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 virtual money. The answer is simple: 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 think about how to create a bitcoin wallet app. We hope, our tips will help you to figure this issue out.
After reading the article, you’ll find out what the best cryptocurrency wallet means and why you need it. Moreover, you’ll not only know how to make a bitcoin wallet app, but you’ll also understand the ways to protect it, and get a lot of other useful Bitcoin payment information.
Bitcoins and business, is there a connection?
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 that have not been provided before by any payment system.
However, Bitcoin payments are especially interesting and profitable for business companies! Why? How do mobile wallets make money?
There are a number of reasons:
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Protection against fraud. Bitcoin payments are irreversible and safe, which means companies should no longer fear fraud, as well as the withdrawal of a cheque. Agree, such an 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.
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Fast international payments. Sending bitcoins abroad is a fairly simple procedure. There are no intermediary banks, because of which you have to wait three working days, there are no extra fees (when you're forced to pay to make international transfers), no restrictions on the amount of transfer.
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PCI standards are not required. Of course, you should take care of the security of your cryptocurrency wallet and billing requests. However, you won’t have to process your clients' personal information as you would with regular credit cards.
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Multiple signatures. Bitcoin also includes a multi-signature option that requires the authorization of payment by several people of a certain group (say, the board of directors of a large company). It would come in handy if you need to coordinate common actions.
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Financial transparency. Using Bitcoin would allow you to offer the highest level of transparency.
And last but not least, bitcoin app development is able to provide you with an excellent marketing tool. The reason is quite clear: 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.
What is a bitcoin wallet app?
Before proceeding to the question of how to build a bitcoin wallet, it would be useful to understand what it is, to begin with.
The universal cryptocurrency wallet might 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 which 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, a Bitcoin wallet is an application, site, or device that:
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contains private keys for your bitcoins;
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helps to conduct all kinds of transactions of getting or transferring Bitcoins;
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allows checking the data about your cryptocurrency balance.
And, of course, such wallets are rather different, depending on the device with which they are going to work.
We should discuss the issue in more detail before considering the future of mobile wallets and how to create one of them.
Types of Bitcoin Wallets
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 the matter point by point!
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Desktop Bitcoin Wallets. The desktop type of wallet has appeared simultaneously with bitcoins. The desktop wallet was created by Satoshi Nakamoto himself. There are two types of bitcoin PC-focused clients: "thick" and "thin". Thick ones download the entire blockchain, which means you need a lot of storage space on a fairly powerful PC. Thin wallet deals with the blockchain through third-party services. It makes the whole process much easier, of course.
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An Internet (online) cryptocurrency wallet is a virtual resource that you can connect to anywhere by using a private key (if there is an Internet connection). It would be useful in cases when you aren't on your computer, but need urgent access to your Bitcoin account.
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Mobile wallets - wallets, which 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’ll reason our case a bit later in the article.
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Bitcoin hardware wallets are specialized devices with private keys stored electronically.
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Paper Bitcoin Wallets 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 won’t be able to restore access to your funds.
To sum it up: different types of mobile wallets are the most convenient option. And the bitcoin wallet iOS/Android app is exactly what you should create.
Reasons:
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Desktop wallets are really good if you need to store bitcoins, but they are not very useful if, say, you're trying to make a purchase in a real (not virtual!) store (therefore, you're out of the house). This is the very place where the mobile wallet would come in handy. Once installed as an application on a smartphone, your wallet can store private keys for your Bitcoin addresses. So, it allows you to buy different things directly from your device.
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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’re 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?
Features of the bitcoin cryptocurrency wallet
So, you want to build your own bitcoin wallet. Let's analyze its possible functionality.
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Registration system. Of course, any cryptocurrency wallet app should provide the opportunity to authorize, so the sign-in feature belongs to the mandatory and unconditional ones.
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Profile. As in any other application, the profile contains all the necessary personal information which can be used to manage bitcoin payments.
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Built-in QR code scanner.
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The ability to generate new addresses for all transactions.
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PIN codes to access the coins.
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Bitcoin multi-currency exchange support. It means you should build a multi-cryptocurrency wallet application.
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Bitcoin Trade. The feature is aimed at 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.
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Real-time payment tracking. All best bitcoin wallet apps provide users with the possibility to track their payment transactions in a real-time mode.
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Management of cryptocurrency.
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Ability to display the "wallet" balance.
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Sending and receiving payments via Bitcoin URL, NFC, and QR codes.
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Push-notifications. The feature helps the user stay informed: let’s say, receive information about transactions
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Security, namely, setting a password and PIN to protect the application. But the issue is too important, and we’ll 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.
How to protect your cryptocurrency wallet?
Are mobile wallets safe? The question is worthy, and you're absolutely right in asking it. Naturally, you must be very careful in managing and storing your bitcoins. But don’t worry, it's not as difficult as it seems to be. While you are following these simple rules, you can be sure your bitcoins are safe.
