The Crypto Wallet app development market has grown remarkably over the past few years. Crypto Wallet app traders are making huge profits on their investments and it looks like this trend will continue for a long time.
The future of Crypto Wallet app development trading looks promising, so now is the right time to invest in developing a Crypto Wallet app for a broad consumer base.
Now the question is how to build an attractive Crypto Wallet app that users will fall in love with.
In this blog, we’ll cover the basics of a Crypto Wallet app – why it’s needed, the features it must have, and how to develop an incredible Crypto Wallet app.
Let’s get started!
What is a Crypto Wallet app?
Just like any other digital wallet, a Crypto Wallet app helps users store, send and receive cryptocurrencies.
It is software that securely stores cryptocurrencies and keeps track of their transactions (buying, selling, and lending). Users can easily download and install the Crypto Wallet app on their smartphone or any other compatible device.
This is how the Crypto Wallet app work:
To transact crypto you need two things – the first is your wallet address, also known as your public key, and the second is your private key.
A public key is a kind of like your bank account number. You may share your bank account number with other people or institutions to send or receive money. Similarly, you can share your public key, which is your wallet address, to receive crypto.
Your Crypto Wallet app’s private key can be compared to your bank account password or your debit card PIN, which is confidential. You wouldn’t want to share your PIN with just anyone, as that would give them direct access to your bank account.
A private key is a password that allows access to your Crypto Wallet app.
Whenever you want to get the Crypto Wallet app development, either by buying it or receiving it as a gift, you direct your Crypto Wallet app sender to the unique crypto address issued by your wallet.
So a Crypto Wallet app doesn’t hold your crypto coins directly in your wallet – they live on the blockchain. Since the Crypto Wallet app is not present in any physical form, the Crypto Wallet app stores information related to your public and private keys, which is your ownership stake in the Crypto Wallet app.
With both of these keys, you can send or receive cryptocurrencies while keeping your private key completely encrypted.
Types of Crypto Wallet apps
Depending on what users plan to do with crypto, there are different Crypto Wallet app options you can launch.
For example, many long-term crypto investors plan to hold their wallets for an extended period. This is why they can choose a wallet that has great security features. On the other hand, users who actively trade cryptocurrencies may be looking for convenience and speed.
Depending on whether the wallet can be connected to the Internet or not, it is divided into cold and hot Crypto Wallet apps.
Cold wallet
These are hardware wallets. They store your keys offline on a device that is not connected to the Internet. Many popular cold storage wallets look similar to a USB drive.
Paper wallets – with information about your public and private keys printed on a sheet of paper – are also sometimes used as cold storage.
Many Crypto Wallet app followers consider cold storage to be the best option for protecting your digital assets. Since they are offline, these wallets are considered the most difficult type of wallet to hack. However, they can be easily lost or misplaced.
Hot Wallet
These are software wallets. They are more user-friendly but slightly less secure compared to cold wallets.
You can access the hot wallet by downloading a software program to your computer desktop or an application to your smartphone. There are different types of hot wallets as below:
1. Desktop wallets
Desktop wallets are designed to be used on a desktop computer or laptop. They can be accessed from the computer on which they were originally installed.
Desktop wallets are considered safe unless your computer is infected with a virus. Some examples of desktop wallets are Bitcoin Core, Bitcoin Knots, MultiBit, Armory, and Electrum.
2. Mobile wallets
Mobile wallets usually have similar features to desktop wallets. However, they facilitate payment processing in physical stores by scanning QR codes using touch payment and NFC (Near Field Communication).
Bitcoin Wallet and Hive Android are some examples of mobile wallets.
3. Web wallets
Web wallets facilitate easy access to cryptocurrencies from anywhere – from any browser or mobile device, etc. They operate in the cloud. Their use is very convenient because the private keys are stored online.
However, sometimes they become vulnerable to hacker attacks because they are indirectly controlled by a third party.
Why is there a need for a Crypto Wallet app development?
After the phenomenal success of cryptocurrencies such as Bitcoin and Ethereum, more and more people started investing in cryptocurrencies. Many new cryptocurrencies appear in the market from time to time.
