Virtual money, a fascination for people who are into science fiction movies. Have you found yourself asking questions like how can you use this money? Where is this accepted? And is it even possible? And then a whole new discovery of Bitcoin and Blockchain unveiled in front of you. Before knowing how to develop a Bitcoin wallet app, we must have an in-depth understanding of what Bitcoin is and why we need a Bitcoin wallet app in 2021.
Your Bitcoin Wallet App Guide Index:
What is Blockchain?
Blockchain might look difficult at first glance but the core concept of Blockchain is very simple. To first understand what blockchain is we must know what a database is; as blockchain is a type of database.
The collection of information stored in a computer system electronically is called a database. Databases store information or data in a tabular format to keep it structured, easy to search and filter.
For blockchain, the information is collected in the form of groups; they hold the sets of information and are known as blocks. Every block has a certain storage capacity. These blocks fill up and get chained up together, forming a chain of data thereby, giving it a name, blockchain.
This decentralized system does not depend on the government or banks for the transactions to complete. The blocks of information are distributed on different computers all across the globe. Blockchain can be either private (based on permissions) or public (permissionless).
If you wish you can also find a blockchain app development company in India for your business and get high-quality and scalable decentralized applications. Blockchain records all cryptocurrency transactions and adds them in chronological order.
Alteration of data present in the block is not possible and this irreversible nature for the block makes it the perfect technology to be used. A unique ‘hash’ assigned to every block allows it to move when required. For complete security and accountability implementation of IoT and Blockchain is always suggested.
Source: Computer Rock
What Is Bitcoin?
Making a transaction using 16 characters long encrypted addresses, Bitcoin is a type of electronic digital currency released in the market by Satoshi Nakatomi. Satoshi Nakatomi released bitcoin as open-source software in 2009. Although, monitoring the circulation of the Bitcoin amount in the market is not available and hence, there are no central figures. A peer-to-peer (P2P) network can be used to transfer the Bitcoin easily which is added to the chain of available information.
It is not possible to receive Bitcoin as easily as it sounds. Either mining or buying from other online traders are the only available options for the people.
Why Use Bitcoin?
Before knowing ‘how to develop a bitcoin wallet app’, we must know why we use bitcoin in the first place.
Source: Bitcoin News
The emission and transaction processing becomes advantageous due to the centralized nature of Bitcoin. This enhanced the payment system providing some of the unique features. Here are some of the reasons that make Bitcoin wallet app development popular for many companies. Advantages of using Bitcoin include:
1. Fraud Protection
A safer and irreversible form of payment, Bitcoin empowers the prevention of any sort of fraudulent transactions. The information of Bitcoin is stored in unique blocks, making bitcoin be not used by anybody else.
2. Lack of PCI Standards
Bitcoin app development requires billing requests and cryptocurrency wallet security. Personal information of the clients is not required to understand the processing of transactions and deals.
There is a high level of transparency for the users that use Bitcoin.
4. International Payments
International transactions become easy with the help of the Bitcoin app. Bitcoin attracts no extra fees, wait of three days, or even any limit to the number of payment transactions. It is possible as there is no bank or financial institution involved.
Bitcoin offers multi-signature options making it an ideal way for payments. A large company that has a board of directors that finds this attribute attractive.
Regarded as the topmost marketing tool, Bitcoin wallet app development helps in accepting payments and attracting a loyal group audience. Expanding your payment methods and online business practice is made easy with the help of a bitcoin app.
What is a Bitcoin Wallet?
Buying, selling, loaning, and keeping a record of not just your bitcoin but also other cryptocurrencies are enabled by a Bitcoin Wallet. A reared of transactions by users is maintained by these cryptocurrency wallets which includes the number of coins you own. Bitcoin and Ether are the two most popular digital currencies supported by cryptocurrency wallets. Many cryptocurrency wallet apps support other cryptocurrencies to be stored.
Crypto wallet websites like CoinMarketCap, Trezor, Mycelium, and Electrum can be used to keep a track of the cryptocurrency market. You can get a new cryptocurrency app for yourself too. An e-wallet app development company can help you with the development process to help you own an e-wallet mobile app.
Different types of Cryptocurrency Wallets
Choosing the right type of cryptocurrency wallet is of utmost importance. Every user has a set of requirements and goals and they follow different methods to invest or trade their cryptocurrencies. Similarly, every kind of Bitcoin Wallet has a set of features and functionalities and people can download their ideal bitcoin wallet app as per their needs. There are two main types of wallets namely hot wallets and cold wallets. The major difference between these wallets lie with internet connectivity:
Hot Bitcoin wallets are less secure as they need internet connectivity at all times. On the other hand, internet connectivity makes these apps highly accessible only with the threat to security and vulnerability to attacks by fraudsters. These are user-friendly but can prove to have a great risk to the users.
