How to Create a Bitcoin Wallet App?
Today cryptocurrency, especially Bitcoins, has come into common use. Though there are still a few questions on the matter... for example, how and where should we keep bitcoins? It seems a difficult task, given that we cannot even see or touch this virtual money. The answer is simple: in this case, you have to build your own bitcoin wallet (or choose a ready-made one) - it allows making different transactions, including buying and selling the cryptocurrency. The main task of the cryptocurrency wallet is to store the secret key needed to access the bitcoin address and, accordingly, your means.
We emphasize that there are several types of bitcoin wallets with different security levels. However, with the increasing popularity of various kinds of devices, mobile cryptocurrency wallets are most often used nowadays. So, we suggest you to think how to create a bitcoin wallet app. We hope, our tips will help you to figure this issue out.
After reading the article, you will find out what a cryptocurrency wallet is and why you need it. Moreover, you will not only know how to make a bitcoin wallet app, you will also understand the ways to protect it, and get a lot of other useful Bitcoin payments information.
- Bitcoins and business, is there a connection?
- What is bitcoin wallet app?
- Types of Bitcoin Wallets
- Features of the bitcoin cryptocurrency wallet
- How to protect your cryptocurrency wallet?
- How to create a bitcoin wallet app?
- Custom bitcoin wallet application development
- How to integrate Bitcoin payments into apps?
- Professional bitcoin app development
We think you know that Bitcoin is an innovative payment network and a new kind of virtual currency.
Using P2P technology, Bitcoin operates without any supervisory authority or central bank; transaction processing and emission are carried out collectively by network participants. Due to its unique features, Bitcoin opens up new horizons of possibilities which have not been provided before by any payment system.
However, Bitcoin payments are especially interesting and profitable for business companies! Why? There are a number of reasons:
- Protection against fraud. Bitcoin-payments are irreversible and safe, which means that companies can no longer consider the chance of fraud, as well as a withdrawal of a cheque. Agree, this advantage is already a sufficient reason to delve into the question of how to make a bitcoin wallet app. And it’s not the only one
- Fast international payments. Sending bitcoins abroad is a fairly simple procedure. There are no intermediary banks, because of which you can wait three working days, there are no extra commissions for making international transfers, no restrictions on the amount of transfer.
- PCI standards are not required. Of course, you should take care of the security of your cryptocurrency wallet and billing requests. However, you are not responsible for processing your clients' personal information, as it happens in the case of dealing with usual credit cards.
- Multiple signatures. Bitcoin also includes a multi-signature option that requires the authorization of payment by several people of a certain group (for example, the board of directors of a large company). This is useful for coordinating common actions.
- Financial transparency. Using Bitcoin will allow you to offer the highest level of transparency.
And last but not least, the bitcoin app development will provide you with an excellent marketing tool. Because accepting payments in bitcoins is a good way to attract new customers and attention to your company. Expansion of payment methods has long been a successful online business practice.
But without a cryptocurrency wallet, you can neither receive, nor store or spend bitcoins.
Before proceeding to the question of how to build a bitcoin wallet, it will be useful to understand what it is, to begin with.
The cryptocurrency wallet can be considered as your personal channel of interaction with the Bitcoin-network, just as online banking acts as a "bridge" between you and the financial system.
Bitcoin-wallets contain private keys: secret codes that allow you to spend bitcoins. In fact, you need to store and protect not the bitcoins themselves, but these private digital keys that provide both access to public bitcoins, and the ability to conduct transactions.
In short, Bitcoin-wallet is an application, site or device that:
- contains private keys for your bitcoins
- helps to conduct all kinds of transactions of getting or transferring Bitcoins
- allows checking the data about your cryptocurrency balance.
And, of course, such wallets can be different, depending on the device for which they are intended.
We should discuss this issue in more detail before considering the matter of bitcoin application development.
Bitcoin wallets are divided into desktop, mobile, online and hardware ones. They are available on almost all popular operating systems - Windows, Linux, OS X, Android, iOS, Windows Phone… However, let's look at this matter point by point!
- Desktop Bitcoin Wallets. This type of wallets has appeared simultaneously with bitcoins. The desktop wallet was created by Satoshi Nakamoto himself. There are two types of bitcoin clients for PCs: "thick" and "thin". Thick ones download the entire blockchain, which means that you need a lot of storage space on a fairly powerful PC. Thin wallet appeals to the blockchain through third-party services. It makes the whole process much easier, of course.
- Internet wallets belong to virtual resources that you can connect to anywhere by using a private key (if there is the Internet connection). This is useful in cases when you aren't on your computer, but need urgent access to your Bitcoin account.
