Cryptocurrencies are highly volatile, and the market fluctuates every second in every exchange platform. The volatility paves the way for lucrative trade deals in the crypto world, but still, coping with the swiftness of price fluctuations becomes tedious for human beings. Moreover, understanding the crypto market requires hours of dedicated research and scrutinizing tasks, which is hectic for other professionals and investors.
The traders must act rapidly with accuracy, reliability, and efficiency to win lucrative deals in the crypto world. Bots can efficiently assist the traders at least to monitor the market volatility and notify the winning deals. Now, let’s scrutinize the things about cryptocurrency trading bots, its types, and workflow!
What are cryptocurrency trading bots?
Cryptocurrency trading bots are computer protocols integrated with user’s exchange accounts to perform and monitor trade deals. The bots can compare across the exchange platforms and notify the traders about lucrative trade deals with signals. The implementation of bots requires high power computing systems.
Now, let’s look into its types.
Types of crypto trading bots
Distinct types of crypto trading bots include arbitrage, market mirroring, automated signal processing, portfolio management, and much more. Depending on the desired trading strategy, the trader can purchase or develop the customized crypto trading bots.
Arbitrage bots are the most popular type of crypto trading bots. Arbitrage Crypto trading bots monitor the price fluctuations across the exchange platforms and leverage the price volatility with trade deals. Bots can swiftly conclude the lucrative trade deals across exchanges within seconds efficiently and reliably. Traders can also personalize the bots to notify the winning deals through automated signals.
Have the quest to know the workflow of bots? Here’s it!
How do crypto trading bots work?
Free crypto trading bots are available in the market space, but you must be careful enough with the security aspects. All you have to do is integrating your exchange account with the crypto trading bots to assist you!
The cryptocurrency trading bots prompts for authorization of exchange account information through API keys. Every crypto exchange wallet comprises of API public and API private keys. If the bot enters the exchange account with these two keys, the exchange allows the bot to perform trades and access account information.
Instead of monitoring the exchange market round the clock, you can consider the customized cryptocurrency trading bots development to scout around the price volatility of exchanges and conclude trades. Bots can efficiently monitor the price volatility across exchanges and conclude the trades within minutes. For customized crypto trading bots development, do ping us!
So typically, a wallet is a place to store all your currency assets. Similarly, when it is referenced to the cryptocurrency world, the term wallet is treated as the same.
There are various kinds of cryptocurrencies, namely Bitcoin, Litecoin, Etherium, Ripple, Bitcoin Cash, Zcash, etc.. so to store all these digital currencies, a Ready made multi-cryptocurrency wallet has to be used.
This wallet possesses the potential to build up high security and shatter all the fraudulent activity that occurs in your payment gateway.
Benefits of multi-cryptocurrency wallet.
The main beneficial thing is that you need not have to keep many wallets to store different types of crypto coins. Instead, you can save all your coins in one wallet
It is easily accessible and is also available in all the platforms, which makes accessibility better than ever.
It does not connect with third party servers and provides a robust environment for saving cryptos.
It is unhackable because it provides you two-factor authentication.
Where can you get a crypto wallet?
Apparently, everyone who is into this crypto world must use a crypto wallet to safeguard their crypto coins and assets. So having that in mind, choose wiser buy selecting the company who can provide you the best multi-cryptocurrency wallet
A cryptocurrency wallet is a software that allows users to send and receive cryptocurrencies such as Bitcoin, Ethereum, Litecoin, Ripple, etc. It simply stores all the records of transactions and also the private and public key, which is used to perform transactions.
Basically, a public key is similar to an account number. For instance, if person A wants to receive money from person B, then A sends the public key address to B. The private key is similar to an account password and so only account holders know the private key.
In today’s world, there are quite a lot of cryptocurrency exchanges available in the digital market. There is one major backlog feature that’s been faced commonly by all cryptocurrencies exchanges. It is the constant hacking in the crypto sector that has to be taken into consideration.
