Blockchain, the technology behind Bitcoin, joins decentralization, cryptography, and distributed digital data record, allowing the removal of any third party, traceability of transactions, and safe data storage.
With all these benefits taking the center stage in the business world, companies start using cryptocurrency transactions.
Wishing to take a competitive advantage, Amazon, Zappos, WordPress, Expedia, and Bloomberg have already integrated crypto transactions into the work and now offer them together with other online payment methods.
Benefits of cryptocurrency payments
- Transferring digital currencies is easier and takes less time
- Transactions are cheaper
- Transactions are decentralized. It means that there is no regulatory body (government) or a central authority that controls them.
- Transactions are completely anonymous and fully encrypted
- Transactions provide the highest security level as users are protected from fraud and data distortion
In speaking on the 5th point, I'd like to take a closer look. It implies that nobody can steal your money without special keys – one public and one private – only you possess them.
Also, each transfer contains a user digital signature. Once the cryptocurrency is uploaded on the network, all the data about the transaction is fixed and recorded on the ledger with no ability to be changed or deleted.
Unfortunately, there are some issues that a bit disrupt such an attractive picture, for instance, fluctuations in cryptocurrency exchange rates. You needn’t look hard to find examples – take Bitcoin, the most visible illustration of high ups and downs!
However, there are always useful services offering good ways for conversion to the currency users would like to receive. So, you can bypass this challenge by integrating such a service into the ap.
Since almost every cryptocurrency provides its own e-wallet, you can either integrate some to use for payments or build your own Bitcoin wallet like application according to your business requirements.
If you don’t need something extraordinary and have several simple tasks to solve, choose the first option. If you need more complex functionality and have more specific challenges, you should think about developing your own solution.
A crypto wallet generally has such basic features as:
- user authorization
- the wallet itself
- private keys for user cryptocurrencies
- multicurrency support
- conversion rates
- the ability to view cryptocurrency balance any time
- QR code scanner (to send and request money)
- push notifications
- backup and restoration function
How to choose technologies
If you want to build a crypto wallet application, you should make it for the two most popular operating systems – iOS and Android. Many companies also choose the web to attract more users and provide the highest level of convenience.
Generally, the backend part is designed with the use of Java or Node.js. Also, there are useful libraries available (Chain-java, BitcoinJ, etc.) that contain most features required for crypto wallet app development.
The frontend is usually based on Angular or React. Another technology, called React Native, has become very popular recently. A plus is that it enables to create modern interfaces faster and easier while saving both costs and quality.
When using React Native, a developer makes only one application that can run on both iOS and Android.
Let’s consider the technology stack used for Blockchain wallet, one of the most famous applications in this category. The backend was created with the help of Java, Clojure, and Node.js, a frontend part was implemented with AngularJS, while the database is MySQL.
When building an iOS application, blockchain developers used several tools, namely Storyboards, JSBridgeWebView, while for Android they chose Gradle, Apache Commons, and Junit.
In most cases, it’s better to begin with building MVP (minimum viable product), meaning only the key functionality will be realized in the first version.
Find out other important recommendations to crypto wallet app development.