Are Cryptocurrencies the Future of Banking in the US?

Cryptocurrency undoubtedly became one of the most antiquated revolutionary technologies with the debut of cryptocurrencies. At first,  Cryptocurrencies needed usage for encryption, but now its applications are much broader. It began as a database for keeping track of various trade blocks and specific other market data. Now, it is available as the inspiration behind several other innovative businesses and technologies. Numerous new improvements and adjustments have been available to cryptocurrency over the years. Its openness, for instance, comes in use to keep security at the highest levels even when 256-bit encryption methods fail. Similarly, since the blockchain's Ledger is immutable, it needs comparison with a data repository with greater freedom than traditional databases. For various reasons, blockchain comes in usage in various sectors, from handling cloud storage to integrating IoT devices.

Reasons for the Popularity of Bitcoin

Let us take a quick look at the factors that have contributed to blockchain's recent surge in fame. The technology industry has changed due to blockchain, find more information on the same in part below. There is no singular governing body in charge of cryptocurrencies. Blockchain adoption makes it possible to end exclusivity in any marketplace or sector and create equal opportunities for every company.

It is also among the safest options. First off, no one can ever alter the information that the blockchain ledger has. Aside from all this, the Ledger keeps growing as more new data comes up. This is because users with comprehensive insight into how the blockchain works. Due to cryptocurrencies, businesses in the finance and banking industries, investment industries, and numerous other sectors may now store electronic medical records safely and worry-free. Additionally, it has allowed these institutions to simplify their processes and offer quicker customer service. Another factor contributing to blockchain's popularity is its users' privacy. Consumers do not need to divulge private information to access the Ledger or set up a cryptocurrency account. As a result, a user needs to look at the user profiles. Then the person can tell who he is attempting to deal with. Integrating a specific category of blockchain types based on business processes and infrastructure is much simpler. It is optional to alter current procedures to accommodate blockchain technology.

Cryptocurrencies in the Future

Upon reaching record highs in 2021, the price of cryptocurrencies has yet to find a clear bottom. Additionally, the appeal of cryptocurrency's promise to recreate money has worn out among a tiny segment of the population. Advocates for the new technology must completely revamp their marketing strategies to reach a more extensive, diverse user base. Most people choose a technological innovation if it makes their lives easier, faster, and safer. Along with its liquidity, scams, and failures of untried intermediaries are now crypto's current drawback. Another reason is that many of the issues it purports to address have already found solutions. We can already create internet savings accounts and transmit digital money. And we can do so with the same money we use to conduct monetary purchases and pay our taxes.

Issue with Trustworthiness 

People could join the blockchain, a secure, decentralized network, instead of depending on the bank executives who repurchased their homes while giving themselves sizable bonuses. The cryptocurrency proponents predicted that it would eventually compete with the current controlled financial system. After nearly 15 years, much of the idealistic allure of this extra funding has faded. It comes out that the proposed new financial sector does, for the majority of users, necessitate putting your confidence in a third party, possibly a wallet supplier, token exchange, or decentralized finance (DeFi) lender. And a majority of them have proven to be con artists or hacker targets. Several ardent cryptocurrency supporters today claim that governmental regulation is necessary for the market to recover confidence and attract the developed financial organizations that were once crypto's adversaries.

Creating Confidence

Since the financial sector is rife with words like confidence, protection, custodian, and guarantee, we must believe in money. Nevertheless, a catastrophic breach of trust occasionally occurs that leads to an increase in bankruptcies, the loss of investors, and the loss of jobs and homes for millions of people. The Great Depression is one instance where people learned their trust in the banks they had put their money in was not as secure as they had hoped. To help rebuild confidence, the government's authority and a revised regulatory framework put behind the banks. In the US, this meant establishing the Security and Exchange Commission, the Federal Reserve System, and a new housing jurisdiction to assist an increase in housing loans.

Then, the financial catastrophe of 2008 revealed how insufficient those safety measures were. The collapse of house values and its effect on profitability markets and the overall economy caught big financial institutions and their regulatory authorities off guard. Suddenly, citizens lost faith in the government or the institutions. On October 31, 2008, a few days after Lehman Brothers filed for bankruptcy, the authorities and Federal Reserve began saving institutions. This white paper would later become the foundation of Bitcoin. The study concluded that confidence in financial organizations was overly reliant on digital trade. Instead of relying on human faith, an electronic payment system has come by using cryptographic evidence.

What is a cryptocurrency for if it does not offer a more reliable option to conventional finance? So far, most of its users are hesitant to use their country's money due to political or fiscal risk or since they wish to avoid law enforcement. Otherwise, speculation—betting on the worth of the currencies or digital assets like NFTs acquired with the currencies—has been its primary use.

Conclusion

Economic problems have overshadowed recent conversations and expected election outcomes, with the US midterm elections in 2022 still up in the air. In light of this, a national poll revealed that bitcoin is a new economic issue that voters are becoming more interested in.

The survey's findings, which Grayscale released in collaboration with The Harris Poll, demonstrate that cryptocurrency offers a unique chance for voters to unite behind federal legislation. It would benefit all American shareholders, from those who remain unbanked and use cryptocurrency to access the world's financial sector to those who want to include cryptocurrency in their retirement funds.

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Cryptocurrency Wallet Application Development – What Does the Future Hold?

