The recommendation of contactless payments by the world health organizations(WHO) has paved the way for increasing the crypto user base. Due to COVID-19 crises, the world is now shifting to the contactless digital payment applications. Cryptocurrency wallet development services are parallelly increasing in the market space.
In this blog, let me shower you the brief information on cryptocurrency wallet, its features, benefits, and the cost to develop the application!
Abstract on cryptocurrency wallet!
A crypto wallet is a software that enables users to store and process transactions with crypto coins by connecting them to the native blockchain network. The crypto wallets possess the copy of blockchain address regarding the ownership of crypto assets.
Users can authorize the wallet application and directly access or process transactions the blockchain address of the crypto coin. The crypto owner can transfer the coins in the wallet by legally signing-off the ownership of cryptocurrency, and the blockchain network transfers the ownership to the recipient wallet address. Cryptocurrency wallets require some mandate and advanced features for effective functionality.
Now, let’s have a look at the features of crypto wallets!
Features of crypto wallets
The crypto owners are now looking for some advanced security and functionality features in the software. Here’re some of the common features that are included in the crypto wallet by every development company!
Automatic session logout,
QR Code scanner,
Real-time market stats.
Benefits of crypto wallets
Crypto wallets render huge benefits to users in their financial transactions. Let me list a few!
Rapid cross-border transactions,
Reduced transaction charges,
Devoid of intermediaries & third-parties,
Streamlined transaction process,
Traceable asset transfers,
Let’s delve into the objective of the blog post!
A budget of the cryptocurrency wallet development
When the crypto owner wants to build a customized wallet, many aspects come into play for budget framing. The list of functionality features, security measures, backup software, functionalities, workforce and other significant aspects count while quoting the cost of crypto wallet development.
While the crypto owners prefer secure wallet apps, building them right from scratch based on their requirements is a better choice. To build the crypto wallet application and inspect them with end-to-end functionalities, bugs, approaching a professional cryptocurrency wallet development company is a wiser pathway!
The wallet app development companies out there in the market quote around 5000$-20000$, depending on the complexity of software. You can find many white-label crypto wallets on the open-source platform, but auditing them with technologists and patching up is a risky operation!
With the booming competitive crypto space, the development services are increasing in figures, so the price quotes would decrease in the future. Never, compromise on the quality of your crypto wallets as it may lead to hacks!
Crypto investors may wonder about the customized cryptocurrency wallet development Company. In fact, they may consider these odd ones as fools. But, they are real geniuses!
The only screen or visual at which you could see the crypto assets are at your wallet dashboard. Shouldn’t you be more secure? A wide range of people goes with the centralized crypto exchange wallets to reduce costs. But, sure, they’re not aware of billions of hacks and threats happening in the giant brands.
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!
When a customer approaches a cryptocurrency wallet development company for developing a cryptocurrency wallet, the company or a representative should provide the customer a clear Technical Task (TT) with a detailed description of the product’s vision and the features it should have.
Evaluation and Planning
At the beginning of any development, the first question that’s always asked is, ‘What is the cost?’. And the next question will probably be ‘How long will the development process take?’ To find answers to the above questions, you need to evaluate the project and sketch a rough work plan. The plan usually has a project manager who plays his part with both the customers and performers. He/She acts as a representative and is responsible for coordinating the work of the team and communicating with the customer.
When evaluating a project, the Technical Task (TT) and customer’s requirements will come under assessment. The stipulated time frame to develop an application and test it under various environments is also evaluated. Pain points in the TT and unused product usage scenarios are revealed during the evaluation.
Express evaluation gives a rough idea about the number of hours a person needs to work to deliver a finished product. A detailed assessment is carried out within a week. With this assessment, you can get an accurate idea of when the customer will receive a wallet ready for use in real-time.
At the end of the first phase, you will get the ‘Scope of the Project and ‘budget required for the development.’
This is the second phase of development. During this phase,
the essential requirements for the actual product are determined
schemes for the interaction of users are built along with an interface
suggestions are put forth to achieve what is intended, and
a basic plan of user interest is developed
It is not a mandatory factor that a developer should conduct the business-analytics. Customers can fulfill it on their own or come up with a list of preset requirements. In such scenarios, the customer is responsible for the quality of analytics.
At the end of the second phase, you will get the specification of functional and non-functional nodes, basis & user interface specification, detailed development budget, a proven development plan.
Design of the Application
The development team will create a user interface from scratch, in case the customer does not have a ready-made one. Initially, they work on creating UI/UX base & wireframes and send them to the customer. Once the customer approves, visual design is developed, considering all user scenarios. The scenarios are a quick design or prototype, a map, graphics elements, a screen switching scheme, and a lot more.
The prototypes can either be static or interactive, depending on the customer’s requirements. With the prototype, one can visually see how the interface will look through the eyes of the user. During this process, the product gets the final touch. So, it is essential to establish feedback with analysts and marketers. This will conclude which design option best suits the final users.
At the end of the third phase, you will get a preliminary interface design, a map-view & screen switching scheme, and UX/UI specifications.
The Coding Part
After sketching the TT, evaluating the project, and developing the prototype, the programmers/coders are all set to start writing the code. The application logic is usually linked with the server part and the cryptocurrencies. Design sketches, UI elements, and interface styles are also included in the code. To increase the pace and reduce the cost of development, developers usually make use of open-source libraries such as Chain-Java, Bitcoinj, Blockchain, Coinbase, and others.
The designers join the team after the design is sketched. They make sure that the programmers have implemented the styles, and the colors are given right. Also, they check how well the methods correspond to the idea, how right the rounded corners are, whether the design suits devices with different screen sizes.
At the end of the fourth phase, you will get a product that is ready for testing (MVP) and design corrections.
Testing and Fixing the Bugs
After implementing a code that holds a part of the wallet’s functionality, the testing stage starts. Testers check the application in various environments to identify bugs, flaws, and errors. All of them are entered into a separate ‘bug list,’ and the list is sent to developers for corrections.
Some of the popular testing stages are:
1. MVP testing.
2. Alpha-version testing.
3. Beta-version testing.
4. Re-release or Acceptance testing.
During the final stages, the application code, compliance with the intended design, and the usability (how easy is to use the wallet & is the interface precise at the intuitive level) are checked.
At the end of the fifth phase, you will get info on the number of bugs identified, a simple & intuitive interface, and a pre-release product.
After the testing phase is over, product analysts, developers, testers, designers, marketers, and the customer should decide together about the release of the product. Once the product is all set to be launched, it can be added to a digital marketplace. Both the developer and the customer can add the wallet to the marketplace listings. They can contact any digital services and pass their compliance checks along with other requirements and legislation.
At the end of the sixth phase, you will get a fully-packed Multi cryptocurrency wallet.
The development of a cryptocurrency wallet does not end with its release. If the customer or other users find any bugs, the development team should work on fixing the bugs. Along with that, the developers will work on making the wallet more convenient and functional.
If the development of the application is provided in the initial plans, then the development team continues to work on the project. If this is not provided, a maintenance contract is written, or a new development stage starts, taking into account the obtained data.
At the end of the seventh phase, you will probably get a maintenance contract that includes the time taken for project development (making relatively minor improvements) and a guarantee for fixing bugs.
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!