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The Blockchain is a decentralized network that allows data distribution but prevents duplication. Despite its invention over a decade ago, it has only recently gained publicity as an independent technology. The rising number of blockchain developers with substantial experience is an excellent indicator of its growth.
Meanwhile, cryptocurrency remains one of its most popular and rapidly-developing applications. People from all fields of expertise are drawn to cryptocurrency trading, making it a promising market for entrepreneurs looking to launch crypto apps of their own.
Outsourcing blockchain development services to an offshore company can ensure a cost-effective project. However, you still need to know how much these services will cost to plan a budget around them.
In this blog, we will explain all the factors involved in blockchain cryptocurrency app development and how much they cost.
How Much Will Blockchain Development Services Cost You?
Several factors contribute to the final cost estimate provided by a blockchain or cryptocurrency wallet app development company. These include -
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Industry
The requirements in an application change with the industry, since each niche, has specific aspects to consider. The blockchain sector, in particular, will require an investment of $50,000-$150,000. These figures are higher than other sectors, whose app development costs range from $35,000 to $90,000.
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Project Complexity
Blockchain technology involves the introduction of decentralization into conventional digital applications. The rapid growth of the cryptocurrency market has increased the demand for safe cryptocurrency exchange platforms filled with several user-oriented features.
Business leaders are increasingly investing in DeFi development services to decentralize delayed conventional financial processes.
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Customized App Features
Blockchain applications need to be customized to meet customers' specific requirements and achieve high returns on investment. You can provide a personalized experience through unique design strategies. These will have to be implemented along with features with the goal of delivering a great end-user experience.
A majority of blockchain app users may not be as familiar with its features as they are with conventional applications. Therefore, blockchain apps require customization to make them easier to understand and use.
Neglecting something as crucial as user experience could cause business owners to lose customers early. You can avoid such negligence with the right blockchain development services to implement your ideas in the best way possible.
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Resource Requirements
The app development process will involve several tools and resources, such as third-party tools and professional expertise. The latter is especially important because blockchain experts are fewer, given that the technology is still relatively new in terms of application.
Even professionals with years of experience constantly discover new concepts as they are introduced within various technological applications. Therefore, the blockchain application development process will likely need all the expertise it can get. And the greater the experience and knowledge levels of the professionals involved, the more it will cost you.
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Scalability
As with any app, you will have to plan your budget considering future requirements. The more your user base expands, the more funds you will need to invest in scaling your app.
For instance, a basic blockchain project may involve as many as five to six professionals led by a project coordinator. The team will require at least one blockchain developer, a UI/UX expert, a back-end developer, and a QA specialist.
The team is also likely to require more professionals as the project grows. Therefore, you may want to look for a resource-fulfilling organization that can deliver in terms of both quality and quantity.
Final Thoughts
As you might expect, there are no simple answers to this question. Blockchain development requirements are just as unique as their organizations. Such projects vary in complexity, and several cost-driving factors affect the final cost.
However, we can come up with a rough estimate based on the factors described above. Hiring a team of mid-level blockchain developers will set you back by about $50,000-$200,000. You might as well look for a cryptocurrency app development company capable of helping you realize your app idea.
Developing a cryptocurrency app might not seem like the complex task it is, once you select the right blockchain development services.
Make sure your budget includes all the necessary features and long-term requirements, such as maintenance and support. Also, consider setting aside some of your budget for additional features down the road.
Author Bio
Tom Hardy is a professional with over 5 years of experience in a blockchain development company. He’s passionate about learning and implementing the newest blockchain concepts in his work.
Disclaimer
The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.