Today cryptocurrency, especially Bitcoins is being used mostly for trading and making transactions. Being in still, there are some common questions such as how and where to store bitcoin? This task seems a little bit difficult as we cannot touch or see our virtual currency. The answer for this is very simple: you have to create your own bitcoin wallet or choose an existing one. A bitcoin wallet allows the users to make transactions, such as buying or selling cryptocurrency. The major aim of the bitcoin wallet is to store the key needed to access the bitcoin whenever needed. There are various bitcoin wallets in the markets with enhanced levels of security and with their increasing popularity, mobile cryptocurrency wallets are being used mostly nowadays. Cryptocurrency, bitcoin, and blockchain are some of the buzzwords that are changing the finance industry and online trade. Though not everyone can define the difference between them clearly.
As the cryptocurrency market has experienced a sudden growth in the last few years traders are making profits from cryptocurrency trading on their investments. One of the fundamental requirements of cryptocurrency is to own a wallet for storing and recording all the transactions made, maintain and manage cryptocurrency balance. If you are also in cryptocurrency trading, then it is important for you to have a cryptocurrency wallet to store your transaction information and digital earnings. As blockchain is an underlying technology of cryptocurrency, naturally cryptocurrency also offers all the benefits that blockchain offers such as high security, decentralization, and robust encryption techniques.
What is a Cryptocurrency Wallet?
It is a piece of wallet software that can be easily downloaded on all compatible devices. A cryptocurrency wallet is used to store and transfer up to 100 cryptocurrencies at once. A cryptocurrency wallet can be easily downloaded and installed on a smartphone for making daily purchases or storing cryptocurrency for long-term investment. The cryptocurrency wallet app allows you to trade crypto payments from your account wallet to other wallets without any transaction fee. Apart from crypto transactions, you can also send, receive, or store cryptocurrencies. The wallet can store all types of currencies safely. So with a crypto wallet, you can easily trade or exchange currencies through a mobile or web wallet.
This bitcoin wallet application supports a wide scope of significant cryptographic forms of money. For example, bitcoin, bitcoin cash, ethereum, litecoin, dash, and some mores. Additionally, this application tracks the crypto balance in your record. It contains both the private key and public key to give a protected crypto exchange. In this wallet application, private keys work as a password and you need to enter the private key to run crypto exchanges from your application. So, don’t share your private key to other people, or you may lose your funds.
On the other hand, public keys operate as a digital addresses. It is simply associated with the blockchain wallet application funds. There are various kinds of storage available in the bitcoin wallet application. Like the hot wallet, warm wallet, and cold wallet. Hot wallets are online wallets and you can access them with the internet. Most of money managers depend on hot wallet applications for storing digital currencies and tokens. The cool wallet application offers online storage to users, which means an internet connection is not required. Numerous financial investors and new businesses incline toward cold wallet applications as compared t hot wallets. Warm wallets work as both hot wallets and cold wallets in the blockchain wallet application
Types of Cryptocurrency Wallets
There are various of cryptocurrency wallets in the market that is being used for making transactions through cryptocurrency. Some of the most common are:
Desktop Wallets
These wallets have already become a classic nowadays. They allow you to store cryptocurrency directly into your computer, although the computer needs to have enough storage and powerful servers. Although some of the desktop wallets need fewer computing servers as they store cryptocurrency through intermediary services.
Mobile Wallets
Mobile cryptocurrency wallets are a strong; medium between desktop and online wallets. Mobile wallets do not require any additional capabilities; and security measures, they can be easily used on mobile devices or smartphones. A mobile cryptocurrency wallet is a safe and affordable solution for those who want to exchange or transfer cryptocurrency.
Paper Wallets
Paper wallets are paper documents that contain all the details about public and private keys to manage cryptocurrencies.
Hardware Wallets
These types of wallets are usually the safest as they are special devices to store private keys for accessing cryptocurrency.
Online Wallets
You can store cryptocurrencies in these wallets online and are usually the least secure solutions.
Common Features of Cryptocurrency Wallet Application
These are the common features that can be seen in almost every cryptocurrency wallet application. These features make the wallet application seamless and easy to use for users. Let’s have a look at some of these features.