Cold storage cryptocurrency wallets that work in offline mode are known as cold wallets. They serve their users with improved security. Compared to the hot wallet, cold wallets are more secure and act as a vault to carry out daily transactions.
People can select their ideal wallet among the hot wallet and cold wallet depending on their needs. There are five different types of wallets with different features and security levels namely, mobile, desktop, paper, hardware, online and mobile wallets. The details about these bitcoin wallets are written below:
Accessible through a web browser, online or web wallets are not suggested for storage of cryptocurrencies. Online wallets and online exchanges both attract hackers and are vulnerable to cyber-attacks. These are the fastest way to complete your transactions. These wallets are advantages as they allow you to manage a large number of available cryptocurrencies.
Mobile wallets are downloadable on your smartphone. These bitcoin wallet apps can be downloaded and installed into mobile devices. These apps assist users in managing their cryptocurrencies and accessing them with the smartphone you own. These cryptocurrency wallet apps require internet access to complete transactions and carry out daily activities, therefore they need to be kept secured from potential threats.
As compared to the online wallets and mobile bitcoin wallet apps, desktop wallets are more secured. Even then, it is always advised to provide security to your bitcoin wallet. Having the ability to store bitcoins in offline mode, the desktop bitcoin wallets provide good security.
A printed piece of paper containing keys and QR codes, a Paper cryptocurrency wallet facilitates cryptocurrency transactions using these keys and codes. Because of having no need for the internet to store the bitcoins, paper wallets were considered to be more secure. But the high risk of losing, misreading, or damaging the paper wallet overpowers the potential security benefits of paper bitcoin wallets.
Storing user’s private keys in a secure hardware device, Hardware Wallets have several advantages over standard software wallets. By storing private keys in a protected area of a microcontroller, Hardware bitcoin wallets do not allow the transfer of your private data very easily. These bitcoin wallets are immune to computer viruses looking forward to stealing your personal data. They have the threat to be lost, stolen, broken, or corrupted.
All these bitcoin wallets have their own pros and cons. Knowing your needs and planning your bitcoin wallet app accordingly becomes very important.
Plan a Bitcoin Wallet App Development
Source: Ivan on Tech Academy
A bitcoin wallet app development is carried out by keeping the needs of users and in mind. Bitcoin app developers must know the functions of a Bitcoin wallet app before tuning into development. Here are some of the things to keep in mind before jumping into cryptocurrency wallet app development:
1. Bitcoin addresses must be generated by the bitcoin wallet apps.
2. Recognising transactions and having the ability to send funds to the generated addresses is required by the bitcoin wallet app.
3. Recognising and processing bitcoin transactions, sending and receiving from other addresses, must be available. This is the prime aim of a bitcoin wallet app development.
4. Storing transaction history and displaying it in times of need is of utmost importance. These transactions are just digital transactions and hence, the histories are just digital transaction histories.
5. The impacts of Bitcoin blockchain database reorgs must be handled by the wallet app. The Bitcoin community undertakes conflict resolution actions.
6. Since the fees of bitcoin transactions depend on various factors, the wallet app must be dynamic to the calculator of fees depending upon the latest rates.
7. Building and signing of bitcoin transactions must be available on the wallet app.
8. Broadcasting the transaction to the Bitcoin blockchain is required by the wallet upon completion of the transaction.
You would need an expert bitcoin wallet app developer to get yourself a bitcoin wallet app. You can outsource your bitcoin wallet app development to a bitcoin wallet app development company in India.
Make sure the wallet app developer you choose has a sound knowledge of blockchain technology. You can choose an IT outsourcing company in India that works with blockchain and cryptocurrency development. This way you will be able to have an expert for your bitcoin wallet app.
With bitcoin technology, a range of skills is required for the development of bitcoin wallet apps. Knowing the importance of cryptographic hash function, prevention of the problem of ‘double-spend, public, and private key cryptography, ‘proof of work’ (POW) consensus algorithm, and the need for a decentralized protocol is important with bitcoin wallet app development.
Features of a Basic Bitcoin Wallet App
A bitcoin wallet app has some features that cannot be ignored during the app development process by your e-wallet app development company. Some of the features that every bitcoin wallet app must have include:
There must be the authorization of users with the help of a login page. The users will have to provide the bitcoin wallet app with a password to gain access to their bitcoin wallet.
