Cryptocurrency Wallet Development: What all you Need to Take into Account?
If you have decided to buy bitcoin wallet, the next step is how to go ahead. And why just bitcoin wallet? You may go ahead getting a wallet that supports a spectrum of popular cryptocurrencies like Ether, Bitcoin Cash, Ripple, Litecoin, and more.
Well, before you rush with the purchase of the cryptocurrency wallet, it is important to be clear about the options when it comes to digital wallets.
Desktop Wallets: Users can download these wallets with ease on their desktops or laptops. The software accords them full control over their digital assets.
Web Wallets: Users are able to access these wallets right on the web. There is no need for them to download or install the wallets on their computers or smartphones.
Mobile Wallets: These wallets are quite alike the desktop wallets and quite simple to use. Users just have to download these wallets on their phones.
Hardware Wallets: Hardware wallets are similar to a pen drive. Actually, hardware wallets won’t contain physical coins but the record of transactions.
Paper Wallets: These wallets are quite effective if users want to keep their digital assets away from the world of software to prevent hacking. Paper wallets are completely safe from hacking and malware.
The Reliability Factor
When going for cryptocurrency wallet development, you need to check up their reliability factor. Whether you are going for a white label digital wallet or getting a wallet coded from the ground up, reliability lies at the core of your wallet. The three essential attributes for adding reliability to your wallet are:
Wallet recovery: Users may lose their phone anytime and they will certainly want to know what options are available in case they are no more in possession of their crypto assets and private keys. Make sure your users don’t face unnecessary troubles in such a scenario.
Allow your users to recover the wallet on a new device using mnemonics, which is not a bit as hard as its name indicates. A mnemonic phrase is a 12, 18, or 24-word phrase hooked directly to the private keys, which enables seamless recovery of a wallet on a new device.
Authentication of valid transactions: The hacking cases around the world make users feel worried about the safety of their crypto assets. As the owner of a bitcoin crypto wallet, it is for you to ensure authenticated transactions on the wallet. Offering your customers a multi-signature wallet is the most viable option. The multi-signature feature requires more than one person to authenticate a transaction. This means that even if someone allegedly tries to perform a transaction, it won’t execute unless the co-signers sign and allow the transaction to execute.
User validity: You also need to ensure the safety of your users’ funds. This can be achieved with features like biometric authentication, two-factor authentication, and password-protected access.
When embarking on a cryptocurrency wallet development journey, you need to decide upon the type of wallet you want to develop. Thereafter, you should check the reliability factor, touching on attributes like wallet recovery, Authentication of valid transactions, and user validity.
At Antier Solutions, we have earned a name for ourselves as reliable decentralized wallet developers. Our team specializes in providing a feature-rich white label cryptocurrency wallet fortified with institutional-grade security and performance. Additionally, we provide business-oriented solutions to build a custom crypto wallet from scratch.
Schedule a free demo of our white label crypto wallet or connect with our subject matter experts to share your needs for a custom crypto wallet from the ground up.