The evolution rate of bitcoins had left almost all the financial business verticals spellbound as well as customers and therefore, there has been massive demand for the bitcoin based mobile apps. The adoption rate of digital payments is increasing at an impressive hike and the major reason that stands behind it’s aloud dominance is, security.
Another reason that is adding to its popularity is that it is not controlled by any third party or governmental organization, thus the chances of getting it abandoned is vanished off. Unlike, the printed currency that can be banned by the governmental organization any time, and at the next moment they can be said as completely useless.
Market capitalization of Bitcoin from 1st quarter 2012 to 3rd quarter 2017 (in billion U.S. dollars)
Hence, the concept of making digital payments is covering the business landscape and most of them are jumping into the surface for getting a highly functional Bitcoin mobile app. So, here find out the basic features and framework that a Bitcoin based mobile app must have.
Very first of all, it is important to conceptualize the basic ideology behind a Bitcoin based mobile app.
The Bitcoin Mobile App will be embedded with three major sections:
1.) The Sellers and Buyers:
They will be using the application for selling and buying the bitcoins
Using this module, user can create his/her account or can login with the social network or the email account credentials.
Once the users login into their registered account (after verification) they can sell and receive the bitcoins. Other important information such as the number of Bitcoins available, and amount details are also displayed.
Under this section, the users can buy the bitcoins. Information related with seller, BTC rate and the amount to be paid are displayed. They can accordingly request the deal for buying the bitcoins.
This feature allows the users to sell the bitcoins. It contains the information such as BTC amount, rate and the payment to be transferred.
The users can filter their searches while buying the bitcoins. They can select the amount range and the number of bitcoins to be purchased for making the whole investment procedure very simplified.
Request a Deal:
Once the deal is settled for buying the bitcoins the user verification is done. In case, he/she found not verified, they are navigated to the original verification page.
Identify the buyers:
Under this section, sellers can view the list of the buyers. It displays the information such as the name of the buyer, the number of bitcoins to be purchased and a deal number for verifying the transactions.
2.) Send/Receive Bitcoins
In this segment, the users can send and receive the bitcoins with the help of a wallet address. Every wallet comes with a unique address or a pin for verifying the transactions.
The user can check their account verification details, time and date of the registration along with the selected membership details.
The notifications related with the new request, money transferred and received along with the transaction status are delivered to the users.
Dashboard and Login:
The Admin will be able to login with all the credentials and can view the profiles of users such as their address, account registration date, Account Status etc.
Once the admin login with its own username and password, he will able to view number of registered users, purchases made by the users and their total earnings.
All the memberships’ packages that are availed by the users are managed under this category. The prices and the benefits associated with these packages are also managed and stored.
The advertisements that are posted are managed by the Admin. Information such as BTC rate, amount and other information are updated to the user.
Accept pin reset request:
Request made by the users to reset the request are viewed and managed by the Admin. He/she can reset the pin and can share the same with the user.
Manage withdraw request:
The Admin will be able to track all the withdraw details made by the user and stores the amount withdrawn for keeping the track.
All the bitcoin transactions made by the users are monitored. Information such as transaction ID, Amount and the date and time of the transaction is noted.
Modify the setting:
All the information related to the Bitcoins such as the current rate, maximum and minimum amount to be transferred is changed by the Admin.
Content analysis and management
Other than adding the basic features in a Bitcoin Mobile App, it is now the time to make it more embellished and furnished. The below features sheds some light on the concept of making Bitcoin Mobile App, a little more advanced and efficient.
QR Code Scanner:
This feature is not any new to the mobile app development but it helps for the apps that need to make payments on the go. Scanning QR code will save time and lessens the hassle of entering the long account numbers or account id for each single transaction. Just a scan and the user are ready to make the payment.
Push Notifications is the most used feature for all mobile applications nowadays. Push notification is extremely helpful for an account and transaction-related apps. App developers can notify the user about any sudden price drop or increment. Users can also stay notified if anyone pays them any amount. Push notification helps in more user engagement and helps the users to stay connected with the latest activities of the app without opening it every single time.
Auto-cancellation of the payments which are made twice
The auto cancellation contributes great benefit to a bitcoin mobile app. Especially, in case of the transactions, often the problem related to double payments arises. Hence, the duplicate request for the payment transaction is automatically deleted.
This feature can be said as the one of the most prominent feature of any payment related mobile app. The mistakes associated while payment transfers are obviously big deal for the users and this attribute comes out as major rescue for handling the replicas of transaction request.
The major reason why bitcoin mobile apps are totally boon for the consumers is security. Integrating optional logout option into the Bitcoin Mobile App is for sure a very strong and sound ideation.
The Users in case didn’t, logged out of their wallet, need not to worry. The app will automatically terminate the session as the time expires. Hence, it becomes impossible for the strangers to use your wallet, if your Smartphone misses or lost.
Adding 2 way authentication will probably raise the standards of app and implementing it is sure a productive decision. Other than logging in into the account using the user name and password a second layer authentication is also required.
