March 10, 2022
How to Сreate Easy-to-Use Cryptocurrency Wallet App? Tutorial by interexy
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Today cryptocurrency, mainly Bitcoin, is used worldwide for trading, paying salary, and gaining revenue. However, some people still do not fully understand what it is and how it works. These questions are common and appear due to the impossibility of touching or seeing these virtual currencies. While understanding what a digital asset is and the way it works might not be a challenging task for most, some do not get where it can be stored. This is where a cryptocurrency wallet comes into the picture, allowing users to perform transactions, including purchasing or selling cryptocurrency within the blockchain.
Due to the immense popularity of cryptocurrencies, businesses started to invest in crypto wallet app development as they are in demand, and holders will always look for the best solutions with digital assets. By the end of February 2022, there were over 80 million crypto wallet users, and the number is going to increase every day. The main task of this software is to store the key required to access the currencies held whenever needed. Today, there are numerous wallets that are powered by lots of features and enhanced levels of security, and they are gaining popularity, so users tend to use them every day.
As the complete blockchain domain has rocketed in the last few years, traders love making profits trading on their investments. One of the key requirements for successful trading is to be a wallet holder for storing and recording all the transactions performed, maintaining and managing asset balance. And if you are one of these companies who want to enter the most flourishing industry and gain benefits from creating a crypto wallet, you will need to learn some tips to achieve success as there are many competitors. Let’s start from the basics.
What is a Cryptocurrency Wallet?
A crypto wallet represents a regular wallet but in a digital format. You can probably now open your wallet and take the money out of it. But this physical wallet won’t protect your money in a way the digital can. A crypto wallet is a completely different option. It is more or less your identity when you purchase an asset: its virtual address will illustrate how your transactions are recorded on the blockchain.
This is why you won’t need a crypto wallet when performing anything with cryptocurrencies. Therefore, you could leave it on the exchange where you purchased it or make a note with the wallet address and passkeys and hope you will remember when you need them.
People use a cryptocurrency wallet to store and transfer numerous cryptocurrencies at once. In addition, with modern technologies, users can now easily download and install this software on a smartphone, which makes the buying and selling process hassle-free and quick. Since such wallets can easily store all types of currencies with enhanced safety, you can easily trade or exchange assets through a mobile or web product.
This digital wallet app supports significant forms of money. For instance, the most common are bitcoin, bitcoin cash, Ethereum, litecoin, dash, and some more. Additionally, such apps track the balance in your record. Crypto wallets contain the private key and public key alike to create a more secure exchange. In these applications, private keys work as a password, and users need to enter the private key to perform any crypto exchanges from their application. What is more, public keys work as digital addresses. They are technically associated with blockchain application funds.
Benefits of Cryptocurrency Wallet
1. User-Friendly and Easy to Use
Using a crypto wallet is extremely simple and hassle-free, as it does not require special knowledge to start. Such apps can keep many cryptocurrencies with ease while users can prioritize the functionality they want. Most of these applications allow users to choose the colors that make the graphs stand out, and vital it is to create assertions.
2. The Long-run Option
Crypto wallets are developed every month and becoming more dependable; they are now well-recognized by a growing number of large companies and are often used as a payment method. This is why these applications can easily become a long-term alternative for investments and spending alike, facilitating transactions all across the world over time.
3. Account and Transaction Confidentiality
Since cryptocurrencies usually hold lots of money, people using wallets should be concerned about their security. Anyone would be happy to know that the investments are safe and secure when purchasing a virtual asset. This is where crypto wallets are a great option, as they are highly protected and always require you to enter an encrypted login details ID.
4. Portfolio Management
Since crypto represents a type of asset, some people like the idea of managing them almost the same way they maintain other physical assets they have. Crypto wallets provide users a real-time glimpse of their assets and allow them to manage their money in a convenient way. This information is always required as it affects your further purchases and helps you make better financial selections as well.
5. Access to Various Currencies
When it comes to investing, selling, and buying virtual currencies, one of the biggest advantages of using a well-packed wallet is that you will have a chance to store various different assets to select from.
Types of Cryptocurrency Wallets
There are many types of cryptocurrency wallets in the market that are commonly used for performing transactions via assets. Some of the most popular are:
They have already become a classic among all other wallets. These applications allow users to store assets directly into your computer, although the device will require enough storage and powerful servers.
These apps represent a happy middle between desktop and online wallets. They usually do not require additional capabilities or security measures, as they can be easily downloaded on mobile devices or smartphones. A mobile crypto wallet is a safe and hassle-free option for users who want to exchange or transfer assets.
Paper wallets are simply paper documents that contain all the needed information regarding details of public and private keys that are used to manage cryptocurrencies.
This wallet type is considered to be the safest. This is because these applications need special devices to store private keys to provide access to assets.
The last and probably least secure option is an online wallet. It allows you to store cryptocurrencies online.
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Top Cryptocurrency Wallet App Features
1. User Authorization
Due to the high popularity and value that cryptocurrencies can offer, wallets are always prone to various hackers attacks. That’s why you will need to enhance the user authentication of the app using two-factor or multi-factor authentication (2FA or MFA). This also should be done alongside entering username and password to make access to your wallet more secure.
