The word cryptocurrency has been gaining popularity these days and the reason is the ever-growing popularity of the cryptocurrencies in use and the newer ones which are making their presence felt in the digital space. Before we go further on cryptocurrency exchange development it is important to know what cryptocurrencies are and why are they much sought after these days.

Cryptocurrency:

Well, just like you have a currency as legal tender for exchange purposes, cryptocurrency is also a form of currency. A cryptocurrency is a form of digital currency that is developed to work for exchange purposes like normal currencies of different countries. The only difference being as it is digital in nature, it uses cryptography for security purposes and verifying transactions.

Also, the same cryptography is used to control the creation of new blocks of a particular type of cryptocurrency. Actually, cryptocurrencies are basically a type of database entries that cannot be changed until and unless certain conditions are met.

This has resulted in the creation of an almost foolproof system which ensures that cryptocurrencies cannot be either destroyed or counterfeited. These stellar advantages have led many tech people to ponder on the Cost of Cryptocurrency Exchange development.

Cryptocurrency exchange development — Pros and Cons:

Advantages:

Cryptocurrencies enable the transfer process of funds between two parties in a direct manner without the involvement of any third party which may be a bank or a financial institution. For security purposes, these transfers take place through the usage of public and private keys.

Typically, a user’s wallet or account address has the key called a public key while the user uses his own private key to sign the transactions made. Additionally, transfer of funds takes place with the involvement of the barest minimum processing fees which is much less than those charged by financial institutions.

These points which work in favor of cryptocurrencies have propelled many companies to develop a cryptocurrency of their own and obviously prior to that figure out the cost of cryptocurrency exchange development.

Disadvantages:

The only disadvantage that can be thought of is the fact that since cryptocurrencies are virtual in nature, a digital cryptocurrency balance holder can face issues if he happens to lose his private keys.

Outline of the cryptocurrency exchange development:

In order to begin with, you have to register and obtain a wallet, which is a cryptocurrency wallet. Numerous digital currencies like Bitcoin etc can be stored in this wallet. When you send money, you actually use the system through which the transaction is made. The funds shall be loaded on your account which is placed in the app server and you can make a choice on the destination where the money will be sent along with the currency it should be sent in.

On the receiver’s side, the cryptocurrency is sold at the server end and foreign currency is bought which is then transferred in the receiver’s bank account in the currency of their choice. Simple — isn’t it?

Basic features of a cryptocurrency exchange development:

Before you try to figure out the Cost of cryptocurrency exchange development, it is essential that you happen to know the architecture of a cryptocurrency exchange development.

The basic structure is that of an application that is either desktop or mobile-based. Nowadays there are numerous such apps available for use on smartphones that allow transactions to be made while on the move.

The website (used in PC’s) and the app(in case of mobiles) should handle the following:

• Create accounts.
• Request for depositing money.
• Request to send money.
• Exchange currency.
• Manage bank accounts.

It is preferable to have a web-based application but at the same time, you should have Android and iOS-based apps for those who want to make transactions while on the move.

Team structure of cryptocurrency exchange development:

Well, if you are serious enough the time required for developing such an application should be around 6 months. Also, you should have the following ready resources at your disposal:

• One backend developer
• One Android developer.
• One iOS developer.
• One front end web developer.
• One graphic designer.
• Two QA engineers for testing the application.
• One full-time Project Manager.

Cost of cryptocurrency exchange development:

If we keep a baseline of $65/ hour for all developers, a graphic designer / QA testers to be available at $35/ hour and a Project Manager to be available at an hourly rate of $55 and your team can manage to finish the project within 6 months, you shall be spending close to $400,000 USD to develop the app.

Now, if you happen to develop the same app at our offshore development center in India, we can get the job done for around 40% to 50% of the original proposed budget. Just to let you know, the quality standards and functionality of the app shall remain the same. This should put to rest all your concerns that you may have with regards to the benchmarks that you expect to have of the designed application.

Now that you do have an idea of the Cost of cryptocurrency exchange development, it shall please you to know that our organization has been active in the area of Blockchain application development, having developed applications for both domestic and international clients.

Do have a look at one of our regular blog posts where you can catch up with all that you want to know about HRMS.

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