According to grand view research, the size of the global cryptocurrency wallet market was estimated at USD 8.42 billion in 2022, and it is anticipated to increase at a CAGR of 24.8% from 2023 to 2030.
Moreover, if we take a look at the average percentage of people who possess cryptocurrencies worldwide as of 2023, it is around 4.2% which makes it more than 420 million.
So what does this mean?
It means the crypto wallet app is going to rule the app market in the upcoming years. So if you are on the verge of building a crypto wallet app, you are on the right track.
But as we all know this is not just a small investment. Crypto wallet app development costs huge.
Well, if you want to know “how much I have to spend on a cryptocurrency wallet app”, this blog is for you.
Before diving into the cost estimation it is essential to understand what crypto wallet is all about. Well, cryptocurrency wallets are used to store users’ public and private keys. It also offers a user-friendly interface for managing cryptocurrency balances.
They also support blockchain-based Bitcoin transfers. Moreover, some wallets enable users to interact with decentralized applications (dApps) or purchase and sell certain cryptographic assets.
Users may quickly access an easy-to-use interface to maintain their cryptocurrency balance or download and install a wallet for a variety of cryptocurrencies.
Based on the location and method of storage, the wallets are divided into the following categories.
Hardware Wallets: Hardware wallets are pieces of hardware that separately manage keys and public addresses. With an OLED panel and side buttons, it resembles a USB. It has no batteries and may be linked to a PC to be used with native desktop applications.
They are less secure than web and desktop wallets but more user-friendly than paper wallets. They come in a variety of forms and provide a fair bit of control.
Paper Wallets: It is a physical wallet with a QR code on it. Despite not being vulnerable to hacking, they are now dangerous due to their numerous weaknesses.
Moreover, not being able to transmit partial funds is a significant problem that makes it not reusable. Prior to the introduction of hardware wallets, they were widely utilized for cold storage. Overall, paper wallets can be put up if strict security measures are applied.
Desktop Wallets: These are operating system-specific installable software packs that are becoming more significant with time. Because a system connected to the Internet presents serious security risks, they demand a need for antivirus software.
Bitcoins should be kept in desktop wallets rather than on an exchange. They are the finest option for cold storage in a perfectly clean system and the third safest way to store cryptocurrency.
In addition to this, they provide privacy and anonymity, are simple to use, and don’t involve any outside parties. However, computer backups must be performed often.
Mobile Wallets: Smartphone-specific desktop wallets and mobile wallets function similarly. Given that transactions are made via QR codes, they are efficient.
Although they are appropriate for daily use; but are susceptible to malware infiltration. Mobile wallets need to be encrypted. On top of that, they are useful and portable but are vulnerable to viruses.
Web Wallets: As the name implies, there is a need for internet browsers to access these wallets. Some web wallets that store private keys are vulnerable to DDOS assaults. They can either be hosted or not. The preference is for non-hosted because funds are constantly in charge.
Moreover, these are not the same as hot wallets due to their least security. They enable rapid transactions and are perfect for little investments.
Well, when it comes to creating a crypto wallet app there are a lot of factors that directly decide the development budget. Let’s go through the top 4 factors that affect the development cost the most.
The complexity of a crypto wallet software is determined by a lot of factors, including the tech stack, feature set, development process, design, interface components, etc. The development process gains more complexity as your crypto wallet software adds more features and functionalities.
However, if you want to create a straightforward primary crypto wallet, think about incorporating features like authorization, push alerts, wallet import, a crypto payment gateway, an address list, a conversion rate, a transaction, and security, among other things.
Top 5 Essential Features of a Crypto Wallet App Like Bitcoin Wallet
Although when it comes to adding features, the list goes on, but yes there are some essential features you must add to your cryptocurrency wallet app for offering a rich user experience.
The authorization phase is one of the most well-liked components of a mobile app, but it is more important when talking about crypto wallet applications. In order to access the wallet, users must register for this functionality or fill out a form with their keys.
Since the crypto wallet app will allow users to move funds across various modalities, including between the same digital currency, other digital currencies, and digital & fiat currencies, they will need to be aware of the current conversion rate.
The main goal of blockchain technology is to redefine how transactions will be conducted in the future. The most crucial element of crypto wallet software is the transaction feature. Users of the crypto wallet app can send and receive digital currency. This app’s component must have to be lightning-fast and impenetrably secure.
The admin will have the ability to use the push notification mechanism to inform users of the crypto wallet app of events such as changes in the value of their virtual currency, the success or failure of a transaction, address addiction, and other occurrences. Users can rapidly update the activity of their accounts using the service.
The security feature of the digital currency wallet app is a typical but equally important element. The greatest option would be to provide your users access to changing their app’s pin, password, or any other private data they want to change anytime at their convenience.
2Size of the Team
When planning the development of a crypto wallet, you must always take the size of the team involved into account.
As more experts are needed for your project, the cost will rise abruptly. When preparing the project’s budget, take into account the following:
It is wise to go for a dedicated crypto wallet app development firm as it will not only provide you with all experts under a single roof but will also help you reduce the overall development cost.
3Design of the Crypto Wallet
Simple and minimalist designs are crucial in determining how well users engage with your cryptocurrency wallet app. Don’t compromise on the design and development requirements, even though the effective design will cost you more as it can easily help you beat your market competitors.
Moreover, your app must be convenient, understandable, and simple to use for the audience from the wireframe through the UI/UX design.
4Location of the Development Agency
The region and location of the crypto wallet app development company play a major role in the overall development cost.
You might be wondering how?
Well, the cost to hire crypto wallet mobile app developers is more in Latin America ($40-$80), Central & Eastern Europe ($35-$75), and North America ($75-$175) as compared to South Asia ($25-$50) and Southwest Asia ($20-$40) due to the difference in the hourly rate.
This means if you are hiring an agency from the UK, USA, Australia, and so on, it will cost you more as compared to hiring a company from India or other Eastern European countries.
As discussed earlier, the cryptocurrency wallet app development cost varies from project to project as per individual requirements and certain parameters. So it is hard to decide the exact cost but to give you an idea, the average price of developing a crypto or bitcoin wallet app ranges somewhere from $25,000 to $200,000.
On the other hand, if you are looking forward to creating a crypto wallet app with basic features you may have to invest around $25,000 to $60,000.
On top of that, if you want a full-fledged app with extensive features, the cost can rise as high as $200,000 or even more.
After going through the cost table you must have gotten an idea of how much you really need to invest in the development process. Well, to provide more clarity, here is a complete cost breakdown table that will let you know where your money will be spent on various processes in case you go with an app like Bitcoin Wallet.
Needless to say, the demand and ease around cryptocurrencies have taken the world by storm. One of the reasons why various online stores started offering the ‘Pay with Bitcoin’ option in their apps.
It means this integration can be used as a suitable alternative to Crypto wallets. The benefit of going with integration is, you need not invest huge money. There are many 3rd party providers that offer the option of paying through Bitcoin or other digital currencies from within your existing app.
So if you are tight on the budget, this option can do the job for you as you only need to spend around $20000 to $50000 on leveraging integration services.
Needless to say, outsourcing the creation of your bespoke crypto wallet app to a seasoned blockchain app development company is a cost-effective method. Our proficiency in blockchain app development has steered significant corporations toward huge achievements.
Blocktunix team of highly qualified developers offers the best development solutions for business owners. In addition, we advise you to check out the multiple commercial advantages of our White-label Crypto Wallet software solutions. Our business prioritizes customer happiness, and we have sufficient industry knowledge to address your questions. Then why miss the opportunity?
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