Cryptocurrency Wallet Development: Features & Types Of Crypto wallets

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According to a report of Global Market Insights, the valuation of cryptocurrencies would hit over $1.8 billion by 2027. However, with the rise of cryptocurrencies, it is a great opportunity for cryptopreneur to forge ahead with cryptocurrency wallet development. How to get started? We, a r

Digitization has brought a progressive shift in the world. It has brought about the emergence of cryptocurrency, also known as a digital currency. However, a cryptocurrency wallet is a much requisite in order to enable safe and secure transactions. In this, cryptocurrencies like Bitcoin, Ripple, Ethereum, and many others could be transferred seamlessly swiftly. Crypto wallets’ functionality is similar to the payment wallets where the currency would be saved and subsequently used for transactions.  

People’s interest in cryptocurrencies has been increasing with every passing year. And so, the crypto transactions would be quite common, just like normal payment transactions. Channeling this, there could be a wider opportunity for those who decide to launch a crypto wallet, enabling the users to have secure cryptocurrency transactions. If you intend to do so, propel into cryptocurrency wallet development. Antecedently, have brief insights into a crypto wallet in this blog.

What Is A Crypto Wallet And Its Types?

A crypto wallet is a digital wallet that will aid the users in sending and receiving cryptocurrencies. Most likely, the transactions would be more secure and in safe hands. In accordance with the users’ requirements, you ought to choose one from the following various types of crypto wallets. 

Types of Crypto wallets:

Virtual wallets - With the use of cloud technology, the users would be able to access their crypto wallets from anywhere and at any time.

Mobile wallets - It is quite an easy way to make cryptocurrency transactions through mobile by scanning a QR code. 

Desktop wallets - They can be accessible from the desktop computer or laptop. It provides the highest protection unless and until the desktop gets infected with the virus.

Hardware wallets - This type of wallet is unique which is far different from other crypto wallets. The private keys would be stored in hardware devices like USB rather than stored online. 

Vital Features To Consider During Cryptocurrency wallet development

When going ahead with cryptocurrency wallet development, the following features are to be considered. This would make the crypto wallet solution function seamlessly.

 

  • Two-Factor Authentication

 

It is the requite feature that should not be omitted. As the crypto wallet solution is integrated with a two-factor authentication system, the users can protect their accounts with extra security.

 

  • Multi-Currency Support

 

Through the single currency support, users will be able to send or receive only that particular cryptocurrency. Whereas, with the integration of multi-currency support, they could transact various cryptocurrencies. This could be a considerable feature when moving forward with a multi-cryptocurrency wallet development.

 

  • QR Code Scanner

 

This feature made the transactions simpler as users will be able to exchange currencies by scanning the QR. Therefore, this will significantly eliminate the error that occurred when manually coping with the wallet address. 

 

  • Sell/Purchase Cryptos

 

The sellers have the option to sell their cryptos and in return, they would receive payments in their wallets. On the other side, buyers will be able to buy cryptos of their choice and in turn, they have to make payments through available payment methods.

Concluding Thoughts

Coming to the end of the blog, hopefully, you have obtained enough information regarding the different types of wallets and significant features that have to be considered. If you are those who wish to deploy crypto wallets, it would be great to go forward with a white-label cryptocurrency wallet development rather than choosing to develop it from the beginning. What's next? Reach us! Inoru, the cryptocurrency wallet development company, specializes in delivering white-label crypto wallet solutions. 

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