The format of the second layer can only be opened by the user, none other than him/her can access the app. Might be the app require any physical detection or some set of questions, hence wallet owners can only open their respective accounts.
Recurring billing and invoicing
This one is definitely for those who are using Bitcoin wallets for their business. Recurring payments yes of gorse save the time and effort that goes into writing the long account details and numbers.
The business trading parties that are linked with your app is paid automatically on the monthly basis. No need of keeping the track or making the transaction is required. The Bitcoin Mobile app does it all by itself.
Implementing the right technological standards is a must while developing a robust and sophisticated Bitcoin Mobile App. Making a bitcoin wallet app is slightly different from other mainstream applications. Mobile App developer needs to be aware of the technicalities and about the system that works before investing in this genre.
- helloblock.io: Used for generating the address and for making reliable transactions through Bitcoin wallets.
- toshi.io: It is an open sourced ruby application written by Coinbase. It is a full bitcoin node and uses a Websocket API (for making the server communication easier).
- bitcoin core RPC: The core bitcoin application can be run as a daemon and expose a RPC interface that is used for constructing distributed, client-server based applications.
- bitcoinj: The Java library that allows you to deeply integrate Bitcoin into your application.
- Robust framework (Laravel, Cakephp , Drupal )and Database (MongoDB, Mysql )to manage the data over the BlockChain API.
Developing a Bitcoin Mobile App with the aforementioned features is definitely a very brainstorming activity hence; it is imperative that all the standardized approaches must be adopted before starting the Bitcoin Mobile App Development. A huge amount of effort is required to be put into for constructing the planning chart in order to reap out with a highly sophisticated and functional mobile app. Thus, the development model for developing sound and quality Bitcoin Mobile App requires rolling over the stated below states:
Often known as the basic building block step of the mobile app. All the basic requirements along with the specifications are laid down into this step. The features that are to be integrated and all the related documentation form a major part of this step.
Upon finalizing the requirements and the basic features, the design standards are decided accordingly. The frontend designs must be tailored with the app ideology and all the graphical features embedded must be stitched to the features and the functionalities of the app.
It can be major turning point phase, where all the features that are designed and documented are developed and made operable as well while applying the concerned technologies. Right from the platform selection, till the integration of the features all the developmental associated activities are carried in this step.
Upon the completion of all the development related activities, the app is finally process for bug testing. Standardized tools must be applied for verifying all the associated bugs and stringent measures must be adopted for fixing the same.
Once the app stands as a clear winner as per the testing guidelines it is processed further for the deployment on the concerned App Store.
Needless, to say an app refined out of the above phases surely stands out to be true winner on the grounds of performance and quality. Therefore, it is imperative to find out the best Mobile App Development Company such as Octal IT Solution that can engineer the best in class mobile apps, for making your business abreast in this hyper competitive market place.
Required Team Structure
For producing and crafting out the best and excelled mobile app certainly, you will require the proficient mobile app development partner, with the highly skilled pool of developers, designers and testers. Therefore, it becomes very important that you select the deserving and the experience rich candidates that are imbibed with true potential and calibre for developing your app. Below are the key persons that you must hire for converting your app idea into reality:
Project Manager: Definitely for this position the person should owe extraordinary skills and should master the art of developing the right and perfect mobile apps and able enough to dominate the mobile industry landscape. She/he should be able to figure out the best optimized solutions and must have a good command over managerial skills.
Developers: Developers can be said as the real key persons and the creators of mobile app. They are the ones who take the ownership of developing your app and know all the correct and perfect solutions for making your app, such that it achieves remarkable success amongst the tuff competition prevailing out there. Of gorse, the technical team must be comprised of both iOS Expert and Android App Developers headed by the skilled and experienced project managers.
Designers: Certainly they are the ones that showcase your app. The more beautifully it is designed, the more users it will capture. Nevertheless, your app may master the coding standards but if it fails to allure users, probability of getting it uninstalled raises up. Therefore, you need have expert UX/UI designers for selecting the out of box design elements and backgrounds displays.
Testers: One will even need a team of testers to point out the small flaws of the app before launching it officially. Though it is a continuous process and plays an integral part in maintenance. Due to intense competition, the concerned app developer cannot even take the risk of any single bug in the application as it may lead to a loss of potential customers.
Development Cost Estimation – An Analysis
Now that one had an idea about the technology stack and the development team. As this bitcoin app is a far more complicated than other applications in the market, it also reflects the App Developer charges. If they (app developers) take around $50 per hour basis, then below is the estimation for the Coinbase and Blockchain app.
For our calculation, we can take $50 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||$78 000|
So more or less, it will be in the range of $70000 to $90000. However, one should keep in mind that this is just an approximation only if the cost is $50 per hour.
Companies on the eastern part of the globe charge more that ranges from 70 to 100 dollars per hour. Whereas in European countries the app developers there may charge around $30-80 and in countries like India it is the lowest that starts from $20 to $50 per hour.