Why a Bitcoin Wallet App is Necessary and How to Build One?
You own some Bitcoins, trade them, fine! But where do you store them? In a wallet, of course.
To be precise, a cryptocurrency wallet does not actually store your Bitcoins, it stores the secret key needed to access the Bitcoin addresses. If you do not already own a wallet and you need one, but you do not know how to create a BItcoin wallet app, seek professional assistance for hassle-free wallet development journey.
There are different types of wallets based on the level of security they offer. You can choose the perfect one for you. We are emphasizing on mobile wallets because a person might not carry his wallet everywhere, but he would probably carry his mobile phone. And with crypto wallet app installed in a phone, you have your crypto wallet with you every time, every where.
What is a bitcoin wallet app?
Bitcoin wallet is an application, site or device which:
Contains private keys for your Bitcoins, which help send or receive Bitcoins from other wallets and allow you to check your crypto balance.
Types of Bitcoin Wallets and which one should you choose?
Bitcoin wallets are basically categorized as desktop, mobile, online and hardware wallets. They are available on every platform — from Windows, Linux, OS X, Android, iOS, to Windows Phone. Let’s learn about each of them individually:
- Desktop Bitcoin Wallets: Desktop wallets appeared with the Bitcoin itself. They are a great option for users making frequent Bitcoin payments from their computers.
- Internet (online) cryptocurrency wallet: It is a wallet that is virtually available and you can connect to it anywhere by using a private key. It can be used when you need access to your Bitcoins but you are not on your system.
- Mobile wallets: These are the wallets which you can run on your smart phone or tablet. This is a very good option, and we advise you to study the question of how to create a bitcoin wallet app. We will reason our case a bit later in the article.
- Bitcoin hardware wallets: The private keys are stored electronically in these types of wallets.
- Paper Bitcoin Wallets: It is a document that contains two keys: public and private. These paper wallets usually come with QR codes.
You can choose any of the wallets aforementioned, and if convenience matters the most to you, then you should definitely go for Mobile Wallets i.e. iOS or Android apps.
Before we delve into the question of how to build a cryptocurrency wallet, let us first check out what features should it have to satisfy all your requests and needs.
Features of the Bitcoin cryptocurrency wallet that you should incorporate:
- Registration system is one of the unconditional features that a wallet can integrate
- Profile: contains all the necessary personal information which can be used to manage Bitcoin payments
- Built-in QR code scanner
- PIN codes to access the coins
- Multi-cryptocurrency support
- Real-time payment tracking to track their payment transactions in real-time
- Updated “wallet” balance
- Payment transactions via Bitcoin URL, NFC and QR codes
- Push-notifications are helpful in keeping the user informed and updated on all the activities that take place on the wallet
- Security: ensures that your wallet is safe to store cryptocurrencies, and that users’ digital assets won’t be compromised
How can you protect your cryptocurrency wallet?
Security is a major concern for all the crypto traders. The answer is simple, just be careful while managing and storing your Bitcoins. However, the following guidelines can help you protect your digital assets.
- Encrypt your wallet: Wallets that are encrypted are hard to hack and can alleviate security risks.
- Take a Backup: Make sure that your mobile or web cryptocurrency wallet is backed up at several places.
- Ensure Multi-signature feature: It increases the level of security allowing multiple users to sign a transaction using a private key. If someone wants to transfer Bitcoins, he needs at least 2–3 signatures to complete the transaction. The number of signs required can be decided while creating an address.
How to create a Bitcoin wallet app?
If you need a market-ready solution, a white label wallet makes the perfect option; it saves your time and money both. A lot of prominent organizations like, Amazon have already done this. While you plan to get a ready-made crypto wallet, make sure to reinforce it with the right features for world-class security and user-experience.
On the contrary, you can get your wallet developed from ground zero. This requires relatively more time and cost than a white label solution, but it makes a better option if you want to incorporate custom features and functionality into your wallet.
The journey to build a cryptocurrency wallet can be smooth-sailing with an experienced wallet development company. Furthermore, a clear understanding of your requirements accelerates the development process. Determine whether you want to build a wallet from scratch or need a white label wallet and partner with the right company to steer your wallet development process.