking system that has access to the receiver’s identity. Here the transaction can be identified with the help of address on which the payment is sent but the identity of the person it is sent to, still remains anonymous which means that whom to the payment is delivered remains confidential.
- No Govt. Regulations: There are no, Government Regulations on the transactions made. What if you are having a huge amount for transactions or currency and the government declares it a total waste. It can happen if the government changes the rules and regulations. Well in case if your government has banned the Bitcoins you can still use them in the region they are used and can also get it converted into cash whenever you need.
- Payment Processing Time: Well you don’t need to panic about the payment processing timing you can process the payment anytime irrespective of a holiday. The payment processing doesn’t need any of the third parties well you can transfer your amount with the utmost freedom.
- Low/Minimal Fees: Well paying through the Bitcoins has a very low transaction fee. In the case when a person or a user needs to make faster transactions the incurred fee is very low if compared to any other financial intermediary or digital wallet.
- Fewer Risks for Merchants: In the case of the Bitcoins transaction there is no possibility of getting into fraud cases. There is no customer information shared instead it is kept confidential.
Opportunities that Bitcoin App Development offers for Developers
- Fund Monitoring & Analysis
Approximate Development Cost & Hours of Developing an App like CoinBase
Well, the approximate cost of developing a Cryptocurrency exchange app like Coinbase depends upon the number of hours spend on building the application or to build its components.
Well, the amount of time spent to build the application is estimated according to the features integrated into the application features like:
- Registration & Login: 15-20 hours,
- Price Listing of Cryptocurrency: 3-4 hours,
- Buying & Selling Cryptocurrency Payment Gateway: 20-30 hours,
- Cryptocurrency Exchanger: 10-15 hours,
- Checking Past Transactions/Transaction History: 8-10 hours,
- Push Notification/Alerts: 5-6 hours,
- Earn & Refer: 8-10 hours
Thus this is an average estimation time for the features integrated into the application also it depends upon the developer to a developer that you are hiring for your BlockChain App Development.