Mobile apps can develop a payment app by integrating Bitcoin as a payment option at check-out along with all other methods for online payments. What we will be discussing first, however, is how to develop a mobile Bitcoin wallet. Let’s take a brief look.
What is a Bitcoin Wallet?
Bitcoin wallets aren’t something that you carry physical cash in as cryptocurrencies are digital currencies that don’t exist in physical form. Rather they only exist as a series of transaction records stored on a blockchain.
Cryptocurrency wallets are in essence a piece of software where users can store their private keys and records of their transactions including how many coins they own.
Most of the cryptocurrency wallets support Bitcoin and Ether, the two most popular digital currencies. However, with increasing number of altcoins, many wallets now support multiple cryptocurrencies.
Bitcoin-wallets contain private keys: secret codes which allow you to spend bitcoins. In fact, you need to store and protect not the bitcoins themselves, but these private digital keys that provide both access to public bitcoins, and the ability to conduct transactions.
In short, Bitcoin-wallet is an application, site or device which:
• Contains private keys for your bitcoins
• Helps to conduct all kinds of transactions of getting or transferring Bitcoins
• Allows checking the data about your cryptocurrency balance
Bitcoin Wallet Types
Bitcoin wallets are divided into desktop, mobile, online and hardware ones. They are available on almost all popular operating systems – Windows, Linux, OS X, Android, iOS, Windows Phone… However, let’s look at the matter point by point!
Desktop Bitcoin Wallets. The desktop type of wallets has appeared simultaneously with bitcoins. There are two types of bitcoin PC-focused clients: “thick” and “thin”. Thick ones download the entire blockchain, which means you need a lot of storage space on a fairly powerful PC. Thin wallet deals with the blockchain through third-party services. It makes the whole process much easier, of course.
Internet (online) cryptocurrency wallet is a virtual resource that you can connect to anywhere by using a private key (if there is the Internet connection). It would be useful in cases when you aren’t on your computer, but need urgent access to your Bitcoin account.
Mobile wallets – wallets which you can run on your smartphone or tablet. This is a very good option, and we advise you to study the question of how to create a bitcoin wallet app. We’ll reason our case a bit later in the article.
Bitcoin hardware wallets are specialized devices with private keys stored electronically.
Paper Bitcoin Wallets is a printed document which contains two keys: public and private. The main disadvantage is that if you lose your wallet, you won’t be able to restore access to your funds.
Benefits of Bitcoins Using as Wallet Apps
There is no Government Regulation or Control on Bitcoin
Well, to be precise many people may see this point as a disadvantage, but the fact is that it is rather regarded as a benefit. This means there is no such regulation on the transfer of money through the cryptocurrency. This is a decentralized process where the user cannot block or decline the transfer of the funds.
Secondly, the transfer of money through bitcoin will not have any impact during any financial emergency. Neither the bank nor any other organization can issue any instructions related to use of the bitcoins.
Money can be Transferred Affordable and Swiftly
One of the specific reasons why bitcoins have gained the impetus in current world scenario is also because their transfer is affordable and conducted at a faster pace. Whether it is online bank transfer or payment through PayPal, the user has to depend on the speed of the network and also have to wait for some time for completion of verification process, but there is no such thing in bitcoin. Moreover, you also don’t have to pay the transaction charges, which normally bank charge in case of traditional methods.
Inflation Has No Impact on Bitcoin
Inflation or the hike in the price of commodities does have an influence on currencies issued by the governments, but the bitcoin remains an exception. Its value will not change and so you can easy make your online digital transaction without any ifs and buts in mind.
Bitcoin is Considered More Protected
Often when you conduct an online transaction through bank, using the ATM pin or the password there are risks that the hackers may get your confidential data, but in the case of bitcoin when this possibility is negligible. No one can secretly know payment information because there is nothing secret here.
As such only a couple of parties are involved when the transaction is done through this cryptocurrency. They are public and private and you need the combination of both keys for conducting any transaction.
The Mysterious Nature of Bitcoins
It has been said that if you have bitcoin wallet, you are the owner and will operate your account; nobody else. You only have to generate an address of the person who would receive the money. The address looks very vague and is difficult to comprehend such as 1Jhbck6ziWRmQBp67GVDgLSJ9eFF5xNXgB.
Innumerable numbers of addresses can be created for the wallet file. Once you are familiar with the address, you would know the amount of money transferred, but what you won’t know is the name of the recipient.
Features of Bitcoin Wallet App
• Two-way authentication process for more security
• Automatically refusing to accept double payment mistakably
• Automatically creating the public keys for each transaction
• Save your precious time with recurrent payments. This is boon for business owners
• The presence of automatic timed out login feature