- Mobile wallets - wallets that you can run on your smartphone or tablet. This is a very good option, and we advise you to study the question of how to create a bitcoin wallet app. We will reason our case a bit later in the article.
- Bitcoin hardware wallets are specialized devices with private keys stored electronically.
- A paper bitcoin wallet is a printed document that contains two keys: public and private. You can generate and print a Bitcoin paper wallet at bitaddress.org. The main disadvantage is that if you lose your wallet, you will not be able to restore access to your funds.
To sum it up: mobile wallets are the most convenient ones. So we recommend you to make a bitcoin wallet app.
- Desktop wallets are a very good option for storing bitcoins, but they are not very useful if you are out of the house - for example, if you're trying to make a purchase in a real (not virtual!) store. This is the very place where the mobile wallet will come in handy. Once installed as an application on a smartphone, this wallet can store private keys for your Bitcoin addresses. So, it allows you to pay for things directly from your device.
- These wallets are safer than Internet ones: it is enough to monitor your mobile device, and the secret code will remain unknown. And if you are dealing with an Internet wallet, much depends on whether the site is hacked, etc.
Mobile wallets are developed with the help of simplified payment verification. Thus, only a small part of the blockchains are being downloaded, and the authenticity of the sent funds takes place on the other trusted Bitcoin network node.
So, it's time to figure out the issue of how to make a bitcoin wallet app. But first... what features should it have in order to be able to satisfy all your requests and needs?
So, you want to build your own bitcoin wallet. Let's analyze its possible functionality.
- Registration system. Of course, any cryptocurrency wallet app should provide the opportunity to authorize, so this sign-in feature belongs to the mandatory and unconditional ones
- Profile. As in any other applications, the profile contains all the necessary personal information that can be used to manage bitcoin payments
- Built-in QR code scanner
- The ability to generate new addresses for all transactions
- PIN codes for access to coins
- Support for Bitcoin multi-currency exchange (and checking the bitcoin rate)
- Bitcoin Trade. This feature is useful for selling or buying bitcoins, it helps you keep up on the matter so that you always know the sellers of this cryptocurrency and can become one of them
- Real-time payment tracking
- Management of cryptocurrency
- Ability to display the "wallet" balance
- Sending and receiving payments via Bitcoin URL, NFC and QR codes
- Push-notifications. This feature will help the user stay informed, for example, receive information about transactions
- Security, namely, setting a password and PIN to protect the application. But this is too important an issue, and we will dwell on it just below.
Of course, bitcoin app development is not the only difficulty that you should think about. It is also important to study the security problem.
Naturally, you must be very careful in managing and storing your bitcoins. But do not worry, it's not as difficult as it seems to be. While you are following these simple rules, you can be sure that your bitcoins are safe.
The wallet can be encrypted with a strong password - this makes it difficult to crack a PC or mobile device, although it does not give 100% protection.
Another way to protect your cryptocurrency wallet is to create its backup in several places.
We have already talked about the fact that multi-signature is the advantage of bitcoin payments. Among other things, this feature increases the level of security of the service, allowing several users to partially sign one address with a public key. If someone wants to spend bitcoins, he should receive 2-3 signatures to make the transaction. The number of required signatures should be set in advance when creating an address.
- Use unique, long passwords when creating a Bitcoin account;
- Take advantage of Bitcoin services that require 2-step verification (for example, SMS confirmations or mobile applications, such as Google Authenticator);
- If you’re using a mobile wallet, be sure to lock the phone with a password;
- Store only a small amount of bitcoins in your mobile wallets or on the Internet. Your main amount of bitcoins should always be stored offline, away from potential hackers;
- Update all software on your computer and other devices.
These simple steps will help you to protect yourself.
It's time to take an interest in the details of the bitcoin wallet app development! So…
Bitcoin has an open source code; its architecture is known all over the world, no one owns or controls Bitcoin, but everyone can become a member of the network. Therefore, bitcoin application development is not as difficult as one might think.
If you want to build your own bitcoin wallet, there is a variety of free libraries at your service, and all of them are aimed to simplify this task for you. These libraries can help you synchronize the wallet with blockchain and make the transaction process much easier.
Alas, it’s impossible to analyze each of the existing libraries within the compass of this article, but we suggest considering the pros and cons of the most popular ones.
#1. Coinbase SDK
This is a cross-platform Java library that supports Android and iOS platforms. Also, this library can be used for such languages as Python, Java, Ruby and other of the sort.
