- June 7, 2020
- Posted by: Admin
- Category: Blockchain Development, Famous App Analysis
Cryptocurrencies are becoming more common these days. Decades back, things were not the same. It is after the advent of Bitcoin followed by its massive success, cryptos gained this much popularity among its user community. Bitcoin is the first known cryptocurrency ever made. It was introduced by an anonymous group of people known as Satoshi Nakomoto. It was founded in the year of 2009 and it is the most valued cryptocurrency available now. One bitcoin cost around USD 10,100(as of the date this article has written) and the rate is still going up.
The concept of digital currency or digital cash was not so familiar among the people at the time bitcoin was introduced. Further down the line, its popularity has increased exponentially. Bitcoin has been a perfect replacement for the fiat currency and it is now been traded in large volumes. During its initial days, some countries have put a ban on cryptocurrency transactions. But this was removed soon after they realized its true potential.
Because of its rising demands and popularity, entrepreneurs and enterprises are actively looking forward to developing Cryptocurrencies. Many of the Cryptocurrencies available in the market has been formed as a result of this. So, it is to serve this category of entrepreneurs, and to meet and greet their requirement, we have come up with this article. We will cover the entire aspect of cryptocurrency development including the cost to develop a cryptocurrency exchange app like Coinbase. So let’s get started.
What are Cryptocurrencies and how does it works
Cryptocurrencies are digital cash or digital money. These days Cryptocurrencies acts as an alternative for fiat currencies and are widely adopted. It is backed by Blockchain technology, the latest one of all technologies. As the name itself denotes, Blockchain technology is a chain of blocks that are interlinked together in a progressive manner. These blocks are linked in such a way that it forms a chain of blocks and hence the name, Blockchain. Each block in the Blockchain network consists of various information or data stored in it. Once a block is piled up with enough data it can hold, the other block starts to form. This process continues like this. The blocks are highly safe and secure. Blockchain network consists of several computers or nodes and only these nodes can have access to the details in the network. But once a block is created, no nodes in the network can either alter or tamper the data saved in it. Blockchain Technology is decentralized and free from all kinds of malware attacks and hackers.
The working of cryptocurrency is quite complicated. We have mentioned earlier that Cryptocurrencies work based on the principles of Blockchain technology and this makes it highly safe, secure, and transparent. Cryptocurrencies are the reward given by a Blockchain network for accomplishing tasks like maintaining ledgers etc. In shorter words, if a person has maintained a ledger of a transaction that has happened in a Blockchain network, he will be awarded a cryptocurrency as an appraisal for the work he has done. So how he can keep the ledger? For that, he needs to solve a complex mathematical equation in the least possible time and should be approved by other nodes as well.
There are two methods on a cryptocurrency exchange, the Kraken and Coinbase. For more information on these, check out Crypto Head’s comparison of the two.
What are Cryptocurrency Exchanges and how it works?
Cryptocurrency exchanges are platforms to trade Cryptocurrencies. One can purchase or sell cryptos with other cryptos or for fiat currencies. It has a lot of Cryptocurrencies listed in it and acts as a middle man that connects buyers and sellers. Pricing of the Cryptocurrencies will be listed on the exchange based on the number of buyers and sellers. Also, they have a wide range of other features as well which makes the trade transparent and reliable.
Features of Crypto Exchange app- Coinbase
Right before knowing the cost of building a crypto exchange app like Coinbase, let s know what all are the basic features that an app like Coinbase should possess.
· Account creation
The preliminary step for getting started with a crypto exchange app like Coinbase is to have an account registered on the app. For that, the end-users need to provide various details that are mandatory in the process. After successful registration leveraging the credential provided they can log in to their account.
KYC is a must-have feature as an app like Coinbase deals with more of financial stuff. Users have to prove their identity by submitting various government documents and agreements.
· Buy/ Sell Crypto
An app like Coinbase should have a feature that allows the customer to carry cryptocurrency transactions in a hassle-free manner.
The dashboard of the app should have various features like prices of the crypto, fluctuation in pricing, number of buyers and sellers, and various other real-time updates.
Advantages of a cryptocurrency exchange like Coinbase
· Seamless ways of fund transfer via bank, debit card, credit card, PayPal, etc
· Large number of listed Cryptocurrencies
· Simple and easy to use user interface
· Enhanced opportunities for buying and selling Cryptocurrencies.
How much does it cost to develop a cryptocurrency exchange like Coinbase
Demand for building crypto exchange like Coinbase is skyrocketing because of the huge potential it holds. Enterprises are actively seeking opportunities to develop a top-end app of such kind. The search for how much does it cost to build a cryptocurrency exchange like Coinbase is the buzzword. The development cost of crypto exchange like Coinbase is bound to a large number of factors like pp features, app sie, app security, app location, maintenance, and much more. However, on an average basis, the development cost will be around USD 50,000 to USD 100,000. The price will vary based on the features that get integrated.
DxMinds Innovation Labs- the best Blockchain app development company in India
When it comes to developing high-end cryptocurrency exchanges like Coinbase, one can simply rely upon DxMinds Technologies, the fastest growing digital transformation and cryptocurrency exchange Development Company in India. The cryptocurrency exchange developed by DxMinds Technologies helps you setting up an emporium. For more details on how the cryptocurrency exchanges developed by DxMinds can take your business to the next level, drop a mail to firstname.lastname@example.org