The phenomenal increase of interest in cryptocurrency in recent years says that the audience in this business niche will definitely grow. Unparalleled profitability of that kind of digital assets, flexibility and security attract people to try investment or financial transactions in blockchain. The capitalization of the cryptocurrency market reached three billion dollars – that’s impressive!
In this context, the idea of designing an original, but secure cryptocurrency wallet doesn’t seem idle at all. And since the demand is in the growing market, cryptocurrency wallet development can turn out to be a rewarding startup. The Purrweb experts shared their approach to design a crypto wallet that users will approve. This professional vision of the crypto wallet development can serve digital entrepreneurs as a navigator in a business journey. So, don’t hesitate to pick a low-hanging fruit!
What a crypto wallet is and why it’s worth investment
When one goes shopping he usually takes a wallet with bank cards in order to be able to pay for purchases. A crypto wallet is a digital product that is a bit similar to a traditional wallet with bank cards. You don’t store money itself in it, but you keep the access to your assets there. A crypto wallet is a technology that enables people to store public and private keys in a secure place. But when you plan to send cryptocurrency or get, or buy it, you can use these crypto passwords, public and private keys, for access to your assets.
Before starting crypto wallet development, it’s highly advisable to put on your customers shoes and test how it will feel to use various cryptocurrency wallets.
What types of crypto wallets exist and which is better for crypto wallet development
The diversity of different ways to keep sensitive data explains the variety of crypto wallets that people can use.
- Cold wallets
The simplest and safest way not to forget the complicated combination of numerals/letters is to write it down on the paper and hide it in the place where nobody can find it. Sounds nice, but in practice this way to hide essential data from scams has drawbacks: first, you can lose the paper, second, it’s extremely inconvenient to use the keys in this way as it takes too much time. The more controversial way to keep the keys is only to try to memorize them.
Along with paper wallets, hardware wallets allow you to save keys in a secure way. They look like a small device where the sensitive data is stored. The advantage is obvious: as for hackers, it’s impossible to perform whatever actions with the assets without the physical interaction. Only pushing the buttons opens the path to using digital money. The drawback is its price, long delivery and compatibility with different systems.
- Hot wallets
Conceiving crypto wallet development, you can apply creativity mostly to the hot wallets.
If one isn’t a Croesus in cryptocurrency, he can prefer more available and reliable technologies for key storage. Hot wallets are mobile applications or software programs that can be used on your smartphone or computer. So, depending on the way of application, they are subdivided into three classes.
- Web wallets
This type of wallet is comfortable, since the secret data is stored in the cloud and is available from different gadgets. But these pros are against cons like vulnerability for hacker attacks.
- Desktop wallets
The special programs you downloaded on your notebook or computer are desktop wallets. There’s a threat of viruses that can steal data, so it’s essential to be attentive while installing new software or checking email.
- Mobile wallets
The most popular type of the crypto wallet when it comes to paying frequently, since they provide fast access to assets and often allow the use of NFC.
Since the world appreciated mobility and convenience, the crypto wallet development in the form of a mobile application seems to be a promising idea.
What’s better to create and how to avoid security concerns
Regardless of the type of crypto wallet: web, desktop or mobile, put enough effort and investment in the market research and designing UX concept. As the crypto wallet development makes sense when it results in a product that’s honed to delight users, all the elements and their composition should be well thought and organized in the cutest order. When you set the UI/UX design tasks for a team, they face a challenge to calculate a hard to catch balance between solid austerity and inviting brightness in the interface design. For example, the Purrweb team of UI/UX designers masterfully handled the task and described their experience as it mentioned before. As the practice showed, the preliminary work matters much when we’re talking about efficient crypto wallet development. So, decide first, which type you want to create, which cryptocurrency it will serve (one or multi), what will differentiate it from existing solutions and how users will benefit from it. When you can answer all these questions, you can equip the development agency with appropriate information and push crypto wallet development in the correct direction.
Apart from a masterfully tailored UI/UX design, you need to take care of technology on which your web or mobile app will be based. The opportunity to implement advanced features like QR code scanner or smooth integration with third-party services makes crypto wallet development more competitive. But what troubles customers most of all is the ability of the app to prevent machinations with assets. For example, Purrweb experts advise using various tools for secure authentication like touch ID, face ID, and complicated paroles. The system of two-factor, or even multi-factor authentication is an obligatory feature in crypto wallet development if you target at making customers safe and invulnerable.
To ensure your customers unparalleled user experience, entrust the task of crypto wallet development to specialists with relevant experience and a qualified approach. That provides you with getting a product that empowers users to juggle their digital assets effortlessly and fearlessly. Compliance of security issues significantly facilitates the public recognition of the app. To feel sure you are on the right path, put enough effort into selecting a development agency that upholds these ideas. The cooperation with a talented team is an assurance the product will be done well. Or, as the proverb goes, well begun is half done.
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