Despite high volatility, cryptocurrency remains one of the most popular investment options. Bitcoin is one of the most popular cryptocurrencies, so entrepreneurs come up with digital solutions that help to make investments in various business fields. In this post, we’ll figure out how Bitcoin investment apps’ advantages and how they help investors to make profits.
Benefits of Bitcoin Investments
Today, it’s hard to find a person that hasn't heard of cryptocurrencies and Bitcoin in particular. But only a few of them really understand why Bitcoin investments are viable and more reasonable than any other cryptocurrency.
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Even though Bitcoin faces obstacles represented by sudden devaluations, it’s still on the rise. The price of Bitcoin recently reached $11,000 for the first time since 2019. That means Bitcoin remains a dominant cryptocurrency on the market. On top of that, investors are positive about the Bitcoin rate and predict further growth.
Variety of Options
Cryptocurrency enthusiasts have a wide range of opportunities. They can buy and sell Bitcoins, use Bitcoin ATMs to get the cryptocurrency, and more. Besides, today's market is full of solutions to work with Bitcoin. Coinbase, Exodus, and Bitamp wallets have proved their security and effectiveness in terms of crypto transactions.
In today’s reality, it’s hard to predict rates of conventional currencies and companies’ stock prices. A trade war between the United States and China sows seeds of doubt in terms of conventional investment methods. In its turn, Bitcoin is a decentralized technology that doesn’t depend on foreign sanctions and restrictions.
No Total Control
Bitcoin is far less controlled by the government than conventional money. Authorities control cash circulations, while banks set commissions for servicing bank accounts, transactions, and more. As for Bitcoin, it’s savings are free from fees and banking regulation. Still, to perform operations with Bitcoin, you should get a license from the government.
Bitcoin Investment App Development Steps
Bitcoin investment app development is a complex and time-consuming process. It has its own pitfalls and nuances that have to be considered beforehand.
The first step of creating a successful app is to analyze your competitors. Compare already existing solutions with your idea. You have to focus on analyzing competitors’ features, performance, design, and more. It may happen that after research, you’ll understand that your app doesn’t bring anything new to users. Then, you’ll have to review the overall concept and come up with features that will excite everyone.
Obey the Laws
To settle all legal issues related to cryptocurrency transactions, you have to be a legally qualified person. Another option is to hire a lawyer who will clarify all legal issues for you. Whatever option you choose, don’t forget about legislation. A lot of issues may appear when launching your cryptocurrency business, so stay sharp.
Take Care of Legal Issues With the Government
Most likely, you’ll have to gather special licenses from your government that allow you to provide cryptocurrency-related services to your clients legally. It’s hard to say which documents you’ll need because everything depends on your country’s regulations.
Don’t forget to draw up a user agreement and show it to users before they get access to the app. This agreement should explain how your app works, what services it provides to users, what rights and liabilities users have, and more. Users should note that they agree with the document and accept all rules.
Engineers use prototypes to understand all basic nuances about the app. It displays the position of all elements in the app, shows how users will interact with the app, and more. Prototypes help to avoid unexpected expenses during the development process. After the prototyping, developers, alongside designers, get plain specifications and proceed to the actual development process.
Design and Development
At this stage, developers and designers create a functional version of the software based on specifications acquired on the previous stage. Bitcoin investment app development requires a team of developers proficient with a range of programming languages, tools, and frameworks. That’s why software development companies usually allocate a full-fledged team of engineers for such projects.
Basic Features for Bitcoin Investment App
As we’re clear with the benefits and steps of Bitcoin investment app development, we’ll proceed to the main features that should be developed primarily.
ID verification is an obligatory feature for your app. First of all, it prevents unauthorized access to user accounts. Besides, it reduces the chance of money laundering and the number of suspicious transactions. To analyze the provided data, you can hire admins that will compare the data manually. However, if you want to automate this process, you can integrate AI algorithms that will do this work automatically. Still, to implement AI into your software, you have to hire a dedicated development team.
Notifications will keep investors posted about their expenses and incomes. In case users should make scheduled transactions, you can synchronize your app with a calendar and send reminders about those payments.
Users need a page that displays their personal information. Here they can change the profile picture, payment details, and information used for account verification. Besides, a personal profile is a place where clients can monitor the status of the transaction, requested operations, and more.
Even though Bitcoin is the most popular cryptocurrency, a lot of users will work with other currencies too. That’s why you have to provide your audience with exchange rates of Bitcoin to other currencies (including conventional) and make exchanges on demand.
QR Code Generator
With the help of QR codes, users will share their wallets’ addresses with ease. However, your app shouldn't only generate, but also scan QR codes with the help of the device’s camera.
Your app should display all information about Bitcoin-related information. BTC rate, comprehensive information about the seller, the final price, and fees. When the user is ready to cut the deal, they should click the ‘Perform the transaction’ button. After the verification, both sides get their funds.
A special page for admins of your app. Here, your employees will check the verification data, manage accounts, consider complaints and refunds, manage transactions, and other organizational issues.
As you can see, Bitcoin app development is an intricate process that requires you to be tech-savvy, legally-savvy, and creative. Your software should be intuitive, safe to use, and have a top-notch performance to stay competitive on the market. However, to comply with these points, you have to find an experienced software development company.
Vitaly Kuprenko is a technical writer at Cleveroad. It’s a web and mobile app development company in Ukraine. He enjoys telling about tech innovations and digital ways to boost businesses.