Users can buy, trade, lend, and keep track of their bitcoin assets using crypto wallets. The creation of a cryptocurrency wallet ensures the creation of a piece of software that stores user transaction histories, including how many coins they own.
The two most popular digital currencies, bitcoin, and ether are supported by the majority of cryptocurrency wallets. However, a lot of wallets also support a variety of cryptocurrencies, including an expanding number of altcoins.
We’ll now go over the essential components that this post’s successful crypto wallet apps must have. We divided the features into many groups.
Create Your Own Cryptocurrency Wallet App | Features
The design of crypto wallets begins with a significant amount of planning, just as with any program. You must take into account every element of your business before entering a single line of code.
The categories to consider are listed below, along with some general advice for each.
Security Features
It should go without saying that security should be a key priority for every development company. Without the ability to protect the coins, nothing else matters.
If you’ve used a traditional banking app, you may be familiar with some of these capabilities because crypto security in such apps shares some security characteristics.
Some are exclusive to the area of blockchain security, but all are equally important.
Two-Factor Authentication
The plain fact is that passwords are no longer sufficient.
Using one of the available apps, a text message, your system, or two-factor or multifactor authentication, you must gate access to the wallet.
The cryptocurrency is flourishing even if many existing users are unlikely to employ weak passwords. Soon, lay users will have access to crypto, and they will need security.
Timed Logout
Timed logout is another feature that protects novice users more so than expert users, but it is still essential to any successful cryptocurrency wallet program. Users should be automatically signed out after a brief period of inactivity or if the system is locked, similar to the banking websites.
Up until logging off for the period, there is no industry-wide recommended practice, but five minutes of inactivity is typical.
Client-side Private Key
There is no justifiable reason for a third-party server to keep the users’ private key on it.
No matter what speed or usability gains you might be able to make, resist the urge to store private keys on the device itself. Do not forget to emphasize consumer financial safety. Most importantly, you can rely on your wallet program to help you access cryptocurrencies securely. The only thing you achieve by possessing the server-side private key is to expose yourself to attacks and consequently to legal action. By keeping the private key locally on the user’s computer, there is no possibility that you will misplace it.
Deny Repeat Payments
Even though a cryptocurrency wallet is not a bank, it should still have some of the same security precautions. Credit card fraud warnings are probably not unfamiliar to you if you’ve ever used a modern bank. You get a text or call from the bank asking for confirmation of a transaction when you make a purchase in an unfamiliar place or with an unusual amount. Simply put, if you respond “no,” you reject the claim. Many wallet development budgets for cryptocurrencies may not have access to such sorts of complex analytics, but you can easily provide a crypto-specific version. With each transaction, each successful wallet application can generate a new wallet address. A person is likely up to no good if they attempt to obtain coins repeatedly from the same address.
Usability Features of a crypto Wallet App
Usability is the component of a crypto-wallet device that is second in importance to security.
This category, also referred to as “quality-of-life features,” includes all the elements that make using your app pleasurable, simple, and most of all, quick.
Robust Backups
A remote wipe is among the first actions any user would want to do if a computer is stolen or compromised. You can greatly reduce the discomfort of the task by starting the wallet backups.
Although adding secure cloud storage services like Dropbox or Google Drive is significantly handier, the safest backup would be to the user’s device or an erased SD card.
Solid UI
It’s simple to forget that you’re producing an application when developing a high-tech application, like a crypto wallet. It may not seem crucial, but little things like a pleasing appearance, easy function-to-function directions, and a solid support file matter a lot. There are numerous comprehensive manuals for creating UIs that follow the best practices available. Make sure you don’t commit errors that negatively distinguish your program.
Push Notifications
Another feature included in traditional banking software is push notifications, which is a requirement for any new mobile device.
Customers want to know when their coins will be delivered. Whether it’s a request for payment, a successful sale into fiat, or significant changes in coin prices, it seems sensible to provide the specifics up front. Allow users to customize their notifications as well for bonus points. For instance, they might want to know if the USD to BTC conversion rate reaches a specific high or low level. You may also be creative and include functions like geo-locating nearby crypto-friendly stores or online vendor discounts.
But be sure to have precise control over the alerts that are issued; otherwise, you run the risk of offending users.
Smart QR Scanner
In-person cryptocurrency transactions still frequently use QR codes.
It takes time and seems odd to ask them to fill in the wallet addresses because they are lengthy and intricate. Moreover, a QR scanner is needed for every crypto wallet program. Several gadgets only have three scanners. One for payment requests, one for private keys, and one for public keys.
For instance, a user might visit the “Send Coins” page before scanning the code to find the recipient’s address. By putting some reasoning into the software to discern between the numerous locations QR codes lead, you will significantly simplify the lives of your users.
An app must open the payment page if it verifies a public key. When it analyzes a specific payment request, it immediately adds that information to the list. Open the option to sweep the account when a private key is checked. By including a large, noticeable “Scan Code” button on the UI, you may greatly simplify it.
Users can go there if they require a universal scanner to handle all of their crypto needs.
Outsource | Crypto Wallet App Development
You’ll need to find something different if you intend to develop your crypto wallet.
Who can program all of this for you? Spend years shortening the development cycle by outsourcing the labor-intensive coding and lifting to a team with experience.
Blocktech Brew has had success with various kinds of Crypto Wallet App Development for more than ten years. We’re doing this at a great price by utilizing the greatest offshore personnel.