Cryptocurrencies have become the undeniable asset and investment in the fintech industry in recent times. Even though there are a lot of controversies going around the world in accepting crypto payments and transactions as legal, the developed countries have started to build their norms on crypto transactions. Hence, it becomes certain for developing and under-developed federations to work on crypto payments.
Decentralized finance is what attracts the world to utilize cryptocurrencies. The decentralized cryptocurrency payment gateways can play a great role in resolving the issues in accepting cryptocurrencies as a payment method.
In this blog, let’s discuss the issues that will be resolved in integrating the decentralized crypto payment gateway to your business POS system!
Problems that resolve on integrating decentralized crypto payment gateways!
Scalability is considered as one of the significant issues in accepting crypto payments. The cryptocurrencies are limited in volume and transactions by the blockchain network peers. Scaling up the volume of cryptocurrencies to that of fiat currencies would be a great challenge for every federation. However, there are possible ways in which a federation can build the native crypto coins for its medium of exchange. Soon, the developed countries will dive into the crypto space to launch their volatile or stable cryptocurrency to the world!
The volatility of the cryptocurrency is considered as a threat for its rise by a group of people. In contrast, another crew is happy about trading multiple crypto coins with the same. As of now, the merchant has to rely on cryptocurrency payment gateways or exchange platforms to swap the crypto coins into fiat and vice versa. The exchanges incur transaction fees to swap the cryptocurrencies to fiat, and moreover, due to the fluctuations in crypto values, there are chances of losing money. Hence, the merchants are advised to transfer their crypto assets instantly to fiat money to avoid losses. However, in this growing crypto market, the merchants aggregate the cryptocurrencies by expecting price hikes too!
Many stable coins have been launched in the crypto market space to overcome the volatility issues. Stable crypto coins can enable merchants to avoid value losses or reliance on third-parties. The stable coins improve the liquidity of assets than cryptocurrencies. Major e-commerce brands have launched their coins as reward points, and soon, this may be scaled up to crypto coins!
Exchange platforms earn huge, if not in billions, with the transfers of crypto to fiat money and vice-versa. As the crypto users are limited, the exchanges incur transaction fees for swapping the assets in their platform. If there is a decentralized payment gateway, the transaction fee would be negotiable or null on the increasing number of crypto users. Once the crypto payments become universal payment method, the transaction charges would be negotiated by the respective federations.
Cryptocurrencies are certainly the future of payment transactions. Decentralization, transparency, and security becomes the desire of every financial institution, and cryptocurrencies can help them achieve the success mark. As the world is changing in all aspects due to the impact of Corona pandemic, our payment transactions would also be changed forever without contactless transactions!
The crypto market is growing drastically at the rocket speed. Every day the crypto space attracts new investors to purchase and trade distinct crypto coins. In this “Black Swan” crisis, the investors are transferring their funds, investments to stable assets of their choice. Some, invest in precious metals, whereas others go with the cryptocurrencies of their desire. Cryptocurrencies are therefore addressed as “Gold 2.0” by the financial experts.
In this post, let’s look at the cryptocurrencies and the wallet app types!
A brief of cryptocurrencies and wallets!
Cryptocurrencies are virtual currencies that are utilized as a medium of exchange in many parts of the world. The cryptocurrency is encrypted with cryptographic codes, and the transactions are recorded on the blockchain distributed ledger. The crypto transactions are controlled and approved by the authorized miner nodes of the blockchain network.
Every crypto owner requires a wallet to store and perform transactions in their cryptocurrencies. A crypto wallet is an interactive tool that helps crypto coins to connect with the native blockchain network for transactions. The fiat mobile wallet, like Paytm, PayPal stores the assets in your bank account and allows you to perform transactions, whereas the crypto wallets store only the public and private keys of the account. Public keys are just like email-addresses or usernames of your social media accounts. Just like sending emails, you can transfer cryptocurrencies to another wallet, if their public address has been shared with you. Private keys are confidential as like your passwords, PINs, and it must not be shared with anyone. Once if your crypto wallet private keys are exposed, hackers can steal the crypto assets from the application!
