In recent years, digital currency is ruling all over the cryptocurrency exchange platform. Many business people and investors made enormous amounts of profits by trading the digital currency in exchange platforms. It made an interest in startups and entrepreneurs towards the cryptocurrency.
Also, many industries started to use blockchain technology for security and monitoring. Every digital currency is developed from the blockchain. In all exchange platforms, the bitcoin wallet plays a major role. So startups started to buy bitcoin wallets from the finest bitcoin wallet development company.
In this blog, let us discuss how to develop a bitcoin wallet and types of bitcoin wallets.
What is a Bitcoin wallet?
The Bitcoin wallet is a software program integrated into crypto exchange platforms. This wallet is mostly used to store, receive, and transfer cryptocurrencies. They are also used to monitor your balance. It transfers any type of cryptocurrency from one wallet address to another. We can also store and receive crypto tokens like ethereum.
If you have an exchange account in any popular exchanges. Then you should have a bitcoin wallet. So the bitcoin wallet development in your trading platform is more essential. Without a wallet, then there is no use of trading digital assets or altcoins in trading platforms.
You can also store and receive fiat currencies like USD, EUROS, and other currencies in your bitcoin wallet. It also records your transaction and acts like an online banking platform. Bitcoin wallet has both the private keys and public keys for the secure transaction.
Whenever a user or trader transfers the cryptocurrency from the wallet. They should enter the private key. So a private key is more important in a bitcoin wallet. You can copy the private key code and keep it in a secure document. Sharing the private key code is not secure and you may lose your funds. So do not share private keys with anyone.
In a bitcoin wallet, the public key acts as an account number. A public key is a security digital code that has both alphabets and digits. It is directly connected to the bitcoin wallet balance. Whereas a private key used to identify the account owner. When you transfer cryptocurrency to other exchanges, it just asks for password verification.
Also, choosing the bitcoin wallet creator and best bitcoin wallet development company is more important to launch a bitcoin wallet. There are two types of storage in a bitcoin wallet, they are
- Hot wallet
- Cold wallet
Hot wallets are online storage and you need the internet to access and monitor your balance on an exchange platform. It is used to store, receive, and transfer any type of cryptocurrency. A hot wallet links both the private key and public key for the secured transaction. Many of the traders use hot wallets on their own decision. Because they believe secure transactions on the internet.
But in some cases, hot wallets may get hacked by technical hackers. Because they are online storage and you may lose your funds. The major benefit of using the hot wallet is, you can store cryptocurrencies and digital assets on the internet.
Whereas cold wallets are offline storage and there is no need for the internet to access your bitcoin wallet and balance. It is the most popular wallet used by all businessmen and investors. Even startups and entrepreneurs started to use cold wallets for storing and receiving cryptocurrencies. Also, many traders preferred cold wallets than hot wallets. Because they feel a cold wallet is more secure.
It also holds the crypto tokens and cryptocurrencies in offline storage. There is very little possibility of stealing and hacking of cryptocurrencies.
Types of bitcoin wallet:
In the crypto industry, the bitcoin wallet is divided into five types. They are
- Mobile wallet
- Web wallet
- Paper wallet
- Desktop wallet
- Hardware wallet
- Mobile wallet:
A Mobile wallet is a wallet application on mobile. It supports bitcoins, altcoins, and tokens. You can also perform peer to peer exchange in the mobile wallet. It stores all the payment card details on your mobile. You can download any mobile wallet through the internet. it supports Android, IOS, and windows. These types of mobile wallets are easy to use, backup, and restore features. Developing a mobile wallet using bitcoin wallet development provides you high security during the transaction.
2. Web wallet:
Web wallets are similar to mobile wallets. It also has the same mechanism as hot wallets. It stores all the token and cryptocurrencies on the internet. They can be accessed through different browsers like opera mini, google chrome, firefox, and internet explorer.
3. Paper wallet:
Paper wallet refers to the offline storage of bitcoins, altcoins, and tokens. It is a printed sheet of paper that has private key and QR code information of cryptocurrency transactions. A Paper wallet is the best option and private key information will be more secure in offline storage. Paper wallets are mostly used by investors and businessmen for security potential benefits.
4. Desktop wallet:
A Desktop wallet is a wallet software that you can install on your personal computer and laptop. It is supported only in Mac, Windows, and Linux operating systems. Here also the cryptocurrencies are stored on the internet. Before installing a desktop wallet, you should have antivirus and antimalware software with strong firewalls for security measures.
5. Hardware wallet:
The Hardware wallet is offline storage. It is a USB like a device that stores all the bitcoins, altcoins, and digital assets. It provides high security to data and cryptocurrencies.
How to develop a bitcoin wallet?
developing a bitcoin wallet is so simple and easy. Some of the steps on how to develop a bitcoin wallet, they are
- you should decide the design of your wallet and types of cryptocurrencies that can be received in your bitcoin wallet.
- Choose the best bitcoin wallet developer with strong technical knowledge in blockchain technology.
- Generate the private keys and public keys for your bitcoin wallet
- Then find the top-notch bitcoin wallet development company with the bitcoin wallet development services.
- By using the finest wallet development services and wallet developer you can easily launch the bitcoin wallet on your exchange platform.
Benefits of using bitcoin wallet:
- quick, cheap, and secure for altcoin, bitcoin, and token transactions.
- Private keys and public keys are used in bitcoin wallet development for secure transactions.
- Easy to access in any crypto exchange platform.
- Simple and easy to integrate into your cryptocurrency exchange platform.
- You can monitor your balance using the bitcoin website wallet and bitcoin application wallet.
- Using the cold wallet is more secure to store your altcoins, bitcoins, and crypto tokens.
- There is no limit on storing and withdrawal of tokens and cryptocurrencies.
- You can avoid scams, hacking, and fraudulent activities by using offline storage wallets like cold wallets, paper wallets, and hardware wallets.
- Decentralized altcoins, bitcoins, and tokens can be stored securely in the exchange trading platform.
- Your bitcoin wallet transaction information can not be seen by the government.
- There will be no third party or middlemen during the transaction.
Some of the desirable features that are integrated into the best bitcoin wallet:
- The Complete secure monetary transaction
- Multi-cryptocurrency transactions
- Quick implementation.
- Two-factor Authentication
- Very fast transaction
- Cross-platform cryptocurrency wallet
Where can you hire a bitcoin wallet development company?
Technology is growing day by day and also payment methods are changing in every company. Bitcoin wallets will be used by every individual in the upcoming years. Because without bitcoin wallet development, you can not create your bitcoin wallet. So choose the best bitcoin wallet development company like Zab technologies. We so far delivered 60+ bitcoin wallets to our global clients. We assisted to launch the secured effective bitcoin wallet in their exchange platform at a reasonable price.