Nowadays, it is undeniable fact that, trade of cryptocurrencies have been thriving day by day up to greatest level. And an abundance of people is now focusing on cryptocurrencies for making money with it. There has been a huge demand for the cryptocurrency exchange wallet that enables users to purchase and sell cryptocurrencies in the safest manner.
If you wanted to develop an app or website for Cryptocurrency wallet, and you have questions about it, i.e how does it works? fundamentals of it and how much does it cost? Keep reading this blog and you will get to know about all the information you should know.
What is Cryptocurrency?
Cryptocurrency is a type of a digital currency, virtual currency in which encryption techniques are used to regulate the generation of units of currency, verify the transfer of funds, and decentralized control.
Cryptocurrency is a public network, government embodies have no control over it.
According to Jan Lansky, a cryptocurrency is a system that meets all of the following six conditions:
1) The system does not require a central authority, distributed achieve consensus on its state.
2) The system keeps an overview of cryptocurrency units and their ownership.
3) The system defines whether new cryptocurrency units can be created. If new cryptocurrency units can be created, the system defines the circumstances of their origin and how to determine the ownership of these new units.
4) Ownership of cryptocurrency units can be proved exclusively cryptographically.
5) The system allows transactions to be performed in which ownership of the cryptographic units is changed. A transaction statement can only be issued by an entity proving the current ownership of these units.
6) If two different instructions for changing the ownership of the same cryptographic units are simultaneously entered, the system performs at most one of them.
What does Cryptocurrency Exchange Mean?
Cryptocurrency exchange is the online based platforms, where an individual can exchange one cryptocurrency for another cryptocurrency or even fiat currency.
In the simple words, cryptocurrency exchange is a business that let you trade between different cryptocurrencies and it also allows to trade virtual currency for any other assets. By letting you trade, exchange platforms charge fees or commissions.
Features and Functions of App and Website.
A. Enable People to Buy and Sell Cryptocurrency Easily
First and foremost feature cryptocurrency wallet need is that people should able to purchase and sell cryptocurrency without any hassle. And must ensure the safety and security of users while they do the transaction through their bank accounts and credit cards.
B. Keep People Updated About the Price.
Second most essential functionality your wallet app and website need is real-time and historical cryptocurrency price charts that keep people updated about the price of different cryptocurrency.
C. Smooth Exchange Between Cryptocurrency
Another important feature is that your wallet users should have a flawless exchange between cryptocurrencies.
D. Details of Previous Transactions and Balances
Forth important functionality is the history and details of all transaction, i.e, users can view their previous transactions and balances. Which makes wallet more user-friendly.
E. Push Notifications & Alerts About Prices
Push notifications & alerts about prices are one of the important features your wallet should have. In this, users are able to set prices of the cryptocurrency in which they want to trade and whenever the price goes up and down, they notified by wallet automatically.
F. Customer Support Service
If you want to stand out from competition, build strong customer support service which solves customers quarries, problems, and other issues. Make strong support team which explicates all the features to the customers so users access wallet without any problem.
Structure of Your Website/Application for Cryptocurrency Wallet
Exchange wallet must have these 4 different components working together:
A. Trade Engine
The trade engine is the primary and the core of any exchange wallet. Your wallet would not function in the absence of trade engine. It accesses major important information like matches bus/sell, managing transaction, calculates balance, and many more.
B. UI – User Interface
A front end of your wallet website is the second essential component, It is also known as the user interface (UI). UI should be user-friendly and intuitive. Because users engage with it and they do a trade. User Interface should be mobile friendly too.
The Front-end (UI) should allow the user to
> Access and register an account
> Maintain, withdraw, and deposit Fiat and Cryptocurrencies
> Analyze current book order, past transactions, balances, statistics etc.
> View graphs
> Place buy and sell orders
> Access the support mechanism
Another component is the wallet. It is the place where digital currency is stored, because of that it requires maximum security.
D. Admin panel
Admin panel is the base requirement for any exchange wallet. It is the most important thing every wallet should possess. It is the equivalent of business intelligence and management software. It allows exchange operator to control and manage his exchange.
WindZoon Technologies has an expertise on making Crypto based platforms. So far, we have developed website and app from basic to advance level with varied blockchain functionality. Windzoon provides the standard platform in just $1500* for cryptocurrency exchange wallet.
By concluding, we would like to state that the Cryptocurrencies have never get more attention than it has been given form the last couple of years. This business is just developing and it will not gonna end. More and more people are showing their interest in the trading Cryptocurrencies.
This is the best time for you to start a business in this field, and we are here to help you for developing website and application for your business. For more information go to here
Soham Trivedi is a co-founder of Windzoon Technologies and has been working as a business development manager for more than 10+ years. He is mastered in business management but his passion for writing has driven him toward the content writing field. Apart from being a business development manager, Soham Trivedi is a successful content writer and a technology lover and has been writing across various disciplines.