Unfortunately, this system requires registration. However, once this stage has been completed, you gain access to such opportunities as:
- buying and selling Bitcoins for other currencies
- transaction management
- implementation of cryptocurrency payments
Sadly, you should be warned: not all features of this library are available everywhere, in every country. Though it doesn't mean that you should not use this library to make a bitcoin wallet app. It's rather convenient and, among other things, gives you a chance to deal with different cryptocurrencies (for example, with Litecoin).
#2. BitcoinJ SDK
This cross-platform Bitcoin library can come in handy for working with Windows and Android platforms, it is easy-to-use and has detailed documentation.
- a possibility to interact with the main (and official) Bitcoin test network (TestNet3), which is a big advantage for developers;
- access to MainNet, the basic Bitcoin transaction network;
- no need to register.
BitcoinJ will be an excellent choice for those who want to know how to make a bitcoin wallet app without any trouble. Why? Because this library offers the extended functionality that provides the possibility to…
- create new wallets with a password encryption system
- work with existing wallets
- send and get bitcoins
- control the balance
- receive data on the success of the transaction
- configure the transaction confirmation process
But the use of standard libraries has its drawbacks. And to make a bitcoin wallet app meeting all your needs, you should choose a more difficult way - one without using open code sources. Of course, this option is more expensive and complex, and you will hardly cope with the issue on your own, but the result will also be much better. Nevertheless, it's up to you which way is preferable.
Whichever path to your goal you choose, it will be useful for you to know the basic stages of bitcoin wallet app development. So we’ll list them for you:
- Blockchain synchronization through API installation;
- Creating the cryptocurrency wallet;
- Adjustment for permissions for outgoing and incoming transactions;
- Setting standard programs for controlling transaction processes (for example, checking the balance).
Of course, bitcoin app development has many pitfalls. And if you do not have experience, even open libraries will fail to help you build your own bitcoin wallet of high quality. Therefore, our advice is to seek professional help.
However, if such expenses are not provided for in your budget, there is another way, a very simple one… it’s not the best option, but we should take a look at its possibilities anyway.
If your business does not need a complex multifunctional solution, there is no need to build your own bitcoin wallet app. In this case, you can use one of the ready-made services allowing to make Bitcoins payments. By the way, a lot of prominent companies, including Amazon, have gone this way.
So, a very simple option is to integrate payments into your application. Fortunately, there are a lot of technologies of the sort. One of them will come in handy for your payment needs. For example…
- BitPOS offers a very convenient payment technology for virtual (web and mobile) and actual (meaning, real, physical) points-of-purchase;
- BitPay helps to manage the bitcoin payments via mobile technologies;
- Coinbase. This is an excellent solution for constant USD payments. The advantage of the system is a convenient navigation system including buttons for making payments;
- Coinify gives you the ability to manage web and mobile payments in bitcoins and offers many useful and interesting features
Customizing these services, you can easily manage your transactions, make Bitcoin payments, exchange the cryptocurrency for actual money, etc.
However, these technologies will be useful only for solving small, narrowly focused business tasks. If you have a big branched company and, in addition, plan to make money on exchange operations with bitcoins, you will need a more personalized cryptocurrency wallet that fully meets your specific requirements and needs. And in this case, it's best for you to ask for expert help. Professionals not only know how to build a bitcoin wallet from scratch, they also have huge experience in this area and can give you a few qualified tips.
So, suppose, you decide to seek qualified help. What kind of specialists do you need?
- UX/UI designers who should create the most convenient and understandable cryptocurrency wallet interface
- mobile and backend developers responsible for the operation of the application itself
- QA engineers whose task is to test the final application and make sure it is error-free
We are ready to offer you our bitcoin application development services. Agilie experts know how to create a bitcoin wallet app of any complexity, so we will be happy to undertake your task.
- Direct conversion. Exchange bitcoin to the currency you need and vice versa in a few taps
- Storage of bitcoins on the device
- Material Design. We will make a bitcoin wallet app that has an appealing and clear design. Our Material Design provides the service with an intuitive interface and ease of use. It means that your cryptocurrency wallet will be:
- Security. Generation of key data occurs on the device itself. For additional protection, the user is asked to set a password to encrypt the main secret code before storing it in the database. This, however, entails an increase in the expenditure of time and energy.
- Simple recovery. Use the mnemonic phrase to restore your cryptocurrency wallet to any other device
If you are interested in developing a mobile application of any type, our services will come useful all the more. Having vast experience, we will create for you a high-grade application and integrate into it a payment system you consider convenient. By the way, if you want to read more on the subject of mobile app payment gateway integration, feel free to take a look at this blog post.
Hope to hear from you soon!