Cryptocurrency Wallet Development

Cryptocurrency wallet is a software functionality enabling users to earn, maintain and transfer virtual currencies. Unlike currently existing banks or pocket wallets that stock real currencies, cryptocurrencies can only be listed as transactions on the blockchain technology. If a cryptocurrency is transferred to the wallet, it means that the possession of the currency is signed off to a dedicated wallet’s address.

To utilize the fund, the private key of the wallet must match the public address of the currency it is assigned to.

Cryptocurrency Wallet Features

2-factor authentication

To maintain a secure user account.

Most used addresses

To access all the readily available user addresses.

Paper wallet development

To be able to scan and process paper cryptocurrencies.

Conversion rates

To instantly view the updated cryptocurrency value.

QR code scanner

To send and accept cryptocurrencies in a single click.

Merchant services

To join as a merchant and to browse other cryptocurrency merchants.

Security

To protect the user accounts with password and PIN.

Auto denial of duplicate payments

To completely avoid chargebacks.

Favourable session logout

A security measure that automatically logs out user from their account.

Types Of Cryptocurrency Wallet

Web Wallet

Cryptocurrency wallet that primarily requires web access to function is called hot wallet or web wallet.

    Significance

  • Quicker way to complete transactions.
  • Ideal for minimal cryptocurrency savings.
  • Allows multiple cryptocurrency transactions.
  • Allows direct integration into an exchange.

Mobile Wallet

Cryptocurrency wallet which is highly functional and can be accessed seamlessly on any mobile device is called mobile wallet. It is completely internet based.

    Advantages

  • Efficient enough to accept or send payments on the fly.
  • Can support hardware wallets like QR code scanning.

Desktop Wallet

It is a really effective cold storage method of cryptocurrencies. Safer than mobile and web wallet.

    Advantages

  • Easy to use
  • A cold storage option doesn’t need any energy source.
  • Comes with private keys.
  • Will not be stored on a third party server.

Hardware Wallet

Highly secured than the web wallet and are easier to work with than paper wallets. They handle fork better than others.

    Advantages

  • Easier and safer way to store crypto for long-term.
  • Stronger security for all other wallets.