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.
- Faster and cheaper transactions
- Completely decentralized options
- Mine your own cryptocurrency
- Obtain investment advice
- Auto public key generation
Advantages of Multi-Cryptocurrency Wallet
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.
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
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.
To instantly view the updated cryptocurrency value.
QR code scanner
To send and accept cryptocurrencies in a single click.
To get alerts on transactions and when the value/price of cryptocurrencies change.
To join as a merchant and to browse other cryptocurrency merchants.
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
Cryptocurrency wallet that primarily requires web access to function is called hot wallet or web wallet.
- Quicker way to complete transactions.
- Ideal for minimal cryptocurrency savings.
- Allows multiple cryptocurrency transactions.
- Allows direct integration into an exchange.
Cryptocurrency wallet which is highly functional and can be accessed seamlessly on any mobile device is called mobile wallet. It is completely internet based.
- Efficient enough to accept or send payments on the fly.
- Can support hardware wallets like QR code scanning.
It is a really effective cold storage method of cryptocurrencies. Safer than mobile and web wallet.
- 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.
Highly secured than the web wallet and are easier to work with than paper wallets. They handle fork better than others.
- Easier and safer way to store crypto for long-term.
- Stronger security for all other wallets.