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Cryptocurrency Wallet Development | Easy Guide for Crypto Wallet Creation

  • February 6, 2022
  • By MobileCoderz Technologies

The market for cryptocurrency has grown dramatically in the past few years. The cryptocurrency market is making massive profits from its investments. The future of cryptocurrency trading is looking promising. Creating a crypto wallet may be the right move at this time.What do you need to do to create a cryptocurrency wallet that people will love? In this blog, we’ll go over the key features of a crypto wallet and the Cryptocurrency Wallet Development Process.

Cryptocurrency Wallet: What is it?

A cryptocurrency wallet program that holds public and private keys. It works with different blockchains for users to allow them to send and receive digital currency. If you wish to make use of Bitcoin and other Crypto wallet services, you’ll require an electronic wallet.

By 2021, Statista estimates there will be over 72 million cryptocurrency wallet customers.

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cryptocurrency wallet development

Wallets for Cryptocurrencies: How Do They Work?

A lot of people utilize digital wallets & Crypto wallet services, but there’s a lot of confusion regarding how they function. In contrast to traditional wallets, digital wallets do not hold money. In reality, currencies don’t need to be stored in one place or in any physical shape . There are only the records of transactions stored within the blockchain.

These wallets are software applications that save your private and public keys. They also connect to diverse blockchains, allowing users to keep track of their balances, transfer money, and perform transactions. If you send someone any digital currency, they’re effectively transferring ownership of the currency to the wallet’s address. 

If the private and public keys are identical, then the balance in your wallet’s digital account will grow and the senders’ balance will shrink in proportion. There is no exchange of actual currency in Crypto wallet services. The transaction is merely reflected by a transaction report on the blockchain & an increase in the cryptocurrency account balance.

Cryptocurrency Wallet Development: Is There a Need For it?

crypto wallet development

After the huge popularity of Bitcoin & Ethereum, the number of people who invest in the cryptocurrency market is always growing. In fact, there are new cryptocurrency options & Crypto wallet services emerging on the market at an increasing speed. The majority of cryptocurrencies such as Bitcoin or Ethereum offer the cryptocurrency’s own wallet. However, for traders who want to make investments and integrating them into your cryptocurrency account is an absolute must.

There are many cryptocurrency wallets that can be used with various cryptocurrencies, as well. Absolutely, it’s easy to incorporate and utilize these widely-available cryptocurrency wallets for basic tasks. However, it is also possible to develop an individual Cryptocurrency wallet application developed for more sophisticated functions.

The mobile cryptocurrency wallet has become the most widely utilized cryptocurrency wallet. After downloading an application to your smartphone, the application is accessible at any time, including in physical stores. They can save you a lot of time and are smaller and simpler when compared to other wallets. Therefore, there is a requirement for Cryptocurrency Wallet Development for smartphones.

Create A Cryptocurrency Wallet: Is it Easy or Not?

If you have the right strategy set up, you can work on Cryptocurrency Wallet Development that will soon be a hit.

Learn how to make it happen and create a Crypto Application.

# Understanding Crypto & Custom Blockchain App Development 

Blockchain technology plays a crucial part in the development of crypto apps. If you’re planning to create an application for crypto wallets, look into all the possibilities of Custom Blockchain App Development along with crypto.

Custom Blockchain App Development is a revolutionary technology that can make cryptocurrency function, the same way the Internet allows sending emails. The name itself suggests that blockchain is a series of blocks that contain data in digital form. Custom Blockchain App Development is the cryptographic concept that is used to link the blocks of data. The main reason to use it is to permit the sharing of important information in a safe manner.

# Implement Open-Source Cryptocurrency Libraries

The majority of cryptocurrencies are open source. So, no proprietary software is required. It is possible to use free software and tools namely Coinbase & BitcoinJ. 

Coinbase SDK is an open-source platform-independent Java library. It assists developers in creating an online cryptocurrency wallet that works on both iOS & Android platforms. Furthermore, this library supports a variety of well-known languages such as Java, Python, Ruby & many more.

BitcoinJ SDK is simple to use and comes with extensive information. Additionally, BitcoinJ is JVM-compatible. It lets you work with its languages such as C ++, Ruby, JavaScript, & Python.

# Using APIs

APIs are a fantastic method to create an application that has a lot of features for cryptocurrency wallets. If you utilize an API for distributed ledgers, it allows you to connect your cryptocurrency wallet to the Custom Blockchain App Development ecosystem. Here are some of the most well-known APIs available which include Bitcore, Coinbase, & Factom.

