Acquire Your Own Bitcoin Wallet App – The Comprehensive Guide

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Cryptocurrencies are the bait for investors who constantly seek opportunities to double, triple the profits from current investments. Shares, debentures, mutual funds are all old school, the new buzz in the market are these digital currencies or cryptos. The very first name that strikes the mind when Crypto is talked about is ‘BitCoins’. It’s is like ‘dollars’ of physical currencies. 

Cryptos especially BitCoins are as valuable as physical currencies (they are bought in exchange for physical currencies) and where lies the thefts/robbery in the actual world cybercrime/hacking are threats to the security of Bitcoins.

To safeguard this digital treasure here comes to rescue ‘The Bitcoin Wallet App’. The App is an inevitable need for exchange agencies (who facilitate the transactions of crypto for clients), everyday traders and big business firms. If you belong to any of these above categories, the sure-shot way to acquire the full-fledged Bitcoin security app is to hire pro mobile app developers. Your insights and their technical expertise collectively will benefit you with the fully secured and personalized Bitcoin wallet app. 

The Crypto Flowchart

For a much clear picture of the Bitcoin Wallet App let’s get familiar with the ‘Cryptocurrency Flowchart’. There are three major segments of this Flowchart: The Blockchain, Cryptocurrencies and Bitcoin. 

Blockchain

With banks/intermediaries not being in the scenario, Blockchains are taking charge. It is the platform for Crypto Trade. Every Crypto Transaction are recorded and currencies are stored. Initially, the Blockchain was coded just to facilitate the bitcoin transaction but today it is a full-fledged utility for any cryptocurrency trade.

Cryptocurrencies

The digital currency you can invest in. Initially, Bitcoin and Eetheruim were the centers of attraction of investors but now there is a list of promising cryptos that equally interest the traders. Some of the new age cryptos are Litecoins, Chainlink, Ripple, Tron, Binance Coins and more. There are legal limitations on the flow of cryptocurrencies. Some countries fully support the trade, in some Crypto is completely banned, while in some, they are only treated as virtual currencies. Blockchains facilitates the flow of Cryptocurrencies.   

Bitcoin 

The most-sought-after currency in the Crypto world. People often address Cryptocurrency as ‘Bitcoins’. Bitcoin was released as an open-source platform, it facilitates crypto trade without any intermediary intervene in between. Bitcoins are still a VIP (here Very Important Part) they are obtained through mining and can be used while buying other cryptocurrencies.       

Bitcoin Wallet on Various Mediums

As wallets keep your physical money safe and are handy whenever you need them, Bitcoin Wallets work the same for your virtual currency. Crypto trade is not possible without these digital wallets, they have a stock of all your virtual currencies and lets you use them as and when needed. The wallet has links with multiple blockchains to facilitate trade.

Most of the cryptos use their own wallets while others rent the best programs like Bitcoin Wallets for transactions. Wondering the scope of security in Bitcoin Wallets? 

Mediums on which you can acquire Bitcoin Wallets

On Mobile – Get your personalized Bitcoin Wallet developed and installed on your smartphones. Installed a fully-featured app, the utility will let you make crypto transactions as and when needed. The app lets you pay at stores/malls (wherever accepted) with the help of NFC tap and pay technology. The app could be designed for Android, iOS, Blackberry and Windows phones. 

On Web – The utility facilitates the flow of bitcoins from any web browser (phone or desktop). The type is just perfect for exchange agencies as they can allow access to their clients from anywhere in the world just via a simple login.  Example: Coinbase, SoFi, BitGo, Green Address, etc. 

On Desktop – Access your wallet via PC. The utility can be accessed on Windows, Linux and Mac. These are ideal for lumpsum Bitcoin payments but come with their own set of limitations. It is advised not to store the large amount on your computer and therefore comes the Hardware Wallets. Examples: Bitcoin Knots, Blockstream green, ArcBit, Bitcoin Armory, Ledger Live and lot more.

On Hardware –   When the confidential private keys are stored in the secure devices (hardware). Examples: Ledger Nano, Trezor, ZenGo, Electrum, etc.     

Bitcoin Wallet – List of Integrated Features 

Features

Security – Security is a must. Wallet is for the purpose of secure storage and transaction of crypto. The entire financial data with which you are trusting the wallet should be secured.