Customized multi-cryptocurrency wallet development that grabs great attention from crypto investors in recent times. You can approach a wallet development company to build your application right from square one or patch up the white-label multi-currency wallet that is available in the market. But, before building a wallet application, you must know the types of crypto wallets available in the market.
Here’re the types of crypto wallets that are available in crypto space!
Types of crypto wallets
Crypto wallets can be majorly classified as
Let’s peep through each category of wallet in detail!
Hot crypto wallets are the one that is installed in the internet-connected device. The hot wallets are further split into:
Cold wallets are the one that has no access to the internet. A large number of crypto investors consider cold wallets as a safer option to store their crypto coins!
The crypto cold wallets are available on distinct choices:
Cold wallets are connected to desktops or personal computers and then authorized with an offline verification process to perform transactions.
Professional crypto-traders grab both hot and cold wallets of their choice to secure and access their crypto assets. Hot wallets like mobile wallets are utilized for the storage of minimal crypto coins to perform instant transfers. Cold wallets like Ledger Nano S, Trezor is utilized to store the bulk amount of crypto coins. However, if you seek customized cryptocurrency wallet development, the service provider affords you with a mobile wallet and a cold wallet of your choice for backup plans!
Be it a fiat currency or cryptocurrency, you must protect them securely in your wallets, accounts, and other applications. Fintech sector is the most prominent sector that is aimed by counterfeiters to steal money and information. The conventional banking system is much more vulnerable to hacks as the information is stored in a centralized server. The centralized server is hectic to maintain, and the hackers easily break the walls of servers as its a single-window system.
Crypto users are provided with the wallets that have secure public and private keys to authorize the assets in the application. Even though there are built-in applications, to enhance the security, customized crypto wallet app development becomes a preferable choice among crypto traders.
In this blog, let’s go through the features of the crypto wallet app that attracts crypto traders to perform safe and advanced trade deals!
Crypto space has become vast and extensive in recent years. Just swapping the investments from one crypto coin to another during price hikes yields huge profits to crypto traders. Hence, the crypto traders who are into the trading space prefer wallet software that supports multiple crypto coin storage and transactions. Many crypto wallet development companies afford a list of crypto coins to their costumers to integrate into the crypto wallet app. The clients can pick their choice of crypto coins or prompt for the entire list depending on trading plans.
Devoid of duplicate transactions
Crypto traders perform their transactions in a hassle, and there are possibilities for duplicate transactions. Pick the crypto wallet app that avoids duplicate transactions with its functional features. By avoiding duplicate transactions automatically, you can escape from the pain of double spending or revoking the duplicate crypto transactions.
Automated session logout
Our banking and sensitive applications are integrated with automatic session logout feature to protect our money from hacks. Your crypto wallet app must also have the automated session logout feature to enhance the security of your crypto coins. Crypto assets are much more valuable than fiat currencies; hence, you must always have the practice of logging out from the application after performing transactions.
A cryptocurrency wallet app is a mandated tool for a crypto trader. You must pick them wisely by scrutinizing the functional and security features. On analyzing the current market trends, you can consult the crypto wallet development company and build customized apps based on your needs. Choosing the white-label cryptocurrency wallet app is the best choice, and you could scale it up with market requirements!
Crypto wallets are the only place where you can at least look at the figures of the crypto coins you hold. As cryptocurrencies are purely virtual assets, you can store and perform the transactions only in the wallet application. Crypto coins can be used as a medium of exchange for merchandise and other transactions. Even though the crypto coins are much safer with the blockchain platform, you can’t store the huge number of crypto coins in the application that is installed on internet-connected devices.
