With the event of higher risk in cash handling transaction, the world is heading towards the technological path. Here, bitcoins have come as saviour for massive and hassle-free transactions. Today, bitcoins growth rate have left the world awe-struck. With more number of customers coming forward to purchase bitcoins, the demand for bitcoin wallet mobile apps is fervently rising.
Bitcoin wallet application is same as other banking apps used by us in our daily financial chores. It deals with safe housing and transactions related to bitcoins. In order to create a wallet, one must be aware of the requirements and technicalities which would incur while the process of maintenance and reciprocation. So, here we talk in detail regarding basic features & functionalities which plays a crucial role in bitcoin wallet app development.
Firstly, the app is divided into three major categories:
Sellers & Buyers
It is these people who will use the app to sell and buy bitcoins
This section is useful to create the user account. The app user has to signup to the app via his/her email ID, or social media credentials can also be used.
After the login is successful, the app user is now ready to sell & receive bitcoins and carry out other transactions. Other crucial information like, the no. of bitcoins which are available as well as amount details is displayed here.
It is at this section where users can go ahead and buy bitcoins. Information about the seller, along with the BTC rate as well as the amount that they have to pay will be displayed on this page. Users can request for the deal to buy bitcoins accordingly.
Users need to head to this section to sell bitcoins. Information like BTC amount, rate along with the payment that is to be transferred, features here.
Searches can be filtered by the users as they buy bitcoins. The amount range &no. of bitcoins that the user is keen on purchasing can be selected from here. Hence, this makes the entire investment process quite easy.
Request a Deal
After the user has settled the deal to buy bitcoins, it’s then time for user verification. If it is found that the user is not verified, then they are automatically navigated to the main verification page.
Recognize the buyers
It is at this section where the sellers can see the buyers’ list. Here the information like buyer’s name, no. of bitcoins which s/he wants to purchase along with a deal number to verify the transactions, is displayed.
Here in this section, with the help of wallet address users are able to send & receive bitcoins. Each wallet has its own unique address and at times, a pin to verify the transaction.
It is on this page where the user will find account verification information, time & date of registration and the membership details which s/he has selected.
Notifications regarding new requests, money transferred & received are sent to users, along with transaction status.
Dashboard & Login
This section is dedicated to Admin, from where he can log in with all credentials as well as can view user profiles like their account status, address, account registration date, and a lot more.
After signing up to the app, admin can view information such as no. of registered users, purchases the users have made as well as their total earnings.
Admin manages the advertisements which are posted. Users are updated regarding the BTC rate, amount & other crucial information.
It is under this category that the entire of membership packages, which the users have availed, is managed. Prices and benefits related to these packages are also stored and managed here.
Accept PIN reset request
Admin can view and manage requests made by users in order to reset the PIN. Once the admin has reset the PIN, he then shares it with the user.
Handle withdraw request
Admin can also track the withdraw details that users have made. He then stores the amount that has been withdrawn to keep track.
From this section, the admin monitors bitcoin transactions. Information like amount, transaction ID, date & time of the transaction, is stored.
Information regarding Bitcoins like current rate, minimum and maximum amount that has to be transferred can be changed by admin.
Content analysis & management
After the integration of basic features in the bitcoin mobile app, then it is time to explore about the more advanced and effective features crucial for Bitcoin Mobile Application.
QR Code Scanner
QR Scanning is crucial for apps which require to make payments quite often. Scanning QR code not just saves time but lessens the hassle to enter account numbers and other details each time a transaction has to be made.
Just as for other apps, Push Notifications is hugely helpful for Bitcoin mobile apps as well. It is crucial to send information like a sudden price drop/rise. Users can be updated if they receive any payments from anyone. This enhances user engagement as well as increases the app’s effectiveness.
Auto-cancellation in case of double payments
This is a highly useful feature for bitcoin mobile app. If double payments occur mistakenly, the duplicate transaction request gets deleted automatically.
It is owing to security that customers are absolutely hooked up to the bitcoin mobile applications. The app can be made highly secure with optional logout option. Like, in case of the user has not signed out of the wallet app, their session will be automatically terminated by the app. Hence, in case of loss or theft of your mobile phone, your bitcoin wallet is still safe.
As it comes to wallet mobile apps, two-way authentication tends to be extremely crucial. Once the user has entered username and password, s/he is then required to pass the second layer of the authentication process. It could be a set of questions or some sort of physical detection. This cannot be accessed by any other person but the user.
Recurring billing & invoicing
This feature is crucial for the ones using Bitcoin wallet for business related transactions. It saves effort and time to write long account numbers for every single transaction. Business trading parties linked with the app are automatically paid monthly. Hence, no requirement to keep a track or to make the transaction, as it is done by itself in bitcoin mobile app.
As the development of the Bitcoin Mobile app goes, it is vital to implement appropriate technological standards. The creation of bitcoin wallet mobile app differs from the majority of other apps. Hence, app
Developers should be well-versed with technical know-how and have knowledge about the bitcoin system before beginning with the development process.
- The framework, like CakePHP, Laravel, Drupal, and Database, like MySQL, MongoDB to manage data over BlockChain API.
- Bitcoin: The Java library enables you to integrate Bitcoin into your mobile app.
- Bitcoin core RPC: Allows the app to run as a daemon and expose an RPC interface used to construct distributed client-server based apps.
- io: Useful to generate the address & to make reliable transactions via Bitcoin wallets.
- io: Written by Coinbase, toshi.io is a full bitcoin node using a Websocket API.
A team of skilled professionals consisting of developers (iOS & Android Developers), designers (UX/UI designers) and testers is needed to create a sophisticated bitcoin mobile application. It is important to zero upon deserving, efficient and adept candidates for app development process.
Analysis for Cost Estimation of Bitcoin Mobile App Development
So, now you have gained knowledge about the technology stack and team required for the development process, it’s time to determine the cost for development. Creating a bitcoin mobile app is way more complicated as compared to any other mobile apps out there in the market. So the estimate also consist of App Developer rates. Like if app developers charge $50/hour, then the estimation for the Blockchain app and Coinbase is given below. Here the $50 is taken as the median per hour rate.
|Backend Development||$10 000||$10 000||$10 000|
|Android||$ 30 000||$ 25 000||$ 30 000|
|iOS||$ 30 000||$ 25 000||$ 25 000|
|Web/desktop||$ 5 000||$ 5 000||$ 5 000|
|Design||$ 7 000||$ 8 000||$ 8 000|
|QA / PM||$ 5 000||$ 5 000||$ 5 000|
|Total||$87 000||$78 000||$83 000|
So, ultimately, the range will be around $70,000 to $90,000. But that is only when the cost is $50 per hour. App Development companies found in eastern countries charge around $30 to $80, while countries like India charge very low at around $20-$50 per hour.