Cryptocurrency Wallet Development

Cryptocurrency wallet is a software functionality allowing users to earn, monitor and transfer virtual currencies. Unlike existing banks or pocket wallets that store physical currencies, cryptocurrencies can only be recorded as transactions on the blockchain technology. If a cryptocurrency is transferred to the wallet it means that the ownership of the currency is signed off to a dedicated wallet’s address.

How to unlock the fund?

In order to use or unlock the fund, the private key of the wallet must match the public address of the currency it is assigned to.

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Advantages of Multi-Cryptocurrency Wallet

Multi-Currency

Hundreds of distinct cryptocurrencies have come into existence. Each holds unique infrastructure, ecosystem and purpose. If you’re inclined to using different currencies, the multi-currency wallet will let you access several currencies from the same/single wallet.

Detect Duplicate Payments

The reason why cryptocurrency systems, in general, don’t accept charge-backs, it’s rather risky for fund suppliers to reap more out of nothing or precisely by performing fraudulence. Additionally, with the 2-factor authorization protocol, the private wallet keys are extremely secured.

Automatic Session Logout

In order to enhance the primary security process, every single session logs out automatically. Initiating new login triggers after every X time (minutes or hours) will apparently keep the fund and account secured.

Inflation-Free Investment

Every cryptocurrency is supposed to contain after it hits/surpasses specific value. Because the quantity of virtual currency cannot exceed certain value/amount, the cryptocurrency can ever stay off the inflation grid.

Multi-Cryptocurrency Wallet Features

2-factor authentication

To maintain a secure user account.

Most used addresses

To access all the readily available user addresses.

Paper wallet development

To be able to scan and process paper cryptocurrencies.

Conversion rates

To instantly view the updated cryptocurrency value.

QR code scanner

To send and accept cryptocurrencies in a single click.

Push notifications

To get alerts on transactions and when the value/price of cryptocurrencies change.

Merchant services

To join as a merchant and to browse other cryptocurrency merchants.

Security

To protect the user accounts with password and PIN.

Auto denial of duplicate payments

To completely avoid chargebacks.

Favourable session logout

A security measure that automatically logs out user from their account.

Types Of Cryptocurrency Wallet

Web Wallet

Cryptocurrency wallet that primarily requires web access to function is called hot wallet or web wallet.

Significance

Quicker way to complete transactions.
Ideal for minimal cryptocurrency savings.
Allows multiple cryptocurrency transactions.
Allows direct integration into an exchange.

Mobile Wallet

Cryptocurrency wallet which is highly functional and can be accessed seamlessly on any mobile device is called mobile wallet. It is completely internet based.

Advantages

Efficient enough to accept or send payments on the fly.
Can support hardware wallets like QR code scanning.

Desktop Wallet

It is a really effective cold storage method of cryptocurrencies. Safer than mobile and web wallet.

Advantages

Easy to use
A cold storage option doesn’t need any energy source.
Comes with private keys.
Will not be stored on a third party server.

Hardware Wallet

Highly secured than the web wallet and are easier to work with than paper wallets. They handle fork better than others.

Advantages

Easier and safer way to store crypto for long-term.
Stronger security for all other wallets.