- What is a cryptocurrency wallet?
- What are the types of cryptocurrency wallets?
- Cryptocurrency wallet development reasons
- Top cryptocurrency wallet app features
- Main stages of a cryptocurrency wallet app development
- How to make your cryptocurrency wallet app secure
A cryptocurrency wallet should be easy to use. The complexity of blockchain technologies is already enough to confuse your users, and the complexity of a crypto wallet can add to the confusion. Here we outline the right path to mobile crypto wallet application development with a list of essential and security features you need to create.
What is a cryptocurrency wallet?
A cryptocurrency wallet is a device, medium, or application that allows you to safely store your cryptocurrencies, as well as manage them according to the best principles of the blockchain network, namely security, anonymity, and decentralization. Despite there being several popular and secure solutions already in the market, companies often face the need to create a customized cryptocurrency wallet for users.
What are the types of cryptocurrency wallets?
There are several types of cryptocurrency wallets.
- Desktop wallets. The desktop wallet has already become a classic. It allows users to store their cryptocurrencies directly on their computer, however, the computer needs to have enough storage space and strong computing power. Some desktop wallets require less computing power because they store cryptocurrencies using an intermediary service.
- Online wallets. These wallets allow you to store cryptocurrency online and are the least secure of all solutions.
- Mobile wallets. Mobile cryptocurrency wallets are a nice medium between desktop and online solutions. Their use does not require your smartphone to have additional capabilities, and additional security measures can be implemented for such applications. A custom mobile cryptocurrency wallet is both a safe and affordable solution for businesses that want to exchange cryptocurrency or give their users the opportunity to do so.
- Hardware wallets. This type of wallet is considered the safest. They are special devices that store private keys to access cryptocurrency.
- Paper wallets. A paper wallet is a document containing a private and a public key used to manage your cryptocurrencies.
Cryptocurrency wallet development reasons
Now that we’ve outlined the types of cryptocurrency wallets, let's find out why cryptocurrency wallet development is a worthwhile initiative.
- Safer payments. Payments within the blockchain network are transparent, secure, and irreversible. Moreover, they are anonymous. This combination will almost completely eliminate the risk of fraud.
- Speeding up international transactions. It still takes a long time to make international payments as each intermediary bank checks the transaction data and thus delays the receipt of the payment. The blockchain network is transparent and secure, so cryptocurrencies can be sent and received almost instantly.
- No governmental control. This is a rather dubious advantage since cryptocurrencies in the hands of cybercriminals and lack of control is not the best scenario. However, blockchain enables companies to earn money honestly and allows users to spend it at their discretion.
- Attracting modern users. The majority of the public is not yet ready for the full adoption of cryptocurrencies, but a number of progressive users have long appreciated their benefits. If your business is aimed at tech-savvy users, they will appreciate the idea of a custom cryptocurrency wallet.
Top cryptocurrency wallet app features
Bitcoin wallet development doesn’t have to be complicated. Despite the seeming complexity of the blockchain technologies, the answer to how to make a crypto wallet app is simple.
Start by analyzing its main features.
- Personal profile
- QR-code scanner
- Cryptocurrency management features allow the users to send/receive bitcoins (or other cryptos) and check their balance
- Trading and exchange features
- Push notifications
- Security features
Below we reveal the main security features you need to focus on during your crypto wallet development.
Read also: How much does it cost to build a mobile app?
Main stages of a cryptocurrency wallet app development
Here is how to make a mobile crypto wallet app in three stages:
- Use of Bitcoin libraries for Android and iOs. Since most cryptocurrencies are open source, you don't need to reinvent the wheel to create a cryptocurrency wallet for your personal use. It will be enough to use special libraries like Bitcoin SDK or Coinbase SDK. Your cryptocurrency wallet development company will suggest which technology suits your project best.
- Synchronize the crypto wallet into the blockchain using various Application Program Interfaces (APIs). Using a distributed ledger API will allow you to easily sync your crypto wallet with the blockchain ecosystem. The most popular APIs are Coinbase, Factom, and Bitcore.
- Integrate bitcoin as the payment option. If you want to give your users the ability to use bitcoin to make payments on your website, you need to integrate bitcoin payments into your cryptocurrency wallet using special services such as BitPOS or BitPay.
How to make your cryptocurrency wallet app secure
Currently, transactions based on blockchain principles are the most secure transactions. However, due to the high cost of bitcoin, user data and access keys need reliable protection. Here are some additional measures for this:
- Wallet backup. It is necessary to have several mobile wallet backups stored in several hard-to-reach places.
- Two-factor authentication. What’s more, your crypto wallet should be empowered with a two-factor authentication system. A unique pin-code or biometric data may be used as the second factor.
- Continuous security updates. Mobile crypto wallet development doesn't end with the creation of a wallet. You will need to constantly keep it in working order by providing users with additional updates to improve security.
- Multi-signature. Multi-signature is a good option for reaching consensus among group members. For example, if the profile of a cryptocurrency wallet is used by a company for business purposes and there are several authorized users, then each of them will be able to dispose of the cryptocurrency only after everyone else has given their consent.
Do you feel the need to create a crypto wallet, but need help with mobile crypto wallet app development? Having dozens of successfully launched financial projects behind us, Archer is happy to offer our expertise in your mobile wallet development.
Let’s get in touch at firstname.lastname@example.org!