Cryptocurrencies will probably have a great impact on payment processing at some point in the future, but in the present, we can be confident that there is no enough demand to explain taking on the added complexity and the risk of accepting them.
In research, it has been found that some Bitcoin exchanges are looking for traditional payment processing for credit cards, so their consumers can purchase cryptocurrency using MasterCard or Visa.
The adoption of cryptocurrency will be on hold until the Federal government develops guidance regulations for virtual currencies. At this time, some countries do not recognize cryptocurrencies as legal tender.
Now let’s focus on some of the issues that created an inconvenience situation for merchants to adopt cryptocurrency payments gateways.
Lack of knowledge in understanding the technology
There is still a lack of knowledge among the people on how the distributed ledger technology works except some of the developers and blockchain believers. A majority of merchants don’t understand the mechanism of blockchain technology, which made them ignore the cryptocurrency payment gateway method.
It is known that the crypto market place is quite volatile, which makes it difficult to establish a proper valuation for currency in exchange for goods. The crypto market has a great tendency to fluctuate between high and low.
This has become uncertain for merchants because if they accept one price for a product in the morning, then the currency value will drop dramatically before the end of the day.
Long processing time
Unlike traditional credit card transactions, transaction processing using cryptocurrencies takes time. Transaction time will vary depending upon the currencies used and the network that is being processed.
As of now, crypto settlements may take up to 30 minutes or even higher if there is a large volume of Bitcoin transactions in a particular network.
Instability of crypto coins
As cryptocurrencies are new, the digital market has yet to establish which one will eventually win over the market space. The volatility of different coins and the addition of new one’s have a bigger impact on the market fluctuations.
To sum up
Until now, the traditional payment methods of credit cards and debit cards remain the primary ways of a customer to purchase goods and services from Merchants. If the market demands the acceptance of cryptocurrencies worldwide, then the merchant and the payment processor will act accordingly.
A cryptocurrency payment gateway is powered by blockchain technology and works with the most transparent and reliable solution.
It provides a cost-effective payment system for all users and does not fail in delivering trust.
Why you need a blockchain-based Crypto payment gateway?
The implementation of a blockchain-based crypto payment gateway brings more efficiency and trust among different networks.
It provides you more time to analyze the distribution channel and how the customers are making the most of the technology.
The crypto payment gateway does not make the transaction process easier, but it accelerates the speed of adopting new mechanisms and methods.
If the smart contracts are integrated for handling transactions, then you can get more assurance of success.
The crypto payment gateway increases transparency for the entire process to gain better norms endorsed and applies them to the core with higher intensity.
How to find a payment gateway for cryptocurrency exchange?
It is essential to find a proper payment gateway with the best qualities that focuses precisely on the features you need.
A crypto exchange development company employs payment processor services to integrate the payment gateway. This helps the traders to buy cryptocurrency with a credit card. As a merchant, these are the following features you have to look for in a payment gateway.
Make sure that the company you choose uses a top-notch anti-fraud software.
The payment processor ensures high conversion that fulfills the process and has a smart routing option.
The processing company should offer various payment methods like credit card or wire transfer.
The payment processor should provide cryptocurrency exchange tools because not all processors offer merchant accounts for this type of business.
As the number of crypto users grows, an increase in the need for cryptocurrency payment gateway is understandable. In recent times, people started to make money with cryptocurrencies, irrespective of the rise and fall of price value. Individuals and entrepreneurs always wanted a safe and intuitive platform to trade cryptos. If you are looking for a crypto payment gateway solution, then approach a payment gateway development company that empowers your business with its pioneering solutions.
In the growing market of crypto trading, wallets that offer more than the ability to perform transactions have to possess a competitive advantage. The introduction of various multi-cryptocurrency wallets in recent years have created an advantage over the traditional banking systems.
Multi-cryptocurrency wallet development focuses on developing a wallet that allows the user to trade with more than one cryptocurrency. By offering variety, the platforms are open to new investors, and users are empowered to trade with versatility. Wallets are of different types and each is secure in their own kind. Wallets possess private and public keys that act as a passkey and bank account/address of the owner respectively.
Cryptocurrency wallet development services offered by organizations ensure security features of enterprise standards. Security features such as two-factor authentication, passphrase encryption, anti-DDoS modules, and anti-phishing software are developed to offer safety from hacking and fraudulent entities
We at BLOCKCHAINFIRM, with our team of experts, extend our wallet development services to create a personalized crypto wallet that supports multiple cryptocurrencies.
