Indeed, the market for cryptocurrency has grown tremendously in the past few years. And it is making significant profits from its investments. Considering the future of cryptocurrency trading, crypto wallet development may be the right move at this time.
Crypto wallets serve as the gateway to the decentralized world. It plays an integral role in ensuring the safety and accessibility of digital assets.
In this blog, we’ll delve deeper into the intricacies of cryptocurrency wallets, their types, essential features to integrate, and their development steps. Also, we’ll talk about whom to reach out to for developing successful crypto wallets.
Let’s get started!
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What are cryptocurrency wallets?
Basically, a cryptocurrency wallet is a storage unit that allows you to store cryptocurrencies. It could be in the form of hardware or software, depending greatly on the type of wallet you are specifically using.
Cryptocurrencies are typically based on blockchain technology and don’t possess any physical evidence. A crypto wallet is an address that enables you to send, receive, and store cryptocurrencies securely.
Types of Cryptocurrency Wallets
Crypto wallets are of different types, and they are created based on the specific needs and requirements of users. Let’s have a look at the different types of crypto wallets:
- Hardware Wallets
These are physical devices specifically designed to securely store cryptocurrency keys offline. Some of its examples include Ledger Nano S, Ledger Nano X, and more.
- Software Wallets
These are software programs that can be installed on desktop computers, laptops, or mobile devices. These are convenient for everyday transactions but may be less secure compared to hardware wallets. Some of its examples include Exodus, Electrum, Atomic Wallet, and more.
- Mobile Wallets
These are software wallets specifically designed to be installed and used on mobile devices, such as smartphones and tablets. Some of its examples include Trust Wallet, Coinbase Wallet, and more.
- Desktop Wallets
These are software wallets designed to be installed and used on desktop or laptop computers. Some of its examples include Electrum, Exodus, and more.
- Web Wallets
These are online wallets that run on cloud servers and can be accessed through a web browser. They are convenient for accessing funds from any device with internet access. Some of its examples include Blockchain.info, MyEtherWallet, and more.
- Paper Wallets
These are physical documents that contain a public address for receiving cryptocurrency and a private key for spending or transferring cryptocurrency stored in that address. Some of its examples include BitAddress or WalletGenerator.net.
- Multi-Signature Wallets
These are wallets that require multiple private keys to authorize a cryptocurrency transaction. They are often used by businesses to add an extra layer of security and prevent unauthorized transactions.
Steps for Cryptocurrency Wallet Development
Here are some of the essential steps that you need to consider while developing crypto wallets:
Step 1: Understand Blockchain & Cryptocurrencies
To build a thriving crypto wallet, it is essential that you start the process by delving deeper into the world of blockchain and cryptocurrencies. Basically, blockchain is a revolutionary technology that makes cryptocurrencies work, just as the internet contributes to the working of emails.
Step 2: Use Standard Crypto Open-Source Libraries
Cryptocurrencies are open-source, which means that you don’t have to reinvent the wheel. You can use free libraries and tools such as Coinbase SDK or Bitcoinb SDK.
Step 3: Use APIs
Leveraging APIs is a great way to help you build a feature-rich crypto wallet. It will allow you to sync your cryptocurrency wallet with the blockchain ecosystem. Also, your chosen development team can complete the essential steps in a particular amount of time, thus adding to the overall speed of the app’s development.
Step 4: Go Cloud
Next, you must choose the right cloud platform for your app. For that, you can either opt out of PaaS, or platform-as-a-service, or BaaS, or blockchain-as-a-service. The former one is for web application development, while the latter is for crypto wallet development. So choose according to your specific requirements and demands.
Step 5: Choose the Right Technology Stack
Choosing the right technology stack will help your app gain success. For instance, if you wish to develop a web app, you can use Node.js or Angular.js. On the other hand, you can use Java or Kotlin to build a mobile application.
Step 6: Integrate Security Features
Security plays a crucial role while developing a cryptocurrency wallet app. Thus, ensure adding extra security layers such as 2FA, encryption, and more. Also, you must identify bugs and security breaches using the latest technology.
Step 7: Begin Your App Development
Lastly, you need to begin the crypto wallet app development process. But before that, you need to decide on the features and functionalities, write its application code, design a UI, and conduct extensive testing before deploying it.
Must-Have Features to Integrate in Your Crypto Wallet
When developing a cryptocurrency wallet, it’s crucial to integrate certain features, including:
- User-Authorization
Considering the importance of cryptocurrencies, crypto wallets are prone to security attacks. Thus, you need to enhance the user authentication of your app by integrating 2FA or MFA. It will add to the security of your crypto wallet app.
- Push Notifications
These are pivotal for alerting and notifying users about the price of their digital assets, the success or failure of any transactions, and more.
- Latest Conversion Rates
A must-have feature in any crypto wallet is allowing users to calculate transaction fees based on the ever-changing conversion rates. However, it will require that they be apprised of the updated currency value in real-time.
- Managing Familiar Addresses
This feature in the crypto wallet aims to make the process of conducting transactions smooth, quicker, and hassle-free by offering users a mode to manage the addresses.
- Payment Gateways
It is integrated into the app to facilitate users buying, selling, or trading their cryptocurrencies effectively and efficiently.
- Optimal Session Logout
It is an excellent feature that automatically logs users out if they are inactive after a fixed time period. They can then re-login again if they want to use the app.
What is the cost of building a crypto wallet app?
An estimated development cost of a crypto wallet app is somewhere between $10K to $200K. But this is just a rough estimation, and the actual cost depends on specific needs and preferences.
Here are some essential factors that determine the cost of crypto wallet development:
- Size and Expertise of the Development Company
Different companies charge different rates, which are dependent mainly on their location and reputation in the market. Also, if you choose a large-scale company, they might offer top-notch quality services but charge higher fees as compared to mid-scale and large-scale companies.
- Type and Complexity of Wallet
There are different types of crypto wallets (as mentioned in the blog). The development cost is dependent on the wallet type and complexities involved, such as the security features, user interface, supported currencies, and more.
- Features and Functionalities of the App
The more features and functionalities that you decide to integrate into your app, the more time and money it will cost.
- Testing and Maintenance are required.
The maintenance cost is largely dependent on the frequency and complexity involved. Also, it needs to be thoroughly tested before deployment and launch to ensure its functionality, compatibility, and security.
Which is the best crypto wallet development company?
So, that’s it!
Having gone through the above blog, you might now know that crypto wallets are gaining immense popularity. Also, the above-mentioned development process might seem complicated to you if you aren’t from a tech-savvy background.
That’s where the experts at Coin Developer India can help you!
With its team of experienced and skilled developers, Coin Developer India is well-known as one of the best crypto wallet development companies in the marketplace. Their experience in the field can help you throughout the process of development.
So, get in touch with them to get the best cryptocurrency wallet development services!
Call/Whatsapp: +91 7014607737
