Planning is the key to success for anything, and cryptocurrency wallet app development is no different. This blog will tell you how to plan your cryptocurrency wallet app development the right way to attain the optimum business outcome.
So you have decided to create a cryptocurrency app? Undoubtedly, you’ve decided to move in the right (and lucrative) direction because it’s a prosperous market with many opportunities to be explored.
Technological advancement continues to streamline the dividing line between the virtual and real worlds. Blockchain plays a vital role in this process. Now, you have the option of a new digital currency, i.e. blockchain.
Talking about blockchain and digital currency, today, cryptocurrency has come into common use. The technology has eliminated the need to transfer money from one bank to another. Along with regular online payments, with the availability of different digital wallet apps, cryptocurrency payment methods are also emerging.
Amazon, WordPress, Bloomberg, and other companies have already integrated crypto transactions into the work and now offer them together with online payment methods. And that encourages businesses to look for reliable apps companies that deal in cryptocurrency wallet app development services.
What Is a Cryptocurrency Wallet?
In layman’s terms, cryptocurrency wallets are software where users can safely store their cryptocurrencies and related transaction records. Most cryptocurrency wallets support the two most popular digital currencies — bitcoin and ether. In other words, cryptocurrency wallets are secure digital wallets to sell, buy, lend, and record cryptocurrencies.
Types of Cryptocurrency Wallets:
- Desktop wallets
- Web-based wallets
- Mobile wallets
- Hardware wallets (hardware device such as a USB drive)
- Paper wallets (printouts of private and public authentication keys)
Why Are Businesses Investing in Cryptocurrency Wallet App Development?
E-commerce and SaaS industries are leveraging cryptocurrency wallets and reaching great heights. Looking at the unique features cryptocurrency technology comes with, various other businesses are also investing in cryptocurrency app development.
Cryptocurrency wallet apps make transferring digital currencies easier, faster, and convenient. The transactions with cryptocurrency wallets are inexpensive, decentralized, which means no regulatory body or a central authority to control them.
The best thing about cryptocurrency wallets is the transactions are fully anonymous and encrypted. These transactions provide the highest security level as users are protected from fraud and data distortion. No one can steal your money without special keys — public and private keys.
How to Create a Cryptocurrency Wallet App for Supreme Business Success
Cryptocurrency wallet app development sounds tough nut to crack. It seems hard; however, if you have the right plan in mind and ready to execute it right, you can build a successful cryptocurrency wallet app. Here is how to make a mobile crypto wallet app in seven ways!
Understand the World of Blockchain and Cryptocurrency
Before you begin with cryptocurrency app development, you must dive deeper into the world of blockchain and cryptocurrency. Blockchain is a chain of blocks where the blocks are digital information (transaction) data, and chain is the cryptographic principle used to connect the blocks.
Cryptocurrency is a digital (and virtual) currency, well secured by cryptography. Earlier, blockchains were mainly used for cryptocurrency transactions but are now being used for all types of industries. There are so many blockchain apps with the best concepts out there. Bitcoin, Ethereum, and Ripple are popular cryptocurrencies.
Leverage Cryptocurrency Libraries (Coinbase SDK and BitcoinJ SDK)
There are loads of free libraries and tools to leverage. The most popular ones are Coinbase SDK and BitcoinJ SDK. The digital currency exchange Coinbase is a cross-platform Java library that helps developers build a cryptocurrency wallet app for the iOS and Android platforms. The library supports languages such as Python, Java, Ruby, and others of the sort.
Sync the Crypto Wallet App with APIs
A developer can create a cryptocurrency wallet app using application programming interfaces (APIs). Using a distributed ledger API will allow them to easily sync the crypto wallet with the blockchain ecosystem. The most popular APIs are Coinbase, Factom, and Bitcore. A full stack of APIs allows developers to integrate the main functionality and features of the cryptocurrency wallet app such, as handling payments.
Choose Cloud Platforms
If you want to develop a cryptocurrency wallet app, you need to choose the appropriate cloud platforms. For web app development, you can pick AWS Elastic Beanstalk, which is platform-as-a-service (PaaS).
However, for cryptocurrency wallet app development, it’s recommended to use AWS Amplify, a mobile-backend-as-a-service (MBaaS). Depending on the requirements and demands, you can choose either of them and build a secure cryptocurrency app.
Select the Right Technology Stack You Need
The right technology stack can give your cryptocurrency wallet app the needed success. For instance, if you want to develop a web app, Node.js, Angular.js, along with HTML5 and CSS3, can help you build a scalable crypto wallet app.
For native Android development, developers should choose either Java or Kotlin. That said, for iOS, Swift and Objective-C are the right choices. So depending on the need and type of app, businesses and developers should choose the best-suited technology.
Security is of the utmost importance when you create a cryptocurrency wallet app. Therefore, you need to ensure that the cryptocurrency app has an optimum level of security. You can add an extra security layer in a crypto wallet app with two-factor authentication — fingerprint scanner, face ID, and hardware authentication.
When it comes to cryptocurrency wallet app development, privacy and security are the final words. That said, the developers should ensure continuous security updates. They can quickly identify the bugs and security issues and fix them with the latest technology.
Know What Competitors Are Doing
If you want to make a standout crypto app, you need to keep a keen eye on your competitors. Know what your competitors are doing, what technologies they’re aware of, what type of development they leverage, etc. You need to know everything about them if you want to win a competitive advantage over them.
The increasing popularity of cryptocurrency has resulted in the rise of cryptocurrency app development. While there are many challenges to create a cryptocurrency wallet app, the rewards are huge for those who plan the app and execute it the right way. Investing in crypto app development will give you a chance to be a big player in this lucrative market. So without wasting any time, get started right now and build a secure and private crypto app!
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