By Janet Wagner
Bitcoin, the first decentralized cryptocurrency was invented in 2009. And even though cryptocurrencies have been around for quite some time, interest in this innovative method of digital information exchange only began to skyrocket in the past few years. Today there are many cryptocurrencies available besides Bitcoin such as Ethereum, Litecoin, Monero, and Zcash.
Thanks to the availability of third-party cryptocurrency exchange and processing APIs, the number of companies accepting cryptocurrency continues to rise. Well-known companies like Expedia, Microsoft, Overstock, and PayPal accept bitcoin for payments for specific services. Overstock recently expanded the cryptocurrency options for customers so that in addition to Bitcoin, customers could pay for purchases using Ethereum, Litecoin, and many other assets.
Most cryptocurrency APIs are not limited to just accepting and processing cryptocurrency payments. Here are just a few examples of what developers could do with cryptocurrency APIs.
Allow Apps to Accept Cryptocurrency Payments
The most obvious thing developers can do with cryptocurrency APIs is to expand the ways website and mobile app users can pay for products and services. The more payment options there are, the better the chances users will go through with a purchase. A few examples of APIs that allow apps to accept cryptocurrency payments and process transactions include BlockChain, BNC Bitcoin B-WAP, and Coinbase.
Add Cryptocurrency Exchange Rates to a Website or Mobile App
If you’re developing a website or mobile app for a financial services or digital currency trading business, a digital currency exchange rate API could be used to provide customers reliable exchange rates for the major cryptocurrencies in real time. Exchange rate APIs available include Bitcointy, BlockChain, BNC Digital Currency eX Rates, and Nexchange.
Build an App for Tracking the Ticker Prices
With interest in bitcoin and other digital currencies rising, developers could build apps where users can track the globally indexed price for major digital currencies and assets. APIs for tracking ticker prices could also be used for apps that require a live reference price for specific digital currencies. Examples of ticker price tracking APIs include BlockChain, BNC Digital Currency Tickers, Coinbase, and Nexchange.
Gain Insights from Blockchain and Cryptocurrency Data
With the help of machine learning and a charting library, developers could use blockchain and cryptocurrency data APIs to build apps that provide valuable insights into what the blockchain looks like and what transactions are occurring.
Developers could also use machine learning and historical cryptocurrency pricing data to create predictive models. There are many APIs that provide both historical and real-time blockchain and cryptocurrency data. APIs that provide historical and/or real-time cryptocurrency data include Bitcointy, Bitcoin Historical Price Data, BlockChain, BNC Bitcoin Liquid Daily Index, Coinbase, and Nexchange.
Build a Cryptocurrency Trading Chatbot
Chatbots and intelligent assistants are all the rage these days, and you can find them in many applications across many different industries; retail, health, travel, financial, social, and the list goes on. Conversational UIs are popular mainly because companies can use them to automate business processes and automatically provide useful and up-to-date information to customers.
Using a chatbot building framework such as Chatfuel, Flow.ai, Microsoft Bot Framework, or Pandorabots along with a cryptocurrency trading API, developers could create engaging cryptocurrency trading chatbots. Cryptocurrency APIs that could be used to build a trading bot include BNC Bitcoin B-WAP, Coinbase, and Nexchange.
More Bang for Your Buck
When it comes to cryptocurrency APIs, and APIs in general for that matter, the possibilities are endless. Companies could use transaction processing, exchange rate, ticker price tracking, and other cryptocurrency APIs to build engaging and innovative apps that give their businesses and customers more bang for the buck.