Bitcoin is the latest trend in the market. It is changing the world of the digital transaction as we speak. Numerous business sectors like retail, banking, e-commerce stores, etc. now accepts bitcoins as a payment method. To receive, manage and send bitcoins, people often use bitcoin wallet apps. A bitcoin wallet is bitcoin equivalent of a bank account. It allows the user to receive as well as store bitcoins. The user can also send the bitcoins to other user using these apps.
But when it comes to developing a bitcoin wallet app, cost plays a key role. To calculate the cost of developing such app, we need to consider few things. Let’s start with developing a general app. App development is not an easy process. It depends on numerous factors. To develop an app, many issues are taken into account. The required features of the app are the key factor. To add a new feature to an app, a significant amount of money is required. Each feature adds up to the total price of the app. With more number of features, the price of the app goes up. Another key factor is the type of the app. In case you require a native app, it is more expensive than corresponding web apps. If your app requires a server, then it will increase the total cost. However, few apps don’t require servers. So, you need to figure out whether your app requires a server or not. Considering these factors, you can get a rough idea about the final estimate of your app.
When you decide to make a bitcoin app, you have to take into account other important aspects. Google APIs are one of them. These APIs are set of programming interfaces of application developed by Google. They provide the ability to establish communication with Google services. They allow them to integrate with other APIs for mobile app development.
Native apps are a general choice for creating any bitcoin wallet app. Native apps are generally developer for most popular mobile systems such as Android and iOS. Creating native app is generally more expensive than web apps, as mentioned earlier. However, they provide great advantages such as app stores support, fast performance and better in-built features, etc.
If you are developing an Android version of bitcoin wallet app, it roughly takes around 750 hours. Exchange requires 200 hours. Send and request money feature requires 150 hours. Notifications and profile require 100 hours each. Sign In/Sign Up feature requires additional 50 hours. Dashboard development requires 50 hours more.
Now add extra 100 hours to introduce smaller app details. The total estimate of Android app development adds up to 750 hours.
For iOS version, the estimated time is 600 hours which is still quite high.
To understand the pricing of the app, you need to divide the development cost into different parts. Analyse each part separately. To build a mobile app, you require many things.
First, you require backend for your app. Depending on the backend, a developer can create a native app for iOS and Android. You can select any one of them or all. It all depends on the requirements you set for your app. After selecting the backend, you have to create the interface. It allows the customer to actually use the app. The design of an app can significantly influence the total development cost of the app. The last phase is testing of the app. Each app has to go through various tests. These tests are required to find the bugs in the application. It is essential to do so as users are quite sensitive about this aspect.
You need to know about the average development time of each component. It helps you in calculating total cost required to develop an app. In case of bitcoin wallet app, the same principle applies. You need to hire Bitcoin app developers who can understand these components to develop Bitcoin wallet app. They should work as per cost per each component by using lesser time. It will directly affect the app development cost. Since bitcoin wallet app is a complicated app, it needs the involvement of various specialists. It is better to hire a team of developers of a bitcoin app development company.
Now coming to the total cost calculation of the bitcoin app, let’s take $50 per hour rate. This rate is quite common among development companies.
Now consider hourly rate and cost of each section This will provide a rough estimate of the total development cost of bitcoin wallet app. Depending on tools and other aspects, the estimate is between $75,000 to nearly $100,000. Additional features can also drive up the cost.
With this, you get the complete cost estimation of bitcoin wallet app development. This will enable you to keep the development process under your budget. Hence, you can develop such app with better cost-efficiency and lower development time.