As a kid, I was fascinated with science fiction movies and used to wonder a lot about virtual money. How can we use it? What can be the use of it? On top of that, how can we even develop virtual money?
Then we all were introduced to the concept of Blockchain and Bitcoin. Wasn’t it a wonder to us?
However, in order to use them, we must be able to develop a bitcoin wallet app. Now the question is “how to develop a bitcoin wallet app”.
But before that, you might be thinking why I focused specifically on Bitcoin rather than other types of virtual currencies (trust me, there are plenty of them). To give you an insight, here is Statista data showing the expensive nature of virtual currencies.
This data might give you an understanding of why to use Bitcoin as the virtual currency app. Bitcoin wallet apps are an easy way to receive and send the currency (Bitcoin) in an anonymous, secure, and private manner.
Nevertheless, even with this much, do you think Bitcoin wallet app development is as easy as other apps?
In that case, the answer is no. But before moving forward, let us get a better understanding of what is blockchain development, bitcoin, how it can impact the business world, its types, and whatnot.
After all, we should be well-prepared to know about “how to develop a bitcoin wallet app”.
So, without wasting much time, let’s buckle up and enjoy the virtual ride to the world of Blockchain and cryptocurrency.
What Is Blockchain?
Read More: Blockchain in Supply Chain Management
In 2009 Satoshi Nakatomi launched the first Blockchain that changes the face of the cryptocurrency world. In the present time, there are so many industries that depend upon them in the form of Ripple, Ethereum, Bitcoin, and so on.
So, what is Blockchain after all?
The chain of blocks is known as Blockchain. Here, the digital transaction data or information is stored in the blocks that are connected with each other with a chain.
These chains use a cryptographic principle that secures the information that is placed in the blocks. Yes, the concept is actually simple if we think about it.
Apart from this, it is a decentralized system (no central figure) that doesn’t depend upon government and banks for transactions. The blocks of information are distributed across the world on different computers.
What I like the most about blockchain is its irreversible nature for the block. In this, the data placed in the block can not be altered since every block has its unique ‘Hash” that helps in moving for the specific block when required.
To understand it in a better way, there are two classifications of Blockchain that include permission-based (private) and permissionless (public). However, we only need to focus upon public blockchain since our major focus is upon Bitcoin wallet app development.
What Is Bitcoin?
Bitcoin is a type of electronic digital currency that uses 16 characters long encrypted addresses to make a transaction. Satoshi Nakatomi released Bitcoin in the market in 2009 as an open-source software.
However, there are no central figures in the Bitcoin that monitor the circulation of the Bitcoin amount in the market. Bitcoin can be transferred easily using a peer-to-peer (P2P) network that is then added to the chains with all the information.
However, Bitcoin is not something that is given to users on a silver platter. They are either Mine or bought from online traders.
Why use Bitcoin? You can’t simply know about “how to develop a bitcoin wallet app” without figuring anything about it.
To understand it in a better way, first, know the count of people that uses the Blockchain Wallet as per Statista.
As seen in the data, it shows that the number of users is 44 million globally by the end of 2019.
Bitcoin is extremely famous due to its decentralized nature that gives an advantage to the emission and transaction processing. This involves a number of unique features that make the payment system much enhanced as compared to others.
There are a number of reasons due to which companies go for Bitcoin wallet app development such as:
- Fraud Protection – Bitcoin is a great way to work on the safer and irreversible form of payment that prevents any sort of fraud. The best thing is with the help of Bitcoin the unique block that stores required information that prevents anyone else from using it.
- Lack of PCI Standards – The billing requests and cryptocurrency wallet security are the major concern for the Bitcoin app development. There is no need to run the personal information of the clients to understand the processing of transactions and deals.
- Transparency – The bitcoin app offers a high level of transparency to the users.
- International Payments – Using a bitcoin app is extremely simple when it comes to international transactions. Since there are no interactions of banks or financial institutions, it doesn’t require extra fees, three days wait, and even the limitation on the amount for the payment transactions.
- Signatures – The multi-signature option in Bitcoin makes it an ideal way to make the payment but with the authentication of all of the people. This comes handy with large company involvement that has a board of directors to manage common actions.
