To achieve success, planning is a must, and with cryptocurrency, there is nothing different. This blog will help you to plan the development of a cryptocurrency wallet to attain optimum business outcomes.
So finally you have decided to create a cryptocurrency wallet application? There is no doubt that cryptocurrency wallet app development is the right direction as this market has a pool of opportunities to be explored.
Technology is continuously evolving to streamline the gap between the virtual world and the real world. In this process, blockchain is playing an important role. Now you don’t have to carry cash virtually in your pockets as you have digital currencies and you can make payments easily through your smartphones.
If we talk about blockchain and digital currency, in today’s world, cryptocurrency has now been commonly used for making most of the transactions. This launch of digital currency has eliminated the need of transferring money from one bank to another. Along with various other regular online payments, the availability of digital wallets has resulted in the rapid evolution of cryptocurrency payment methods.
Many big giants such as WordPress, Bloomberg, and Amazon have already started to leverage the benefits of Cryptocurrency wallet app development to generate optimum business results and profits. They have already integrated crypto transactions in their workflow to offer convenience to their customers with online payment methods.
What is a Cryptocurrency Wallet?
In simple terms, cryptocurrency wallets are software that is used to safely store the transactions that users made in the form of cryptocurrencies. Most cryptocurrency wallets support two different types of digital currencies, i.e. ether and bitcoin. In other words, cryptocurrency wallets are secure digital wallets that allow users to sell, lend, buy, and store cryptocurrencies.
Types of Cryptocurrency Wallets:
There are various options available to store your digital currencies for different purposes depending on what you are planning to do with you cryptocurrency. For example some investors plan to hold bitcoin for a long time, so they need a good and safe wallet that can store the digital currency for longer run with safety. On the other hand, investors who are involved with cryptocurrency trading may need convenience and speed with online wallets.
A wallet that you have installed and downloaded on your computer is referred to as a desktop wallet. These wallets are stored on the hard drives of your system and they can only be accessed through your computer. Desktop wallets are usually safe but if your hard drive gets jailbroken or stolen, you will lose all the credits.
The web wallet is a modern-day term that is used to describe an online wallet. Web-Based Wallet services are similar to the digital wallets you use in your daily lives. The major difference is that web-based wallets are online software, whereas regular wallets have a physical form.
These wallets operate locally on your smartphones. Being more convenient than desktop wallets, you easily make transactions anytime and anywhere. However, the security concerns are similar as if your smartphone gets stolen or jailbroken you will lose all your funds.
Also known as Cold Wallet, it stores offline keys in offline tools. Many of the cool and popular wallet gadgets are similar to USB drives. The private key is also used for one cold wallet. Cryptocurrency users generally use cold wallets because gold is known to protect their virtual assets. Hardware wallets are very difficult to hack because they aren’t on the internet, but that doesn’t mean they aren’t without risk.
Also referred to as cold wallets, they store the transaction keys in offline tools such as USB storage devices. Cryptocurrency users generally use cold wallets as they store private keys and do not allow transactions to proceeds without the private key. These wallets are generally near too impossible to hack as they are not available online, but it doesn’t mean they are without risk.
Paper wallets are a form of offline storage. These are basically public and private keys, usually printed in the form of a QR code on paper. This is a safe way to store information, but problems can still arise if you lose your card. The wallet is damaged, but digital currency cannot be sent to anyone with a paper wallet. You must first withdraw funds or add funds to your app wallet.
Paper wallets are usually offline wallets that are printed in the form of QR codes on paper. This is considered a safe way to store your funds but problems may occur if you lose you card. You cannot re-establish access to your resources if you lose your wallet.
Common Features to Include in CryptoCurrency Wallet Application
These are some of the most common cryptocurrency wallet applications that is seen in almost every crypto wallet application. These features enable users to easily and seamlessly use the wallet applications. Let us have a look at these features;
- Buying Bitcoins
- Selling Bitcoins
- Requesting a Deal
- Filtered Searching
- Profile Management
- Push Notifications
- User Management
- Advertisement and Membership Management
- Content Management and Analysis
- Manage Pin Reset Request
- Manage Withdraw Request
Advanced Features of Crypto Wallet Applications
Integration of the features mentioned below in your crypto wallet application will help you to improve the user base on your application.
By integrating a two-factor authentication feature in your application, you can improve the standards and the market demand of your application. It is a way of adding a secondary level of education to your wallet application for some extra safety. With this secondary education layer, users have to provide some extra details such as an OTP for authentication. So the integration of two-factor authentication ensures some extra security for the transactions. However the users can choose whether they want to enable this option or not, this feature is not mandatory.
QR Code Scanner
The main reason behind the development of digital wallet applications is to offer users a hassle-free transaction method. As the wallet applications are decentralized, there is no involvement of any central authority or third-party during the transactions. Nowadays, various blockchain wallet applications are developed with a feature of QR code scanner, a mandatory one. The QR codes enable the users to quickly make payments by scanning the code of the receiver. Hence with the integration of this feature in the application, the users can perform 100% secure transactions.
App Security Feature
Integration of an extra level of security in the cryptocurrency wallet application will surely improve the user engagement on the application. Integration of high-level security features is one of the ordinary and crucial components of the blockchain wallet application improvement. The Blockchain wallet applications are developing various associations to a more significant level. Blockchain is considered as the modernized Mobile App Security. You can incorporate some key security highlights while planning a blockchain wallet application. For instance, multi-signature vaults and biometric authentication. With these security includes, the application clients can refresh the secret phrase of the application as biometric at whatever point required.
