Cryptocurrencies today are not yet treated at par with traditional currencies, but a lot of them, especially Bitcoins have come into regular use. The main point that arises now is where should you keep your Bitcoins? At a glance, it seems a tough question to answer, considering that Bitcoin is a virtual currency without any real existence. However, there is a solution to it. You can create your Bitcoin wallet or choose a ready-made one that permits buying and selling this cryptocurrency. The primary task of such a wallet is to store the secret key that is required to access the Bitcoin address.
There are various types of Bitcoin wallets with different levels of security. However, with the exponential boom in mobile phone usage, the much-preferred option today is mobile cryptocurrency wallets. Hence, the focus here will a lot on Bitcoin payments information, how to make a Bitcoin wallet app and the ways and means to protect it.
What is a Bitcoin Wallet App?
Before going into the specifics of online Bitcoin wallet development, it will be relevant to know what a Bitcoin wallet app is all about.
The cryptocurrency wallet is a personal channel through which you can connect with the Bitcoin network. This is somewhat similar to “online banking” which is a way of bridging the space between you and the financial institutions. These wallets contain private keys which are secret codes that assist you to spend Bitcoins. Hence, your focus should also be to store these private digital keys in the wallet as securely as you would do with the Bitcoins themselves.
In a nutshell, then, the Bitcoin wallet is an application, device or site that contains private keys for your Bitcoins, helps you to conduct all transactions of storing or transferring Bitcoins and allows you to check the balance of your Bitcoin account. The type of wallet differs depending on the device they are intended.
Wallet users have grown steadily worldwide with the number shooting up from 125,000 in the first quarter of 2014 to 150, 00,000 in the last quarter of 2017 for which data is available.
Types of Bitcoin Wallets
Bitcoin wallets are available on almost all the standard operating systems such as Windows, OS X, Android, Linux, IOS and Windows phone. They can be categorised as follows.
- Desktop Bitcoin wallets which came about almost simultaneously with the appearance of the Bitcoin. This wallet connects to the Blockchain through third-party services.
- Internet wallets which you can connect to anywhere through a private key, provided you have an Internet connection. This is useful when you want instant access to your Bitcoin account but do not have a computer on hand.
- Mobile wallets run on your smart phone or tablet and are very useful in the modern digital environment. You can have a mobile wallet app created by top Blockchain service providers such as Blockchain Development Solutions, Australia.
- Bitcoin hardware wallets are advanced devices where the all-important private keys are stored electronically.
- Paper Bitcoin wallet contains two keys- public and private – and comes in the form of a printed document. It is possible to generate and print a wallet, but if you lose the record, you cannot restore access to your funds.
How to Create a Bitcoin Wallet App?
Creating a Bitcoin wallet app is not very difficult because of certain inherent features of Bitcoin. It is an open source code, no one owns or controls it, everyone is familiar with its architecture and anybody can become a member of its network. If you are interested in building your own Bitcoin wallet, there is a wide range of free libraries that you can refer to. These libraries will assist you to synchronise the wallet with Blockchain to make the whole process easy for you.
Some of these libraries are –
- Coinbase SDK – It is a cross-platform Java library that supports both Android and IOS platforms. This library requires registration, but once you do so, you get access to such opportunities as transaction management, buying and selling Bitcoins across a bouquet of currencies and implementing cryptocurrency payments.
- BitcoinJ SDK – This is also a cross-platform Bitcoin library for Windows and Android platforms and is easy-to-use. The advantages here are that developers can interact with the official Bitcoin test network (TestNet3) and can get access to MainNet, the primary Bitcoin transaction network. Unlike Coinbase SDK, this library requires no registration.
Customised Wallet App Development
Standard libraries have their drawbacks. To have a Bitcoin wallet that meets all your needs, contact specialised Bitcoin wallet app development services. Browse the site https://blockchainaustralia.com.au to understand how you can have a wallet that is customised exclusively for you. These agencies will go for Blockchain synchronisation through API installation, create the cryptocurrency wallet, adjust for permissions for all incoming and outgoing transactions and set up standard programs for controlling particular transaction processes like checking balances.
Consider all the pros and cons and evaluate what your requirements are before opting to create a Bitcoin mobile wallet app.