The increasing demand for cryptocurrency trading has paved the way for launching various exchange platforms. Even if there is a horde of exchange applications, the user will prefer the one that has the most salient features. As a business runner, your application must have the most sought after features and benefits that will help your business stand out from your competitors.
This blog will help to know the nitty-gritty of the LocalBitcoins clone application. This application has a vast user base, as it offers high-end security features backed with blockchain technology. Since the application is supported by blockchain technology, the user can access all the transactional records. Following this, we will know more about the steps involved in the app’s functioning, features, and revenue model.
As we are moving on to the next step, you will know the exact functional model of the app.
Step 1: The user will enter the required details and complete the registration process. As part of the initial step, the user will be prompted with a KYC form.
Step 2: If the user is a seller, then he/she will post the ads, including the sales details. Whereas, if the user is a buyer, then he/she will request the seller to perform trading.
Step 3: If any of the buyers are interested in making the cryptocurrency exchange will approach the seller. The buyer will be notified via push notifications regarding the ads posted by sellers.
Step 4: The buyer and seller will agree to the terms and conditions of the app and make the transaction. The buyer’s account is protected with escrow security that will not allow misuse of the buyer’s funds.
Step 5: Once the buyer and the seller finish trading, the admin verifies the transaction and the record will be stored in the blockchain.
Step 6: The user will rate the application based on his/her satisfaction level concerning the application.
For any application, the feature-set plays a crucial role in making the application preferable by the user. So here comes the features of the application.
Profile setup and social media login– Initially, the application will prompt the user to complete the profile registration. The user can skip the registration step by logging in to the application with his/her social media credentials.
Two-factor authentication– As part of the security protocol, the application employs two-factor authentication to confirm the identity of the user. Apart from this, Know Your Customer (KYC) and Anti Money Laundering (AML) features are included to tighten the security of the user’s accounts.
AML/KYC– The app ensures the security of the user’s account, by sticking to the
Know Your Customer and Anti Money Laundering processes. This will help you to monitor the user’s in-app behavior and prevent illegal activities.
Escrow wallet- The job of the escrow security is to lock the user’s account once the cryptocurrencies are transferred to the account. The escrow will release the account once the seller comes in agreement with the buyer.
In-app wallet– The user should create an in-app wallet to receive the cryptocurrencies from the seller. The in-app wallet is the most secure way to store the cryptocurrencies.
Payment gateway– The app has integrated diverse payment options that enable the user to choose any of the gateways like credit or debit cards, net banking, in-app wallet, etc.
Search and filter- The app has many sellers, and the user can easily find his/her trade partner by using the filter options to find the matching seller.
Email and push notifications– What could be more engaging than informing the user about the latest app information? The user will receive push notifications and emails regarding the application.
Ratings and reviews– Improve the quality of your app by getting feedback from the user. The user can give his/her feedback about the app in the reviews section of the app.
As a business professional, you would be curious to know the revenue model of the app. Here is the list of revenue sources.
Ad-service – Advertisements will be the primary source of revenue for the app if you know the right strategy to showcase ads on your app. Employ Google Ads and Flash Mob into your application.
Commission fee- Another best source of revenue is via commission. Get to know how the commission model works. The buyer and seller will make transactions on the app. Since they use your platform for transactions, you can charge them a nominal commission fee.
All the above contents are well thought out and highly researched to help you launch your LocalBitcoins clone script. We would like to see you as a successful business professional.