Utilizing an API, the developers will be able to complete the required steps in a short time. This will add speed to Cryptocurrency Wallet Development.

# Go Cloud

In this stage, it is important to choose the best cloud platforms for your application. When developing web applications, it may be a good idea to opt for Platform as a Service (PaaS).

However, for cryptocurrency wallet application development, it is essential to find a BaaS (Blockchain as a Service) service provider. You need to integrate their cloud-based service into your application. BaaS services are provided by companies such as Amazon, Microsoft and  Azure.

Based on your needs, you can select one or the other and then create an encrypted cryptocurrency wallet application. With Custom Blockchain App Development and PaaS, Cryptocurrency wallet development becomes easy.

# Choosing the Right Tech Stack

The best technology stack can ensure your app has the necessary success. It will help you create an application for the web with Node.js or Angular.js together with HTML5 & CSS3. This will allow you to create an easily-scalable crypto web application & use the best Crypto wallet services.

If you are building an original Android application, you have the option to pick between Java & Kotlin. In addition, for iOS programs, Swift or Objective-C can be utilized.

# Enhances security

Security is a must when working for Cryptocurrency Wallet Development. Your cryptocurrency wallet app needs to be secure. It is possible to add additional security layers to your cryptocurrency wallet app using 2FA -fingerprint faces, face ID, etc.

Developers must make sure that they are able to provide continuous security updates. They should quickly spot security bugs and other security concerns and address them with the most recent technology.

# Competitor Analysis

It’s a given that you want your crypto wallet services application to stand out from the crowd. So, knowing your competitors is a must. Be aware of what they’re doing and the technologies they’ve implemented. Check out their features to find out what are the most special features you can incorporate to your application.

You need to be aware of how the world works if you wish to get an advantage over your competitors.

# Start Building your App

When you’re ready to begin the Cryptocurrency Wallet Development, be sure to do these things:

  • Select all the options of your application.
  • Create the application’s code and connect it to your database.
  • Create a user-friendly and simple interface.
  • You should conduct thorough tests prior to the launch for your new wallet.

The Crypto Wallet: How to Secure It?

# Diversify User Profiles

Encourage users to consider investing in several alternatives. In the present, it is advisable to diversify your profiles rather than staying with one. If there’s an attack on security, users with multiple accounts have a lower chance of losing their cryptocurrency. Many people who use a cryptocurrency application have multiple accounts within that same app. This lowers the risk of a user losing their investment.

# Implement Multiple Authentication Methods

Modern technology makes it clear that passwords and pins alone will not protect you. Nowadays, it is more beneficial to use a dual-factor authentication method. The reason is the need for an additional log-in credential. This credential may be an OTP that is sent via SMS or email. Although some people are frustrated by the process. However, two-factor authentication, also known as the 2FA technique, is safe. It also provides extra security in case the password or PIN is compromised.

# Increase Security Awareness

Inform users of how important it is to keep their private and public keys. Instruct the user base that they risk losing their investment when they share their keys or passwords with anyone else.

The Crypto Wallet App: Key Features To Include

The cryptocurrency wallet you choose to use should offer more functionality, in conjunction with your business requirements. These are the key features you should add to your Cryptocurrency Wallet Development App.

  • Authentication
  • Cryptocurrencies of multiple types
  • Scanner for QR Codes
  • Import paper wallets
  • Current Conversion Rates
  • In-Push Notifications
  • Blockchain transactions
  • Gateways for payments
  • Session logout option

Create Your Elite Crypto Wallet App with MobileCoderz

Every cryptocurrency transaction requires an electronic wallet for cryptocurrency. It can help users save, give away exchange, trade, and store among the numerous digital currencies. If you’re interested in Cryptocurrency Wallet Development, you can put your trust in MobileCoderz. We are a prestigious Web & Mobile app development company with a wealth of experience in blockchain-based app development. For Crypto Wallet services and app development, our team will help you with everything you need from scratch.

Have A Crypto Wallet App Ideas. Book A Free Consultation Today!

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MobileCoderz has established itself as the first choice of small and medium-sized businesses in the mobility space within a short span of time. We have a young & talented team of mobile strategists, UX/UI designers, and App Developers.We have a client base that spreads across emerging startups to small & medium size Business across the globe. MobileCoderz has helped in the development of World Class mobile apps for 500+ clients, collaborating with its team of 120+ nerds.

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