In recent years, we can see that cryptocurrencies can also be used to buy goods and services as any currency.
Cryptocurrency is nothing but a digital currency that uses cryptography to provide secure online transactions. These digital currencies work based on blockchain technology.
A crypto wallet is a software program that enables you to interact with blockchain technology and allow the users to send and receive digital currencies as well as to monitor their balance.
So cryptocurrencies are an integral part of using a cryptocurrency wallet now let us look at the reasons that made a cryptocurrency to be a huge success.
Why is it so popular among the digital space?
Cryptocurrency supports its users for a variety of reasons.
The users see cryptocurrencies as a currency of the future and compete to buy them before they become more valuable.
Some users prefer cryptocurrencies because it removes the central bank for managing the money supply; these banks tend to lower the value of money through inflation.
Some Crypto support, like the technology behind digital currencies, is the blockchain technology because its decentralized processing and record tracking system provides more security than the conventional payment system.
Some followers like crypto coins because the value of a coin rises up and has no interest in the currencies.
Few points to be noted before choosing a crypto wallet
Setting up a crypto wallet is a necessary step for everyone interested in entering into the digital space. The crypto wallet allows you to store, send, and receive digital coins.
The wallet comes in different shapes and forms, so it is totally up to the user to choose according to their priorities.
Selecting a multi-cryptocurrency wallet will be a wiser idea because the user need not have to own multiple wallets to store a variety of crypto coins. Instead, you can store all your digital coins and assets in a single wallet.
When it comes to digital assets security, users should always choose the safest wallet like hardware wallets. These wallets are also accessible without the internet, and hence they provide high security and considered cold storage.
Another main point to be considered is your wallet should support multiple platforms, including mobile operating systems. It should be open source and support platforms like Windows, Mac, Linux, mobile operating systems like Android and iOS.
The most attractive feature that you need to look into a cryptocurrency wallet is that it should be a non-custodial platform that means the owner of the wallet is responsible and takes control of all funds time.
Over to you
As stated earlier, cryptocurrencies are the main integral part of the cryptocurrency wallet. In my research, for the right wallet, I came across a Cryptocurrency Wallet Development Services Company Blockchain Firm. They have the best squad of blockchain enthusiasts that build wallets and multi-currency wallet with a high standard of security for your crypto exchange platform.
The new automated technology improved the working experience of a crypto user and provided access 24/7 to the global crypto market. This made huge growth in automatic crypto trading platforms.
This cryptocurrency trading bot also provides multiple customization options, a user-friendly interface, and the ability to access the global crypto market 24/7.
What is mean by Crypto trading bot?
Crypto trading bot is a software tool that executes automatic trading based on its interpretation of market data without involving the user.
The crypto bot will automatically execute a trade when the market condition met a set of predefined rules and programmed criteria.
The crypto bot will analyze the market activities such as price, volume, orders, and time.
How is it useful?
The main aim of a crypto trading bot is never to miss any trading opportunities. Simply put, the trading bot will act at the right time of the trading even if the user is physically not present.
The bot will eliminate the fear and emotion of an investor whenever trading is performed.
The crypto bot also enables the investor to run the trading plan 24/7. The investor need not have to dedicate a lot of time to analyze and execute the trade.
What type of crypto bots are preferable?
The crypto trading bot will take control over some parts of your exchange account, so it is essential to choose the best crypto trading bot that provides the utmost security.
There are four types of trading strategies available in the market. You can customize your bot starting from a simple strategy to a more complex strategy.
The arbitrage bot exploits the difference in price between various cryptocurrency exchanges around the world.
This bot provides an advantage to the traders by allowing them to trigger trades when a certain price differential is met.
Trend following strategy
This bot is considered as a simple trading strategy that responds to direct market changes.
The trend-following strategy does not require any complex algorithm to predict analysis.
The market-making strategy simply allows traders to buy and sell a huge volume of currencies and profit from the spread.
If you want to trade a huge volume of currency, then the market making strategy would be the best option.
As the name implies, it allows users to copy another trader’s trade automatically. It is very simple to copy other trader’s trade just by the click of a button.
Pros that made crypto bot a huge hit
The crypto bot analyzes the market trend and executes trade simultaneously whenever there is a spot for making a profit.