2. QR Code Scanner
A QR Code Scanner is a brand-new feature that is usually used in most popular crypto wallets. The scanner provides speed, convenience, and security to your application and transactions.
When you power your app with a QR code scanner, it then can facilitate automatic scanning of the wallet addresses (the public keys). Therefore, such a feature promotes simplicity of use and enhances cryptocurrency transactions.
3. Multiple Cryptocurrencies
It is vital for most users to have a wallet that supports more than one cryptocurrency. This is because many different assets are added time-to-time, while their value is also changing every day. As a result, users need to manage all currencies and store all of them in one wallet app.
4. Push Notifications
Push notifications represent a vital feature by using which your users can always stay informed and alerted about crypto transactions. By using this feature, you will be able to notify users of the latest news promo codes and boost their loyalty.
5. Latest Conversion Rates
No crypto wallet app can achieve success without access and calculating transaction fees according to ever-changing conversion rates. This is because these applications allow its user to earn money between multiple modes. For instance, between one digital currency, several assets, or even between digital and fiat assets.
6. Blockchain-Based Transactions
The blockchain technology on which you are going to build a crypto wallet is a game-changer. Due to this technology, your users will have a chance to transfer and receive digital assets through your crypto application in an entirely tamper-proof and fast way.
Crypto App Development: Step-by-step guide
Understand Blockchain and Cryptos
If you want to learn how to create a crypto wallet app, the first thing you need to do is to learn about crypto and blockchain. Blockchain represents a new promising technology that allows all digital assets to work easily.
Use Standard Cryptocurrency Open-source Libraries
If you want to avoid hours of searching and recreating a wheel, try to find and use open n-source libraries, as most cryptocurrencies are available in this form. Just use free libraries and cheap tools that have already been developed like BitcoinJ SDK or Coinbase SDK.
APIs allow developers to build a feature-rich crypto wallet app. When using a distributed ledger API, you will be able to synchronize your application with blockchain technology with no hassle. Coinbase, Bitcore, and Factom are the most popular APIs you can use.
Here you will need to consider what cloud platform you are going to use in your app. Choose PaaS (Platform-as-a-service) if the goal is to craft a web application. But, if you want to build a crypto wallet app, you should use a BaaS (Blockchain as a Service) provider and integrate their services directly into your product.
Choose the Right Technology Stack
A properly chosen technology stack will provide your app with the needed success. For instance, when building a web app, you have a choice of the following languages: Node.js or Angular.js, along with HTML5 and CSS3. The right tech stack not only simplifies the process for your development team but also ensures a scalable product.
If you want to make the app available for the Android platform, you can choose either Java or Kotlin. When crafting a native iOS app, choose Swift or Objective-C.
Security is an essential point when you build a cryptocurrency wallet app. That’s why you should pay close attention to every detail that relates to the protection of the product. If you don’t have any idea how to boost the app’s security, check out our guide. The developers must also always use security updates.
Well, it is obvious that you want your crypto app to stand out from competitors. To ensure your app is unique and provides users with well-thought-out features, you need to analyze competitors in advance. Do not look for ideas; check the tech stack they use, the design they have, and what issues their users have faced to avoid them in your development process.
Start Your App Development
So, when you are ready with all points mentioned above, you can start the development. Use our blockchain app development services or hire developers one by one.
- Choose all features of your app.
- Write the code and integrate it with your database.
- Create a simple yet engaging design.
- Make sure to perform rigorous testing before the launch of your wallet.
Why choose Interexy?
Whether you don’t know how to perform analysis, you are a newbie in the crypto world, or just want to save money and time for more vital things, hiring a full team for your app is the way to go. Interexy is an experienced mobile and web development company that has long been working with crypto, blockchain, and NFT domains.
By turning to our crypto app development services, you are getting a team of front and back end developers, UX/UI designers, Project Managers, Business Analysts, and QAs who have outstanding experience in this booming industry. We offer quick development, stable code, no bugs, market success, and your satisfaction.
If you still have any questions and want to discuss them with a high-skilled professional, our free consultation is here to help you!
Crypto wallets are gaining popularity, and many world organizations have already invested in the development of new solutions. This is because digital assets are in demand and show no signs of slowing down. People will always look for convenience and simplicity, even when investing and trading. So wallets can become a great chance to enter this industry and have all chances for success. If you want to learn more about how to create your own cryptocurrency wallet, reach us out for further discussion!
What is a Crypto Wallet App?
Crypto wallets are web or mobile apps that are used to store private keys, keeping your digital assets safe and accessible. These apps also allow users to send, receive, and spend cryptocurrencies such as Bitcoin and Ethereum.
How to Create A Cryptocurrency Wallet App?
There are many steps you need to perform to create a crypto wallet app. But you have a choice to hire a complete team of highly skilled professionals and reduce the resources needed, or you can hire developers one by one.
How Much Does It Cost to Create a Crypto Wallet App?
There is no simple answer to this question as it depends on the company, app’s complexity, timelines, and resources needed. However, the minimum price usually starts from $50.000.