Technological progress goes further, crossing the boundaries between the virtual and real world. Blockchain plays a leading role in this process. Along with standard online payments, there are more and more integrated cryptocurrency payment methods. Today, you can not only use a ready-made bitcoin wallet, but also create it yourself.
How do I create my own bitcoin wallet app and integrate it into your trading platform as a means of paying for your products or services?
The reasons and objectives
Bitcoin transactions are almost impossible to imagine without e-wallets. They can work with different electronic currencies or only one of them, such as bitcoin itself.
A bitcoin wallet app is a regular software wallet that can store, receive, and transfer bitcoins, making all transactions secure for both parties. These are only the main features that such wallets can provide. They can also store digital keys, etc.
Now let’s check what such apps can give to both sides of bitcoin transactions.
Quick and easy
When using a normal payment method, such as Bank transactions, it can be quite simple to perform a transaction between different accounts of the same Bank or between several banks in your region. But when conducting financial transactions between international organizations, this will definitely take much longer. Even ten business days may not be enough.
Especially if we are talking about large amounts of money, for example, more than $ 100,000. This requires too much bureaucracy and time. Aren’t you tired of it?
With blockchain-based solutions, this takes a maximum of a few hours. Thus, financial transactions with the blockchain become extremely useful in terms of time.
All transactions are signed with a unique signature. After the transaction is concluded, no components can be changed. This guarantees a completely secure and reliable transaction from the sender to the recipient.
Cryptocurrency transactions are known for their complete anonymity. You can use these systems without showing any previous credit history, as is usually required in banks. In addition, you do not need to provide other personal information to complete transactions. This creates an additional layer of security, since standard poorly designed systems can be compromised.
All you need to make electronic payments is your wallet address, which is actually a long string of numbers. You can use it to get all the information about the transaction, but you will have zero data about the recipient or sender, depending on the type of your operation. So it’s completely anonymous for both parties.
Regardless of the economic situation
No risk of unauthorized access by third parties to the transaction data is provided by a combination of 2 digital keys (public and private), which are received only by the recipient and sender of this transaction.
From time to time, economic collapses occur in different countries. They do affect standard banking systems, and many investors tend to lose their deposits. These situations do not affect cryptocurrencies, since they have decentralized support. This factor fully protects bitcoin owners from any political or economic crisis.
In the case of standard currencies, inflation often occurs when a crisis occurs. On the contrary, bitcoin will never be devalued due to the fact that the number of nominal monetary units will never exceed the set amount of 21 million marks.
What are the possible uses of bitcoin?
Bitcoin provides many opportunities for electronic payments. Because this makes it possible to circumvent the financial systems of the state. In addition, the main goal of such applications is to make electronic payments as reliable as possible. The blockchain supports these transactions in some way, making them immutable, recording each stage of trading in encrypted form. Thus, third parties are not involved in the process.
As highlighted above, anonymity is another important factor that makes bitcoin payments profitable for customers. Well-known trading platforms have already experienced all the listed advantages of integrating such electronic payments. These include Zappos, WordPress, Amazon, and others.
Let’s sum it up in its purest form:Works bypassing the state financial system; Transaction reliability;Immutability of records;No third parties;Complete anonymity; Example of known users.
Main points when developing such an application
Bitcoin is open source, does not belong to anyone, and anyone can become a member of the network. So creating an app for a bitcoin wallet isn’t as difficult as someone might imagine. There are many free libraries that will help you implement your idea.
First, let’s highlight the possible functionality of such an application:Registration / authorization system; This is a mandatory and unconditional function that provides the necessary level of security; Profile; it has all the necessary personal information that can be used for General management of payment transactions;QR code Scanner; Participates in the process of sending and receiving money;Exchange rate; Shows the price of bitcoin on the market and helps to exchange it for other currencies;Trading service; Allows you to be a seller or see other sellers;Address generation;Creates new addresses for all transactions;Real-time payment tracking;At any time, you can check the status of the payment stage.
All important notifications will be sent when some changes are made, such as receiving a transaction or changing the bitcoin exchange rate, etc.
The simplest form of security is to set a PIN and password to protect the app.
Of course, security is a much more complex issue than anything else. So this should be considered with more precision. The first thing to do is to encrypt your wallet with a strong password. Additionally, you can create a backup copy of your wallet and store it in different secure locations. Another popular approach is to use multi – signature. Imagine that you need to get 2-3 signatures to send money. By the way, all of them must be set initially when creating the address.
Once you have defined the functionality, all you need to do is find the optimal API for your wallet. And don’t forget about the software libraries that will sync with your wallet.
This is the perfect time to explore the most popular libraries for creating your own bitcoin wallet app. By the way, in addition to applications with libraries, depending on their functionality, you can develop many applications related to cryptocurrencies.
Blockchain Bitcoin wallet
With a full set of free APIs, the blockchain bitcoin wallet is extremely popular among developers. It supports many platforms, includes many programming languages, and is completely free.
It has excellent documentation, so any developer can quickly create their own wallet by going through all the stages of building its functionality.
Its most well-known API keys V2 API KEY and Blockchain Wallet API KEY help websites easily receive bitcoin payments and, accordingly, provide full access to all the features of the service.
It is a cross-platform Java library that supports the Android and iOS platforms and works with Ruby, Java, Python, and other programming languages. It is designed not only for bitcoin, but also for The Ethereum and Litecoin currencies.
This library is known for providing information about the current cryptocurrency and the exchange rate of others.
The only thing is that it requires registration. But as soon as you register, you will be able to exchange currency, manage transactions and make payments in the cryptocurrency.
The only limitation for this library is that some features will not work in some countries.
In contrast, for the Coinbase SDK, it doesn’t require registration and is easy to use. Not to mention the ability to interact with TestNet3, the leading bitcoin test network that developers value very much, and access to MainNet, which is the main network for bitcoin transactions.
It includes so many important features for the bitcoin wallet app that give you a complete picture of all the benefits of cryptocurrency. This is a great choice for those who want to create their own bitcoin wallet app.
Of course, it should be noted that using libraries is not an ideal option, since there are some limitations. This is why most professional developers prefer to create wallet apps from scratch. This is a more complex method, not to mention its cost and complexity. So, most likely, choosing this path, you will need additional help from experienced developers. But believe me, you won’t regret it.
Whatever you choose, the main stages of developing a wallet application are: syncing the blockchain through the API installation; creating a bitcoin wallet;adjusting permissions for future transactions; configuring standard programs for managing transactions.
There is always a place for high-quality apps on the market, so professionals advise you to seek professional help.
Of course, creating a bitcoin wallet involves a lot of problems, but everyone will agree that the rewards are huge. Especially when these apps are of high quality.
For many businesses, bitcoin wallet apps have become an important component of their success, giving them a chance to take an impressive step into the future. It has many advantages, such as the ability to make fast and secure payments around the world. Independence from external factors and internal stability make them even more attractive.
Those who take a step into the future by creating a bitcoin wallet app will have the chance to become a significant player in this lucrative market.