While some cryptocurrencies like Bitcoin and Ethereum have come with their Crypto Wallet apps, traders who want to invest in multiple cryptocurrencies are looking for Crypto Wallet apps that are compatible with many other cryptocurrencies.
In addition, crypto-wallets have various applications for business use. Businesses can create their Crypto Wallet apps and integrate them with payment and other business solutions.
The mobile Crypto Wallet app is a widely used blockchain wallet. Once you download the mobile app to your smartphone, you can access the app from anywhere, even in brick-and-mortar stores.
Crypto Wallet app mobile apps are often in demand – companies choose to crypto wallet app development because
- Compared to other wallets, they are smaller and less complicated.
- Thanks to them, the transfer of digital currencies is faster, easier, and more convenient.
In addition, crypto transactions with these wallets are anonymous, encrypted, cheap, and decentralized.
Transactions through mobile wallets provide the highest level of security, as users are protected from fraud and data distortion.
Key features you can include in your Crypto Wallet app app
Your Crypto Wallet app must offer enhanced functionality combined with the requirements of your business logic.
Here are the basic features you need to include in your Crypto Wallet app development.
1. User Authorization
Due to the popularity and value of cryptocurrencies, wallet apps are vulnerable to many security attacks.
Therefore, it is always best to enhance the user authentication of your Crypto Wallet app with two-factor or multi-factor authentication (2FA or MFA). 2FA or MFA provides an additional layer of security that many conventional non-crypto applications do not offer.
This is done in addition to your username and password to make access to your wallet even more secure.
2. QR code scanner
The QR Code Scanner feature adds speed, convenience, simplicity, and security to your Crypto Wallet app transactions.
If your Crypto Wallet app has a QR code scanner integration, it can facilitate the automatic scanning of wallet addresses and public keys. With this, it improves Crypto Wallet app transactions with one click.
So instead of entering all the long characters of the public keys one by one, the app user can scan the QR code and the information is captured through the scanner. It is a safe and secure way to transact with cryptocurrencies.
This feature is preferred because app users will have to enter long characters of the wallet address if this feature is missing, making the chances of missing a few characters or entering the wrong one much higher.
3. Multiple cryptocurrencies
Your wallet must support more than one Crypto Wallet app.
This is because many different currencies are added from time to time and their values are constantly changing. So you wouldn’t want to have many other wallets to store your cryptocurrencies. You could?
So, your Crypto Wallet app must allow you to seamlessly transact with different currencies.
4. Import of a paper wallet
Your app must allow its users to scan a paper wallet using a QR code to send and receive crypto money.
5. Push Notifications
Push notifications are an essential feature through which your users can always be alerted and notified of crypto transactions. Thanks to this feature, users of your Crypto Wallet app will be notified about the price of their digital money, the success but also the failure of any transactions, etc.
This feature can ensure real-time alerts for all transactions in your account.
6. Latest conversation rates
No Crypto Wallet app development is complete without accessing and calculating transaction fees based on ever-changing exchange rates.
This is because a Crypto Wallet app allows its user to make monetary transactions between multiple modes – for example, the same digital currency, different digital currencies, or even between digital and fiat currencies. This will undoubtedly require them to be informed of the updated value of the currency in real-time.
7. Blockchain-based transactions
The blockchain technology on which your crypto app development should be based is a game changer. Thanks to this, your users will be able to transfer and receive digital currencies through your crypto application in a completely safe and fast way.
Additionally, they can view their available balance and their entire transaction history. This is because all completed transactions are transmitted to the blockchain network.
8. Managing Familiar addresses
This feature aims to make the entire transaction process much smoother, faster, and more convenient by providing your users with a mode to manage all frequently used addresses.
9. Payment gateways
A payment gateway integrated into your app can make it easy for users to efficiently buy or sell their digital assets.
10. Optional session logout
This is an excellent feature for the security measures of your application. This will automatically log your users out after a certain amount of time if they are inactive and they will have to log in again if they want to use the app.
Crypto Wallet App Development with Moon Technolabs
All Crypto Wallet app transactions need a Crypto Wallet app. It will help users to store, donate, exchange and trade many different digital currencies like Bitcoin, Ripple Ether, etc. If you are looking for a Crypto Wallet app development, please contact us. We are an award-winning web and mobile application development company with extensive experience in blockchain application development.
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