2. Personal Profile
A profile enables users to perform all the necessary bitcoin-related actions. Sending, receiving, and viewing the bitcoin balance options are available in the personal profile menu.
3. Conversion Rate
Tracking the current price of bitcoin becomes easy with this feature. As discussed above there are many factors that work to finalize the current rate of cryptocurrency. With this feature, users will have easy access to the present rate and they will be able to manage their cryptocurrency better.
4. QR Code Scanner
A bitcoin address has a set of characters from 27 to 34; the process becomes cumbersome and requires a lot of patience to manually type the address. The process of passing the bitcoin address and obtaining it becomes effortless with the help of the QR code scanner feature. QR code also has the ability to contain other information as well, making QR code scanning one of the best features.
5. Paper Wallet Import
As discussed above, paper wallets are also available for users who wish to avail themselves. The development of bitcoin wallet apps must be so that it has the ability to import the bitcoin wallet made of paper or plastic. Public and private keys are printed together on a paper wallet. To use your paper wallet, you need to imbibe the import function in your cryptocurrency wallet app.
6. Push Notifications
This is becoming an important feature not only for bitcoin wallet apps but for every available app. For Cryptocurrency wallet apps, this feature becomes very important. As you will be able to receive alerts on all the transactions. Also, if the bitcoin price changes or any other changes happen, you will be notified.
7. Frequently Used Addresses
The addresses you use the most must be saved by the bitcoin wallet app. There must be a separate list of grouping these addresses for further use.
Cryptocurrency wallet apps are prone to cyber-attacks. This app needs the highest level of protection. An embedded security system must be available with PIN or password integration in a wallet app for bitcoin.
You can also create a cryptocurrency of your own and an eWallet app that has an app the features that are mentioned above.
Bonus Blog: The Ultimate Guide to NFC Payments
Creating Bitcoin Wallet App Using Popular Libraries
A plethora of free libraries and tools are available for bitcoin wallet app developers. The most important tools are that which allows app developers to synchronize it with the blockchain, making the transaction process easy.
Coinbase Software Development Kit (SDK):
Building a cryptocurrency wallet app is possible with the help of SDK available for the digital currency exchange Coinbase. It is a cross-platform, available for iOS and Android operating systems, Java library that can be used for Python and Ruby as well.
This is used because of many features it has, including:
-> having good transaction management capabilities,
-> purchasing Bitcoin with other currencies and
-> supporting crypto payments.
Coinbase SDF offers a comprehensive guide for the development of cryptocurrency wallet apps for both the operating systems iOS and Android. iOS and Android mobile app developers need to register on the SDK and some of the features may not be available for all the countries.
Bitcoin SDK is preferred by many because of the several features it is home to like:
-> Bitcoin wallet app can be created with a factor authentication encryption facility.
-> This SDK can work with the existing wallets as well.
-> All the transactions, sending and receiving, and wallet management (like checking balance) becomes easy.
-> Working with TestNet3 and MainNet for mobile app developers becomes easy. MainNet is the main bitcoin network and TestNet3 is the official Bitcoin test network.
-> Here Bitcoin wallet app developers can create wallet apps for both Windows and Android.
The developer does not require to store the private details of the users anywhere as all the details are stored in the users’ device. This is one of the best advantages of this SDK, making the wallet app secure. The quality of documentation of this SDK is good and requires no registration.
Blockchain Wallet API:
One of the most popular Bitcoin Wallets is Blockchain Luxemburg Ltd. A blockchain wallet app developer can use their application programming interfaces (APIs) and create a Bitcoin wallet app. The company has created easy-to-follow documentation for the app developers. Developers just need to follow some simple steps for the development of a Blockchain wallet app. The steps are as follows:
=> Step1: Installation
=> Step 2: Creation of wallet API that includes
-> Setting up a password for the wallet,
->Configuring an API code that will help in managing the permissions in the wallet
->Setting up a private key
-> Designating an optional label for the first address in the wallet and
-> Associating an email address with the wallet.
=> Step 3: Make outgoing payment transactions,
=> Step 4: Sending of Bitcoin to multiple recipients,
=> Step 5: Check the balance in the wallet,
=> Step 6: List the available active addresses,
=> Step 7: Bitcoin balance of an active address viewing,
=> Step 8: New address generation, and
=> Step 9: Set an address to Archive or unarchive.
