With the advent of technology, we no longer need to transfer money from one bank to another. Now, we have the option of a new digital currency i.e. blockchain. However, you need to build your bitcoin wallet to make different transactions, including buying and selling cryptocurrency. It also has the key to access the bitcoin address.
We all know that cryptocurrency wallet app development is a powerful system. In this article, we will discuss what a bitcoin wallet is and how to develop a cryptocurrency wallet app.
What is a bitcoin wallet?
It is a secure digital wallet to sell, buy, lend and record your cryptocurrencies. There are three types of wallet i.e. software, hardware, and paper.
Moving on, let’s dive into how you can build a cryptocurrency wallet application development using popular libraries:
It is advisable to rely on existing tools for cryptocurrency wallet development. There are many free tools to help developers but choose a platform that synchronizes your wallet app with the blockchain to easily process every transaction.
Coinbase Software Development Kit (SDK) is a cross-platform Java library that helps you use Bitcoin to purchase currencies. It is built for better transaction management and supports crypto payments. Moreover, it supports both iOS and Android platforms.
Blockchain Luxemburg Ltd. is the most preferred bitcoin wallet development among developers as you can create here by using your application programming interfaces (APIs). With its free API, you can carry all the required steps to develop a digital wallet in a short period.
Develop a bitcoin wallet app from scratch
Many times cryptocurrency wallet app developers don’t use existing libraries to build the digital wallet. This happens as they might not find certain features or requirements in the existing libraries.
As a cryptocurrency wallet development company, your developers should possess crucial programming skills to code the bitcoin wallet app development.
In this approach, you need to keep the following things in mind:
- Install the needed tools and APIs to synchronize the blockchain network
- Work on the required programming along with creating the wallet app
- For all the transactions, build a program to manage permissions
- Developing and testing the standard programs for added transaction features like checking the wallet balance.
To execute your plan properly, you need a robust development team with the following skills:
- To build an interactive user interface, you need UX/UI designers.
- To develop the main app and the mobile version, you need
- UX/UI designers, who will build the user interface of the wallet mobile and backend developers.
- Lastly, to test the blockchain wallet development, you need a QA specialist.
There are many approaches like full SPV node, SVP node or pruned node available but it is advisable to use full node. This can be done with Bitcoin Core’s RPC (remote procedure call). The developers can completely synchronize the node and then go with RPC commands using NBitcoin.
However, it will take over a day for ’initial blockchain downloading‘ (IBD). After it is done, you can start implementing the Bitcoin protocol for RPC calls which is known as bitcoin.
Using this approach, you will also have the following distinct benefits:
- Being one of the oldest approaches, it is tested by a lot of Bitcoin developers.
- Though there was much news of generating a fork of the bitcoin network, cryptocurrency wallet app development companies use full node to decide which version of the blockchain is suitable when the fork occurs.
- You can find good and reliable documentation of this approach.
You will also have the following disadvantages:
- If you are not familiar with Bitcoin Core, it will be difficult for you to work on API.
- To use a full node, you need to work on the time-consuming IBD.
- Your wallet will support a limited number of transactions.
- If you wish to add wallets, it will ask you to restart ‘bitcoins’.
Further, your blockchain wallet app development evolves like any other app development. For instance, you can set a password for the app, or incorporate a QR code scanner and push notifications in the mobile app.
To make your project work smoothly, it is important to have a dedicated and knowledgeable development team. You will be needing the blockchain experts at your helm. Though it is difficult and challenging to build bitcoin wallets, the rewards are enormous for those cryptocurrency wallet application development companies who are successful. If you are running a wallet app, you will thrive in this lucrative market.