It is known that cryptocurrencies are highly volatile. As the crypto trading bot executes the whole trading process, they don’t have emotions to lose nor attached to money. If there is any manipulation or price fluctuation, it does not affect their functionality.
If there is any delay in executing a trade in the crypto market, the trader might lose a huge amount. Conversely, the crypto trading bot executes trade instantly. This makes them much more effective than humans.
It is now clear that cryptocurrency trading bots are an essential tool for traders. If the user is capable of defining effective trading strategies, then the bot will turn out to be the best trading tool. If you are curious to own your trading bot, seek a trustworthy trading bot development company that helps you make huge money out of it.
The concept of cryptocurrency may be new to some people, but it has been around for more than a decade.
Crypto users have grown tremendously due to their efficient features and better security and privacy than traditional currencies.
The crypto users are mining Bitcoins and other cryptocurrencies to invest in it and to gain huge profits. However, it should be noted that digital currencies are volatile and still a risky investment.
A cryptocurrency wallet is an application that allows crypto users to send, store, and retrieve digital currencies.
Why is it necessary to hold a cryptocurrency wallet?
First and foremost, the cryptocurrency is a virtual currency that cannot be touched or stored in any physical wallet.
When you obtain a cryptocurrency by purchasing, you direct the sender with a unique cryptographic address that is issued by the wallet. The cryptographic address of your wallet is also termed as the public key.
The private key is nothing but the password of your wallet. The private key is similar to your bank account PIN. It should not be shared with any outsourcing.
The Cryptocurrency wallet that runs on blockchain technology. Whenever a transaction is made through a cryptocurrency wallet, the decentralized ledger records and authenticates all the transactions, so to avoid scams and verify the end-users to whom we trade can be done through blockchain-based Crypto wallet.
Features that you need to look after in a cryptocurrency wallet.
Authorization is one of the main features of a cryptocurrency wallet. Whenever a user wants to use a cryptocurrency wallet, the prime thing is to sign up with their private keys to access their cryptocurrency wallet.
So your crypto wallet should have an extra layer of security by integrating two-factor authentication. The authorization feature must have a proper security protocol.
Alert or push notification
The push notification feature helps the wallet owner by notifying the actions performed in the crypto wallet such as current crypto Price, current balance, success and failure of a transaction, etc.
With these features, users can be aware of the current activity performed on the Crypto wallet.
The cryptocurrency wallet does not require KYC registration for users to access their funds. It converts the user password into a 12 word mnemonic phrase that can be used only by the owner of the wallet.
The mnemonics phrase is generally associated with the private keys, which made them align with the security features.
To sum up
These are some of the benefits that you need to consider while choosing the best cryptocurrency wallet. If you are interested in owning a cryptocurrency wallet, I suggest you approach the Blockchain Firm a cryptocurrency wallet development company as they serve you a high standard crypto wallet with both encryption and decryption mechanisms that lower the hacks to a minimum to none.
Cryptocurrencies have been popular across the digital world ever since it came into existence. The Crypto users have been incredibly increasing due to its unique feature, decentralized mechanism, and programmed by the blockchain technology.
A cryptocurrency payment gateway enables merchants to perform transactions using cryptos and encourage an instant exchange of crypto into fiat currencies.
The primary function of a cryptocurrency exchange platform is for the user to transfer digital currencies between individuals without any intermediate tracking of your transaction.
If a user uses a cryptocurrency as one of its payment methods, the transaction transpires through a payment gateway at a fixed market rate, that automatically converts the cryptocurrency to fiat currency to avoid fickleness of the cryptocurrency market.
Now let’s look at the types of cryptocurrency available in the market.
Different types of cryptocurrencies
A bitcoin is a digital currency. It was the first crypto and also considered as the biggest of all. Crypto users have already mined most of the Bitcoins.
Bitcoins are accepted in many stores than other Cryptocurrencies. Users can buy any item using Bitcoin through the online sellers that accept cryptocurrencies as a payment method. This is another way to liquidate Bitcoin rather than converting them into cash.
Basically, ethereum is a platform that enables users to build a decentralized application and smart contracts. The currency is called Ether.
If a decentralized application runs on the ethereum blockchain, then the user needs Ether to pay for transaction fees. Ethereum can process transactions in less than a minute.
Ripple is a blockchain that is specifically designed for banks to make their payments faster. It is also termed as banker’s coin.
