Technological progress continues to smooth borderlines between the virtual and real worlds. Blockchain plays a particular role in this process. Along with regular online payments, we can see that new cryptocurrency payment methods are constantly appearing. Nowadays, you can not only use but also create a Bitcoin wallet app.
It’s a challenging process that requires many steps. Many entrepreneurs may wonder how to create a bitcoin wallet app? That’s why, in this article, we will consider the key points on how to develop a Bitcoin wallet app and integrate it into your online business. Here you can learn about:
- Essential reasons to build a Bitcoin wallet app;
- Opportunities that Bitcoin opens;
- Steps to create your own Bitcoin wallet app.
Essential reasons to build a Bitcoin wallet app
It’s impossible to imagine Bitcoin transactions without electronic wallets. A Bitcoin wallet application is a software wallet that can store, receive, and transfer Bitcoins securely. Besides common features of e-wallets, it also allows storing digital keys. Now let’s check the benefits of this kind of app for both sides of Bitcoin transactions, the sender and the receiver.
1. Fast & easy payments
Making traditional transactions between different bank accounts in your region is quite simple. However, it usually takes much more time when conducting financial transactions between international institutions. Even ten business days might not be enough. Especially if it involves a large amount of money. It also usually requires so much bureaucracy and time. Thanks to blockchain-based solutions, it can take several hours maximum today.
2. A higher level of security
All the transactions are signed with a unique signature. Once a deal is initiated, components can’t be changed. It guarantees an entirely safe and reliable transaction between the sender to the recipient.
3. Anonymous transactions
Cryptocurrency transactions are known for their complete anonymity. You can use these systems without providing previous credit history, unlike in traditional banking. Also, there is no need to provide any personal data to perform transactions. It allows building an additional layer of security while the standard systems might still be at risk.
To make electronic payments, you only need a wallet address, which is actually a long line of digits and numbers. It provides all the information about the transaction but doesn’t give any data about a recipient or a sender. So it is anonymous for both parties.
There are no risks of unauthorized access to the third party to the information about a transaction. All the data are provided by the combination of 2 digital keys (open and closed ones) that only the recipient and sender have.
4. It allows being more independent from the economic situation
Economic collapses happen in different countries sometimes. They influence the standard banking systems, and many investors may lose deposits. In comparison, cryptocurrencies are not affected by such situations since they have decentralized support. This factor fully protects Bitcoin owners from any political or economic crisis.
5. E-currency is not exposed to inflation
Inflation often affects traditional currency when a crisis comes. On the contrary, Bitcoin is not depreciated because the number of nominal currency units doesn’t exceed a specified amount of 21 million marks.
What new opportunities does Bitcoin open?
Bitcoin opens new opportunities for electronic payments allowing to bypass the state financial systems. Moreover, Blockchain apps usually aim to secure electronic payments at the maximum. Blockchain makes transactions unchangeable by fixating each stage of the trade in an encrypted form. No third parties are engaged in the process.
As emphasized above, anonymity is another considerable benefit of Bitcoin payments for customers. Popular trading platforms have already experienced all of the mentioned advantages of integrating such electronic payments. Among them are Zappos, WordPress, Amazon, etc.
So, the key advantages of Bitcoin include::
- Bypassing state financial system
- Security of transactions
- Immutability of records
- No third parties are involved
- Complete anonymity
Steps to create your own Bitcoin wallet
Bitcoin uses an open-source code. It means that nobody owns it and anyone can join a network. Building a Bitcoin wallet application is not as difficult as it seems. There are plenty of free software libraries available.
First, let’s define the functionality of such apps:
- Registration/Authorization system. It is a mandatory and unconditional feature that provides a necessary level of security.
- Profile. It has all the necessary personal information that can be used for overall payment transactions management.
- QR code scanner. It participates in the process of sending and receiving money.
- Exchange rate. Shows Bitcoin rate at the market and helps to exchange it for other currencies
- Trade service. It allows being a seller or seeing other sellers.
- Addresses generation. It generates new addresses for all transactions.
- Real-time payment tracking. You can check the status of the payment stage anytime.
- Push-notifications. All the essential notifications will come when some change is made like transaction receipt or Bitcoin rate change, etc.
- Security. The simplest form of security is setting a PIN code and password for app protection.
Security is one of the crucial aspects of a great financial app. That’s why it should be considered in detail. The first step to securing an app is to encrypt the wallet with a secure password. Additionally, you can create a backup of the wallet and store it in different secure places.
Another popular approach is to use a multi-signature. It means that you need to receive 2-3 signatures to make a transaction. By the way, all of them should be set from the beginning when creating an address. Once you define the functionality, all you need is to find the optimal API for your wallet. And don’t forget about the software libraries that will be synchronized with your wallet.
Let’s consider the most popular software libraries that can help you create bitcoin wallet API.
Blockchain Bitcoin wallet
Due to a full set of free APIs, the Blockchain Bitcoin wallet is trendy among developers. It supports many platforms, includes many programming languages, and is free.
It has excellent documentation, so developers can quickly create their wallets going through all the stages of building its functionality. Its most known API keys, V2 API KEY and Blockchain Wallet API KEY help websites easily receive Bitcoin payments and give full access to all service functions accordingly.
It is a cross-platform Java library that supports Android and iOS platforms and works with Ruby, Java, Python, and other programming languages. It is designed not only for Bitcoin but also for Ethereum and Litecoin currencies.
This library is famous for providing info on the current cryptocurrency and the exchange rate of others. After registration, you can exchange currencies, manage transactions, and implement cryptocurrency payments. The only limitation of this library is that some features don’t work in some countries.
On the contrary, Coinbase SDK doesn’t require registration and is easy to use. It can interact with the TestNet3 (a leading Bitcoin test network) and MainNet (a primary network for Bitcoin transactions). It includes many features that are important for Bitcoin wallet applications. It is an excellent choice for those who want to create their own Bitcoin wallet app.
It’s worth mentioning that using libraries is not always a perfect option, there are some limitations too. That’s why most professional developers prefer creating wallet apps from scratch.
The primary stages of Bitcoin wallet app development include:
- blockchain synchronization through API installation;
- building a Bitcoin wallet;
- adjustment of permissions for future transactions;
- configuring standard programs for transaction management.
Today, many businesses consider Bitcoin wallet applications as a necessary step into the future and an essential component of success. Wallet apps have many benefits and allow making fast and secure payments worldwide. Independence from external factors and internal stability make them even more attractive.
Forward-thinking businesses that choose Bitcoin wallet apps have much more chances of becoming a significant player in the market. In this article, we have outlined essentials on how to make a Bitcoin wallet app and hope that this information will bring value to you.
Are you looking for reliable fintech development services or do you have more questions on how to develop a Bitcoin wallet app? At S-PRO, we’re always happy to hear your ideas and help bring them to reality. Our company is rated among the Top Blockchain Technology Developers in the World on GoodFirms. So, you can be sure that your project is at the hands of professionals who will do everything possible for its success.