A simple guide on developing a Bitcoin wallet Application

In recent years, cryptocurrency development has become a high demand among entrepreneurs and businesses. However, to use this new digital currency, you need to build your own Bitcoin wallet to make different transactions, including buying and selling cryptocurrencies. 

A cryptocurrency wallet is a virtual wallet that allows crypto users to buy, send, and record your cryptocurrencies. 

The cryptocurrency wallet contains public and private keys. In fact, users store crypto coins in the wallet and protect these private and public digital keys that provide the ability to conduct a transaction. 

Now let’s discuss how to create a Bitcoin wallet applications using readymade templates. 

Developing a wallet using libraries

Coinbase software development kit (SDK)

  • Coinbase software development kit helps developers to build cryptocurrency wallet application. It supports a cross-platform Java library that can be used for Python and Ruby. 
  • This library allows users to use Bitcoin to purchase other cryptocurrencies.
  • The coinbase SDK supports both iOS and Android platforms provides a good guide that gives a detailed explanation about developing a cryptocurrency application.

Bitcoinj SDK 

  • If you have great knowledge of Java programming language, then this SDK is a good choice for building a crypto wallet. 
  • It is a cross-platform software that can also be used from Java virtual machines (JVM) and other compatible languages like JavaScript, Python, C++.
  • This software allows developers to create a crypto wallet with Password encryption, and users can send, receive, and check there balance easily.
  • This SDK supports both Android and Windows platforms, and also it works with existing crypto wallets. 

Features of Bitcoin wallet

Registration process

  • Any cryptocurrency wallet must provide the user with an opportunity to authorize by using the sign in and sign out features. 

QR code scanner

  • The cryptocurrency wallet should render the user with a built-in QR code scanner. These features allow the users to send and receive payments on the go easily.

Push notifications

  • This function alerts the user by triggering a notification to the register number whenever a user form transaction or if any changes happen.

Security

  • It is essential that all the financial data need the highest level of protection. The Crypto wallet must have an embedded security system that allows uses to set passwords and PINs. 

How to protect your Bitcoin wallet

  • The basic way to protect your crypto wallet is to encrypt them with a strong password. This method makes it difficult to crack a computer, but anyway, it does not give 100% protection.
  • The Crypto wallet can also be protected by creating a backup wallet in several places. 
  • The wallet should require a two-step verification such as SMS confirmation the register number and password confirmation.
  • It is necessary to update the software whenever a new version is released. 
  • Store a small number of crypto coins in your wallet always store the main amount of crypto coins in the offline mode.

Bottom line

Develop your own crypto wallet from scratch is not easy. Always choose the wiser option by developing a wallet using the libraries so that you can stay away from the core development. If you are interested in deploying a crypto wallet, then approach a Bitcoin wallet development company that can create a convenient and high-grade application.

Published by Katrin Kunze

blockchain and crypto trader

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