Cryptocurrency is a concept that has gone from a niche to a worldwide phenomenon in a matter of days. Simply put, cryptocurrency is a virtual, digital currency that is created and kept on the blockchain, protected by cryptography, and intended to be used as a medium of exchange. However, it is impossible to exchange cryptocurrencies without first obtaining a Crypto wallet.
A cryptocurrency wallet is a program for storing digital money. An investor can use a crypto wallet to loan, purchase, sell, or keep track of the cryptocurrencies in their portfolios. Without a doubt, there are a variety of crypto wallets on the market. However, while the majority of cryptocurrency wallets accept Ethereum or Bitcoin, some customers prefer a customized solution that meets their specific needs. So now is the greatest moment to start working on a bitcoin wallet software.
Features, Technologies, and Costs of Cryptocurrency Wallet App Development
To offer you a better idea before you employ developers, we’ll go over the essential concepts of a bitcoin wallet software, the features it should have, the technologies it should utilize, and the development costs.
The Different Types of Crypto Wallets
Before we go into the different types of crypto wallets, you should think about whether you want to construct a centralized or decentralized wallet, often known as custodial and non-custodial crypto wallets.
A third-party company holds your private keys and secures your assets in a custodial or centralized crypto wallet. Lost passwords are never an issue; you can always recover them after confirming your identity. Furthermore, transaction fees are lower with custodial crypto wallets. You’ll need a solid network connection to use custodial crypto wallets; otherwise, managing assets will be difficult.
Non-custodial crypto wallets, on the other hand, provide you complete control over your private keys and assets. You can simply monitor and regulate actions with non-custodial or decentralized wallets. The finest thing is that authorization from your private keys is required for any transaction to take place. You can manage your funds in a non-custodial wallet even if you don’t have access to the internet. However, keep in mind that while using non-custodial wallets, you will be given a mnemonic phrase of 12-24 words that should be written down and kept safe because it will allow you to access your wallet again. You will lose your funds as well if you lose the phrase.
After you’ve determined whether you want a custodial or non-custodial wallet, you’ll need to choose a platform for your wallet.
Desktop Wallets:
Desktop wallets are similar to other applications in that they may be installed on your computer and used to store cryptocurrency. All operating systems, including Linux, Windows, and macOS, are supported by these wallets.
Online Wallets:
Online wallets are web-based, which means they are kept in the cloud and require unique keys to use. Users who cannot access their PC but wish to manage or check their accounts should use online wallets. One of the primary disadvantages of online wallets is that they are vulnerable to hackers.
Mobile wallets:
Mobile Wallets combine the features of both desktop and web wallets. Mobile wallets, as the name implies, are applications that can be installed on a smartphone and allow users to access their cryptocurrency from anywhere.
Hardware Wallets:
Because the copy of data is stored on a hardware device such as a USB, hardware wallets are the most secure way to trade and maintain cryptocurrency. Hardware wallets are ideal for those that do not buy or sell cryptocurrency frequently.
Crypto Wallet Features
The following are some of the features that a Crypto Wallet App development must have:
Registration/Sign-in System: The ability to sign in is the first and most important feature to have in a crypto wallet.
OTC trading facility: Trading cryptocurrency over-the-counter, or OTC, in a crypto wallet is confidential because it is done directly between two parties. Crypto-to-crypto and fiat-to-crypto trades are both possible in the OTC market.
Multi-Signature: A wallet with a multi-signature or multi-sig feature is more secure and decreases the chance of fund misappropriation by requiring multiple private key signatures for transaction authentication.
KYC verification: KYC allows you to check and authenticate a user’s identity using official documents such as a passport or government-issued identification. KYC in a cryptocurrency wallet is ideal for ensuring the safety of a user’s funds.
Privacy: Users will have complete control over their data if they use non-custodial wallets. A private key is turned into a 12-word mnemonic phrase for the user, assuring increased secrecy.
Options to sell/buy crypto securily: Users can quickly buy any cryptocurrency using a credit card via a secure transaction, and they can even sell cryptocurrency from their wallet and have the funds credited to their credit card almost instantly.
Transactions that take place in chat: The crypto wallet’s in-chat transaction feature makes it easy for users to convert their cryptocurrencies without having to visit an exchange platform.
Compatibility across platforms: A wallet may be made cross-platform compatible with the flexible and secure architecture, making it easier for a user to access their portfolio from any device.
Automated Duplicate Payment Denial: For increased security, an automatic detection and denial of duplicate transactions in the crypto wallet is a must-have.
Crypto Exchange API Connections: If the wallet is connected to the market’s main crypto exchanging platforms via API, customers can purchase and sell their crypto assets without ever leaving the platform.
Storage of several assets: A crypto wallet must be able to support numerous tokens depending on the demands of the user.
Portfolio Management Made Simple: Another advantage of a crypto wallet is that it allows users to quickly manage their portfolios and see their transactions in real time.
Crypto Wallet Development Technologies
Now that we have a fundamental grasp of bitcoin wallet apps, we can go on to learning about the technology stacks that can be utilized to build them.
Java, C++, Python, Rust, Go, and other programming languages can be used to create the crypto wallet’s backend, while Javascript and its cross-platform frameworks can be used to create the crypto wallet’s frontend. Cryptocurrency wallet libraries such as Awesome CryptoCoinJs, Pycoin, BitcoinLib, and BitcoinJ are also available.
PostgreSQL, MySQL, Cassandra, BigchainDB, AWS Quantum Ledger Database (QLDB), and other databases can be used for storage. You can utilize review codes, static code analysis, unit testing, and single-user performance testing for testing and troubleshooting.
Estimated Cost of Crypto Wallet App Development
The cost of crypto wallet app development is determined based on a number of parameters, including the size of the company, the complexity of the application, the size of the crypto wallet, and its design. However, based on the features you might want to add to the wallet, an approximate range of $85k to $95k might be expected.
However, if you are interested in designing your own crypto wallet, you can employ our experienced developers and we will provide you with an accurate cost for the project.
