The digital era is experiencing an incredible growth in the usage of Bitcoin and other cryptocurrencies by the people around the world. Among Cryptocurrencies, the Bitcoin has captured an unalterable position in the Cryptosphere. The virtual currency, which does not hold any real form is been transacted among peers through exchange platform whenever need. With the increase in the number of users many number of companies started to integrate cryptocurrencies as payment methods to make payment more easier and secured.
When the Bitcoin holder wants to have a secured wallet other than the wallet provided by an exchange platform, then storing it in a space outside an exchange platform and moving it to the exchange wallet only when needed would be the best idea. This will ensure that the user’s hold the private keys and records of their transactions and allows the user to keep a track on the Crypto balance in the wallet.
But where to go for such facilities? Along the years the use of payment systems such as Paypal, Braintree, Google pay has paved the way for the developers to integrate Bitcoin as a payment option along with other payment facilities.
If you are a crypto entrepreneur, then you are at the right place. The Business entrepreneurs are at advantage to develop their own Bitcoin wallet app and launch it to make their Crypto business dream come true. I believe that you have a good knowledge about Bitcoin, Cryptocurrency and Blockchain technology. So, lets get to the point about what is a Bitcoin wallet app, the reasons for building an app.
What is a Bitcoin Wallet App?
The bitcoin wallet app is a software which acts as an electronic wallet in order to store, transfer and receive cryptocurrencies with the help of Blockchain technology. Most of the Crypto wallet at present supports Bitcoin and Ethereum as both are highly used by the crypto community. The ICO operations by many companies has lead to the integration of many other cryptocurrencies also.
The figure depicts the continuous increase in the use of Crypto blockchain along the years, after the introduction of Cryptocurrencies.
The use of Blockchain technology in the wallet payments, makes it more secured compared to the conventional methods. The Blockchain will enable the users carry out the transaction in a P2P manner. The users will not need the interference of any third parties for the transaction to carry out.
Types of Wallets
Desktop Wallet
This type of wallet can be downloaded on PC or laptop for the use. But externally when the computer is been hacked this will make the user to lose their funds.
Internet Wallet
Internet wallet service can also be called as online wallet which can be accessed from multiple locations with the help of an Internet connection. The user need to choose the service carefully since this type of wallet is prone to scams.
Mobile Wallet
Mobile wallets involves the use of application in the Mobile. Its much safer and will have easy user interface compared to the other wallets. But if the mobile gets lost or undergoes any damage then the user may lose their fund.
Hardware Wallet
The hardware wallet are gadgets used for the storage purposes such the USB drive. The transactions in these can be carried out in both Online and offline mode. This type of wallet is highly convenient for the users to carry out the transactions.
Paper Wallet
Paper wallets involves the physical printed version of Public and Private Keys. It will be printed on a paper or engraved on a metal plate. One of the limitation in this type of wallet is that, once the paper wallet is lost the user won’t be able to restore or access to their funds.
Hot Wallet
The hot wallets are the types which will always be connected to the internet. It is easy for transacting but it is exposed to malware attacks online
Cold Wallet
Unlike hot wallet the cold wallets are not connected to the internet and it includes paper wallets and hardware wallets. Even when offline the cold wallet will receive the funds sent to them.
Warm wallet
The warm wallet is the combination of both the cold wallet and the hot wallet. It includes the security of Cold wallet and the convenient transacting methods of hot wallet.The hardware wallet when disconnected to the internet acts as a cold wallet and when connected, it will acts as a hot wallet.
Benefits of Bitcoin Wallet App
Privacy of usage/ AnonymityDecentralized mode of transactionTrustworthiness as there will not be any central entityFraudsters are avoided because of the strong of CryptographyFaster regulations of all transactionsInflation of fiat currency will have no impactThe involvement of Both the public and private keys to carry out a transaction makes it more secure.Bitcoin is simpler than banks as there is no limit based on time and geography.No need for downloading the entire Blockchain on the phone.Tax free transactions
Features of a Bitcoin Wallet App
The important features the should be included in a Bitcoin wallet App is listed below
Authorization- The most important feature, includes the user sign in and sign up processes. The more easier it is, the more will the user use the app.
Profile/ Dashboard- The details about the transactions history and balance in the wallet can be checked here.
Security- The PIN code or the password mode of protection, 2- factor authentication, Auto logout feature, Unique public Key for every transaction.
QR Scanner- The easiest way to send and request valued transactions.
Conversion rates- The exchange rates vary at every day and building an app with this facility will help the traders very much.
Push Notifications- To notify the app users about any changes in Bitcoin market price etc.
Merchant services- The inclusion of Retail services will allow the users to use the bitcoins for purchases which will increase the user flow to the app.
Address Book- The details about frequently used addresses which will be helpful for Business personnel.
Developing a Bitcoin Wallet App
One can develop a Bitcoin Wallet app using the following ways.
I. By using the existing Bitcoin wallet tools and Libraries.
II. Building it from the scratch
III. The ready made Bitcoin wallet app solutions
The first method includes the use of Coinbase software development Kit, Blockchain Wallet API and BitcoinJ SDK. The Blockchain Wallet API is one of the advisable mode of developing wallet app. But these features will not provide you with opportunities to build unique app.
The second method requires high level of knowledge about Programming language. So, it would be easier to consult a Blockchain development/ Mobile app development companies for a standard app development.
The third method is the easiest and will also help you to integrate more features in your App. The ready made Wallet app solutions provided will help the entrepreneurs to develop a Bitcoin wallet app without any problem.
Integrating Bitcoin as a Payment Option
If your business doesn’t need a complex solution to develop a Bitcoin wallet app, then you can simply integrate your Bitcoin as a payment option. Many companies such as Amazon, WordPress, Expedia, Zappos have included Cryprocurrency as a mode of payment for their businesses. These companies once accepting the payment will try to exchange in the form for Physical currency. For such purposes Payment service Provider (PSP) can be considered. The PSP makes the transactions much easier for both the parties.
Why Pulsehyip?
The increase in the use of digital currency and wallet payments has given a good reason to develop a Bitcoin Wallet app with varied features to support the future requirements.The best and easy way of developing one is through the ready made Crypto wallet solution providers.
PULSEHYIP is a the top Crypto wallet development company which with the help of its skilful developers will help you to launch your uniquely developed Bitcoin wallet application smoothly. The company provides innumerable added features to help you make an app fulfilling the future requirements. Get a free demo if you have a project on your mind.
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