Nowadays, Bitcoins, especially cryptocurrency, has come into common use. Despite the risks and questions that highly matter, like where or how to keep Bitcoins, it may seem like a challenging task to deal with. You cannot even see or even touch virtual money. However, the answer is simple, as you only need to know how to create a cryptocurrency wallet app.
Knowing how to create a crypto wallet app allows you to make different transactions, including the buying and selling of cryptocurrency. Its main goal is to store the key needed to access the Bitcoin address and, of course, your means and income. That’s why in this article, you will get ideas about how to create a cryptocurrency wallet app to help you when you trade.
What Is a Cryptocurrency Wallet App?
Before knowing how to create a cryptocurrency wallet app, it would be helpful to understand what it is to start with.
The cryptocurrency wallet can be considered as your personal and secured channel of interaction with crypto-network. Just like online banking, it acts as your bridge between you and the cryptocurrency financial system. It contains private keys and secret codes that allow you to spend. In other words, it also you to safely store your cryptocurrencies and manage them accordingly.
You only need to store and protect not the crypto or Bitcoins themselves, but private and secret codes that provide access to the public and the ability to come up with transactions. It’s a channel where you can monitor and check your data about the crypto balance. Despite its popularity and safe solutions in the market, many companies face the need to come up with a customized cryptocurrency wallet for users.
What You Need to Do Before Creating a Cryptocurrency Wallet
Before creating a Cryptocurrency wallet, you should always remember that planning is the key to success. Here are the tips before you create your wallet.
- It must have the required cryptocurrency blockchain addresses.
- Every transaction needs to be recognized by the wallet and be able to send funds to accredited addresses.
- It must be able to process cryptocurrency transactions received from other addresses.
- The wallet should be able to calculate fees based on the rates since transaction fees vary.
- Remember that cryptocurrencies are just through digital histories and transactions. So, it must store the transaction history and show it in real-time when needed.
- It must also be able to sign and built cryptocurrency transactions.
- It must also handle the impact and effects of the crypto blockchain database and other conflicts and risks. Such actions must be undertaken by the crypto community afterward.
- When it’s already complete, the cryptocurrency wallet app needs to transmit the Bitcoin blockchain transaction.
Understanding Cryptocurrency Wallet with the Help of Libraries
You should understand that knowing how to create a cryptocurrency wallet app will require a good and professional programmer. This must be done accordingly and carefully, as any error code may lead to failure. One way of knowing how to create a cryptocurrency wallet app relies heavily on your existing tools. Here are the ways on how to create it:
Coinbase Software Development Kit
Coinbase comes with an SDK to help developers build and learn how to create a cryptocurrency wallet app through digital currency exchange. This is usually called a cross-platform Java library that can be used for Ruby and Python. More so, this Kit allows investors or other users to use Bitcoin in purchasing other currencies.
It has good transaction management, as it supports your transactions, especially the crypto payments. It helps in developing the iOS and Android platforms. It comes with a very good and detailed guide that explains how to create a cryptocurrency wallet app. You should note that there will be a registration process for the developer to follow, and some features may not be accessible in some countries.
Blockchain Wallet API
The Blockchain Luxemburg has been the most popular crypto wallet. Every developer can create a Bitcoin wallet app through their application programming interfaces. It provides very detailed documentation that is very easy to follow. Through Blockchain Wallet API, a developer can easily complete all the needed steps in a short time, like:
- Create wallet API
- Make outgoing payment transactions
- Send funds to multiple recipients
- Checking the balance
- Generate new address
Archive or unarchive the address
The BitcoinJ is a cross-platform library that is handy when you need to work with Android and Windows platforms. This is very easy to use and comes with very detailed documentation.
Stages on How to Create Cryptocurrency Wallet App Development
There are three stages on how to create a cryptocurrency wallet app, and these are:
The Use of Libraries for Android and iOS
Since cryptocurrency is known for being open-source, then you don’t need to take the wheel again to create a wallet for personal use. Special libraries are enough, like the Coinbase SDK or Bitcoin SDK. Your crypto wallet agency will then let you know which technology ideally fits your project.
Synchronize the Crypto Wallet into the Blockchain
Using the APIs, it will allow you to sync your crypto wallet easily with the blockchain. The famous APIs are Coinbase, Bitcore, and Factom.
Integrating Bitcoin as Payment Option
If you want to have the ability to use Bitcoin in making payments on your website, you might need to integrate the Bitcoin payments into your crypto wallet through special services like BitPay or BitPOS.
Do you think you need to create a crypto wallet app to store all transactions, including private keys and secret codes? Knowing how to create a cryptocurrency wallet app will help you keep track of your cryptocurrency portfolios and records. It helps your funds secure and track the history and transactions you’ve made.
I hope the tips and stages, together with its purpose, have helped you understand how cryptocurrency wallet app works and why it is beneficial to those who trade. Of course, it’s always better to seek help from a developer or a professional to avoid any system failure. Learn more about cryptocurrency wallets here!