Did you know that Japan has recently legalized cryptocurrency making it an official payment tool? The rest of our world also uses digital money in their daily reality. No wonder that bitcoin segment development attracts many people since bitcoins are considered to be the most demanded cryptocurrencies.
Today we shall discuss bitcoins exchange services making to understand various details.
All bitcoin operations are administered by a substantive peer-to-peer structure having one joint database. Such a deconcentrated P2P system takes advantage of online signatures together with proof of work protocols to assure funding legality.
How to obtain bitcoins
It’s pretty clear that when you’re about to make a bitcoin wallet app, firstly, you shall get such cryptocurrency. Surely, you could get bitcoins with mining, however, it’s rather a complicated procedure with multiple traps. Fortunately, there exist other solutions:
- Currency Exchanges
That would be a certain online program for selling or purchasing a cryptocurrency particular quantity for a peculiar price. The customers are the ones to do such business, and that’s P2P distinctive feature.
- Exchange Services
Similar services are to change regular money for bitcoins or vice versa.
- Purchasing Directly
In such event buyers and sellers are to negotiate in person their deal conditions agreeing upon conversion rates.
After getting bitcoins users will definitely need some kind of service to handle digital money. Would you like to benefit from such a necessity?
Bitcoin exchanges platform building – a website or a mobile service – is only one of the options you have. And there are more.
Cryptocurrency platforms suggestions
In case you’re hesitating to build a bitcoins exchange solution, we have tons of other concepts for you.
# Bitcoin Wallet Application
Isn’t it the first thing you think of when speaking of bitcoins? Mentioned type of mobile applications is engaging more and more users, since being a perfect tool to manage digital currencies. Before starting cryptocurrencies exchange service creation, you better explore the world of bitcoin’s wallet programs, cos it’ll facilitate and speed up your process.
# Conversion rate tracking
Customers prefer being posted and updated, thus, they’ll appreciate having an online program for that purpose. Such a platform could advise the audience and assist them in keeping track of conversion rates.
Take a look at the Blockfolio experience. Given app is truly in demand, as it provides data on rate movements allowing customers to profit off coins investments in a smart way.
Moreover, there’s BitcoinChecker to keep an eye on exchange rates. Mentioned solution submits very detailed info since it receives data from over 80 relevant sources.
# Gaining bitcoins
Additionally, to mentioned earlier approaches, the Earn.com owners have discovered another way to obtain bitcoins. Ignoring traditional options they’ve come up with a one-of-a-kind platform for its audience to receive bitcoins when answering their messages or carrying out certain tasks. Maybe you also have a unique idea to implement into your bitcoin program?
# Bitcoins close-by
There’s BitcoinMap which helps people to locate facilities or individuals in the vicinity trading items and services paying with bitcoins. As its name implies, such program has interactive mappings as well, as valid lists of nearest facilities, lists of users’ preferred shops, bitcoin conversion calculators, etc.
# Selling products & services
Indeed, today’s bitcoins world is a shapeshifter. There exists another interesting service called Gliph. It serves for customers to sell or purchase various items or services – and, obviously, bitcoins are the currency – via people direct interactions. Gliph is well-thought-out and safe, thus, clients take advantage of in-application operations.
As you’ve discovered, there are plenty of ideas, however, the most popular one is still a bitcoin currency exchange building (both, web-site and m-service).
Blockchain exchange services fundamental functionalities
Wondering what such a program actually is? It is to transmit, exchange or withdraw your online currencies. Well, let’s distinguish a few critical features of mentioned programs.
- Logging in & Registration – Could you possibly imagine a service with no authorization solution? Most likely not. Thus, bitcoins services need one as well.
- Profiling – Customers’ profiles are to be well-designed making the application easy and smooth to navigate and apply.
- Wallet creating – users enjoy such parameter, as it’s a handy tool for cryptocurrencies management.
- Digital currency conversions and exchanges – that’s actually the key purpose for building your program.
- Establishing a connection between a mobile service – and its wallet, of course – and diverse payment & credit cards.
- Conducting operations – it’s a logical extension of the functionality mentioned above.
- The records of previous activities.
Are you eager to build an MVP model solely? Then mentioned above characteristics are all you need. Though, when going for the more sophisticated platform you shall think up more appealing and fascinating parameters for your brainchild. Those are a few ideas for you to start with:
- Gamification. Why not come up with some kind of fun games for users to enjoy digital currencies transactions even more?
- Searching for bitcoin sellers;
- Searching for locations for paying in cryptocurrencies;
- Keeping track of digital money rates.
Shall we now speak on how expensive it is to make a bitcoin platform? It’s actually high time to proceed to that point.
How much is it to build a bitcoin exchange solution?
After making a decision on creating a bitcoin website or a mobile program, or both, you should think of your project costs. We’ve prepared a list of experts you’ll most likely require, specifying their rates.
✓ A Project Manager
Make sure you devote enough time to find a responsible and experienced professional. Your task is to be confident about that person since he/she is to coordinate and supervise the whole developing process.
✓ Designers (UX & UI)
They’ll be in charge of making an appealing interface of your creation. Moneywise, in case of developing a web platform together with a mobile one, the approximate costs are $11.000.
✓ Front-end developers
You’ll need them when creating a website version, and the service price is $15.000 roughly.
✓ Android & iOS developers
It’d be your advantage if you develop a bitcoin application for all operating systems. A starting price would be $60.000.
✓ Back-end developers
Mentioned IT gurus are to work on the database connection, as well as on server seamless operations. Don’t even expect less than a $25.000 cost of it.
✓ Quality assurance staff
They are to test various program parameters during diverse phases of your service making.
One important clarification – those figures have been calculated taking into account an average rate of $35/h which is applicable for Ukrainian and Eastern European specialists. When applying to other experts, for instance, in the USA, expenditures shall grow considerably.
We hope you feel prepared and inspired to build your bitcoin exchange masterpiece. We wish you success and the best of luck!