Cryptocurrency trading in recent years has become a trend, a lot of individuals also have started a Bitcoin wallet platform and more want to know how to get started.
So we have made a little research on what you need to know before you engage in creating a cryptocurrency wallet, in this case, the world’s popular cryptocurrency. Keep in mind that if you are not experienced, this process will take some time to get right.
Developers too are also reaping the benefits as the market continues to attract investors.
So if you are a developer who is looking to cash in on this new market, you only have one fundamental question to answer – what to know on how to create a Bitcoin wallet application?
What is Bitcoin?
Bitcoin is a digital currency that only exists electronically. With Bitcoin, you can make a transaction to and from a 16 character long encrypted address. It was released as an open-source software way back in 2009, by Satoshi Nakatomi, though the identity of the person is unverified.
What is a Bitcoin Wallet?
It is a software program in which Bitcoins are stored. Technically, Bitcoins are not stored anywhere. For every individual who has a balance in their various wallets, there is a private key (secret number) corresponding to the Bitcoin address of that wallet. Bitcoin wallets facilitate the sending and receiving of Bitcoins and give ownership of the Bitcoin balance to the user. The Bitcoin wallets come in many forms. The four main types are desktop, mobile, web, and hardware.
Types of Bitcoin wallets
Desktop wallets are installed on a desktop computer and provide the user with complete control over the wallet.
Mobile wallets perform the same functions as a desktop wallet. Mobile wallets facilitate payments in physical stores via “touch-to-pay” and near field communication (NFC) scanning of a QR code.
Web wallets facilitate access to Bitcoins from anywhere, on any browser or mobile device.
Hardware wallets are by far the most secure type of Bitcoin wallet as they store Bitcoins on a physical piece of equipment that is usually plugged into a computer via a USB port.
Essential Bitcoin Wallet App Features
Before we get into the details about how to create a Bitcoin wallet app, let us tell you in brief about the factors you should consider:
- The authorization: Sign up and login feature to access the Bitcoin wallet
- Profile page: Easily transact using Bitcoin, to check the balance
- Security: Setting up a password and pin code for the app protection
- Push notification: For transactions, change in Bitcoin market price, etc.
- QR code scanner: To easily send and receive money
- Trading service: To find Bitcoin sellers and work as a seller
- The exchange rate: Easy monitoring of Bitcoin price
There are a couple of things that are going to fall under the process of building a Bitcoin wallet. All of these are equally important so you need to pay an equal amount of care for each of these points.
How to Make Your Bitcoin Wallet App Secure
The safety of the Bitcoin mobile wallet app depends on the various factors, such as the type of wallet it is, the security features, and the service provider. Online wallets are more prone to risks than offline ones. Online wallets can expose users to the potential threats of hackers and malware, while offline wallets are safe because they simply are not connected to the internet.
Here are a few extra security features you can apply to make your Bitcoin wallet app even more secure:
- Wallet Backup
- 2-step Authorization
- Continuous Security Updates
- Denial of repetitive payments
- Easy for the user to become familiar with the website/application
- Easy for users to achieve their objective
Building a Bitcoin Wallet App
Now that we have talked about the features you need to integrate when you create a bitcoin wallet from scratch, it’s time to talk about the technical side of how to make a bitcoin wallet app.
- For the Android app, you’ll need Java to build the frontend, and API services using Node JS/Python for the backend.
- For iOS, you can choose Swift for the frontend and the backend, similar to the Android app, using Node JS/Python.
The increasing popularity of Bitcoins has resulted in the rise in the popularity of Bitcoin wallet apps. Which is why, if you have an idea for developing a wallet app, this will be the right time to get cracking.
Just remember, when it comes to an online wallet app, privacy and security are the final words.