Encryption
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.
Backup
Another way to protect your mobile or online cryptocurrency wallet is to create its backup in several places.
Multi-signature
We’ve already talked about the fact that multi-signature is the advantage of bitcoin payments. Among other things, such a 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.
Additional tips:
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Use unique, long passwords when creating a Bitcoin account;
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Take advantage of Bitcoin services that require 2-step verification (such as SMS confirmations or mobile applications - the same Google Authenticator);
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If you’re using a mobile wallet, be sure to lock the phone with a password;
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Store only a small amount of bitcoins in your mobile phone wallet or on the Internet. Your main amount of bitcoins should always be stored offline, away from potential hackers;
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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…
How to create a bitcoin wallet app?
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 wallet app 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 the development task. 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 our article, but we suggest considering the pros and cons of the most popular ones.
#1. Coinbase SDK
Coinbase SDK is a cross-platform Java library that can be used to create a bitcoin wallet app for Android and iPhone. Also, the library supports such languages as Python, Java, Ruby, and others of the sort.
Unfortunately, Coinbase SDK requires registration. However, once this stage has been completed, you gain access to such opportunities as:
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buying and selling Bitcoins for other currencies
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transaction management
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implementation of cryptocurrency payments
Sadly, you should be warned: not all Coinbase SDK features are available everywhere, in every country. But still, the library is rather convenient and, among other things, gives you a chance to deal with different cryptocurrencies (such as Litecoin).
#2. BitcoinJ SDK
BitcoinJ is a cross-platform Bitcoin library that can come in handy when needed to work with Windows and Android platforms, it is easy to use and has detailed documentation.
BitcoinJ advantages:
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a possibility to interact with the main (and official) Bitcoin test network (TestNet3), which is a big advantage for developers;
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access to MainNet, the basic Bitcoin transaction network;
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no need to register.
BitcoinJ will be an excellent choice if you 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…
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create new wallets with a password encryption system;
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work with existing wallets;
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send and get bitcoins;
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control the balance;
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receive data on the success of the transaction;
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configure the transaction confirmation process.
Although BitcoinJ is written in Java, JVM-compatible languages also allow working with it (such as C ++, JavaScript, Ruby, and Python).
Custom bitcoin wallet application development
But the use of standard libraries has its drawbacks. And to make the best bitcoin wallet app meeting all your needs, you should choose a more difficult way - one without using open code sources. Of course, such an option is more expensive and complex, and you’re unlikely to 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 the goal you choose, you might find it useful to know the basic stages of bitcoin wallet app development. So we’ll list them right now:
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Blockchain synchronization through API installation;
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Creating the cryptocurrency wallet;
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Adjustment for permissions for outgoing and incoming transactions;
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Setting standard programs to control transaction processes (say, checking the balance).
Of course, bitcoin app development has many pitfalls. And if you don’t have the 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.
How to integrate Bitcoin payments into apps?
If your business doesn’t need a complex multifunctional solution, there is no need to build your own bitcoin wallet app. In such a case, you can use one of the ready-made services allowing you 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 definitely meet your payment needs. Let’s see…
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BitPOS offers a very convenient payment technology for virtual (web and mobile) and actual (meaning, real, physical) points-of-purchase;
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BitPay helps to manage the bitcoin payments via mobile technologies;
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Coinbase, an excellent solution for constant USD payments. The advantage of the system is a convenient navigation system. Among others, it includes buttons, which simplify the process of making payments;
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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 to solve 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’ll have to get a more personalized cryptocurrency wallet that fully meets your specific requirements and needs. So you had better hire an expert company. Professionals not only know how to build a bitcoin wallet from scratch, but they also have huge experience in this area and can give you a few qualified tips.
Professional bitcoin app development
So, suppose, you decide to seek qualified help. What kind of specialists do you need?
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UX/UI designers who should create the most convenient and understandable cryptocurrency wallet interface;
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mobile and backend developers responsible for the operation of the application itself;
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QA engineers whose task is to test the final application and make sure it is error-free.
We’re ready to offer you our professional bitcoin app development. Agilie experts know how to create a bitcoin wallet app of any complexity, so we would be happy to undertake your task.
When it comes to bitcoin wallet app development, we offer:
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Direct conversion. Exchange bitcoin to the currency you need and vice versa in a few taps;
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Storage of bitcoins on the device;
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Material Design. We’ll make a bitcoin wallet app with an appealing and clear design. Our Material Design provides the service with an intuitive interface and ease of use. It means your cryptocurrency wallet will be:
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beautiful
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clear
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functional
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Security. Generation of key data occurs on the device itself. To get additional protection, the user is asked to set a password to encrypt the main secret code before storing it in the database. However, it entails an increase in the expenditure of time and energy.
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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 would come useful all the more. Having vast experience, we’ll 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 our blog post.
