The first-ever decentralized cryptocurrency is Bitcoin which was launched in 2009 and with the passing years, there have been many cryptocurrencies emerged. As of February 2022, nearly 10,000 cryptocurrencies are in prevalence, according to Statista. The prominence of crypto has paved the way for newbies to take a plunge into the global crypto market, which will be worth USD 2302.5 million by 2028. Buying & selling cryptocurrencies have become so common and so the crypto wallet takes up its space, playing a significant part. Here’s the blog about cryptocurrency wallet app development.
Introduction Of Cryptocurrency Wallet
A cryptocurrency wallet is also known by the term “blockchain wallet,” which is used to store & manage and be responsible for transactions of different cryptocurrencies, including Ethereum, Bitcoin, and other digital coins. Unlike physical wallets, they do not hold real currency. It is quite similar to the digital wallet.
A Crypto wallet app comes as a solution to overcoming the shortcomings of a traditional wallet. This virtual wallet never goes out of space as it can hold multiple cryptocurrencies that too in an organized manner.
There are so many reasons for opting crypto wallet. One significant say is the active number of users for “Blockchain.com wallet” have increased. According to Statista, the users of Blockchain.com wallet jumped from 44.51 million in 2019 to 82.22 million in April 2022. This itself denotes that there are many peeps preferring crypto wallets.
Reasons to Integrate a Cryptocurrency Wallet for Your Business
Undeniably, 2021 is the breakthrough year when the digital revolution takes place. This is the time when the hype of NFTs and crypto has grown in a significantly faster manner. It is still continuing in 2022. The prevalence of cryptocurrency is ascending, and hence many businesses have started to adapt to the current trend and accept crypto for payment. The following are the undeniable benefits of the crypto wallet.
Simple To Use
Just like the digital wallet, it is quite easy for users to use the crypto wallet. They habitually use it by installing the blockchain wallet and subsequently make transactions. Based on the type of crypto wallets, the level of security and transaction frequency might vary.
High-End Blockchain Security/Encryption
Crypto wallet being protected using a unique phrase, which will ensure secureness. On a considerable note, a cryptography system makes certain that data are stored in a secured approach. Apart from these, the infusion of security features like multi-sig wallets and two-factor authentication will assure high-end security when transactions occur in an encrypted way.
The cryptocurrency payment transaction takes place swiftly. This is mainly because of the underlying fact that there will be no intermediaries or middlemen involved in the transaction. Thereby, users are levied limited transaction fees or even no charges to be incurred due to the decentralization.
Authentic & Reliable
The bitcoin wallet app is integrated with blockchain technology ensure authenticity & reliability and thereby, stability of transactions is possible. This itself gains trust among the users.
Here’s How To Create A Cryptocurrency Wallet and Secure Assets In 2022
Bitcoin wallet app development is carried out in two ways. The customary yet time-consuming approach is creating the crypto wallet from scratch. Another alternative modernistic approach is picking a white-label cryptocurrency wallet solution, a time-conserving solution enabling instant deployment. It is your (entrepreneurs) wish to opt for any of the approaches mentioned here. Aside, choosing the best cryptocurrency wallet development company plays a crucial role.
The following are the fundamental points to be taken into contemplation during the cryptocurrency wallet development process. Look at these.
Explore The Blockchain & Crypto Space
Before you actually delve into the Bitcoin wallet app development, you have to be well aware or have a profound understanding of the blockchain & crypto space. This will give you a clear-cut picture that will pave the way for a successful venture in the digital space.
Choose Libraries & APIs
Thereafter, you have to make the selection of libraries and tools. Some of the promising prevailing ones include BitcoinJ SDK and Coinbase SDK.
Making use of a distributed ledger API ensures the synchronization of the crypto wallet with the blockchain ecosystem. A few of the well-known APIs include Factom, Bitcore, and Coinbase.
Technology Stack & Cloud Platform Selection
Opt to choose the right technology stack and cloud for cryptocurrency wallet app development. Make use of a BaaS (Blockchain-as-a-service). The following list would be the suitable technology stack to be contemplated for development.
- Web app – Node.js/Angular.js and HTML5 & CSS3
- Android app – Java and Kotlin
- iOS app – Objective-C or Swift
Designing & Developing
After taking some crucial aspects into consideration, the very first step is prototyping and thereafter, designing needs to be done. The multi-crypto wallet app is developed suitable for business requirements.
Testing & Deployment
Testing is a crucial process that is to be given utmost priority. This is to ensure that the crypto wallet is devoid of any bugs or issues. Make certain that it undergoes various levels of testing. Got ready? Go ahead with the deployment.
Key Features Available In The Cryptocurrency Wallet
A cryptocurrency wallet comprises a private key and a public key, which are the fundamentals. A public key will allow users to receive cryptocurrency, and on the other hand, a private key is responsible for making transactions, which is like a passkey to be kept confidential. This functionality is in accordance with the features. Look at the vital features present in the cryptocurrency wallet.
Robust User Authentication
A Crypto wallet with authentication is much required as there is a possibility of hacking or malicious activities taking place. This is to be carried out through two-factor authentication or even multi-factor authentication. It will make the crypto wallet safer and more secure to handle.
The exchange of cryptocurrencies is simplified with the QR code scanner, enabling automatic scanning. On a considerable note, this will avoid manual human errors while typing the crypto wallet address. Because there is a chance of entering the wrong wallet address as it is seemingly a bit lengthier.
Support For Multi-Currencies
There was a time when Bitcoin was the only cryptocurrency to be exchanged. But with the upsurging prominence, other cryptocurrencies came into existence, comprising Ethereum, DogeCoin, Tether, Cardano, and so many others. Hence, supporting multiple cryptocurrencies will aid you in covering up the largest target group.
Automatic Session Logout
Automatic session logout is a must that needs to be considered during cryptocurrency wallet app development. This will close the users’ session in the case of a prolonged duration of inactivity. This ensures the transfer of cryptocurrencies without hassles in a swift manner, preventing misuse handling.
The crypto-wallet with a built-in multi-signature feature enables users to check over the transaction deets. Significantly, each and every user will have a unique recovery phrase for authorizing the transaction.
Automated Denial For Duplicate Payments
In order to avoid additional charges being incurred, the duplicate transaction will be denied. It is the most common feature to be infused when going for cryptocurrency wallet app development.
Conversion Rates Update
The multi-crypto wallet app with the conversion rates updates feature infused gives the updated & real-time value of digital currencies. This will aid the users in making the right decisions on exchanging cryptocurrencies.
Instant Coin Conversion
In general, conversion rates as mentioned above is for letting the users know the real-time pricing of the cryptocurrencies’ value. Aside from this, users could be able to see the fiat currency conversion rate so that they can know the price of the cryptocurrency when it is converted into cash.
As we have seen the benefits & features of crypto wallet alongside its development process, it is now time to look ahead with crypto wallet development service provider. Affiliate with the best company for cryptocurrency wallet app development.