How To

Build A Competitive Bitcoin Investment App And Keep Up With Crypto Trend

30 May 2018
432
11 min

The growth of cryptocurrency popularity cannot be ignored by investors and business owners. Today Bitcoin is considered to be one of the most popular cryptocurrency, and digital solutions help make investments in Bitcoins and then make right investments of Bitcoin to different business fields. Bitcoin investment app development can help entrepreneurs occupy a new niche and make some profit.

Let's find out why Bitcoin investment app has obvious advantages and how to create such app.

Why is Bitcoin investment beneficial?

First, let's spell everything out. Why Bitcoin? There are a few reasons why investments in Bitcoin are more viable that the investment of any other cryptocurrency type.

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Why you should work Bitcoins

Low fluctuation of Bitcoin

Despite the fact that recently Bitcoin price to USD has lowered to $7,000 from almost $20,000, according to general statistics announced by Statista, Bitcoin shows a growth on annual basis. Half a year ago Bitcoin price was $300 whereas now it is up to $7,200. It means that this cryptocurrency is in trend.

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Trust towards Bitcoin

On the whole, it has happened that the trust of people towards Bitcoin is much higher than to any other cryptocurrency, and it can prevent Bitcoin from a total crash, and from the strong price reduction. As experience shows, after Bitcoin drops, it quickly restores its high price eventually. Bitcoin has the largest market cap and the number of users.

Higher liquidity

It means that users have a wider range of opportunities - they can buy and sell Bitcoins, they can even buy cryptocurrency in Bitcoin ATM. Also, the market offers many technical and software solutions to work with Bitcoins. Digital wallets like CoinBase, KeepKey are the ones to keep your Bitcoins safe.

More stable currency for today

As you know, today financial and political instability can become the reason for fiat money to turn into weak currency and they won't be good for savings. As for Bitcoin, along with other stable assets like gold, it will remain a hard currency. So if users buy Bitcoin today, they can benefit from it in future.

No total control

At the moment, Bitcoin is far from total control from the government, like with fiat money. Governments strive to restrict cash circulation, and money saving in the bank gives more control for authorities. High commissions for banking transactions and so on will make people be under surveillance. In the case of Bitcoin, its saving is free of charge, all procedures are not restricted by governmental and banking regulations, so Bitcoin is decentralized and pseudonymous. However, as in the case of any financial business, you should get the license from the government to perform such procedures with Bitcoins. 

Also, there is a problem of Bitcoin scalability, but this is a challenge that specialists attempt to solve. Thus, if this problem is solved eventually, it will also make Bitcoin price grow.

Steps to create Bitcoin investment app

Development of the best Bitcoin investment app is tightly connected with complex methods and high skills. And the development process will have its own particularities that you should take into account.

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How to create Bitcoin investment app

Market analysis

Despite the fact that you already made a decision to create Bitcoin cryptocurrency investment tracking app, you still need to explore the market of cryptocurrency to define all possible pitfalls that you may face. Compare particularities of all popular cryptocurrencies, determine their strong and weak sides. Moreover, it is better to find a professional financial consultant to discuss all issues related to your new type of business.

Hire a lawyer

As your future app will process transactions of cryptocurrency, it is necessary to hire a lawyer. It is up to you whether you do it or not, but we highly recommend you implement it. A hundred of legal issues will arise during the launching of your business, and that is where an experienced lawyer can become your best assistant.

Settle all legal issues with the government

It is impossible to list all necessary documents you need to submit and settle with your government since everything depends on regulations of your country. Perhaps, you will need to get special licenses that empower you to provide users with your cryptocurrency exchange app on a legal basis. However, I should repeat that it depends on each country's regulations. 

Create a user agreement

You need to elaborate a user agreement that all your customers will see first when they start using your app. This user agreement should contain all features your app provides users with, how it works, what licenses it has, liabilities of customers and yours as the owner and so on. And all users must put a tick that they agree to use the app and they accept all rules.

Prototyping

If you plan to build Bitcoin cryptocurrency investment app, then you should be ready to invest a large amount of money in the development process. That is why, to avoid additional and unexpected expenses, our company always starts with a prototyping stage. A prototype of a future app makes it possible to see how it will function, and we can evaluate user experience. It helps adjust all requirements and start the designing of an app using verified specifications. So you won't spend additional money since we will elaborate all details in advance.

Designing and development

A functional design of the future app is being developed. According to specifications that were drawn up at prototyping stage, we create indicated user interface and user experience of your crypto investment app.

Then, the stage of code writing is initiated. Here we can start from the development of a back-end and front-end part. In case of Bitcoin investment app, the development process requires high skills and many resources, that is why we usually allocate a team of developers for such big project.

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See our experience in cryptocurrency price tracker development. Read Case study: how we built a cryptocurrency price tracker Criptotickr

Beta testing

Apart from a mandatory testing process we always perform after the development completion of any software, we recommend to start beta testing and present your app to the public to collect feedbacks and determine what is good, what is bad, and what should be modified or eliminated. It will help you make your app really competitive and attractive.

MVP features to be integrated

Let's study a range of basic features your app for Bitcoin investment must contain.

