Cryptocurrency Wallet Development
Digital currency, like physical currency, needs storage space. And such a place for cryptocurrency is a cryptocurrency wallet. The main function of this virtual wallet is to provide free access to your storage because the currency itself is stored in the blockchain. This is possible with the help of private keys, which serve as proof that you are the owner of a cryptocurrency. For developers, the topic of creating a digital wallet is a novelty, and therefore requires detailed discussion. Find out how cryptocurrency wallet development can help your business and open up more opportunities for you in the crypto world.
Why Are Crypto Wallets So Popular These Days?
Crypto wallets are an indispensable tool for cryptocurrency investors. Since in the digital world all information is based on passwords and other forms of access to the resource, it is important to insure and entrust your investments to a reliable platform. Therefore, to protect their cryptocurrency and have free access to it, traders have increased the popularity of crypto wallet development. And here are the tangible reasons to use one if you haven’t done it yet.
- They are user-friendly. The crypto environment is quite complicated to keep track of. It can’t be said about crypto wallets. On one of such wallets, you can easily store different currencies, mark their graphics in different colors, and customize the design.
- They are reliable. Access to your crypto wallet is based on keys: private and public. A public key is similar to the account number. You can share it to get and spend money. A private key is a password to your account. It shouldn’t be shared with anyone.
- They are secure. Crypto wallets follow rigorous standards in terms of security. They have an extremely secure sign-in procedure that comes with multi-stage authentication.
- They are manageable. The crypto business is quite unstable. It needs continuous monitoring and forecasting. All these features are available in crypto wallets. With such a powerful tool, you will immediately see where your assets are and how best to use them.
- They are providing a wide range of choices. With the crypto wallet, you can buy and sell multiple kinds of cryptocurrencies. You can find many alternatives there and find a better choice for you.
How To Make Money On Crypto Wallet Development?
Digital wallets are beneficial not only for users but also for developers. If we talk about the possibilities of monetization, they are the same as in applications. Depending on how many users you have on the platform and what type of wallet you have, you should choose from the following types of monetization.
It is a well-known fact that developers can get revenue from placing ads on their platforms. And a crypto wallet is not an exception. The only reason for a successful ad campaign is to gather enough visitors and users on your crypto wallet. Then different companies will reach out to you and you will set a fee for advertising their services.
The fact that your users have a lot of cryptocurrencies will also benefit you. It is obvious that they will make different transactions, because cryptocurrency, like any currency, needs circulation. And while they will transfer money or withdraw it from their accounts, you can set your penalty at a percentage of the amount or in the form of a fixed rate.
Because cryptocurrency needs expertise, you can provide it to your users for an additional fee. You can enable paid consulting or paid advice from trading experts and earn a lot of money from it.
What Does Crypto Wallet Development Consist Of?
Crypto wallet development from a technical point of view does not differ in its stages from the development of the application. Usually, the development process can go in two ways: by coding everything from scratch or by hiring a crypto wallet development company. Regardless of which variant best suits your needs, you have to know the stages of digital wallet development.
- Considering a business idea. A crypto wallet is not a charity and obviously, it should be profitable. At this stage, you need to mark the idea that drives crypto wallet development forward. You have to understand which tasks your digital wallet will perform and start by providing relevant features in further project planning.
- Gathering a team of professionals. Whether you hire a development company or do it yourself, you should fulfill the following positions in your team: developers, product managers, project managers, designers, testers, and marketers. And you as a person in charge should dive into cryptocurrencies and blockchain themes to be aware of things that are happening during crypto wallet development.
- Choosing an API. An API can be a better solution in terms of time and finances. Thus you can install an API from a website and then improve it to your taste.
- Using an open-source library. Why complicate things if there are many crypto open-source libraries that consist of many useful tools.
- Deciding on features and coding. When you know what your crypto wallet will consist of and when all the tools are ready, you can start coding and connecting it with your database.
- Developing and MVP. Since you have everything ready, you are free to go on testing your project. And testing can be possible through a minimum viable product that should cover all essential crypto wallet functions.
- Improving an MVP and launching a finished product. After you gather the feedback about your MVP, it’s high time to become a full-fledged product in the cryptocurrency market.
How To Increase Security For Crypto Wallet Development?
Security is the principal key for crypto wallet development. Thus when developing a digital wallet you have to provide users with a safe crypto environment. It should include multi-stage authentication, automated logout, separate space for keeping private keys. Solid security will be tangible proof of your successful crypto wallet development. It will play a decisive role when users will be looking for a safe crypto wallet to store their cryptocurrencies.