Virtual currency is a new kind of distributed digital money that exists in the online world. It is a completely decentralized form of money that eliminates the need for middlemen - any sort of central banking system or issuing authority.
Depicted above Statista’s survey states that the number of Bitcoin-based wallets users has been growing at a phenomenal pace and reached approximately 24 million users in 2018. Digital money is increasingly gaining traction, and it's time to consider Bitcoin wallet app as a fast way of business growth. Let’s take a closer look at it.
Bitcoin digital wallet and its benefits
Digital wallet enables users to manage and process any digital cryptocurrencies: move, send, receive digital money in an easy and simple way. Both customers and businesses are increasingly using virtual currency to provide two-sided liquidity on a daily basis, contributing to their growth and influence. Below you can read about how digital Bitcoin wallet is beneficial and profitable:
- Privacy. Personal information of a particular person who uses a wallet is safe and protected from the outside world.
- Decentralization. It does not require any intermediaries to communicate.
- Trustworthiness. There are no banks or other financial services regulations to follow. Running a business is possible in a more simple and easy way.
- Avoid fraudsters. Bitcoin protocol is strong cryptographically that means payments are safe and secured.
- Fast transactions. Transferred within short time duration without extra commissions.
Key Bitcoin wallet app features
We have identified some basic features or MVP features that any Bitcoin wallet app should cover. These are authorization, profile/personal account, QR scanner, currency conversion rate, push notifications, security. Let’s have a closer look at them below:
- Authorization. Used to determine user privileges or access levels.
- Profile. Created to manage the digital currency transactions: sending, receiving, moving, checking.
- Security. PIN code, password applied to protect the app.
- QR scanner. Broadly used in payment transactions: to send/request money.
- Conversion or exchange rate. Used for currency rates monitoring.
- Notifications. Incorporated to notify users about the app changes.
Bitcoin wallet app areas of implementation
Below you can read about key areas of Bitcoin-powered wallet app range of use. Let’s take a closer look:
Instead of using a physical plastic card to make purchases, you can pay with a wallet app set in your devices - smartphone or tablet. Using a cryptocurrency when purchasing, you can simply select Bitcoin currency at checkout to complete the purchase. The payment system will convert the currency into bitcoins and finalize the purchase.
Currently, a good many people are eager to draw their salary paid in Bitcoin. It is a more handy way for them to get wages in contrast with common bank transmission. The one way to accept Bitcoin salary payments with no-hassle is to create a wallet address in order an employer can pay a sum in Bitcoin monthly.
A Bitcoin-powered wallet can be made for international transfers. It will simplify the way of sending money abroad within minutes without extra commissions. Bitcoin cryptocurrency is also an easy way to send money abroad without any intermediaries. There are no special restrictions on the minimum or maximum amount you can send.
Also, you can read about: How to build a Blockchain App
How to build a Bitcoin-powered wallet app
Here we have prepared some useful information about how to develop a Bitcoin-powered wallet application: use a standard open-source library or incorporate digital money as a payment option. Let’s delve into details below:
1. Use standard open-source solutions
Open-source tools offer the necessary functionality, adjusts the e-wallet to the blockchain and carries out financial trades. Let’s take a closer look at the most widely used libraries below:
- Blockchain. Applied as a platform for digital assets, supports a wide range of languages to write a code, works on Android/Windows/iOS/Linux/Mac OS platforms.
- Coinbase. Enables to buy, sell, and manage a wide range of virtual currencies/money.
- Bitcoinj. Built on Java but is compatible with JVM languages, allows working with MainNet, TestNet3.
Outlined above open-source libraries provide rich functionality. They allow you the following: work at an existing wallet or build one with an encrypted and detected password, check out pay balance, send/receive virtual currency, or calculate currency exchange rates.
We, at DDI Development company, do not utilize any open-source libraries for creating Bitcoin-powered wallet app. As an alternative, we develop a wallet module. The basic concept is to implement an e-wallet solution for iOS- and Android-based platforms that will encapsulate the business logic of the app. The mentioned module is built in Java but can be transformed to Objective-C/Swift with Gradle automation tool.
2. Incorporate Bitcoin currency as a payment option
Below you can read about an alternative variant - incorporating digital currency/money into the existing app to accept digital payments orders if the need for the complex solution for your company does not arise.
There is a wide range of deliverers of the services referring to the virtual digital money. Mentioned above variant eliminates exchange rate fluctuations involvement while extends payment options for your clients. Let’s read about top payment services below:
- BitPay. Provides secure digital wallets and checkout services.
- CoinGate. Enables businesses to accept digital money as a payment of their products via online/traditional POS options; also enables to trade virtual money.
- SpectroCoin. Offers a wide range of digital money solutions: from exchanges to Bitcoin-based e-wallets.
- Coinify. Digital money platform that allows merchants to accept payments in bitcoin digital money online.
Nowadays there is a wide range of solutions to create Bitcoin-based wallet apps. Custom app development based on the individual preferences and business needs is more complex and time-consuming but more successful and efficient. DDI Development company has a solid tech experience in creating and delivering custom apps that are always valuable and perfectly suit all the business needs. Let us know and we will deliver excellent digital Bitcoin wallet app for your business.