Blockchain technology stands to alter the manner in which cash can be dealt with. This technology productively sidesteps the need to have a judge and permits individuals to move and gather their cash without the contribution of banks and other monetary elements. This is, all by itself progressive since it gives a road to individuals who wouldn’t, in any case, approach the worldwide economy. 

This type of technology has a lot of technology since phone use keeps on soaring, just as the utilization of portable applications, making admittance to cash simpler than any time in recent memory. The development of a cryptocurrency wallet application promptly gives a basic vehicle to admittance to reserves that sidestep monetary referees. This could be a response to reliance on monetary foundations for the procurement and move of cash.

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Banking App Development Cost - 8 Hidden Factors

Since 1994, Digital banking has been here. It is a very long time, but digital banking through mobile devices is entirely new to the banking industry. It all started when Atom became the first digital-only bank in the UK.

Nowadays, Tech-savvy customers expect corporations to support their digital movement, and because of this, almost every industry has adopted technologies to stay relevant with these modern customers. Most of the newbies who plan to develop a banking app have two questions in mind: “What is the cost of developing a banking application” and “Which hidden factors affect the cost of developing a banking app?”

You can get all the answers to these questions here, because this article will take you through the cost of developing a banking app, the features of banking apps, and much other pertinent information. After reading this, you will be able to plan better for your mobile banking app development. But before directly jumping into the cost of mobile banking app development, let’s take a look at the global digital payment market size of mobile banking.

Global Digital Payment Market Size

According to GlobalNewsWire, by 2026, the Global Digital Payment Market size is estimated to reach $175.8 billion, rising at a market growth of 20% CAGR during the forecast period.

Around 23% of millennials use mobile banking apps daily.
Around 49.2% of total smartphone users use mobile banking apps.
41% of Americans said that mobile banking apps had minimized their concerns about managing finances.

Data Source: Statista

As you can see, the data clearly indicates that the percentage of smartphone users are increasing day-by-day. Therefore, by engaging in your own mobile banking app development currently, you will be able to take advantage of the growth in mobile users. But, the cost of developing a banking application depends on so many factors like the platform, features, technologies, and so on.

Mobile banking app development cost

Cost of developing a banking app depends on various factors. To give you a rough idea of the mobile banking application development cost, the total development time for a fully-featured app sums to 3760 hours. Considering hourly rate for fintech projects of $25, the cost of developing a feature-loaded banking app stands around $94k.

Banking Application Development Cost depends on different phases such as:

• Research and Planning
• UI/UX Design
• Development
• Testing
• Maintenance and Support

8 Hidden Factors of Costs of Mobile Banking App Development

1. Push Notifications

It’s not easy to imagine an app that does not utilize this necessary mobile capability. Push notifications always increase your users’ engagement with your mobile banking app and encourage the desired action. Push notifications are of three types:

1. Transactional notifications notify users about their account updates.

2. The Application-based notifications indicate when the mobile banking app requires the user’s attention, whether related to the password change requests or document submissions.

3. Promotional notifications are to grab the attention of customers to offer discounts and attractive deals.

2. Chatbot Integration

For most users, mobile banking has a steep learning curve, and due to that, the customer will require immediate assistance on various occasions. Hence, creating a chatbot for customer service is the best way for many institutions to improve their customer service availability. The chatbots will save you a lot of time and money, whilst providing customer support 24/7. But this feature has a separate development process, and therefore you have to pay separately for this.

3. Servers

Servers are where your mobile banking app will be hosted. If you are not with the largest enterprises, you will want to outsource hosting from Amazon, Azure, or Google, which will result in more costs.

4. Content Delivery Network

A CDN is a system that is used to deliver content to the app based on the origin of the content, the content delivery server, and the geographic location of the particular user. In simple words, if you have users across the globe, and they have to keep coming back to one far off location to access the content, then the app will not perform in a good way. So, if you want your mobile banking app to perform effectively, you should use a content delivery network, because it reduces the app loading time and also increases the responsiveness of the app.

5. Development Tools

If you want to use paid deployment tools like iBuildApp, Appy Pie, and IBM MobileFirst, to develop your mobile banking apps, you will need to subscribe to them over the lifespan of your app. This will also affect your banking app development cost.

6. Android and iOS Updates

As we all know, both platforms constantly release updates, and those updates require maintenance. Depending on the extent of maintenance required, the cost in the long-term can sometimes be significant.

7. APIs

Every mobile app usually has multiple third-party APIs that they interact with, especially at the enterprise level. If you make changes to any of these applications, they will require periodic maintenance of your APIs. For instance, Facebook updated their API version four times in 2016; now, what if you want to integrate with Facebook? You will need to update your app to accommodate those changes.

8. Bugs

As you know, every app has bugs, and not even a single developer can assure you that there will be no bugs in the future in your app. It’s just that sometimes they go undiscovered for months or even years. User communities are not kind to apps that are slow to address the issues that they have reported.

Conclusion

The cost of banking application development not only depend on the features of the banking application, but they are also heavily affected by the hidden factors I have mentioned. The primary issue with mobile banking app development cost is the amount of individual components that you need to gather. Each of them can cost thousands of dollars, and these costs will continue throughout the lifespan of your app. However, the rewards that come from a successful mobile banking app development project are huge.

Pro Tip: The cost of developing a banking application greatly depends on the hourly rates of programmers and the expertise of the team. FinTech experts are able to complete these projects much more efficiently.

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