How to Develop a Cryptocurrency Wallet: A Brief Guide
There are different types of wallets held online or offline (also referred to as hot and cold wallets): desktop, online, mobile, hardware, and physical. A cryptocurrency wallet is basically the Blockchain equivalent of a bank account. It is a software that allows you to receive cryptocurrencies, store them, and then send them to others.
General Attributes of a Crypto Wallet
Before we dive deeper into cryptocurrency wallet development, let’s look at various features of a crypto wallet. It allows:
- to generate the required crypto blockchain addresses;
- to keep accounts of various crypto coins;
- to carry out direct sales and purchase of digital currency;
- to send coins to other wallets;
- to keep a record of blockchain transactions;
- to pay for goods and services from fiat or cryptocurrency wallets;
- to deposit and withdraw crypto coins to bank cards (conversion);
- to connect merchants to receive payments;
- to establish trading (purchase and sale) between users.
1. Selecting Development Tool
So, how to create a cryptocurrency wallet? The main steps you need to take before you start the actual development of the crypto wallet:
1. Definition of goals. It is necessary to identify the main goal – trading or investing, conducting transfers, long-term storage, etc.
2. Statement of technical specifications. The development of the crypto wallet begins with an analysis of the source data, taking into account the requirements of the user.
3. The choice of technology. When developing applications, popular technological solutions and tools are used – they allow you to create a high-quality product with a necessary set of functions. You can use open-source libraries, for example, Coinbase and Bitcoinj, to create your future wallet.
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2. Starting Cryptocurrency Wallet Development
Whether it is a bitcoin wallet development or any other cryptocurrency wallet development, it is not an easy process, and you need to have developers with relevant experience on your team. Most developers can complete the step of connecting the necessary APIs (QR-code, authorization, wallet balance, etc.) and tools from the SDK and create an attractive user interface, but the subsequent steps get more complicated. Why?
- Not even all professional developers can write software code for the wallet, especially if it should support more than one currency;
- Developing a tool for safely processing transactions to and from the wallet also requires special knowledge;
- Prototyping and testing steps allow you to check the correct operation of the application/software, detect and fix possible malfunctions. This is where you need quality assurance specialists to help you ensure that you can start using your new wallet and/or present it to the public without ruining your wallet’s reputation.
How To Program Your Own Crypto Wallet
If you are a beginner developer, you might be able to connect APIs on your own or do it by following tutorials available online. However, you will probably get stuck when it comes to actually write the code for your wallet.
If you still need to create the crypto wallet and secure assets but not sure in your abilities to complete blockchain cryptocurrency wallet development from start to finish, the best solution is to turn to professionals. This way, you will receive a functioning application with wide functionality and an intuitive interface.
Developed by qualified specialists, your wallet will meet and even exceed all your expectations. The developers from a cryptocurrency wallet development company can create the wallet for you or assist only during those steps that you need help with.
Although there are relatively few active users of Bitcoins and altcoins, the cryptocurrency market is at the beginning of explosive growth and offers to immerse opportunities to make money. The development of a cryptocurrency wallet will allow avoiding many problems associated with cryptocurrency storage, transfers, and trading on exchanges.
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