To safeguard your crypto coins, you must need to protect your cryptocurrency wallet from the fraudulent activities. Let’s know about some of the methods that have been followed to secure your cryptocurrency wallet.
7 Ultimate methods to protect a cryptocurrency wallets
Before working on cryptocurrencies, the main agenda would be choosing the best cryptocurrency wallet development from a well-known source. It is totally the user’s responsibility to do research about the wallet, read its review, and find out if it is reliable or not.
The wiser option would be selecting a cold storage wallet instead of online or hot wallets. The cold storage wallets like hardware wallets can help you to keep your private keys safe and secure without the involvement of a third party.
Also Read: https://blog.blockchainfirm.io/blockchain-bitcoin-wallet-development/
Your password should be ultimately strong like it has to contain a maximum of 8 characters, including (special characters, numbers, uppercase, lowercase,), and that forms a strong password. If there is any loss or theft of a password, make sure you find a recovery option.
To have an extra layer of security, two-factor authentication is recommended. If you use an online wallet, then two-factor authentication is necessary, and almost all the online wallets provide a dual layer of security, and you can use them to safeguard your wallet and cryptos as well.
In the initial stage of developing a wallet, you have a set of private keys. You must back up all your private keys, and that may help you if you lose your keys.
If you are using a computer device, then you must have installed the best antivirus software because hackers use virus and malware software to access your device and could hack your wallet.
Always have a backup for your White label multi cryptocurrency wallet. If in case you lose or your device failed, your backup will allow you to access your wallet and through this way, you can backup all your files and move funds to another secure wallet whatever you need.
These are some methods to protect your cryptocurrency wallet from fraudulent activities. As said earlier, choosing wallet types plays an important role, so always be wiser by selecting cold storage wallets instead of hot storage online wallets and avoid third party involvement. By addressing all these methods, you can safeguard your crypto wallet and take full control over private keys that can lead you to attend huge profits!
Even though its hard corona time that hinders your progress, you can break the walls by diving into the crypto space!
Cryptocurrency Wallet is the undeniable application you must utilize every day when you are into the crypto world. Either you hold small amounts of ETH, BTC, LTH, or custom cryptocurrency, you need a crypto wallet to store and perform transactions with your digital assets. Professionals seek advice from experts on cryptocurrency wallet development services with customized features than utilizing pre-built software. Customized crypto wallets are believed to be safer than exchange or any third-party hosted wallets!
Now, in this blog, let’s grab knowledge on the cryptocurrency wallet and its types! You can kick-start with the favorite choice of the crypto wallet!What is a cryptocurrency wallet?
A cryptocurrency wallet is a software application that helps users to store, send, receive, or monitor the crypto transactions. The wallet users are provided with two significant keys: Public and Private Keys. Users are prompted for private keys to authorize the crypto wallet and perform transactions. Hence, it’s solely crypto wallet user’s responsibility to maintain their private keys safe and secure. I.e., Just like your credit or debit card PINs!
You may wonder where these cryptocurrencies are stored and how the transactions process at the backend! Here’s how cryptocurrency wallet works!
How does a Cryptocurrency wallet work?
Crypto wallets possess public and private keys. No one can view or steal the cryptocurrencies from your wallet until they have access to your crypto application.
Also read: https://blog.blockchainfirm.io/blockchain-bitcoin-wallet-development/
When the cryptocurrency is transferred from your wallet, you’re officially signing off the ownership of coins to the receiver’s public address of the wallet. The receiver can access the transferred crypto coins by authorizing the private keys that match the public address of the currency stored in the blockchain network. In general, every cryptocurrency transaction is stored in the blockchain network, just the ownership transfer of coins take place virtually.
You can now explore the types of cryptocurrency wallets that are available in the market!
Types of cryptocurrency wallets
Cryptocurrency wallets are majorly categorized into three types.
Software wallets are sub-categorized as desktop, mobile, and web wallets. Here you go with the brief onsets of crypto wallet types!
