Digital Currencies have become a new trend of this tech-savvy era. Many people have started to invest their time and money in mining different cryptocurrencies, and fortunately, are making a decent profit out of it as well.
However, every cryptocurrency miner requires a digital wallet to store, access, and trade the earned cryptocurrency. Without an electronic wallet, there’s no point in spending those relentless hours to mine a digital currency.
As a result, the demand for secure and feature-rich e-wallets is rapidly increasing. Cryptocurrency enthusiasts, across the world, want to store their digital currency in wallets which can be accessed any time anywhere, and that’s why this is the perfect opportunity for business owners to invest in developing a mobile app which allows miners to do the same.
The electronic wallet is one of the perfect mobile app idea, which has enough target audience and the potential to become a stand out in the market. So, in this blog post, we’re going to share some insight on how e-wallets work and how you can develop one, which caters to the requirements of cryptocurrency miners.
What is an Electronic Cryptocurrency Wallet?
If you’re not familiar with the cryptocurrency world, you may not know the significance of e-wallets for cryptocurrency traders. These wallets are just like your leather wallets, which instead of storing cash and credit cards, store digital currencies. Being electronic, they’re much smarter than traditional wallets and can perform several crucial tasks as well.
These wallets can be used to store, trade, and track the digital currencies, earned through cryptocurrency mining. Furthermore, cryptocurrency wallets also keep a track of customer’s online transactions so that he can figure out how much money did he spend and when did he spend it.
Any digital wallet like this should offer a safe environment for the customers to trade their digital currencies. It is also important that the wallet should be designed to support different cryptocurrencies like Bitcoin, Ethereum, Litecoin, etc. so that whichever currency, the customers are mining, they can easily store in within one wallet itself.
To understand the importance of cryptocurrency wallets a little better, you must familiarize yourself with how these wallets work.
How Do Cryptocurrency Wallets Work?
Cryptocurrency wallets work like any other e-wallet we use. However, instead of a username and a login password, the users are assigned with a hexadecimal private key. Each user has his own distinct private key, which is used to gain access to the wallet.
Even though these private keys are quite difficult to remember, the user must always keep a copy of them. Without the key, the user won’t be able to gain access to the wallet, let alone complete a transaction.
Customers can either save a copy of the key in their smartphone, click its picture, or just sit for hours to remember it, but this digital key is the way to log in to the wallet, and therefore, must always be with the customer.
How to Build a Cryptocurrency Wallet?
Now, that you know what cryptocurrency wallets are and how they work, it’s time to understand how you can build one. Considering you don’t have the expertise to build a mobile app, you, of course, need to hire a team of professional app developers who can transform your app idea.
However, not every developer can build a feature-rich digital wallet as it requires expertise in Blockchain, fairly new technology in the app development world. Even though blockchain has been in the market for a while, it was only used to solve cryptocurrency problems.
Considering its potential, however, many mobile app developers started utilizing Blockchain to develop mobile apps. The reason why blockchain is the preferred choice for developing e-wallets is that it allows developers to build secure and highly flexible wallets. As a result, customers can always stay assured that their digital currency is safe from any potential threat.
Furthermore, the wallets developed using blockchain support different digital currencies, giving the customers the ability to store any currency he wants. In short, if you want to build a cryptocurrency wallet, which attracts the cryptocurrency traders, you must look for app development companies, which have an in-depth knowledge of Blockchain.
Examples of Cryptocurrency Wallets
If you’ve come this far, you are more likely to be interested in building an electronic wallet. To do so, however, you must analyze your competitors to understand the features that you want to integrate into your mobile app.
Here is a list of some of the leading cryptocurrency wallets in the market.
Atomic Wallet is a multi-currency wallet which supports 300+ digital currencies. As of now, the wallet is available for both Android as well as iOS, along with a standard version for Windows users. Customers can also buy different digital coins including BTC, ETH, and LTC from the wallet itself.
Jaxx is yet another professional e-wallet for cryptocurrency traders. Even though it doesn’t support 300+ digital currencies, like Atomic Wallet, it does support the commonly used currencies including Bitcoin, Litecoin, Ethereum, etc. Jaxx is the perfect choice for beginners as it doesn’t require the user to pay any upfront charges.
Mycelium is a cryptocurrency wallet with an easy-to-navigate user interface and tons of exciting features. Like the latter one, Mycelium doesn’t support too many digital currencies, however, can be used to store Litecoin and Bitcoin. The wallet is secured with a 12 words private key, which every user must remember to gain access to the wallet.
Building a cryptocurrency wallet can help you establish a strong brand name in the market. The demand for feature-rich digital wallets is on the rise and this is the right time to hire an app development firm which can shape your app idea into a functional mobile app.
However, as we mentioned earlier, it is important to hire developers who are familiar with Blockchain technology. So, make sure to look for developers who know how to use Blockchain to build extensive and user-centric electronic wallets.
About the author:
is chief technology officer at RV technologies. He is very passionate about implementing new technologies in developing innovative mobile app development
and website development. He constantly looks forward to various interesting ideas and ways to implement them with advanced functionalities. He keeps on inspiring the developers with new functionalities, ideas as well as tools.