How to create a crypto wallet app?

If you are still living in the remote parts of the Amazonian rainforest or interstellar space, chances are pretty high that you haven’t heard of the term ‘Cryptocurrency’ in the last few years. With cryptocurrencies like Bitcoin getting popular overnight, people needed to store their hard-earned crypto money somewhere. Thus arose the need for a crypto wallet app. They are similar to traditional wallets in the sense that they allow you to store your money safely.

Having said that, this is where all the similarities end. In order to store cryptocurrencies such as Bitcoin, one needs to have a wallet app that can store cryptocurrency. Different types of cryptocurrency wallets offer different levels of security. The primary function of a wallet app is to securely store the private key that gives the user access to the address on the crypto network.

With the rise in popularity of mobile apps, the need for mobile-based crypto wallet apps has risen significantly. After reading this guide, you will be familiar with the different types of wallet apps available in the market. We will also help you understand what you need and how to create one for yourself.

What is cryptocurrency?

The first question that might come to your mind is, what exactly is cryptocurrency? It is a form of digital currency that can be used to buy everything you can using regular money. But what makes it interesting is the use of blockchain technology.

It is a decentralized form of currency, meaning no central authority manages or maintains the currency. The use of blockchain makes it more interesting. A blockchain is, by definition, an open, distributed ledger that everyone has access. Every transaction made is in the form of “blocks” linked together to form a “chain” of previous crypto transactions.

The advantage of using cryptocurrencies in favor of physical currency is that crypto cannot be counterfeited, and the transaction records cannot be modified in any way. Click To Tweet

In addition, since the database is spread across thousands and millions of computers, you cannot change the content of the ledger in any way, thus eliminating the risk of fraud.

Also Read: How To Create A Cryptocurrency – Everything Explained

Famous cryptocurrencies other than Bitcoin

When you think of crypto, the first thing that might come to your mind is Bitcoin. Without a doubt, Bitcoin is by far the most popular cryptocurrency out there. But other than Bitcoin, many cryptos have gained massive value and popularity in recent years.

Let us look at the top 10 cryptocurrencies you should definitely be aware of other than Bitcoin.

1. Ethereum
2. Litecoin
3. Bitcoin Cash
4. Monero
5. Tether
6. Binance
7. Polkadot
8. XRP
9. Cardano
10. Dogecoin

What is a cryptocurrency wallet app?

According to a report by Statista, more than 68 million people are using cryptocurrency wallet apps. Click To Tweet

A wallet app is an application or device that allows you to store your cryptocurrency safely. Think of it as a combination of a wallet and a bank. While several crypto wallets are out there, users sometimes search for a customized solution that fits their requirements.

The function of a wallet is to store the public and private keys using which you can access your share of the associated cryptocurrency.

These keys help in initiating cryptocurrency transactions. In short, to use crypto, you need a wallet.

The number of users using a wallet app is going to increase exponentially in the near future. If you want to create a cryptocurrency wallet app, this is the best time to do so.

Types of crypto wallets

Depending on user requirements, there are five types of cryptocurrency wallets. They can be divided into the following categories:

1. Desktop Wallets

They are one of the most popular types of crypto wallets available right now. They allow the user to store cryptocurrencies directly on their desktop. Desktop wallets need to be installed like standard software packages. They are available on all major operating systems, such as Linux, Windows, and macOS.

2. Online wallets

These types of wallets require a private key to work. They are useful when you do not have your PC with you and want to access your Crypto wallet account. However, they are most vulnerable to hackers.

3. Hardware wallets

Think of it as a safe. Hardware wallets allow users to store a copy of their private keys on a secured device. They can prove to be useful if you don’t sell or buy cryptocurrencies often.

4. Paper Wallets

Paper wallets contain a printout of your private and public authentication keys. It is the most insecure type of wallet. If your paper is lost, then you will lose access to your cryptocurrency as well!

5. Mobile Wallets

Mobile wallets can be considered as a combination of desktop and online wallets. The end-user can access cryptocurrency from anywhere using a mobile app. Idea Usher can help you create a mobile wallet easily!

Why make your own crypto wallet in 2021?

Now that you are familiar with different types of wallets, here are some advantages of creating a custom crypto wallet solution:

1. Secure payments

When it comes to cryptocurrencies, payments are straightforward. Also, the transparency offered by the blockchain platform eliminates any risk of fraud. This is one of the main reasons why people are turning to crypto-based transactions.

2. Faster transactions

If you are familiar with the process of international transactions, you might be familiar with how long it takes to complete one. Using a crypto wallet can help you complete international transactions in a couple of minutes. 

3. Tech-Savvy users love crypto

If your clients involve many tech-savvy users, they will undoubtedly adore the fact that you use crypto for transactions.

More than 68 million people are using crypto wallets in some way or another.

Core features of a crypto-based wallet app

However complicated it might sound, the major features a  wallet app should have are pretty simple.

