What You Should Know About Cryptocurrency Wallet in the Year 2020

by Gary Ferguson Technical Writer | Blogger

Cryptocurrency wallet applications are used on various devices to carry out the functions of the crypto assets fastly and conveniently. There are various crypto payment methods available in the market. Having a cryptocurrency wallet can help in expediting major transactions, storing, or sharing a digital currency. Cryptocurrency wallet development has become an important part because of the choice of non-cash payments for major business & financial transactions. With emerging blockchain services, blockchain wallet development is playing a strong role in building secure and scalable Cryptocurrency wallets depending on the need of the business processes.

The need for cryptocurrencies wallet development has revolutionized modern financial methods, there are few characteristics of blockchain-based currencies that makes them better than traditional cryptocurrency payment methods.

Transactions can be carried out in less time
The transaction fees are low in comparison to the fees imposed by other financial institutes
The transactions can be made by desktop and mobile cryptocurrency wallet application. It's easier to make & receive payments on the go.
The entire network is based on the concept of decentralization, allowing only a group of people to control the financial transactions.
Connect with major companies across the globe and enhance economic stature.

Types of Crypto wallets :

Desktop: software program installed on Personal Computer ( PCs ).
Mobile: installed the software on your smartphones to use the application.
Paper Wallet: A printed piece of paper with information stored in the format of Keys & QR Codes
Hardware: Like a USB storing private keys
Online/Web Wallet: Access wallets online without installing a software

Features of a Crypto wallets :

Registration: Sign-in & Sign-outs
Profile: Information about the user
Payments: The functionality to send funds via QR codes, NFC, or URL links. Real-time tracking, wallet management, address degeneration, management of digital currency.
QR code scanner: Send & receive payments
Notifications: Stay in touch with regular updates
Security: PIN codes or pattern codes to access assets and application, two-factor authorization, passwords for executing operations
Know the currencies that need to be integrated into the app like Bitcoin, Ethereum, Litecoin, etc.
Know the scope of business operations as the development of features entirely depends upon the purpose your wallet should solve.
Understand whether the need is to develop just a bitcoin app for occasional transactions or is there a need for a platform that manages multiple digital currencies for a regular process

Crypto wallets development need a high security to keep your assets, hence, a high-quality encryption method for users is required. It's imperative to have a long & strong password. All this is necessary to keep the wallets secure and keep them safe against common threats like phishing, duping, or stealing of pin codes, hacking, etc.

The process of crypto wallet development is based on:

The use of libraries for Android & iOS
Synchronizing crypto wallets into the blockchain via different APIs
Integration of digital currencies as the payment method.

Libraries used in the process:

Coinbase software development kit ( SDK ): Java library for both Android & iOS. Used for integrating multiple digital currencies in the wallet application. It offers a wide set of functions like purchasing, selling, balance check, management of all financial transactions, online crypto trading, etc.
Bitcoinj software development kit ( SDK ): Cross-platform library built on Java but equally compatible with JavaScript, C++, Ruby, and Python. It consumes lesser resources and quite a comprehensible version of Bitcoin client. It is also fully compatible with TestNet3 and MainNet.

The cost involved in building a crypto wallet largely depends on what the client is asking for. There is still too much to understand about the crypto wallets, that's why it's advisable to choose a company that has experience offering Cryptocurrency Development Services. An experienced team of developers who are proficient in delivering the Cryptocurrency Wallet Development Services according to the requirements.

Original Source : https://www.sooperarticles.com/technology-articles/blockchain-articles/what-you-should-know-about-cryptocurrency-wallet-year-2020-1781580.html