How much does it cost to start a cryptocurrency
Over 2000 different cryptocurrencies are available today. Gaining trust for a new form of money requires significant effort to convince that the new crypto coin is a worthwhile investment.
There are several key aspects to consider: assembling a team of experts, developing and marketing the crypto coin and ensuring legal compliance.
The team of experts of course is crucial. To successfully launch a coin in the market, you'll need advisors specializing in marketing, software development, cybersecurity, PR management, and more. These professionals will help attract investors and lend credibility to the project.
Understanding how to promote the new cryptocurrency and generate profits is essential. It's necessary to address the needs of your target audience, communicate the main benefits of your coin, and highlight your competitive edge.
Another critical aspect is ensuring the legal compliance of your cryptocurrency. Therefore, the guidance of a legal advisor is essential for any blockchain project.
So, how much does it cost to create a cryptocurrency? Once the marketing strategy is determined, you can proceed with developing the blockchain network. It typically takes about a month for developers to build the network from scratch. The cost can range from $15,000 to $50,000, depending on various technical factors.
Ultimately, the cost to create a cryptocurrency is around $150,000 to $200,000, excluding marketing expenses.
Creating of cryptocurrency wallet
A cryptocurrency wallet is a digital application that provides a secure way to store, send, and receive digital currencies. Now, let's delve into the development cost of a custom cryptocurrency wallet. Typically, the application is designed to be compatible with three platforms: Android, iOS, and Web. By utilizing cross-platform technologies like JavaScript and its frameworks (such as ReactJS, React Native, or Vue), you can reduce the development expenses.
This means we need to work on both the client side for mobile devices and the web, as well as the server side with the REST API (for example, CoinAPI). Alternatively, you can opt to develop a standalone application.
To create a custom cryptocurrency wallet, you will require a dedicated team comprising several experienced developers, a business analyst, a project manager, and a QA engineer.
The estimated cost for developing a Minimum Viable Product (MVP) of a cryptocurrency wallet that supports the three major cryptocurrencies (Bitcoin, Litecoin, Ethereum) is approximately $40,000.
How to create a Blockchain commercial project
In recent years, blockchain technology has evolved from a complex tool to a scalable one, decentralized platform suitable for industry-specific apps. Nowadays, both small startups and large corporations utilize these blockchain-based applications.
The versatility of blockchain allows it to be applied across various industries, including cybersecurity, healthcare, manufacturing, legal and government, charity, retail, real estate, tourism, media, and many others. This wide range of applications demonstrates that blockchain is not limited to financial transactions; it can effectively support almost every sector.
However, determining the exact development possibilities and associated costs of implementing blockchain is not straightforward. The price of blockchain implementation varies depending on the specific project requirements since blockchain is a technology that relies on its features.
It is important to note that the cost of developing a blockchain application can start from around $5,000 and can range up to $450,000, depending on the complexity and scope of the project.