Blockchain technology has single-handedly brought a storm in the industry and all because of its good qualities. From being heavily secure to keeping the data confidential at all costs and never getting controlled by a single entity, a bitcoin wallet challenges our existing centralized financial system.
If you’re interested in Creating a Bitcoin Wallet, it can cost you between $70,000 to $90,000. That’s not to mention the cost of buying bitcoins (which has increased in recent months due to the recent price increase). So if you’re thinking of getting into bitcoin, be prepared to invest some money upfront.
Talking about Mobile Wallets
When we talk about creating a bitcoin wallet, it mostly relates to developing a mobile wallet. While there are other types of wallets that can be created, our discussion will be limited to mobile wallets.
The other type of wallets include;
- Web wallet
- Hardware wallet
- Paper wallet
- Desktop wallet
Factors that Determine the Cost to Create Bitcoin Wallet for Mobile
The final cost of building the wallet depends on some factors, including;
- Complexity of the application: More complex applications require a higher cost. Complexity depends on the application’s features, tech stack, number of team members working on the application, and design elements.
- Application Size: Size refers to the number of features and the quantity of audience you want to target with the application. To address the needs of more users, the application must be built to handle the constant requests and data load of all the users. Since this sort of app will cost a lot of money, it is advisable to build an application with minimal features first.
- Application Design: The core principle of complexity stands here too, but with a catch. The complexity is not in terms of the design but in making the said design. Designs that are smooth, intuitive, and attractive are complex to build, which in turn, will cost more. However, great designs are pivotal in attracting and engaging the users while inspiring them to keep coming back for more. So, in the long run, good designs are good for business.
- Application Features: When you create a bitcoin wallet, decide the features you wish to add before starting the development process. Our recommendation is to create a most viable product (MVP) version first and then scale the application as it progresses. Here are the basic features you must add;
- Authorization: Sign Up and Sign In.
- Coin Conversion: Allowing users to view the conversion rate between bitcoin and other cryptocurrencies.
- User Address List: It allows the wallet owner to save the addresses of the users for easier transactions.
- Push Notifications: Notifies the wallet users by sending instant messages for different aspects, including changes in price and successful transactions (send and receive).
- Security: As you create a bitcoin wallet, make sure to add the best security features as it helps gain the customer’s trust and loyalty.
These four factors help decide the majority chunk of the cost to create a bitcoin wallet. You can make changes to these components and drive a change in the overall cost, but make sure not to tamper with the features and functions essential to building the MVP version.
The factors mentioned above are some of the most important things you need to know about creating a bitcoin wallet for mobile users. However, the final decision depends on your budget, features, design, security requirements, and team composition.
Choose a development team that has the lowest development costs but has the highest experience and expertise to create bitcoin wallet.