The Bitcoin wallet app development is considered a topmost marketing tool that helps in accepting payments and attracting the audience. This is a great way to expand the online business practice and payment methods. However, as a result, you need to develop a Cryptocurrency wallet that helps to send and receive the Bitcoin.
So, what about Bitcoin wallet app development? Let us start by knowing the basics of wallet apps.
Bitcoin Wallet App
Before diving into the “how to develop a bitcoin wallet app”, let us know a bit more about the Bitcoin wallet app. The cryptocurrency wallet is a bridge between the Bitcoin-network and personal channel.
The Bitcoin apps work on the Bitcoin-wallets that include secret codes in the form of private keys. The private keys must be kept secure in order to ensure that seamless transactions are maintained without any theft.
In short, the Bitcoin wallet apps include:
- Transaction types – send and receive Bitcoins
- Private keys
- Checking the data regularly
However, it differs in terms of the requirement of the wallet apps. This concludes to have a number of Bitcoin wallet apps that are ruling the market.
The apps are developed as per the hardware, online, mobile, and desktop requirement. Along with this, operating systems are also a vital part of Bitcoin wallet app development including Windows, iOS, Android, OS X, and Linux. To understand the types of Bitcoin wallet app development, here is the list of a few of them.
Bitcoin apps are extremely convenient options that make it an ideal option for the business world. What are the reasons for you to go for Bitcoin wallet app development? Here are a few reasons to give a deeper insight.
- Desktop apps are a great form of Bitcoin wallet option but it is not that convenient as a mobile app. The desktop app is not useful when you are out of home in the real world and want to make a payment. Hence, comes the Bitcoin wallet app that comes handy with its features of storing private keys for Bitcoin addresses. Purchase whenever you want to without any limitations.
- The Bitcoin wallet apps are secure as compared to internet apps. It allows users to keep the code hidden and monitor activities easily.
A simplified payment verification method is used in the Bitcoin wallet apps. In this, a small part of the chain is downloaded that is used for authentication before processing the transactions.
How To Develop A Bitcoin Wallet App?
Since now you might be aware of the Bitcoin wallet app development, let us know its development process. So, how to develop a bitcoin wallet app?
As we all know the Bitcoin wallet app works on the open-source that allows users to become a part of the network without ever controlling Bitcoin. So, if you think it is difficult to develop a bitcoin wallet app then you might be wrong.
So, if you are planning for the Bitcoin wallet app development then make sure to be aware of the features that you want to add. To give you a better understanding, here are a few essential Features of Bitcoin wallet app that must be taken into account.
Now, to get these Features of bitcoin wallet apps are included, it is essential to work on the tech stack used for the development process.
There are a number of free libraries that are used for the Bitcoin wallet app development that is synchronized with the transaction process and blockchain.
To help you out with the development process, here is the tech stack that can be used to simplify the whole process.
Now you know the names, let me explain the vital parts of the popular ones.
#1 BitcoinJ SDK
They are the cross-platform library used in the Bitcoin wallet apps that have detailed documentation and easy-to-use for Android and Windows platforms. There are major advantages of BitcoinJ including interaction with the Bitcoin test network, no need to register, and access to MainNet.
#2 Coinbase SDK
It is a Java library used for the cross-platform Bitcoin wallet app development for iOS and Android. The library can easily support Java, Python, and Ruby once the Coinbase registration is done. It makes it easy to sell and buy Bitcoin, implement cryptocurrency payments, and manage transactions.
The technical side also includes other Bitcoin tech stack features such as Angular JS 4.0, CSS3, and HTML5 that are used for the front-end development. NodeJS is used for the backend and AWS for the server.
iOS app development depends upon Python/NodeJS for the backend and for the frontend it uses Swift. Whereas for Android app development, Python/NodeJS is used for backend and Java for frontend.
Public libraries can also be used to avoid Bitcoin wallet app development from scratch such as BitcoinJ SDK and Chain-Java.
What about the customer Bitcoin wallet app development?
Read More: Blockchain for business
To answer it the custom Bitcoin wallet app development can be difficult with the standard libraries. In order to develop an app that can meet the requirement, it is essential to go forward without open code sources.
Well, if you are ready to develop complex apps that are expensive then it is best to go for it that can definitely go for better results.