The desktop wallet provides immense security than other software crypto wallets. The cryptocurrency wallet application of desktop type can be installed and authorized only through a PC or laptop. Desktop wallets are considered as a kind of cold storage that secures your crypto assets from potential hacks. You can access the cryptocurrencies in the desktop wallet through internet connection whenever necessary, and for the rest of the period, it can be safeguarded from prying eyes.
However, you need to have a backup plan for desktop wallets as they are vulnerable to virus attacks, electrical short circuits, and other natural calamities.
The web wallet applications are accessible from anywhere on any device with your public and private keys. Exchange wallets are web crypto wallets that store user’s private keys on a hosting server. However, when you’re picking up the exchange wallets, you’re vulnerable to hacks.
Mobile crypto wallets are the most prominent type that is served on the crypto space. Crypto owners hold a minimum of their crypto coins in mobile wallets for easy accessibility and transfers of assets. They have the feature of a QR scan and pay for purchasing products from shops, e-commerce sites, and other places. Even though mobile wallets are considered vulnerable, crypto owners store a small number of distinct crypto coins for quick transactions and the rest of their digital assets in cold storage.
Hardware wallets work differently from software crypto wallets. The user’s private keys are stored in the hardware devices securely without any vulnerabilities. The user connects their hardware wallet with internet-connected devices to authorize and perform transactions in their wallet. These kinds of crypto wallets store the coins in offline mode, making it free from prying eyes.
Paper cryptocurrency wallets are physical prints of public and private keys of wallet. A paper wallet generates a pair of keys that help to access your crypto coins. However, to create a paper wallet, you must authorize a software wallet and transfer the control to the paper type by entering the public address provided. For the withdrawal of crypto assets, you must perform the operations vice versa. I.e., Paper wallet to software wallet.
The process of withdrawal of crypto coins from the paper wallets is addressed as sweeping and is processed by scanning the QR Code or authorizing it through private keys.
You would have selected the cryptocurrency wallet of your choice by now!
A pro tip for you: Always pick a software wallet and a cold storage wallet. Hold a minimal number of crypto coins in the software wallet and the rest in cold storage. Software wallets help you with easy accessibility, whereas cold wallets serve you with immense security!
You are just loaded with the onset of the cryptocurrency wallet. To know more about the mandate and advanced features of the Multi Cryptocurrency wallet, do stick with us!
Kick-starting with the crypto space can be tiring with a lot of technical aspects. Bitcoin was the first-ever cryptocurrency that has been invented for public use. The cryptocurrencies and underlying blockchain can be hard to understand for common people who are technically inclined. With modernized apps diving into our real-life, the cryptocurrencies can be reliable payment methods for every people.
The crypto wallet development services pack the applications with advanced features that can enhance the trading experience of crypto investors. In this blog, let’s excavate the secret behind the fluctuation of cryptocurrency wallet address!
Why cryptocurrency wallet address fluctuates after every transaction?
Once you initiate a crypto transaction from your wallet, the specified amount of crypto coins are legally signed-off to the recipient’s wallet address in the blockchain network. The remaining crypto coins in the sender’s wallet address are transferred to the new “change” address associated with the same wallet. The blockchain network peers verify and approve the transfer of ownership. Once the crypto coins are transferred to the recipient address, and the transaction is confirmed, the sender’s wallet address is modified to the “change” address. The change address of the sender’s crypto wallet comes into place only when the transaction is confirmed by the miner nodes of the blockchain network; otherwise, the wallet address is reverted.
Does the wallet address fluctuate for every cryptocurrency?
Bitcoin and Bitcoin Cash wallets fluctuate their public address for every transaction, whereas Ethereum and other wallets don’t. However, many crypto investors own customized multi-cryptocurrency wallet with advanced features. You can opt for the blockchain wallet development company to add-on the change wallet address feature after every crypto transaction performed with customized application. The change address feature can be an extra layer of protection to escape from the prying eyes.
The sender’s wallet address which was prevailing before change address remains associated with the wallet. They can be utilized for receiving funds, but sticking with real-time crypto wallet address is a safer choice!