Many financial companies have partnered with Ripple. An alternative to fiat currencies Ripple is the best option to use within the world of finance.
Now lets deep dive into the topic of knowing the best cryptocurrency payment gateway.
Best cryptocurrency payment gateway
CoinSwitch is one of the best crypto payment gateway, where users can convert Bitcoin and other 30 + cryptocurrencies into Fiat and then trade using the CoinSwitch exchange platform.
Using a Coinswitch platform, users can buy cryptocurrency is like Bitcoin, Ethereum, Litecoin, Bitcoin Cash, and much more.
Coinbase is one of the most extensive exchanges in the world. Coinbase clings on all the legal procedures that are necessary to be a Crypto payment gateway and is also considered a most trusted Crypto exchange.
In the Coinbase exchange platform, users can quickly convert cryptocurrencies into Fiat currencies without having the merchant to have a withdrawal request.
CoinGate specifically designed to be used in a user-friendly manner where the users can monitor the payments through their mobile phones. It is one of the most preferred payment gateways in recent years.
Coingate support 40 + cryptocurrencies and also charge an operations fee of 1% on every transaction.
As the popularity of cryptocurrencies increases, many countries have started to accept crypto as one of the payment methods. Perhaps in the near future, Crypto payment might stand tall among all the types of payment methods. It’s never too late, start integrating with the best cryptocurrency payment gateway into your business that drives your revenue scale higher!
A cryptocurrency wallet is a software where we can send, receive, and store all are digital currencies.
In many countries, owning a digital wallet is not registered under the law of that particular country. So it is necessary to choose a safe and secure cryptocurrency wallet to perform digital transactions.
A multi-cryptocurrency wallet supports more than one cryptocurrency. Simply put, it is a wallet where we can send, receive, and store various kinds of cryptocurrencies. It is highly beneficial because the user does not need to keep many wallets for keeping various types of cryptos.
Now let us further comprehend the various types of cryptocurrency wallets that are available in the digital market.
Categorization of Crypto wallets
As the name implies, the online wallet runs on the cloud. Users can use the online wallet to access blockchain through a web browser interface without downloading or installing the wallet.
Users can simply create a new wallet and a personal password to access it. In fact, this wallet is more convenient for inexperienced users. Some online wallet service providers hold and manage your private keys on your behalf. This practice is considered quite dangerous because if you don’t own your private keys, then you are trusting your money to someone else.
Desktop wallets are considered as the safest option than web wallets. The software that you need to download and run locally on your computer. The desktop wallet gives full control over your funds and keys.
If your desktop wallet is encrypted, then you should provide your password whenever you run the software. In case if you lose your password, then you will most likely lose the access of your Crypto coins. So it is always necessary to backup your wallet and keeps it somewhere safe. Your computer must be free from viruses and malware before setting up a cryptocurrency wallet.
The mobile wallet functions are similar to the desktop wallet, but it is designed especially for mobile devices. This wallet is convenient as it allows the user to send and receive digital currencies with the help of QR scanning codes.
Mobile wallets are most suitable for users who perform transactions and payments on a day-to-day basis. It is necessary to encrypt your mobile wallet with a strong password and backup your private keys because mobile devices are vulnerable to malicious applications.
Hardware wallets are typically hardware electronic devices that use a random number generator to generate public and private keys. These wallets are cold storage wallets means you can store the keys in your device that need not have to be connected to the internet.
This wallet offers a high level of security against online attacks and fraudulent activities. Hardware wallets are best when you hold your crypto for a long time or if you are holding a large number of cryptocurrencies. These wallets tend to be less user-friendly, and it isn’t easy to access funds when compared to other types of wallets.
As the name intimates, a paper wallet is a piece of paper on which the private key and the public address are physically printed out in the form of QR codes. These random quotes are scanned to execute a Crypto transaction.
This wallet is highly resistant to online hacking attacks and also considered as n cold storage.
Best multi-cryptocurrency wallet
Out of all these types of wallets, mobile wallets stand tall on all the parameters. These wallets are handy, convenient, and easy-to-use, so an inexperienced person can use it most efficiently. Users can easily purchase all the goods and services directly through the mobile Cryptocurrency wallet.