Push notifications is one of the must-have features for the blockchain wallet application. This element is constantly utilized in mobile applications. It will help the director or the owner of the blockchain wallet application to offer the customers some significant data. Like the expense of a digital currency, an exchange failure, and exchange success. This element also helps the application clients to remain refreshed with every one of the exchanges made continuously. Be that as it may, push notifications will also illuminate the application clients at whatever point they move, get, or send digital currency. This feature will be useful for sending offers, discounts, and the latest updates to the application clients.
With the blockchain wallet application, it isn’t hard to transfer digital currency from one wallet to another. You need to offer distinctive digital currency support to your application customers. In this way, it helps you with drawing in crypto investors from every corner of the world. Make your blockchain wallet application with multi-crypto and deploy them.
Why Are Businesses Investing in Cryptocurrency Wallet App Development?
SaaS industries and eCommerce businesses are leveraging the benefits of cryptocurrency wallets to achieve new heights. As cryptocurrency technology offers unique features, various other businesses are also planning to invest in cryptocurrency app development for better user engagement and business ROI.
Cryptocurrency wallets enable users to transfer digital currencies quickly and easily without or a little convenience fee. As cryptocurrency wallets are inexpensive and decentralized, there is no involvement of any outsider or central authority to control the transactions.
The best feature of digital wallets is that all the transactions made with cryptocurrency wallets are completely anonymous and encrypted. The high-security levels of digital wallets make protect the user data from fraud and hackers. No one is able to access the data without the public and private keys.
How to Create a Cryptocurrency Wallet App for Supreme Business Success
Cryptocurrency wallet app development sounds tough nut to crack. It seems hard; however, if you have the right plan in mind and are ready to execute it right, you can build a successful cryptocurrency wallet app. Here is how to make a mobile crypto wallet app in seven ways!
Cryptocurrency eWallet app development looks like a tough nut crack but if you have a proper plan and strategy in mind, you can easily create a successful cryptocurrency wallet application. Here are some things you can consider if you want to make your cryptocurrency wallet app a success factor for your business.
Understand the World of Cryptocurrency
Before you start cryptocurrency application development, you must research a little deep about the world of cryptocurrency and blockchain. Blockchain is a chain of blocks where all the blocks are the collection of crypto information and connected in a cryptographic way to secure the data of the users. Cryptocurrency is a digital currency, encrypted by cryptography. In earlier days, blockchain transactions were only used for cryptocurrency, but now they have marked their presence in almost every industry. There are hundreds of blockchain applications in the market and Ethereum, Ripple, and Bitcoin are some of the popular cryptocurrencies.
Leverage Cryptocurrency Libraries
There are various tools and free libraries are available that you can leverage and the most popular ones are BitcoinJ SD and Coinbase SDK. Coinbase SDK is a cross-platform Java library that allows developers to create cryptocurrency wallets for both iOS and Android platforms, This Java library supports various languages such as Java, Ruby, Python, and so on.
Sync the Crypto Wallet App with APIs
Developers can use application programming interfaces (APIs) to create cryptocurrency wallet applications. The distributed ledges allow to easy sync of the cryptocurrency wallet with the blockchain environment. Some of the most used APIs are Bitcore, Coinbase, and Factom. With the full stack APIs, the developers can integrate the main features of the cryptocurrency wallet app such as payment handling.
Choose Cloud Platforms
If you want to secure your cryptocurrency wallet application, you need to choose an appropriate cloud platform, such as AWS Elastic Beanstalk, a platform-as-a-service (PaaS) platform. For cryptocurrency wallet app development, AWS amplify cloud is recommended which is a mobile-backend-as-a-service (MBaaS). As per your requirements, you can choose your preferred cloud storage to build a secure and safe cryptocurrency wallet application.
Select the Right Technology Stack You Need
The right combination of technology can give your cryptocurrency wallet application much-needed success. For example, if you are planning to go with web application development, then the combination of Node.js and Angular.js along with HTML5 and CSS3 can help you create a scalable and robust crypto wallet application.
You must select Java or Kotlin for native Android application development. And for iOS, Swift and Purpose-C are considered the most suitable choices. Therefore, businesses and developers should choose the most appropriate technology based on the needs and type of application.
Security is very important when creating a cryptocurrency wallet app. Therefore, you need to make sure that the encryption app has the best level of security. With 2-Step Verification: Fingerprint Scanner, Face Recognition, and Hardware Verification: you can add an extra layer of security to your crypto wallet app.
When it comes to the development of cryptocurrency wallet applications, the last words are privacy and security. However, developers need to ensure constant security updates. They can quickly identify errors and security issues and fix them with the new technology.
Know What Competitors Are Doing
If you want to implement a standout cryptocurrency wallet application, you need to carefully monitor your competition. Find out what your competitors are doing, what technologies they are aware of, what types of development they use, etc. If you want to get a competitive advantage from it, you need to know all about it.
The growing popularity of cryptocurrency has led to the development of cryptocurrency applications. While there are some challenges in creating a cryptocurrency wallet app with the best features, the rewards are great for those who plan the app and do it right. Investing in developing crypto applications gives you the opportunity to be a major player in this crypto market. So without wasting time, get started now and build a robust and private crypto app!