Cryptocurrency has taken a leading position in today’s financial market. More and more business people use crypto for their business projects. There are many great advantages crypto coins can provide you with. Enter almost any website where you can get some products or services and you will see that most offer to make payments with crypto. It’s convenient and anonymous. Crypto has opened new opportunities. It’s much easier to manage funds using popular crypto coins.
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Development of Сrypto Wallets
Converting money savings into cryptocurrency or starting to earn a lot of crypto coins is not so easy. Saving them is even more difficult. The optimal solution to this problem will be the development of a cryptocurrency wallet. You can use fintech development outsourcing to develop a high-quality mobile app that supports crypto. It can take the form of a mobile application and be used as a new payment instrument that opens up opportunities for various transactions with digital assets.
Despite the fact that there are relatively few active users of bitcoins and altcoins, the cryptocurrency market is at the beginning of explosive growth. The development of a crypto wallet will allow avoiding many problems associated with storage and trading on exchanges.
What Can You Do with the Crypto Wallet App?
Application features allow doing the following:
- Keep accounts of various crypto coins;
- Carry out direct sales and purchase of digital currency;
- Send coins to other wallets;
- Pay for goods and services from fiat or cryptocurrency wallets;
- Deposit and withdraw crypto coins to bank cards (conversion);
- Connect merchants to receive payments;
- Organize auctions (purchase and sale) between users.
How to Develop a Crypto Wallet?
If you need to create a bitcoin wallet and secure your assets, the best solution would be to turn to professionals. By ordering a currency wallet from experts, you will receive a functioning Android or iOS application with wide functionality and an intuitive interface. Developed by qualified specialists, the bitcoin wallet will be able to connect to exchange and bank API addresses (including FIX4). If you want to get a customized software solution for your business, don’t hesitate to hire the brightest minds from the outsourcing company Boosty Labs. They will help you to design innovative software that will meet the requirements of your most demanding customers.
Professionals will provide reliable protection of the vault from hacker attacks using common encryption technologies using certificates and passwords. A two-step authentication system (confirmation by SMS code, etc.) is often used. You will be able to use a range of services for the creation of mobile applications, their testing, and promotion.
What Determines the Cost of Developing Crypto Wallets?
If you need a robust blockchain wallet with a wide range of functionality, you will have to spend money. The determining factor in the formation of the cost of a product is functionality combined with the degree of security.
If we talk about functional cryptocurrency wallets with support for various digital currencies and multi-level protection, it takes much more time. The more functions are integrated into the application, the higher the price.
The main stages of the development of crypto wallets are the following:
- Defining goals. It is necessary to designate the main goal – trading or investing, making transfers, long-term storage, etc.
- Statement of technical specifications. The development of a crypto wallet begins with the analysis of the initial data, taking into account the user’s requirements.
- Choice of technology. When developing applications, popular technological solutions for iOS and Android are used – they allow you to create a high-quality product with the necessary set of functions.
- Prototyping and test run. Allows you to check the correctness of the application, detect and correct possible malfunctions.
The work of the blockchain can be compared with Torrent – the system operates in P2P model (peer to peer – a computer network where all participants are equal). When we download a movie from the tracker, the central server is not used. The file is directly downloaded from the computer of a torrent participant like you. The situation is similar in the blockchain. All transactions are carried out directly between network members. And they are carried out due to the fact that their computers are connected to one network – the blockchain.
However, nothing is perfect, and the blockchain system also has its drawbacks. The data is stored on all computers of the participants and the registration of transactions requires the processing of large amounts of data. This causes increased demands on the computer and on the Internet speed for the participants in the network.
To make transactions in the blockchain network, you need to have special wallets (wallets) to store data, for example, information about the purchased cryptocurrency. They can be online, desktop, mobile, and hardware. An online blockchain wallet can be opened in 5-10 minutes by registering on specialized financial portals. Desktop applications involve installing an application on a PC, and mobile ones – on a communicator. A hardware wallet is a flash drive for storing data, they are more reliable than others since they do not have constant access to the Internet, and therefore cannot be hacked by hackers. However, in order to carry out transactions, you constantly have to “drive” the cryptocurrency from the hardware to other wallets and vice versa.
Information about wallets and transactions with them is protected by encryption. The buyer and seller of the asset confirm the transaction using cryptographic keys – special unique digital codes. But still, there have been cases when online blockchain wallets have been hacked by hackers, so it is better to store data offline on a USB flash drive. A transaction on the blockchain is carried out almost instantly, but the processing and confirmation of the operation can take 10-15 minutes.
As a rule, blockchain wallets assume anonymity, i.e. it is impossible to establish who is performing the operation. This will help keep your assets from prying eyes, but it also carries additional risks – because if you forget your wallet access details, you will lose your assets.