User Panel
- Registration
- Buying Bitcoins
- Selling Bitcoins
- Requesting a Deal
- Filtered Searching
- Profile Management
- Push Notifications
Admin Panel
- Dashboard
- Registration
- User Management
- Advertisement and Membership Management
- Content Management and Analysis
- Manage Pin Reset Request
- Manage Withdraw Request
Essential Features of Cryptocurrency Wallet Application Development
Integration of the below-mentioned features in the crypto wallet will help you to engage a wider user base.
Two-Factor Authentication
Integration of the Two-factor Authentication in the Cryptocurrency wallet application development will improve the demand and standards of your application. It is a way of security feature that functions as a secondary layer of safety for the application so that it can be only accessed by the user. This feature also needs alternative information such as OTP to grant access. So, this feature can upgrade the security of the crypto exchanges that are performed inside the blockchain wallet application. However, the clients can pick whether they need to activate this element in the application or not. Additionally, this feature makes the wallet application more scalable for crypto clients.
QR Code Scanner
The main reason for the blockchain wallet application development is a hassle-free exchange. Also, there is no interference of central authority or any third parties. Nowadays numerous blockchain wallet applications are being developed in the commercial center. Those wallet applications will have a QR code scanner feature a mandatory one. Since it helps the application users to scan the code then, add security keys to the application for transferring the cash. So, with this feature in the application, clients can perform 100% secure exchanges. This enabled most financial specialists to integrate a QR code scanner for blockchain wallet application development.
App Security Feature
An extra level of safety in the blockchain wallet application will consistently engage users the most. Integrating high-level security features is one of the normal and fundamental factors of blockchain wallet application development. The Blockchain wallet applications are evolving numerous organizations to a higher level. Blockchain is considered as the modernized Mobile App Security. You can integrate some fundamental security features while designing a blockchain wallet application. For example, multi-signature vaults and biometric confirmation. With these security features, the application users can update the password of the application as biometric whenever needed.
Push Notifications
Push notification is one of the must-have features for the blockchain wallet application. This feature is always used in mobile applications. It will help the administrator or the owner of the blockchain wallet application to offer the clients some important information. Like the cost of a cryptocurrency, an exchange failure, and exchange success. This feature also helps the application users to stay updated with all the transactions made in real-time. However, push notifications will also inform the application users whenever they transfer, receive, or send cryptocurrency. This feature will be helpful for sending offers, discounts, and the latest updates to the application users.
Multi-Cryptocurrency Support
With the blockchain wallet application, it is not difficult to transfer cryptocurrency from one wallet to another. You need to offer different digital currency support to your application clients. So, it helps you with engaging crypto investors from all over the world. Create your blockchain wallet application with multi-cryptos and deploy them all around the world to make the transaction easier for your app users.
Team Required for Cryptocurrency Wallet App Development
To create a highly scalable blockchain wallet application, you need a very much experienced team and talented engineers who can transform your business dreams into the real world. A specialist group of designers realizes how to incorporate progressed features and develop a seamless blockchain wallet application. Here is a list of all the members needed for blockchain wallet application development.
- Project manager
- Android application developer
- IOS application developer
- Front-end and back-end developer
- UI/UX designer
- Quality Analyst & Tester
Technology Stack for eWallet App Development
- SMS, Phone and Voice Verification: Nexmo
- Front-End:CSS, HTML5, Angular, and JavaScript
- Cloud Environment: AWS, Azure, Google Cloud, and Salesforce
- Data Management: Datastax
- Real Time Analytics: Big Data, Hadoop, Apache, and Spark
- Payment: PayPal, Stripe, PayUMoney, and Braintree
- Database: MongoDB, HBase, MailChimp, and Cassandra
- Push Notifications: Twilio, Urban Airship, Amazon SNS, and Push.IO
- Email management: Mandrill
- QR-Code Scanning: ZBar Code Reader
Conclusion
Developing a seamless cryptocurrency application is definitely not a simple task and not every mobile application development company can do it right. Creating a feature-rich and robust application requires time, professional developers, and committed resources. So before outsourcing an application development organization, you need to know about the organization’s rack record and efforts in developing cryptocurrency wallet applications.
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