Blockchain technology has made a breakthrough in the field of secure transactions. As a result, more and more companies today are implementing cryptocurrencies as a payment option or developing applications for Bitcoin trading. As a result, the demand for such software is growing. For example, the number of Bitcoin wallets reached 81 million by 2022. Crypto wallets are also actively used now – daily transactions are more than 25 billion U.S. dollars.
So you can create your own Bitcoin wallet to take the most of growing cryptocurrency’s popularity. This article lets you learn what features to add, what libraries can be used for development, and much more.
What Is Bitcoin Wallet and How to Use It?
The crypto wallet is used to store cryptocurrency and make secure transactions. It uses blockchain records, as well as public and private keys. Most cryptocurrencies have their own wallets, for example, Bitcoin. Others recommend using third parties. To create an app with cryptocurrency payments, you should add integration with the wallet.
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Using cryptocurrency wallets offers a large number of advantages. One of the most important ones is anonymity and security. Thus, every transaction creates a new block in the blockchain with complete information about its details. Furthermore, this data is securely protected, so you can only see the transferred amount and address of the wallet.
All the information recorded in the blockchain cannot be changed later. Also, a digital signature is required before sending a transaction so your cryptocurrency is well-protected from third parties. Thus, using a Bitcoin wallet for payments significantly increases their security.
There are a few of the most common ways to use crypto wallets, namely:
- Payment in stores. There are already many online stores where cryptocurrencies are the official payment method. However, thanks to the startup CryptoPay, you can create a debit card linked to your Bitcoin wallet. With it, you can pay with cryptocurrency in almost any store.
- Wage payment. BitWage has created a platform that allows you to pay wages in Bitcoin. This method is incredibly convenient for freelancers working in other countries.
- International transfers. Using Bitcoin wallets for transfers to other countries can save costs because you do not have to pay massive commissions.
- Protection against fraud. As we have already mentioned, cryptocurrencies are a very secure payment method. They are even ahead of banking institutions in terms of safety.
The fields of cryptocurrency applications are constantly expanding due to the increased interest in this topic. Thanks to the newest top blockchain startups, cryptocurrencies are now used in FinTech, logistics, retail, and other industries. Moreover, you can also implement a Bitcoin wallet as a payment instrument in ready-made software or include this function when developing a new solution.
Mobile Bitcoin App MVP Features
Most Bitcoin wallets have similar features. Consider them if you want to create your own application. For example, the MVP features of a mobile cryptocurrency wallet include the following:
- Authorization. The registration and login must be as secure as possible.
- Personal account. Here the user can check his balance, make transactions and track the history.
- Exchange rate. It will help to track the value of Bitcoin relative to traditional currencies.
- QR scanner. The feature allows quick transfers by code.
- Trading. Users will need this feature for buying and selling Bitcoin.
- Push notifications. The user will be notified of new transactions or changes in the exchange rate.
- Security. Use a password code or biometric data to protect every account.
You should use the appropriate tech stack to make all these features work correctly. Let’s take the example of the application from Blockchain Luxembourg Ltd.
So to create an app, they used the following tech stack:
- Java, Clojure, and Node for the backend
- AngularJS for frontend
- MySQL – database
- AngularJS, NodeJS for web apps
You do not need to learn all the technical details yourself. Instead, you can turn to an experienced software vendor who will create an application for you by selecting the most suitable and modern technology.
Top Bitcoin Libraries to Use
You can use some popular libraries with rich functionality when creating a Bitcoin wallet or cryptocurrency application.
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1. One of the most popular libraries is Blockchain. It supports most platforms and programming languages and has many APIs for developers. The application is free. The service provides such API keys:
- V2. Completely free, it allows websites to receive payments in Bitcoin. Suitable for personal use as well as for businesses.
- Blockchain Wallet. This API key gives access to such functions as wallet creation, transactions, management, etc.
To access these keys, you must make a request, including all information about your company and application. Thus, the company protects itself from fraudsters.
2. Cross-platform BitcoinJ SDK is compatible with Windows and Android. It has rich functionality, so you can use it to create and manage wallets, conduct transactions, etc. Also, the library provides all the necessary tools for encryption, transaction security, and more. Finally, and most importantly, all this is free and does not require registration.
3. Coinbase SDK is another cross-platform library that supports Android and iOS. It allows you to work with Bitcoin, Ethereum, and Lightcoin using programming languages such as Java, Ruby, and Phyton. In addition, you can use it to get information about cryptocurrency and exchange rates. Registration is required to use the library, after which you can access all functions.
Ready-Made Solutions to Integrate
If you are still deciding if you need to develop your own Bitcoin wallet, you can start by using ready-made solutions that can be customized to your needs. There are several services that you can try:
- CryptoPay. Provides APIs that you can use to add Bitcoin payments to your website.
- Shopify. Gives you the ability to create your store with various payment methods, including Bitcoin.
- BitPOS. Allows you to make Bitcoin payments in online and offline stores.
- Coinify. Enables online Bitcoin payments, which can be fully controlled from mobile devices.
The list of popular services is constantly expanding, so you can always find the one that best meets your needs. And if you need a solution that fits your business requirements 100%, you can turn to a software provider with blockchain expertise to help develop a custom solution.
Today, there are many options for creating a Bitcoin wallet. You can implement a third-party service into your software or make your own cryptocurrency application. All you need is a reliable technical partner who can bring your ideas to life. Integrate modern software into your business or create a startup to benefit from distributed technologies.