Cryptocurrency markets have grown tremendously in recent years. The current trend in cryptocurrency trading is here to stay for the foreseeable future, as traders are seeing enormous returns on their initial investments.
Because the future of cryptocurrency trading looks bright, so now is an excellent time to put money into cryptocurrency wallet development services for a broad audience.
How do you create a crypto wallet that people will want to use? This post will go over the basics of a crypto wallet, including why it’s necessary and what features it should have.
What are we waiting for?
What Is A Cryptocurrency Wallet?
A cryptocurrency wallet is no different than any other digital wallet in that it allows users to store, send, and receive digital currency.
Cryptocurrency wallets are computer programs that store and manage a user’s cryptocurrency holdings. Anyone with a smartphone or other compatible device can download and install a cryptocurrency wallet.
Here’s how the crypto wallets function:
It’s not enough to have a wallet address and a private key if you want to transact in crypto; you also need both.
Your bank account number is an example of a public key. You can provide the recipient(s) with your bank account number to send or receive money. Additionally, you can use your wallet’s address, which you can find in your public key, to receive crypto.
Your crypto wallet’s private key is comparable to your bank account’s password or personal identification number (PIN). Your bank account would be at risk if you gave out your PIN to anyone, so it’s best not to do it.
Access to your cryptocurrency is granted by using a private key, which serves as a password.
A cryptographic address issued by your wallet is used whenever you want to acquire cryptocurrency, whether you buy it or receive it as a gift.
So, your crypto coins aren’t actually stored in your wallet – they reside on the blockchain. The crypto wallet holds your private and public keys, representing your ownership stake in the crypto because the crypto is not present in any physical form.
These two keys allow you to send and receive cryptocurrency while protecting your private key.
Cryptocurrency Wallet Types
Cold Wallets: Also known as hardware wallets. There is no online access to your keys because they are stored on a non-internet connected device.
Hot Wallets: This type of wallet is software-based. Compared to cold wallets, they are more user-friendly but less secure.
Key Features for a Crypto Wallet App
Your cryptocurrency wallet app must be able to meet all of your business logic needs while providing an enhanced level of functionality.
You need to include these essential functions in your crypto wallet app.
Authentication of the User
Because of their widespread use and value, wallet apps are vulnerable to many security breaches.
Because of this, a two-factor or multi-factor authentication should always be added to your crypto wallet app’s user authentication process (2FA or MFA). As a result, many conventional non-crypto apps do not have a second layer of protection like 2FA or MFA.
Additionally, your username and password are used, making access to your wallet even more difficult to gain.
Scanner for QR Codes
With a QR Code Scanner feature, your crypto wallet app transactions will be faster, easier, more convenient, and more secure.
When a QR code scanner is integrated into your crypto wallet app, you can automatically scan the wallet addresses and public keys. As a result, a single click speeds up cryptocurrency transactions.
A QR code can be scanned instead of entering every public key’s long string of characters one at a time. Transacting in cryptocurrencies can be done safely and securely.
In the absence of this feature, app users would have to type long wallet address characters, increasing the risk of missing a few characters or typing incorrectly. This feature is preferred because of this risk.
Multiple Cryptocurrencies
Your wallet must support multiple cryptocurrencies.
This is because currencies are constantly being added, and their values fluctuate. As a result, it’s unlikely that you’ll need to store your cryptos in many other wallets. Is that something you’d like to do?
Because of this, your cryptocurrency wallet app must be able to handle transactions in a variety of currencies.
Paper Wallet Import
Using the QR code on a paper wallet to send and receive crypto money is a must for your app.
Push Notifications
The ability to send push notifications to your users is critical if you want to keep them informed about crypto transactions. With this feature, your cryptocurrency app’s users will be informed about the current value of their digital currency, the success or failure of any transactions, and other such information.
Using this feature, you can get real-time notifications for all of your account’s transactions.
Latest Conversion Rates
No cryptocurrency wallet app can be considered complete without access to and calculating transaction fees based on fluctuating exchange rates.
Crypto wallet apps allow users to send and receive money in multiple forms, such as digital currencies or fiat currencies. This is possible because of the wallet apps’ multi-currency capabilities. They’ll need to know the current exchange rate in real-time for this to work.
Blockchain-Based Transactions
Your crypto app development should be based on blockchain technology, a game-changer. Thanks to this feature, your crypto app’s users will be able to send and receive digital currencies in an impenetrable and lightning-fast fashion.
Furthermore, they have access to their entire transaction history and their current balance. As a result, the blockchain network receives all completed transactions.
Managing Familiar Addresses
By allowing your customers to manage all of their frequently used addresses in one place, this feature makes the entire transaction process much easier, faster, and more convenient.
Payment Gateways
A payment gateway integrated into your app can help users buy or sell digital assets more quickly.
Optional Session Logout
Your app’s security will benefit greatly from this addition. After a predetermined period of inactivity, your users will be automatically logged out and required to re-login to continue using the app.
Wrapping up
All cryptocurrency transactions necessitate the use of a digital wallet. Digital currencies such as Bitcoin and Ripple Ether will be easier to manage and store for users. Get in touch with Crypto Exchange Development Company if you’re interested in developing a crypto wallet app.
Facebook Conversations