To sum up
It is now proven that cryptocurrency wallets are an integral part of using digital currencies. So it is important to invest time and effort into seeing the best Crypto wallet. If you’re curious to launch your own multi-cryptocurrency wallet in no time, then approach Crypto wallet development company that can provide a white label multi-cryptocurrency wallet and help you to uplift your business to global market space!
A cryptocurrency wallet is a virtual wallet that is used to send, receive, and store all digital assets such as Bitcoin, Ethereum Litecoins, Ripple, Zcash, etc.
A Multi-cryptocurrency wallet is considered as an integral part of cryptocurrencies. It gives the user a total and absolute control over their digital assets.
It is a vital tool for all crypto users. Now let us discuss how to create a cryptocurrency wallet.
Seven basic steps to create a cryptocurrency wallet.
Researching and planning
First and foremost, before developing a cryptocurrency wallet, you will need to analyze and research the project like the development period and the tools required for developing a wallet.
Evaluate the project and discuss it along with the team members and plan according to that to develop a finished product. At the end of researching and planning, you will discover the project’s scope and development budgets.
The main aim of the final product is to gain more interaction with a regular user with your interface. So it is essential to add the basic operations in your user interface.
If you want to customize your wallet, then you can add your own list of requirements, and in such a case, you will be responsible for the quality of analytics.
If you want to develop the application from the scratch then approach a development team that can help you to create the UI /UX base and wireframes. If not, the customer can use the readymade user interface design that is available in the market.
In this phase, you can achieve the final product look. It is essential to gain feedback from specialists and marketers who will share the customer response on the design options with you.
Once the design and technical tasks are made, the programmers will start writing the code. The application logic is linked with the survey part and blockchain of cryptocurrencies.
Some of the open-source libraries are used to speed up and reduce the cost of development. There are some readymade software solutions in the market, such as Bitcoinj blockchain, coinbase, etc.
Once the code is generated and developed all the functionalities of the wallet, it moves to the testing phase. Experts test the application with all the possible scenarios to make sure there are no errors and bugs.
Launch your crypto wallet
After completing the testing process and improvements, the tester, designer, marketer, developer, and the customer should agree to release the project.
The developers will add it to GeekHub, Google Play, and other app stores.
24×7 technical support
The development of the cryptocurrency wallet does not end with the release of the project. The success of the project totally relies on technical support after the development because if a customer or user found a bug, the technical team needs to resolve the errors.
The development team continues to work on the project to provide maintenance or add new development stages.
The emergence of cryptocurrency has disrupted the existing world of finance and opened many new opportunities for all people who believe in this technology. If you find it difficult to develop your own crypto wallet, then approach the cryptocurrency wallet development company to develop your customized crypto wallet that will suit all your personal and business needs.
A cryptocurrency payment gateway is similar to a Point Of Sale system where payments are processed. A payment gateway’s primary function is to process digital transactions by transferring the sender’s funds & data to the receiver.
Accepting bitcoins and altcoins as a payment brings in a lot of advantages for businesses. Think of this: Payments through credit cards are usually expensive. And, banks or payment processors charge a fee for processing the transaction.
Crypto payments bring such transaction fees to less than 1 percent. Moreover, bitcoin transactions are irreversible, meaning, there is no open door for false chargebacks or returns.
Defining Crypto Payment Gateway
A crypto payment gateway allows merchants/retail stores to accept transactions in bitcoins and altcoins. In recent years, we have witnessed many payment processors that facilitate the buying and selling of popular cryptos like Ethereum, Ripple, Tether, Litecoin, and Bitcoin Cash.
“A quick tip: Since the crypto market is an extremely volatile one, businesses accepting cryptos as payments may convert them into fiat regularly.”
Why Businesses Need Crypto Payment Gateway?
There are numerous reasons that an enterprise could benefit by adopting cryptocurrencies as a payment option.
Businesses could offer existing customers new payment methods
Attract new customers who prefer using bitcoin and altcoins to pay for their e-commerce purchases, goods, and services
Companies could set up a discreet and trusted payment method for customers (no credit card or bank statements and all)
Crypto payments are far more secure than the traditional ones and are retained on the blockchain network indefinitely
Reduce the payment costs that come with other methods such as credit cards and banking transactions
Play a major part in the cryptocurrency revolution
Above all, traditional payment gateways are charging heft transaction fees, in particular for cross-border payments. So, now is the time to replace the traditional systems with newer, reliable, trustworthy crypto payment gateways.