If you are still living in the remote parts of the Amazonian rainforest or interstellar space, chances are pretty high 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.
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 to. 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.
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.
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.
Depending on user requirements, there are five types of cryptocurrency wallets. They can be divided into the following categories:
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.
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.
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.
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!
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!
Now that you are familiar with different types of wallets, here are some advantages of creating a custom crypto wallet solution:
When it comes to cryptocurrencies, the 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.
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.
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.
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:
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
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.
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.
Here are some technologies you can make use of:
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:
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.
Make sure to set a budget beforehand. Many people do not have a figure in their mind when they want to develop an app. Make sure to include MVP features and expand from there.
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 like.
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.
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.
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.
It all depends on the features and technologies you want to make use of. A wallet app with cryptocurrency storing with MVP features might cost you somewhere around $40,000-$60,000.
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].
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.
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.
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.
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