5 Ways Cryptocurrency App Development Is Revolutionizing The Mobile Application Industry

What arrived as an accidental invention is redefining the world today. The Japanese inventor never intended to roll out a decentralized digital currency system. All he ever wanted to do was outdo the autocracy involved in conventional payment systems. His paper and work resulted in the development of cryptocurrency and ultimately Bitcoin.

The term cryptocurrency has always bewildered people. It was almost like the concept was reserved for tech enthusiasts and experts who understood how the system worked. However, over the last couple of years, cryptocurrency has  become a household name with laymen gradually starting to have a clear understanding of what it is and how it operates.

Cut to today, people have started trading cryptocurrencies online, governments are formulating strategies and laws to incorporate digital currencies into physical infrastructure and common people have also started mining cryptocurrencies at home. The growth has been phenomenal and newer uses cases of the concept are being experimented with on a daily basis and one such implementation is in the world of mobile applications.

Mobile app development companies around the world are developing new ways to incorporate digital currencies into mobile applications to offer significant benefits to developers and users.  

In this post, we will explore how cryptocurrency mobile app development is currently at the backbone of futuristic developments and how seamlessly it is bridging the gap between conventional payment systems and decentralized modules.

Let’s get started.

What Are Cryptocurrencies?

For the uninitiated, cryptocurrencies are the virtual counterparts of your physical currencies. They are powered by blockchain technology to ensure the entire system remains decentralized and tamper proof. This means that you cannot counterfeit, replicate or forge transactions associated with cryptocurrencies.

Every stakeholder in a blockchain network knows about every single transaction and is personally involved in the approval of the same. This makes crypto transactions as secured as it can get.

Popular Cryptocurrencies

Cryptocurrency	Launch Year
Bitcoin	2008
Ethereum	2015
Litecoin	2011
Tether	2014
Monero	2014

Key Crypto Statistics

• The crypto market will be approximately valued at around $1087.87mn by the year 2026.
• The global value of the blockchain market is expected to reach a value of $23bn by 2023.
• Bitcoin has a confidence index of 97% in the market.
• In a span of 8 years - within 2012 and 2020, Bitcoin gained approximately 193,639.36%.
• Close to 78$ of the cryptocurrency owners bought coins while the rest mined autonomously.
• Cryptocurrencies are used by around 40mn of the world population.

How Cryptocurrency Mobile App Development Is Shaping Our Future

Mobile app development is consistently evolving as you read. However, it’s principles and purposes boil down to the fundamentals - offer a safe environment for users to get their job done and make the entire experience seamless and memorable. 

Cryptocurrency mobile app development helps developers achieve both these goals without any hiccups. To give you a better idea, here are some compelling reasons why cryptocurrency mobile app development is inevitable.

In-app Transactions Can Be Secured

Today, hackers and intruders are coming up with new and creative ways to exploit vulnerabilities, counterfeit identities and sneakily smuggle confidential and private data from apps. Through activities like phishing, details on credit cards, bank statements and accounts and more are hijacked and used to transfer money to intended accounts.

However, all such instances can be avoided with the implementation of cryptocurrencies. Once this system is incorporated in mobile app development, users will not have to store their bank or card details on their devices at all. The entire mechanism of cryptocurrency is different and unique every single time. And because every stakeholder gets to approve a transaction, there can be practically zero cases of fraudulent transactions.

This way, on-demand apps, entertainment systems and games that require in-app purchases can be made cryptocurrency ready to fool proof transactions.

Developers Get More Money As Royalty

The conventional banking system is not peer-to-peer. Meaning, there is a third-party entity called a bank that moderates and approves transactions. For this, they charge transaction fees. This prevents users and developers from sending and receiving the full amount respectively.

With cryptocurrency mobile app development, banks and other centralized institutions can be avoided. Users can directly send their money as Bitcoins or Litecoins to developers when they make in-app purchases and they can receive the full amount intact. This is profitable for developers and lets them focus better on app maintenance and rolling out patches.

Settlements Are Almost Immediate

When bulk transactions are involved, it could take a couple of days for banks to approve them. This is also applicable on international money transfers. Situations involving emergencies cannot be exceptions in conventional banking systems. However, with crypto mobile app development, settlements are immediate.

There is no wait time involved in the process and when transactions are approved, the money directly gets credited to the recipient’s bank account or crypto wallet. This is ideal in the fintech spectrum, where cryptocurrency-powered apps can make way for swift transactions globally.

Cryptocurrencies Connect Developers And Users

Currently, there is a huge disconnect between mobile app developers and users. There are tons of divisions such as banks and app stores that moderate and approve apps. Every single entity in the ecosystem takes a cut on every single transaction. They also have their own rules, regulations and standards every developer should adhere to.

When cryptocurrency mobile app development and with the incorporation of blockchain technology, developers and users can connect directly, eliminating all the middlemen in the ecosystem. So, even if banks go out of business or app stores shut down or go obsolete, developers have in hand an independent platform that is completely autonomous and decentralized. This infrastructure and trust is what developers need to roll out game-changing apps in the market.

Flexible Contracts And Terms

One of the major benefits of blockchain in mobile app development is the availability of flexible and smart contracts. These digitized forms of conventional contracts are fool-proof and cannot be tampered with at all. They require the approval of all stakeholders in the system.

Besides, blockchain also allows customization of contracts based on individual needs and requirements. This ensures contracts are airtight and that no party can leverage any legal loopholes to get away with fraudulent contracts and activities. For instance, supply-chain numbers cannot be modified, inventory lists cannot be underreported, quantities of purchases cannot be modified, tenure can be manipulated and more.

All the aspects of contracts are addressed by cryptocurrency mobile app development to ensure developers and users have it safe with respect to the ownership of their products, delivery of services and payments for the same.

Wrapping Up

So, these were some of the crucial ways cryptocurrency app development is redefining conventions. We still have a long way to go in terms of cryptocurrencies becoming mainstream across the globe. However, with hundreds of businesses getting started with testing and validating their ideas, we are at the right phase of tech evolution.

If you’ve been thinking of incorporating blockchain and cryptocurrencies into your app, we suggest you get in touch with us today. We are a premier cryptocurrency mobile app development company, having an incredible portfolio in the domain. We would love to discuss your ideas and roll out an app that will set the standards for cryptocurrency app development tomorrow.

Reach out to us today.