Here are the main features any crypto wallet should have:

• Ability to quickly convert from regular currency to cryptocurrency and vice-versa.
• Session timeout after a certain period of time or upon successful transaction.
• Ability to scan QR codes for faster transactions
• Real-time updates and notifications
• Multi-currency support for storing any cryptocurrency
• Cryptocurrency management features (buying/selling)
• Security features like usage of Passwords or PIN protection.
• Reasonable overhead charges

How do crypto-based wallet apps work?

• All transaction records are stored on the blockchain network.
• These wallet apps contain your private and public keys, which can be used to perform transactions on the network.
• If you send or receive any crypto from someone, the transfers happen by changing the ownership of the tokens on the network.
• The private key (in your wallet) should match the public key on the blockchain network to access funds. This enables the wallet to make transactions on your behalf.
• The public key is used to receive funds and can be searched in the distributed ledger.
• The final step involves the use of the private key to sign the transaction. It is used to prove that the user owns the public key associated with the same address.

How to make your wallet app secure?

1. Educate users about security

Tell your users that only they have access to their public and private keys. Inform them that they might lose all their valuables if they share their passwords and private keys with anyone else.  

Crypto transactions are irreversible in nature, meaning any funds that are once lost are lost forever. Click To Tweet

2. Use 2FA

In today’s age, passwords and PINs are not the most reliable source of security. Make sure you encourage users to use two-factor authentication. Two-factor authentication requires an additional log in credential apart from a password and username. It can either be an OTP sent via SMS or email. Even though using 2FA might be frustrating for some, they offer an extra layer of security in case your password or PIN is compromised.

3. Encourage investment diversification

Tell your users not to store all their investments in a single account. In case of any security breach, people using multiple accounts have fewer chances of losing all their cryptocurrencies compared to those with a single account. So, if you are using a wallet app, it’s better to have multiple accounts on the same platform to minimize the risk of losing all your hard-earned money.

Tech Stack is required to develop a cryptocurrency wallet app.

Here are some technologies you can make use of:

• To develop the web app, you can make use of Node.js. This will help scale all your apps easily.
• If you are planning to make an Android app, you can make a wallet app using Java or Kotlin.
• Coming to native iOS app development, you can either use Swift or Objective C. Swift is a better choice if you want to lower maintenance costs.

Cryptocurrency wallet app:  Phases of development

No matter what type of app you are developing, each one has multiple stages of development. Here are the phases of development you will have to go through when creating an app:

#1. Planning

Planning is the first and foremost stage of any app development process. Decide which features you want to include in your mobile wallet app to incorporate. Tell the developers which technology you want to use and the cryptocurrency you want your app to support.

#2. Budget management

Make sure to set a budget beforehand. Many people do not have a figure in their minds when they want to develop an app. Make sure to include MVP features and expand from there.

#3. UI/UX development

The UI and UX development phase is one of the most critical phases of development. Ensure you clearly explain to the developers and UI/UX developers how you want your app to look.

#4. Coding

Coding is another important part of the development process. We at Idea Usher have a team of highly experienced developers who can easily develop a mobile app.

#5. App testing

It is one of the most overlooked aspects of app development. Testing an app is as important as coding. It helped eliminate all the bugs and glitches the app might have. Make sure you give the developers enough room to perform thorough testing before deploying it.

#6. Deployment and post-release support

A good mobile app development company always helps its customers even after the app is released. If you encounter any difficulties or downtimes after releasing a crypto mobile wallet app, the developers can help you with any issues whatsoever.

Cost of developing a cryptocurrency wallet app

It all depends on the features and technologies you want to make use of. A  wallet app with cryptocurrency storage with MVP features might cost you somewhere around $40,000-$60,000.

Also Read: How Much Does NFT Marketplace Development Cost?

Why choose Idea Usher

With more than 200+ projects, Idea Usher has hands-on experience developing wallet apps. Our experienced development team can help you create a crypto wallet app keeping all your requirements in mind.

In case you are a startup and have a tight budget, we can help you develop a crypto wallet app at reasonable rates. Choose Idea Usher and get a free quote by clicking this link or drop us a mail at [email protected].

Conclusion

While making a crypto wallet app is a tedious process, the outcome is usually worth the effort. Every cryptocurrency out there needs a crypto wallet for people to use them.

If you are interested in developing a  wallet app for cryptocurrency, you will need various blockchain experts on your team. The crypto wallet app market is still untapped. If you decide to make an app now, it will allow you to become one of the leading providers in the market.

FAQ

Q. What do I need to send cryptocurrency to someone?

If you want to send someone cryptocurrency, all you need is their crypto address. Like bank apps, you need to enter the address of the person to whom you want to send funds. 

Q. How to develop a Bitcoin wallet app? 

If you want to develop a cryptocurrency wallet app, you will need the help of Blockchain experts and a team of experienced developers. We at Idea Usher have hands-on experience in creating Bitcoin wallet apps.