Maintaining the crypto assets securely in the wallet becomes challenging in this digital era. The crypto coins are virtual assets and can never be seen anywhere other than your wallets. Hence, hold a personalized multi-cryptocurrency wallet with the preferable coins, advanced security and trading features!
A cryptocurrency wallet is a software that stores all your private and public keys and interacts with various blockchain networks for transactions.
It simply enables users to send and receive digital currencies and also helps users to monitor and manage your crypto assets. This makes the transaction process safe, secure, and easy.
It can be designed by adding many features and innovative technologies that offer a chance to level up transaction methods for both personal and business use.
It is obvious that an exchange website will mandatorily have a cryptocurrency wallet development that helps to run a successful exchange. Now, let’s know a detailed gyan about the wallet types and their services.
An online wallet is one type of crypto wallet that can be accessed through your web browser. It is more convenient for users to access them easily from anywhere with an internet connection.
It provides users the fastest method of performing transactions, and it is more useful for small amounts of cryptocurrency.
As the name implies, these wallets run on an app that is installed on your mobile. They are very comfortable to use anywhere, including retail stores.
This wallet is smaller and simpler than other wallets and has features like QR code, dual-layer of security, and much more.
Users can just download and install the wallet on your laptop or personal computers. It can also be used completely offline, so it is considered as an effective cold storage method.
They are more secure compared to online wallets and mobile wallets.
This wallet performs transactions online and stores all the cryptocurrencies offline, hence it possesses high security.
Users can simply plug in the device into any computer which has the internet and enters the PIN. It is ready for performing the transaction.
Paper wallets are tough for accessibility, but they provide a high level of security. Users can transfer coins to the wallet by a public address and can withdraw currency by entering a private key.
It is considered one of the most hackerproof crypto wallets of all.
Multi cryptocurrency wallet
A multi-cryptocurrency wallet or universal cryptocurrency wallet supports transactions and storage of more than one cryptocurrency.
It is highly beneficial because users don’t need to keep many wallets to store different types of cryptos.
With the revolutionary blockchain, its cryptocurrency has its own ledger with records of all the transactions held in terms of cryptography. The cryptocurrency wallet tool will keep all the records and also remove the possibility of fraud in the crypto network. You can also seek consultation from a cryptocurrency wallet development company for building customized one!
A blockchain wallet is a computer software or application that enables crypto users to preserve and conduct transactions with their cryptocurrencies by interacting with the native blockchain network. Every crypto transaction is recorded on the blockchain network. When it comes to the blockchain wallet, the transaction becomes much more encrypted and secure than other wallets. You may wonder what makes the bitcoin wallet development special for preserving the bitcoin or any other crypto coins! As for experts are concerned, security is the most aspiring feature of blockchain wallets.
Workflow Of Blockchain Wallet
The entire crypto community can access the blockchain network, and hence, the transactions are transparent and traceable. Blockchain is immutable; therefore, transactions once approved can’t be modified. The blockchain wallet transactions are based on two major cryptographic keys: Public and private keys.
Public keys are similar to email addresses, whereas private keys are close to our passcodes. Crypto owners share the blockchain wallet’s public keys to send or receive cryptocurrencies, but not private keys. When the crypto transaction occurs, the blockchain wallet’s private key matches with the public address of the particular cryptocurrency, and then it’s legally signed-off from the ownership. Once the transaction is complete, the crypto balance changes in the sender and recipient wallets.
Features Of Blockchain Wallet
Send or receive cryptocurrencies
Multi-signature approval, if required
Prevention of duplicate transaction
Real-time price monitoring
You must opt for these features and functionalities while building a blockchain wallet to enhance the security of your crypto coins. Let me conclude this post by shooting the bullets on the benefits of blockchain wallet development!
Technologists aim at leveraging blockchain technology to revolutionize fields like finance, health, data storage, supply chain, logistics, and much more.
Already there are many cryptocurrencies that exist in the market. Each and every cryptocurrency has different functionalities. To store all your different crypto coins, an efficient wallet is needed. So, the multi-cryptocurrency wallet came into existence.