Currency converter

If your users work with Bitcoins, they need to know the exchange rate of Bitcoin to other cryptocurrencies and conventional currencies to make the exchange if needed.

crypto currency group investment mobile app

Feature to convert one cryptocurrency to another

Push notifications

Entrepreneurs should always be aware of how their investment process keeps going, about all expenses and incomes. Notifications about all updates will pop up on mobile devices of users to provide them with a comprehensive situation.

Profile

A user account should be complemented with a real picture, contacts of the user, and other full information necessary for users that invest in Bitcoins and invest Bitcoins to other fields of activity.

QR code scanner

Integrated QR code scanner will make payment process simpler and faster. Scanning QR code with a smartphone camera, a user will be able to receive or send payment. Also, it can be additional security option to confirm right ID.

cryptocurrency investment app iphone

Scanning a QR code will trigger the operations with Bitcoin

ID verification

This feature is a must-have since it helps avoid unauthorized access and it helps structure all users by order and by real names.

Bitcoins sale/purchase

To buy and sell Bitcoins, users can see all information about the seller, BTC rate, and how much users should pay. If users think that they are ready to perform the transaction, they should click Request a deal button. So mind to include this feature in your task, and Cleveroad can do the rest for you.

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Buy and sell Bitcoins 

User status

A page where all information about account verification, version of an app, status of transactions made, when the account was registered etc.

Auto-cancellation

This feature is very advantageous for investment apps and digital wallets. When users make transactions, there is always a probability of double payment problem. And if users click twice on payment button accidentally, the second one request will be cancelled. It helps prevent mistakes in payments, it is highly important.

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Admin panel

A panel should be created not in the app itself but as the web panel. You can hire an admin who will verify accounts, manage accounts, work with an advertisement, manage transactions and so on.

Security of Bitcoin investment app

No less important issue - how to protect your Bitcoin cryptocurrency investment mobile app? If your app isn't protected properly, customers won't feel trust towards it. That is why it is necessary to provide an app with high-level protection.

Two-factor authentication. An identification way of the user that is performed using authentication data of two different types. It provides the account with two-layer protection that is more efficient, and the probability of unauthorized access becomes much lower. How does it work? First, users input login, then they should input a code sent via SMS or e-mail. In some cases, the second layer can require biometrical data like a fingerprint, for example. Cleveroad developers can add a required level of protection if you consider it necessary.

SSL encryption. Secure Sockets Layers encryption is a cryptographic protocol that makes data transfer secured on the web. SSL protocol makes it possible to send encrypted information via unprotected channels, and it facilitates a reliable exchange of information between two systems. The protocol also consists of a few layers. For data encryption, cryptographic keys of different complexity level are used - 40-bit, 128-bit, 256-bit. The lower key is, the less secure it is, so 256-bit encryption is considered to be the best. Don't ignore it when you intend to create your Bitcoin investment app.

Automatic logouts. Everything is simple. Many banking apps use this type of protection. If a user isn't active for 5 minutes, for example, the system will activate an automatic logout to ensure that nobody gets the access to app accidentally.

ID verification. We told about this feature as a must-have in your investment app, and you should know that verification of ID is really required. Everyone who wants to register in your app should upload a scan of his/her ID that will be verified. It will help recover account in case of any failures.

bitcoin app security

4 reliable ways to protect your Bitcoin investment app

Tips on right Bitcoin investments: make your app competitive

And the last but not the least one item is to provide your users with some important tips that will help them make right investments. In turn, it will allow them to use your app efficiently and you will gain more profit. There are some tips all investors should follow.

Low for purchase, high for sale

A fundamental truth of any kind of business. It means that Bitcoin should be bought when it has a lower price and sold when the price gets higher. Well, nobody knows how higher it can grow eventually, so it is better to wait at least until the price gets twice as high as the initial cost you paid for it.

Always monitor BTC market

This issue can be referred to the one above when people have doubts regarding sale and purchase of Bitcoins. Users should always monitor all fluctuations of BTC market, it will help them make a right choice when it is better to invest Bitcoin or when it is the time to buy cryptocurrency. Special forums concerning cryptocurrency will be a good assistant.

Where to invest Bitcoins

Cryptocurrency is not different from any other currency when it concerns passive incomes like dividends. But where can it be better to invest Bitcoins? Funds and stock exchanges are the best items to invest in. But don't forget about fraud since many projects related to cryptocurrency are fraudulent. That is why your customers should use verified services only.

Evaluate your risks

And also as in any other business, invest as much money in Bitcoins as you can afford. Of course, the more money you invest, the more profit you can get, but, at the same time, the risk is also much higher. Don't let your users make thoughtless actions and invest too large amounts of money. The same principle concerns investment of Bitcoins.

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How Cleveroad creates a reliable mobile app development team. Read Aspects and steps to build a first-rate app at Cleveroad

Our article comes to the end. I am sure you have the whole picture of Bitcoin investment app development. It is a complex process and it requires large expenses, but eventually, you can get a really first-rate product. Just follow all steps wisely and choose the right software development team. Cleveroad company can always help, just contact us and share your challenge - we will solve it.

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