Authorization – Your profile/personal wallet is secured with a Login. This feature is a must for exchange agencies or big business firms.

Notifications – All the alerts related to the current status of the user. The transactions, the conversion rates, the stir in crypto market. Everything one needs to know about crypto storage and dealings. 

Personal Wallet/Profile – Own your personal dashboard displaying the complete information of your crypto (status, deals, transactions, etc.). Profile can be managed by the owner. Authenticate via a login.

Paper Wallet Import – Bitcoin in physical form? You can make your own bitcoin wallet of paper or plastic. A bitcoin card just like an ATM card. The paper wallet has public and private keys printed together.

Currency Conversion Rate (CCR) – The access to current values of the currencies is very much needed and therefore integrating CCR in your digital wallet is mandatory.

QR Code Scanner – Manually typing the bitcoin address is a tedious task and has scope for mistakes. Simply scan and obtain the bitcoin address.

Addresses – The feature must differentiate between passive and active accounts. Again beneficial for exchange agencies and big firms. Followed by this segregation the benefits like quick access can be given to active accounts.

Bitcoin Wallets of the year – 2020

  • Trezor
  • Ledger
  • SoFi
  • Robinhood
  • Edge
  • Exodus

How Can You Acquire Your Own Bitcoin Wallet App?

Keep Your Priorities Straight – Knowing your purpose will help you decide the type of wallet you require. A mobile app, desktop, web or hardware. Having a roadmap will never let you fail in achieving your goals.    

Start from the Scratch – Don’t settle for readymade templates. Those only provide a standard solution. Bring up your own customized digital wallets. The customized wallets will give you a more personalized trading experience.

Hire Best Developers – As mentioned above, your insights and their technical expertise together can do wonders. They will take care of the features, the UI, the functionality, the security, the latency and so on..

Budget Setting – Do some market analysis, know the budget needed for the making wallet and accordingly plan your budget. As it is a one-time investment, compromise with the budget might retain you from getting your desired digital wallet solution. No room for regrets later.    

Know about tools and libraries – There are a lot of open-source libraries over the internet. Use them as a base to get your desired app/web wallet for crypto. These are the standard libraries that integrate blockchain to the wallet for you to perform trade. 

Some apt libraries are coinbase, chain java, blockchain and bitcoinj. 

Integrate Bitcoin Payments – Why not pay with Bitcoins? Integrate the option for payment in your digital wallet and enjoy the benefits. Some of the potent services that will help you do so are BitPay, Coinfy, SpectroCoin, CoinGat and Coinbase. 

Acquiring Bitcoin Wallet – Benefits v/s Drawbacks

Benefits

  • The most reliable source for Crypto Trade
  •  Decentralized – has links with multiple blockchains for trading
  • A full-fledged mechanism. 
  • Not confined to one city, state or country. Supports overseas trades. 
  • No time-zone bounds (ideal for overseas trades). 
  • Maintains anonymity. Your entire information is safe and encrypted. 
  • No room for errors as every process is automated.
  • A wise investment. Cost-efficient in the long-run (no involvement of third-parties and maintenance is cheaper).    

Drawbacks

  • Legal Limitations – different countries treat crypto differently. 
  • Making-cost is a bit high. To avoid making costs reach out to exchange agents. 
  • Blockchain integration – the company can either revamp its existing system or collaborate with the blockchain solution. 
  • Time and resource-consuming (initially). 
  • One needs to be extra cautious with government policies, the security of the bitcoins, the functionality of the digital wallet. 
  • No scope for mistakes/negligence
  • Crypto trade is not mainstream in some countries this might restrict the trade

Conclusion

Despite some ups and downs in the trade and government limitations, Crypto is constantly stepping up the ladder of popularity among investors. No doubt, Investment in crypto is a deal to seize, if invested properly it will fetch more profits than shares, stocks, debentures and mutual funds. 

No matter you are dealing in lump sum or in miniatures a digital wallet is a must. The Bitcoin Wallet is the safest place to store your digital currency (bitcoins). If you are a daily player, it is advised to invest in the right resources for the development of digital wallets to enjoy uninterrupted crypto trade.