Technologies are changing day by day and a common topic among everyone is cryptocurrencies. Lately, We have been seeing development in Blockchain technologies. And entrepreneurs are investing in Blockchain technologies and their applications.
In this article, we’ll be figuring out what crypto is? And how much does it cost to develop a crypto wallet app? We will start this article by giving you the basics of cryptocurrencies. So, without wasting any time let’s get started.
What does Cryptocurrency Mean?
Cryptocurrency is a decentralised digital currency which is based on Blockchain technology. There is no authority which looks after or manages the value of these currencies. These currencies can be bought from different cryptocurrency marketplaces and they are distributed among the cryptocurrency users via the internet (How to Use Cryptocurrency for Making Huge Amount in 2022). The transactions of cryptocurrencies are processed and authenticated by Blockchain technology as no authority looks after them. We have now made you understand what cryptocurrency means. Now let’s take a look at what is meant by cryptocurrency wallets.
What is a Cryptocurrency Wallet?
A place where cryptocurrency can be stored and transacted is called a crypto wallet. A crypto wallet can be of different types such as web wallets, mobile wallets, hardware wallets, paper wallets, and many more. These digital wallets keep your cryptocurrency safe and accessible which allows you to send and receive cryptocurrencies like bitcoin, Ethereum, dogecoin etc.
With the growing number of cryptocurrency enthusiasts and investors, a cryptocurrency wallet has become an important player. Due to this, the cryptocurrency wallet development is rising unpredictably.
At SDLC CORP, We provide services like blockchain and crypto solutions. We've done everything from developing Smart Contracts and Cryptocurrencies to auditing processes before they go live on the unmodified system and assisting start-ups with ICOs. The blockchain and crypto services provided by us are:
- Custom Blockchain Solutions
- Hyperledger Based Solutions
- Crypto Token Development
- Crypto Exchange Development
- Permissioned Blockchain.
- Crypto Wallet Development.
Before we discuss how much it costs to develop a cryptocurrency wallet. Let’s take a look at the types of cryptocurrency wallets.
Different Types of Cryptocurrency Wallets
As we have already discussed what a cryptocurrency wallet is, let's take a look at five different types of cryptocurrency wallets.
- Web Wallets.
For web wallets you don’t have to download software on your device, rather you will access your wallet through the internet browser. In this type of web wallet, The website has the key to your cryptocurrencies which makes it less safe than others.
- Mobile Wallets
Mobile wallets are those wallets which can be accessed by all mobile phones. These wallets come with QR codes to make it simpler for your transactions. But you should also keep in mind that you should encrypt your crypto wallet with the password and key so that no virus or malicious app can be vulnerable to your wallet.
- Desktop Wallets
These wallets are a lot safer than the other wallets. These wallets are downloaded and then installed on your laptop or PC from which you can execute them. This type of wallet gives you full control over your keys and funds rather than any web-based or mobile wallet.
- Hardware Wallets
Hardware wallets can be anything like pen drives, USBs or any hardware object. These types of wallets save you from the keys and the online methods of storing your funds. These types of wallets prevent hacking which makes them a lot safer than the other three mentioned above.
- Paper Wallets
Paper wallets are those kinds of wallets which are physically printed in the form of a QR code. The QR code is formed by the crypto address and the private key which can then be accessed by scanning to execute cryptocurrency transactions.
We have now discussed what crypto wallets and their types are. Now let’s discuss how much it costs to make a crypto wallet app.
How Much Does It Cost to Develop a Cryptocurrency Wallet App?
The cost of making a cryptocurrency wallet app depends upon many factors which include the size of the Company, the app’s complexity, the size of the crypto wallet and lastly the design of the crypto wallet. At SDLC Corp. we create Crypto wallet Apps that hold hundreds of cryptocurrencies while carrying information related to your wallet balance and purchase history. If you need any assistance in developing a crypto wallet app, you can connect with us today. Now, let us discuss each of these factors below:
- Size of the Company
The development of your crypto wallet app depends upon the development company that you have chosen. There are mainly three trials of these companies which include small, medium, and large. If you hire a large-sized company then it will cost you more and if you hire a small or medium-sized company then it will cost you much less. At SDLC Corp. we believe that cost should not be a barrier in developing technology, we provide our services with utmost perfection and at a reasonable price.
- App’s Complexity
The crypto wallet's complexity depends upon The feature set, the stack that backs it, The designing elements and many more. it depends upon you whether you want to make your app simple or complex. The simpler your app is the less Will be the cost of developing it and if you choose to make it complex the more will be the cost of developing it.
- Size of Crypto Wallet App
The size of the crypto wallet depends upon the features that will be provided by it. To reduce the cost you can choose from the main features that every crypto wallet app provides. It will help you in customer experiences at a reasonable price.
- Design of Crypto Wallet
A simple and non-complex wallet plays a crucial role in growing your crypto wallet app. The cost of developing a crypto wallet is determined by the requirements. The appropriate plan will cost you more money upfront, but it will save you money in the long term.
We have more than 5 years of expertise building blockchain-based technology at SDLC Corp. We have a team of developers who are extremely skilled and experienced and will design your product with the highest professionalism. You've come to the perfect location if you want to create a Crypto Wallet App. Connect with us today.