5 Steps of Developing Your Own Cryptocurrency Wallet App
Do you want to learn how to develop a Bitcoin wallet app? If yes, then we’d say that you’re on the right page because there are several opportunities to explore this field.
A few years ago, the market size of Bitcoin (BTC) wallets was millions of dollars, and experts are hoping it will reach new heights by 2025. All credit to the growing popularity of virtual currency, including Bitcoin, Litecoin, Dogecoin, Ethereum, among many others, its market has crossed the estimate by multiple times.
As crypto traders are earning immense profits on their digital currency investments, it is estimated that this trend will stay among us for a very long time. Its future looks optimistic, so it is the best time to fund growing bitcoin wallets to reach more people.
What is Meant by Cryptocurrency Wallet App?
A virtual currency wallet is similar to any online purse, letting people send, keep, and even obtain bitcoin money. This software keeps your money safe and records all the transactions carried out with the purse, regardless of purchasing, selling, or lending. People have the liberty to download and run this software on their mobile phone, desktop, or another gadget.
How Do Digital Currency Wallet Functions?
To begin trading with a digital pouch, the initial thing you require is an address, referred to as a public key, and the other thing is a private key.
A public key is just like a bank account digit that you share with people for deals. On the other hand, a private key is just like an ATM card CVV (Card Verification Value) which must remain confidential. You are allowed to disclose the public key with individuals to obtain or send bitcoin, but you must not share the private key as it gives anyone direct access to the bank.
When you like to obtain digital money into your wallet by buying or as a present, you must direct the seller to a special cryptographic address given by your digital pouch. It concludes that virtual coins don’t stay in the virtual pouch but on the blockchain.
Keep scrolling to know how to develop a cryptocurrency purse app to suit the business needs or integrate it for use as a mode of payment. Modern techies are striving to break down the gap between the real and the online world using blockchain technology, so it is interesting to know the tricks to establishing a digital wallet for yourself.
What are the Steps to Creating a Virtual Currency Wallet App?
For creating a virtual wallet for your business to carry out online transactions, follow these steps:
1. Generate a Plausible Business Idea
Everything begins with creating a business plan that works. As the online money industry is still a baby, it is the perfect time to execute plans that tackle different issues we experience in our daily lives. When you step into the market to deal with the problems encountered by the people in this industry, you will conduct competitive research.
You will find that some creators have already worked on your plan, but that’s not a reason to feel demotivated. You simply need to study the product as thoroughly as possible to solve the errors you have stumbled upon and make it appealing to people.
Contact the experts to determine how they deal with this problem when you have a plausible plan. After gathering their feedback, you can map out the potential characteristics for your app.
2. Search for an Ideal Development Buddy
Once you have finalized a plan for the wallet app, it’s time to move on to the next step: finding a reliable partner to execute it. You can either contact a software development agency or get your colleagues to help you follow through with the product plan.
You will need a product manager to align your ROI goal with technical aspects of the product by overseeing your plan, its engagement, and offering alternatives. A project manager will translate your vision into an actual creation by working with designers, engineers, developers, and other experts. A designer will create an engaging UI optimized for the audience, a developer will create code, a tester will test it, and DevOps will help create a smooth development process.
3. Develop an Eye-catching Prototype
After getting your ideal team ready, we will move on to generating a perfect interactive prototype for your plan. Creating a dummy instead of an MVP (Minimum Viable Product) is vital because blockchain programming is expensive, and not many people have the manoeuvre for it. Constrastingly, creating a dummy is affordable and balances the features and UX for your idea.
An interactive prototype will go a long way in presenting your plan to the investors. It effectively represents your plan by designing all the screens and interlinking to provide the testers insight.
4. Generate and Examine Your MVP
If you’re satisfied with the prototype and have received the reviews for it, it is time to transform it into a reality. Figure out the kind of pouch you like – custodial or non-custodial, after discussing with the developers and platforms you are targeting. Make it mobile-friendly or desktop-centric. You can’t decide many things, so you must coordinate with your developer.
5. Launch the Application & Maintain it
You created a wallet app for your business to onboard new users and provide them value, right?
So, the final step in the procedure is going public with your creation by uploading it to Playstore and turning the server side to a development-ready state. You must also detach the wallet from a test blockchain and connect it to a live network. Please visit the go URL to learn more about a virtual currency.
As the love for cryptocurrency is on the rise because of its benefits, people are looking to develop a wallet app to take advantage. Organizations are becoming flexible by integrating a payment mode that performs round-the-clock and year, cross-border trades with less fee while performing safely and reliably.