Simply put, a Ready made multi-cryptocurrency wallet is one that supports more than one cryptocurrency. It is beneficial because you can store all your altcoins in a single wallet and thereby eliminating hassles in maintaining multiple wallets to store your different crypto coins.
Why do we need a multi-cryptocurrency wallet
Today, there are hundreds of crypto coins available in the digital market. It is obvious that you cannot depend on a wallet that supports only a single crypto coin like Bitcoin or ethereum.
As you know that the cryptocurrencies are growing along with the technology, you need to understand that crypto traders will have to deal with multiple coins to perform trading. If you are trading with different cryptocurrencies, then you need a multi-cryptocurrency wallet.
Owning many wallets to store your digital currency is not safer, so sticking to one wallet which supports all altcoins would be a wiser idea for the traders.
Benefits of multi-cryptocurrency wallet
This wallet enhances your trading capacity by allowing you to store different coins and keep track of your transaction with high security.
They are encoded with the set of predefined algorithms that render users with the feature of keeping you always trade ready.
In recent years cryptocurrency also paved its path to eCommerce, travel, and retail businesses, so a multi-crypto wallet will be essential for all the crypto users.
In terms of security, a multi-cryptocurrency wallet is equipped with better operations by providing more speed and security. It renders you with duo-authentication like a one-time passcode, alerts message, pushes notification whenever the user’s sign-in, or makes any transaction.
This particular application will surely help you to hit huge turnovers along with security in the cryptocurrency market. Approach the best Cryptocurrency Wallet Development company who can develop your own customized wallet so that you can trade in a secure way!
If you are diving into crypto space, then obviously, blockchain is the technology that hits you hard. Cryptocurrency transactions are logged on the native blockchain network and are governed by the community peers with a consensus mechanism. You may wonder what makes the blockchain wallet development special for preserving the bitcoin or any other crypto coins! As for experts are concerned, security is the most aspiring feature of blockchain wallets.
Blockchain wallets are customized based on client requirements nowadays. Some of the crypto investors dive into the dedicated bitcoin wallet development, whereas professional crypto traders shower their interests on the multi-cryptocurrency wallet development.
The crypto-traders are fond of building advanced features and functionalities in their multi-currency wallets for ergonomic trading. Long-term crypto investors prefer popular cryptocurrencies like BTC, ETH, Bitcoin Cash, and others. The crypto investors have their interests in cold storage wallets. So, let me take you through various options for building blockchain wallets!
Blockchain wallet apps that are installed and operated on internet-connected devices like mobile, desktop, or even online exchange wallets fall under this category. These types of wallets are vulnerable to security hacks, but the world still loves it for easy accessibility. Crypto traders store small amounts of their assets in these kinds of wallets to perform quick transactions in stores and exchange platforms. However, desktop wallets are considered safer than the web and mobile wallets when it comes to security breaches. But, it’s purely the crypto owner’s responsibility to protect the devices from virus attacks. You can also opt for recovery backup from the professionals on the customized cryptocurrency wallet development to secure your crypto assets.
Blockchain wallet applications that are operated through devices like USB, discs and other hardware with the help of the internetare considered as hardware wallets. The devices can be disconnected from online after usage, which makes it the safest option to store cryptocurrencies. The hardware wallets are available with offline verification techniques, so the crypto owner’s precious funds are secure from the prying eyes.
Blockchain wallets that constitute its public and private keys in the form of QR codes in the physical paper are known as paper wallets. This is the safest of cold wallets. Crypto owners can generate their paper wallets by leveraging the services of third-parties. Paper wallets are highly secure and encrypted with crypto codes. Whenever the crypto owner performs the transaction, the addresses in the paper wallet need to be changed. However, the paper wallet has the least accessibility among blockchain wallets.
By now, you’d have explored the distinct types of blockchain wallets. Let me snipe the mandatory features of the bitcoin wallet to perform elegant transactions in the network!