No matter which path is preferred, it is best to know the common stages of the Bitcoin wallet app development as listed below:
- Cryptocurrency wallet
- API installation for Blockchain synchronization
- Controlling transaction processes by setting standard programs
- Permission adjustments for incoming and outgoing transactions
The fact about Bitcoin wallet app development is that it is a simple process but only for the processional. The development can fail to offer high-quality bitcoin wallet apps even with the help of open libraries.
So, if you are planning to take your business to the next level then it is best to hire an expert bitcoin wallet app development company.
How To Integrate Bitcoin With Payment Apps?
Do you think development is just about coding and having a final product? Well, think again, you need to know about “how to create a bitcoin wallet app” if you want to learn about the whole process.
The bitcoin wallet app development process depends upon the complexity of the business. However, if there is no need to build complex solutions then it is ideal to go for ready-made services that can manage Bitcoin transactions efficiently.
If you want to walk down the same path, then it is best to integrate Bitcoin with payment apps using trending technologies. This includes:
- BitPay to manage the transactions with the bitcoin wallet app.
- BitPOS is effective for actual and virtual points-of-purchase.
- Coinify to manage the payments using interesting features.
- Coinbase is ideal for USD payments along with a navigation system making the process easier.
These features can simplify the customization of services to manage the transaction, exchange cryptocurrency, and Bitcoin payments. These techs can help in solving small business tasks.
However, to manage operation exchange for the big branched company, it is essential to develop the personalized cryptocurrency wallet. This completely depends upon the requirements for the Bitcoin wallet app development from scratch.
Well, you can’t do it alone, so it is best to ask experts for help that can even add a few qualified tips to the set.
What Are The Steps To Secure The Bitcoin App Wallet?
Read More: Blockchain programming languages
Bitcoin wallet app development is considered to be extremely secure since it uses the private keys. However, the safety of the Bitcoin wallet depends on several factors such as wallet types, service providers, and security features.
One of the types of Bitcoin wallets shows the major theft and risk – Online wallet. This is due to the reason that they are exposed to the threats of malware and hackers that is not possible in the offline wallets.
The major security features that a developer must keep in mind before diving into Bitcoin Wallet App Development are as followed:
- 2-step authentication – It is a great way to offer security to the Bitcoin wallet app. The users can add their email addresses and phone numbers to get a message that allows them to authenticate the app. This is similar to the Gmail security protocol that sends a 6 digit code to the users.
- Wallet Backup – The backup strategy is considered as the topmost factor in the security feature. The transaction details of users can be easily accessed even without the private key. It follows two major options such as email restore and 12-character passphrase.
- Security Updates – Just like any other mobile apps, the Bitcoin wallet also works on regular updates. The security issues and small bugs are optimized in the update that eliminates any chance of having loopholes.
These are the best Bitcoin wallet app development security features that mobile app developers need to keep in mind. The genius brain of Satoshi Nakamoto introduced us to so many possibilities.
An expert introduced to a single Bitcoin and now we have its competitors.
Now, we have it all. Bitcoin, blockchain, how to develop a bitcoin wallet app, features, and the list goes on. A single idea gave us so much that was beyond our imagination. However, remember that the Bitcoin popularity has given a push to the Bitcoin wallet app development over time.
So, if you have an idea make sure to connect with the expert bitcoin wallet app development company that has the ability to change it all for your business. Make your app secure and its privacy is well-maintained.
Co-Founder and AVP Technology at Appventurez Mobitech. A tech enthusiast who has broad expertise in delivering end to end software solutions. He is an expert technocrat ho has in-depth knowledge and is highly experienced in delivering solutions for Android, Xamarin, Ethereum Smart Contracts, ASP.net.
⚡️ by Appventurez
Hey there! This is Anand, author of this blog. Leave your email address and we'll keep you posted on what we're up to.
This will subscribe you to Appventurez once-a-month newsletter. You can unsubscribe anytime. And we promise not to pester you or share your data :)
Hey there, wondering where this article came from? It was produced by some people at Appventurez, a Mobile & Web App Development Company. We are here for solutioning of your technological needs.
Our Latest Blog
The novel coronavirus pandemic outbreak occurred in the modern, connected, and ...Read more