The increasing cryptocurrency adoption and the growing popularity of crypto trading have led to an indispensable demand for a secure place to store crypto assets. This is when a cryptocurrency wallet fills the bill.
Bitcoin wallets have become a necessity for:
- Exchange Owners — who want to link a wallet to their exchange to enhance its security and provide their users with secure place to send, receive and store their crypto assets, outside of the exchange.
- Traders — who need a safe and secure wallet to store their digital assets for trading.
- Businesses/Companies — who want to launch crypto wallets as a standalone application for crypto users.
A Bitcoin wallet app is a result of all the features put together to build a solution that allows users to store their cryptos at a place that is inaccessible to unauthorized people, easy to use and looks appealing at the same time. We have enlisted the features of a wallet that will help you analyze each and every aspect of building a Bitcoin Wallet App. These features can be categorized based on security, usability and functionality.
Every finance-related application, whether crypto or non-crypto, needs to be fortified with security in order gain credibility and acceptance by target audience. Cryptocurrency wallets should be reinforced with the right security features as even a small compromise on security would lead to permanent loss of crypto assets that cannot be restored.
How can your wallet app address this issue?
Integration of security features — like two-factor authentication, timed logout, client-side private Key, and denial of repetitive payments — into a wallet would make a wallet secure and trustworthy.
Let’s look into each one of these features individually:
- Two-factor authentication
By default, the only two pieces of information required to access a Bitcoin wallet are an identifier and a password. While these might be enough, considering additional parameter would augment the overall security. Two factor authentication, or 2FA, adds a third credential: a unique one time use code that is also required to access your wallet along with the password and identifier.
- Timed logout
Just like banking sites, a cryptocurrency wallet should allow automatic session logout. The user should be automatically logged out after short period of inactivity on the wallet app. This is important because mobile devices can be easily dropped, left behind or stolen, and your funds might go into wrong hands.
- Client-side private Key
Storing the private key on a third party server gives an open invitation to hackers. To allay the chances of hacking, it is advisable to keep the private key local on user’s own device.
- Denial of repetitive payments
Like the modern banks, you can provide the functionality of confirming a transaction whenever an unusual amount is deducted from your customer’s account, asking them if they would like to continue the transaction or not. If case of denial, the transaction should be declined. This adds a layer of security.
Besides security, another most important thing to consider is usability. According to Interaction design foundation: “Usability is part of the broader term “user experience” and refers to the ease of access and/or use of a product or website.” There are three parameters when it comes to achieving great usability:
- easy for the user to become familiar with the website/application
- easy for users to achieve their objective
- easy to recall the user interface and how to use it on subsequent visits
Which usability features can enable your wallet app to provide pleasant, convenient, and fast experience?
There are two ways of backing up your digital assets. Cloud based backup (Dropbox etc.) and cold backup (SD Cards etc.) Although cloud backup is more convenient, cold backup is a safer option. Another way out can be a technology that allows you to automatically sign out the user after short period of inactivity.
User intuitive UI
When you develop an application that has a serious motive, you usually forget that at the end you have to market the app as well. Attractive looks, smooth UI, soothing all over user experience is what your users need. You have to set yourself apart in order to stand out.
Push notifications allow your users to know what you are up to at the right time. Whether you are planning for a sale or changing coin prices, your users should get a notification instantly. If you allow them to customize their push notifications, you are providing them another reason to keep using your wallet application.
Finally it’s time for the tip of the iceberg — Functionality.
This is something which doesn’t affect your wallet app directly, but it can contribute to making your wallet application stand out, indirectly.
People do not really appreciate change that much that fast. They like consistency and idea of not having to put an extra amount of effort. Users are already in nostalgia when it comes to Bitcoin or cryptocurrency. Giving them a familiar form of features that they feel comfortable using is what you should be focusing on.
Some of these features can be:
Bitcoin gets people all confused when they hear about it, at that point telling your users that your wallet application allows them to maintain transaction history according to the categories of their choice will help you attract more users.
QR Code scanning options
It is easier to transact via scanning the QR code as the wallet addresses are long and complicated to remember, and need to be entered every time a user wants to send or receive cryptos.
Seamless conversion to fiat:
Even though Bitcoin has gained a lot of traction some people still think fiat. If your user wants to buy a mobile phone using his Bitcoins, it would be more convenient for him to directly type in $300 than to delve in current exchange rates then make the conversions and so on.
Conversion of cryptocurrency price into fiat currency (USD, GBP, and more) at the time of transaction, or otherwise, would make it easier for your users to know the worth of their crypto assets.
A wallet underpinned by features aforementioned is more likely to stand out and gain essential competitive edge. Given that the success of software depends on the development team behind it, connect with the right technical partner for your wallet development process.
Antier Solutions can not only guide you on how to develop a Bitcoin wallet app but also offer diligently crafted wallet development services. We can build a world-class wallet for you from ground zero, and on the contrary, offer white label solutions to provide you with a highly-secure, feature-rich, user-friendly white label crypto wallet in just 3 weeks.