Experts and professional crypto traders recommend novice crypto users to hold a minimal amount of crypto coins in the mobile wallets and the remaining in cold storage. Ledger Nano, Trezor, Keepkeys are becoming more popular among crypto investors in recent times. If you’re in chaos to purchase the hardware wallet, then this post will remind you of the benefits of cryptocurrency wallets in brief!
Benefits of a cryptocurrency hardware wallet
Cryptocurrency hardware wallet passcode or PIN is generated by the owner and is highly confidential. You can generate and modify the passcode of the hardware wallet whenever necessary. In the event of the forceful intervention of third-parties for more than three times, the hardware crypto wallet destructs itself. Public and private keys stored in the hardware wallet are disrupted, and you will be notified by the event in the desired contact medium provided in the information.
Private Keys have intense privacy
You can store your private keys of application in the hardware wallet and not anywhere else. Only if you’re transferring funds from your hardware wallet, it needs to be connected with the internet. Keeping away your hardware wallets from the web is the safest practice, and it can safeguard your crypto coins from hackers.
Organizing multiple coins
Cryptocurrencies don’t require physical space to store; hence you can store any number of crypto coins in the hardware wallet. Advanced hardware crypto wallets are designed to store multiple crypto coins like BTC, LTC, ETH, XRP, and much more. You can even developing a cryptocurrency wallet with customization of coins list!
Resistant to viruses
The system viruses attack software applications, and therefore your hardware crypto wallet and the assets in it are safer. Corrupting your hardware wallet is highly impossible, and it’s always recommended to scan for viruses in the device before plugging in the wallet.
Hardware crypto wallets prompt for verification in offline mode. Hence, without the device and proper passcodes, nobody can access or steal your crypto assets in the wallet. In the cold storage wallets, crypto coins are considered safer than mobile or desktop wallets.
Even though mobile crypto wallets are most preferred for transactions, cold storage wallets are considered safe for storing your crypto coins. Whenever required, you can transfer crypto coins by authorizing hardware or paper wallets and perform trading or other crypto transactions. Never lose your precious crypto coins in the hands of prying eyes!
Cryptocurrencies are rising in volume and values, even in the decline of the economy. Right now, the world is facing great challenges due to the corona pandemic. The unexpected, negative situation that is faced by the entire world is addressed as “Black Swan” by the experts. In the black swan crises, investors shift their assets to stable investments like gold, crypto coins, and other valuable kinds.
Best cryptocurrency payment gateways like BitPay, CoinBase, Coingate can be integrated into the payment processes to accept multiple crypto coins. In this blog, let’s learn the step-by-step processes to integrate the crypto payment gateway!
A step-by-step guide to integrate cryptocurrency payment gateway
Scrutinize and pick your choice
The first and foremost step is to analyze the market trends and choose the right crypto payment gateway that suits your business plans. You must examine the services, transaction charges, accepted coins, conversion of fiat currencies, and their regulatory norms. You must completely analyze the existing payment gateways and pick the best suited!
Discuss with service providers
On deciding the cryptocurrency payment gateway , you must connect with them and discuss the norms clearly. The customer support team can render you the appropriate information than websites and blogs.
Build the merchant wallet
Your business webpage should have an integrated merchant wallet to accept crypto coins. The payment service provider prompts for the sign up of the user account with an integrated wallet. On registering as an authorized merchant, you can accept the crypto payments from consumers.
Pick the list of currencies.
The crypto payment gateways providers afford a list of crypto coins that can be selected for payment transactions. You can select the entire list or only the popular cryptocurrencies based on your delight. In addition, the crypto payment gateways allow you to choose from the withdrawal options such as fiat or cryptocurrencies.
The crypto payment gateways offer public, private keys and QR code for merchant wallets. You can integrate this information into your POS payment systems. This information can also be through plugins in e-commerce channels.
Accepting multiple payment methods can expand your business across the globe. You must manage your portfolio in a user-friendly manner to reconcile the reports. Pick the user-friendly, intuitive accounting software to consolidate the payment transactions!