Windows, macOS, Linux, iOS, and Android, all these major app platforms are supported by the API. Java, Python, Ruby, and many other major coding languages are available for the development of bitcoin wallet apps as well. Yet another advantage of this API comes from the fact that it is free to use. All the bitcoin app developers working with businesses having tight budgets can make use of Blockchain Wallet API for blockchain wallet development or Bitcoin application projects.
Development of Bitcoin Wallet App from Scratch
Sometimes Bitcoin wallets need to be developed by Bitcoin app developers from scratch without using any existing libraries. It is because of the specific requirements of the app developers or the limitations existing libraries may have.
Significant programming skills and the ability to solve many problems are required by the bitcoin app developer to successfully create a bitcoin wallet app from scratch. You can hire mobile app developers from expert mobile app development companies to evade all these problems. The different approach that app developer needs to follow include:
-> Installation of required APIs or tools for the synchronization of the blockchain network.
-> Write code and program required for the development of a Bitcoin wallet app.
-> All the incoming and outgoing transactions must follow the necessary conditions.
-> The program of the mobile app must follow all the steps required for the transaction. The app must have the ability to display wallet balance. This can be achieved by writing, testing, and implementing standard programs.
If you follow specific steps you will be able to create an amazing Bitcoin Wallet app that everyone likes and follows enhanced safety measures. The steps to create a wallet app includes:
Step 1: Get Expert Bitcoin Wallet App Developers and other members
A bitcoin app development team requires a good app development team. A perfect set of the team comprises of members like:
-> Members who would be responsible for the user interface of bitcoin wallet: UX/UI Designers.
-> Members who would be working on the main app including the app for mobile: Mobile and backend developers.
-> Members who would be testing your mobile app and generating a report to fix all the bugs: QA specialists
For the Bitcoin blockchain, it is recommended to use a full node by the bitcoin wallet app developers. Though, you can also use a pruned node, full SPV node, or SPV node. Bitcoin Core’s RPC (remote procedure call) can be used by the development team. First, the node must be synchronized, and then further operations must be done. It can take more than 24 hours for initial blockchain downloading (IBD).
Choose Cloud Platforms for Bitcoin Wallet App Development
Choosing the right cloud platform for your web and mobile Bitcoin wallet apps is necessary. AWS Elastic Beanstalk, a Platform-as-a-Service (PaaS) offering from AWS is the recommended cloud platform for your web app development. Here are some of the reasons why you must choose AWS Elastic Beanstalk:
1. For the creation of a web service the setup, configuration, and provisioning of other AWS services are automated by Elastic Beanstalk like EC2, RDS, and Elastic Load Balancing.
2. It offers powerful customizations. Security groups for all of the machines can be updated and the application can only be made accessible from your office IP address.
3. Integration of APIs is also possible while using it as a PaaS service.
It is recommended to use AWS Amplify, a Mobile-Backend-as-a-Service (MBaaS) platform from AWS, for the mobile Bitcoin wallet app development. Here are some of the advantages of using AWS amplify for mobile app development:
1. Hosting and infrastructure does not require management
2. Building mobile apps becomes faster and easier.
3. For building mobile apps you can follow a Modern UI-driven approach.
4. You can create native apps like experience at a reduced cost.
5. Integration of APIs becomes easy with this technology.
You can read more about how to create your own cryptocurrency: all that you need to understand with the help of our comprehensive blog.
The Right Technology Stack for the Development of Bitcoin Wallet App
Choosing the right technology stack is the first step to building the right mobile application. The programming languages that can be used for the development of the bitcoin wallet app includes:
1. Node.JS for Web App Development
-> Real-time Applications are delivered with high performance.
-> Modern applications have easy scalability.
-> Node.JS community has millions of developers that actively contribute allowing app developers to seek extensive support.
-> Node.js is lightweight which helps in accelerating the development speed. Therefore you have a web app earlier than expected.
There are many more advantages of using Node.JS. Read the advantages and disadvantages of Node.js web app development for an in-depth analysis.
2. Java or Kotlin For Native Android Development
You can ask your Android app developer to use Java or Kotlin as per your choice.
Some of the advantages of using Java include:
-> The coding of Java is robust. Money corruption and compromisation of data with other applications of OS X are almost impossible.
-> Being object-oriented, Java makes it easy for the creation of modular applications.
-> Easy to use Java has even simpler debugging and deploying.
Some of the advantages of Kotlin include:
-> Kotlin Application Deployment prevents applications from increasing size. Moreover, it is faster to compile and lightweight.
-> The code written in Kotlin is small and hence it means fewer bugs.
