Have you watched Inception movie? At first, you will be like what the hell is all this? Later on, you will be like ohh…now that was epic. When the terms like Cryptocurrency, Bitcoin, Blockchain, and mining fall on your ears, it will give you inception kind of effect. The clarity of these things will travel from what to wow. So, let’s gain some clarity on what is Cryptocurrency.
What is Cryptocurrency?
This is a form of currency like USD but with three different features:
- This currency has existence only in the virtual form.
- The crypto refers to integration to cryptography to come up with a upsurged security level.
- This currency has no central authority to interfere in the regulations as it’s devoid of any specific country or government.
Well, moving on the status of this currency is not defined but you can’t call them purely illegal. The term purely is included just denote countries like China having their own set of rules when it comes to the digital world.
How do Cryptocurrency and Bitcoin Work?
Bitcoin was actually the first cryptocurrency. Well, the growth was very rapid, back in July 2017, the numbers reached to 900 and talking about September 2017, its almost more than 1100. All this currency are based on the blockchain technology. It is similar to a public database which stores every teeny weeny detail about every bitcoin transaction on every device connected to the network. Any user from any corner buys or sells any cryptocurrency, the date will be recorded and can’t be altered or forged.
Why Develop Bitcoin Mobile App?
The culture of online banking was never vastly in trend like now. You don’t have to wait in a long queue and fill some forms and talk to some rude people in the bank to send money to friend and relative. You can do it right from your phone while watching TV, lying in bed or even pooping. Well, a similar thing must be availed in case of bitcoin also. So, indulging into iPhone or Android app development for bitcoin is quite similar to that of developing a banking app. With a bitcoin app, users will be availed to buy, sell, send and receive bitcoin along with using it for online shopping just like the usual money. So, let’s have a take on must-have features in bitcoin app.
Majority of the apps of today’s time have this feature. Ensure that the login or sign-up process of the app must be rapid and accurate. It is the first step of using your app and any error in it will disappoint the user and make the user leave it without even using it.
- Top-notch Security
When it comes to bitcoin mobile application development, safety and security of the personal details of the users are very essential. Users will not consider how smooth functioning or attractive or user-friendly the app was once they face any security breach. All your earned reputation are going to be trashed right away with just a single security flaw. The best thing about this apps is anonymity. Anyone can have access to which wallet transferred what amount to which wallet but the real owner stays secret. Security features to be installed in the app:
- 2-factor authentication
The login process must be confirmed with the PIN or mobile number or the Touch/FaceID.
- Auto logout
If the device gets lost or stolen, the user’s wallet is still safe and no outsider can access it with this feature.
- Separate public key generation for each transaction
Public keys for each new transaction will add an upsurged level of protection against hacks and frauds.
- 2-factor authentication
This feature includes buying and selling of digital currency at the current rate. It also includes making monetary transactions by connecting the bank account, PayPal, debit card and credit card. Keep a track on current balance and transaction history. Send or receive bitcoins or any other cryptocurrency.
- QR codes
A bitcoin app can easily be developed without this feature. But this feature is like adding a feather to the cap. The transaction is made convenient and agile with QR codes. You just have to scan a QR code from other smartphone and your bitcoin will be delivered to your sender.
When it is money transactions and that too in a sector which can fluctuate at any time, staying updated is always advisable. Notifications will always get you in the know of whats trending and what’s not, new transactions and accepted payments. This will help the users make a more informed and precise decision.
- Rate of conversion
The exchange rate of bitcoin is very flattering and can make a huge impact over a prolonged period of time. Buying or selling in certain hours can make you super rich and wrong decisions can really ditch. Hence, mobile app development company should indulge in developing a bitcoin app having a feature of an in-built actual exchange rate. You can impress the users by adding an added functionality wherein conversion rate of a day or a week or a month is displayed helping the users to track the trend.