Source : https://blog.blockchainfirm.io/blockchain-bitcoin-wallet-development/
A White label Multi–cryptocurrency wallet allows a user to buy and sell multiple cryptocurrencies. Blockchain Firm provides a feature-packed wallet that can be customized as per the user requirements.
Multi cryptocurrency wallet
2FA is the most eminent verification method for ensuring the authenticity of the user. We embed 2FA in all the software that we build. We integrate this feature in our crypto wallet to ensure security and deliver the most effective results. Google 2-Factor Authentication protects the wallet against hackers & third-parties in all possible situations.
Paper Wallet is the Best Type
Paper wallets are just printed pieces of paper that contain the public and private keys. A paper wallet goes handy, and it is useful when you want to store the details safer. Also, there will not be any footprints of your information on the internet. With this exciting feature, it is effortless for the token holders to secure their keys. It offers them a foolproof solution when it comes to safeguarding assets.
When you are an active trader and engaged in daily trading, you must be aware of the conversion rates. Once you are familiar with the prices, then you can plan the buying and selling of different coins and make the trading profitable. This particular function makes a cut in the long list of features we provide. Our prime motto is to provide users with seamless trading sessions.
To offer a smooth & quick login, we make the setup more intuitive. When you click on an empty field or type a letter, the system suggests the frequently used addresses automatically. Therefore, whenever you want to log in again, you don’t have to enter the complete username. This makes the whole application more comfortable to use and saves your precious time.
QR Code Scanner
This unique functionality enhances security. You are completely safe while transacting your crypto assets because the transactions are contactless. You don’t need to use the credentials to execute the crypto transactions; they can be carried out by merely scanning the QR code. You might have come across this feature in various POS terminals. It is useful for fiat as well as crypto-based transactions.
Every time a transaction takes place, the application notifies the status of the transaction in the Notification panel. It is a handy feature for you to share the application and its credentials with your friends or relatives. You will be notified the moment you buy or sell your assets. Also, you will get to know at what price the cryptos were exchanged. You will never miss a thing when the wallet is equipped with this feature.
Security is a collective term that blends many features listed in this blog. However, when it comes to a crypto wallet, it deals explicitly with the transaction mechanism. The architecture has to be programmed in such a way that no one could infiltrate it. We render state-of-the-art security functions with the deployment of peer-to-peer and blockchain technologies.
Denying Duplicate Payments
A top-grossing feature for every crypto user. This feature protects users from wasting their assets. It works as a fail-safe mechanism and prevents duplicate payments from happening. With this function, you could save your assets worth thousands of dollars. Many crypto users have faced the issue of duplicate payment. They would now be able to escape from this recurring issue.
Trading is a joyful event. It is more profitable when you dive more in-depth and explore the options. With the merchant services enabled, it is possible to travel above and beyond and also make your portfolio look better. When your wallet offers you more opportunities, it is easy for you to expand the possibilities.
By viewing the transaction history, you come to know when you have gained profits and made losses. It is a repository that is valuable to every crypto trader who plans and organizes the trade. With this feature, the traders will get better results in each phase of the transaction. It will provide them with a better insight into the different trends of the crypto market.
We often forget to logout from the trading application. In case someone gets access to our device, then they can trade with our assets. The Session Logout feature prevents this kind of incident from happening. It logs you out automatically after a particular time of inactivity. The users can change the timer from the Settings panel.
A wallet needs to have a backup mechanism in case of transaction or device failure. A transaction might be interrupted by any kind of technical issue. In such a case, the coins must be secured in the wallet. We make it available in each of our multi-crypto software.
NFC or Near Field Communication is a wonderful technology that allows the data to be transferred between wireless devices in real-time. This is undoubtedly going to be a massive trend in the crypto wallets. It enlightens the crypto users in numerous ways. This unique function is achieved by configuring the smartcard interface onto a single device, thus reducing the transfer distance.
Blockchain Firm provides a feature-packed and highly efficient Ready Made Multi–cryptocurrency wallet. We deliver all the features that a user expects from such software. We make your trading secure and hassle-free.