-> NullPointerException safety; which can prove to be a billion-dollar mistake.
-> Reduced compile-time error detection.
For the ultimate showdown read our blog on Kotlin vs Java: which will succeed android development in coming times?.
3. Swift or Objective-C for Native iOS App Development
Advantages of using Objective C:
-> A reliable language, Objective-C has been used and tested by many iOS mobile app developers.
-> C or C++ code operates smoothly with this language.
-> Objective-C allows easier usage of private APIs.
Advantages of Swift:
-> Removing the limitations of C language, Swift is faster than Objective-C. The main purpose of the development of the Swift language is to make it fast.
-> Generics, options, and type interference allow Swift language to avoid mistakes and hence achieve app stability.
-> Closely resembling the English language, Swift code is easier to use as compared to Java.
Learn more about how to make an app on the iOS platform? Or you can choose to hire iOS app developers. Get information about how to hire an iOS app developer – salary and skills with our blog. The best way to get your app launched in Apple’s app store is by hiring an iPhone app development company for the process.
Can You Integrate Ready-Made Payment Services? (The Best Solution for Small Businesses)
In this blog, so far we have discussed Bitcoin wallet app development with the help of available libraries or developing a bitcoin wallet app from scratch. For small businesses, it might be difficult to opt for one of these. Integration of electronic payment methods helps a lot to all the businesses. Here is everything you need to know about the electronic payment system and its impact on businesses. With available ready-made Bitcoin payment solutions integration, the above task can be made easy and will take up less of your money.
Some of the examples include:
It is one of the most popular cryptocurrency payment gateways available since around 2013. Cryptocurrencies like Bitcoin, Monero, and Ethereum can be accepted with the help of this gateway. Not just these but they support accepting more than 1480 cryptocurrencies. Shopify, WooCommerce, Magento, Opencart, OsCommerce, WP eCommerce, Easy Digital downloads, and Business directory plugin (WordPress) are some of the stores that support these plugins.
2. Binance Pay
The popular online exchange, Binance exchange created Binance Pay in 2021. Although users from the USA, UK, and Singapore cannot use this feature. By writing to firstname.lastname@example.org you can get an account for your eCommerce website. Be it in-person payments using QR codes or online payments, Binance Pay’s Merchant APIs allow all.
Based out of the US, BitPay is a leading Bitcoin payment processor available to users since the early days of Bitcoin in 2011. More than 40 integrations with popular e-commerce platforms are available with the BitPay app.
Considered to be among the world’s biggest Bitcoin exchanges, Coinbase not only allows users to trade Bitcoin but also empowers businesses by allowing acceptance of Bitcoin payments. A merchant app is available for businesses with Coinbase. Acceptance of payments in Bitcoin and instant conversion of it into fiat helps in saving businesses from price volatility.
Accepting Bitcoin/altcoin payments and receiving payouts in EUR, USD, or BTC becomes easy with the help of CoinGate. Providing a wide range of solutions like plugins for E-commerce, APIs, and point of sale applications, CoinGate helps you meet your business needs. It has payment buttons for different platforms such as the web, Android, and iOS. ShapeShift integration also supports altcoin payments.
Yet another Bitcoin payment gateway, SpectroCoin is for the merchants based out of Europe. They provide a variety of options for the businesses and have earned a decent customer base. Their aim is to create alternative payment options not just for the business but also for customers from around the world. eCommerce plugins, Bitcoin payment processing APIs, and other payment integration tools are some of the ready-to-use solutions provided by SpectroCoin.
An open-source project, GoUrl serves its users with unique Bitcoin payment solutions. This Commonwealth of Dominica-based bitcoin payment project provides ready-to-use plugins for E-commerce and APIs. The main advantage of using this lies in the fact that it provides free customer support for GoUrl payment integrations.
There are many other ways for businesses to accept digital payment. Read our blog on 8 top digital payment trends for 2021.
Bitcoin Wallet App Development: In A Nutshell
The success of the development of bitcoin wallet apps lies in the hands of your web and mobile app developers. Make sure to choose the right IT outsourcing company in India to make the development process right. There are many bitcoin wallet apps available in the market already; to make the difference, you need to think out of the box and create something that is lacking in most of the other bitcoin wallet applications.
Bitcoin wallet app developers have many challenges to face as this app requires particularly high security for all the users. But businesses that are able to achieve perfection can become market leaders in no time. People are searching for a wallet app that is safe, secure and allows easy transactions.
Make the process right, choose the right app development company, and start the development process today itself. In the coming years, you might become the most opted choice for people.