Wherever you are, chances are pretty high you heard of the term Cryptocurrency in the last few years. The sudden and meteoric rise of Bitcoin led to several people needing ways to store their newly earned fortune. Addressing this need led to the development of the crypto wallet app. These online storages function similar to a regular wallet as it enables the user to a safe location to store their money.
Cryptocurrency wallets provide other features that are essential for users to safeguard their crypto. The main objective of a wallet app is to secure the user’s private key. A user can bring up this private key and access their funds.
The widespread adoption of mobile apps highlights the increasing need for mobile-oriented crypto wallet development. This guide will provide you with the various crypto wallets available in the market. It will also guide you through the process of how to build one from the ground up.
The first question you may have in your mind is, what is a cryptocurrency? A cryptocurrency or crypto is a form of digital money where you can buy items and products instead of regular money. The hook to crypto is that it runs on something called blockchain technology.
By definition, a blockchain is an open distributed ledger accessible to anyone. Every transaction a user makes on the Blockchain is recorded in the form of ‘blocks.’ These blocks link together and form a chain of earlier crypto transactions.
Also, as the technology is spread across numerous computers, there is no way to edit the content anonymously. This feature effectively means that Blockchain eliminates any opportunities for fraud and manipulation.
Top Cryptocurrency in the Industry
Bitcoin is the most famous crypto in the field. When you mention the word Cryptocurrency to anyone, the first thing they think of is Bitcoin. But, there are other cryptos in the industry. Though the following may not have the same value as Bitcoin, they have gained massive popularity and value in recent years.
Overview of a Cryptocurrency Wallet App
Think of a cryptocurrency wallet app as a combination of a bank and a wallet. It is a device or app where a user can store their Cryptocurrency. These apps store a user’s public and private keys, which the user can take out and access their share of the crypto. These keys enable the user to conduct crypto transactions.
Crypto Wallet Types
Before getting into cryptocurrency wallet development, you should know the types of crypto wallets you can develop. Depending on the requirements, there are five wallets types available.
➤ Desktop Wallets
Presently, these are the most popular categories available. They enable the user to store crypto on their desktop. A user is required to install the desktop wallet like they would a program or software. Desktop wallets work on the primary operating systems like macOS, Windows, and Linux.
➤ Online Wallets
These wallets require a private key. Online wallets are ideal for users who do not have a computer but want to access their Cryptocurrency. The only downside to these wallets is that they are highly vulnerable to hackers.
➤ Hardware Wallets
Hardware wallets operate similarly to a safe and enable users to store a copy of their private keys on a secure device. These wallets have potential among people who do not actively engage in trading cryptocurrencies.
➤ Paper Wallets
Paper wallets have a printout of the user’s private and public authentication keys. This type is the most insecure crypto wallet available. If a user loses the printout, they automatically lose access to their stored crypto.
➤ Mobile Wallets
Think of a mobile wallet as a hybrid of online and desktop wallets. The user can use a mobile app and access their crypto from anywhere in the world. This type is as popular as desktop wallets and the preferred choice for crypto wallet development.
Benefits of Cryptocurrency Wallet Development in 2021
Here are the advantages that come from developing a crypto wallet in 2021.
➤ Secure Payments
The payment and transaction process is straightforward in cryptocurrencies. Also, the transparency provided by blockchain technology removes the chances for fraud. This benefit is one reason why people are steadily moving towards crypto-oriented transactions.
➤ Faster Transaction Speed
Typically, the process of international transactions takes a long time to complete. Crypto wallet apps overcome this issue and enable the user to complete the global transaction in a few minutes.
Crypto wallet apps appeal to people in the IT industry or a tech-savvy audience. Developing an app for this audience is sure to lead to positive results.
Cryptocurrency Wallet Development Phases
Any app development project first goes through a planning stage, and crypto wallet development is no different. Here, you decide on the features to include in the final product. You also inform the cryptocurrency wallet development team of the tech stack you want to have. The planning phase also requires you to list out the various cryptos the wallet supports.
➥ Manage the Budget
Ensure to have a budget allocated and ready before getting into crypto wallet development. Also include the MVP features you want the product to have.
➥ User Experience and User Interface Development
This phase is one of the more critical phases of the development process. Ensure to provide the developers with a clear idea of what the app should look like. An app’s success depends on its user interface, so strive to make it efficient and navigable.
Coding is an equally essential phase of the crypto wallet development process. Ensure that you have a competent and experienced team who can provide the product with minimal bugs and glitches.
After completing the product, it moves to the testing phase. Here, a team will go through the app and search for any bugs or glitches it has. Only after the testers find no problems with the app can you move onto the next stage.
You can now launch the finished product on the net. A good cryptocurrency wallet development team will help you market the product to a broader audience. Also, consider additional features and functionalities you want to add to the app after launching it. These features can improve its quality of life and help the wallet stay relevant to the public.
The process of crypto wallet development takes a lot of time, effort, and resources; however, that work is worth the effort. Every crypto owner requires a crypto wallet to use, and yours could become the next big thing.
By following this guide, you will clearly understand the steps required to develop your crypto wallet app. Once you have a clear idea in mind, contact a renowned crypto wallet development company to start the work.