What is Cryptocurrency Wallet? - An Ultimate Guide for Beginners!
The ultimate guide for Cryptocurrency Wallet is described here with its functionality, types by using real-time examples. And explore here how to develop your own cryptocurrency Wallet effectively
Curious to know about the cryptocurrency wallet? And to learn about the Cryptocurrency Wallet Development concept from its scratch to end? Then you are in the right place. Here goes the detail description of the Cryptocurrency Wallet Development with its latest and robust techs.
Table of the content:
- What is Cryptocurrency Wallet?
- The functionality of cryptocurrency wallet
- Involvement of Public/Private Key Concepts
- Operation of the Cryptocurrency Wallet
- Highlights of Crypto Wallet
- Reason for the development of Multi Cryptocurrency Wallet
- Types of Wallet
- Some of the Real-time examples of Crypto Wallets
- Searching for the Best Cryptocurrency Wallet Development Company?
What is Cryptocurrency Wallet?
Cryptocurrency Wallet is a type of software coding, which can be used in different formats based on customer preferences and needs. A cryptocurrency wallet is developed by the Decentralized Blockchain concept to enable the financial transaction of crypto coins and tokens. This crypto wallet withholds all sorts of digital assets and its assigned keys. The keys can be the public key or private key demand on the asset.
Bitcoin is the very first kind of cryptocurrency and due to its increased usage, various cryptocurrency coins and tokens are generated. The operation of the crypto coins, tokens, and its features are explained briefly in the upcoming sector.
The functionality of cryptocurrency wallet
Due to the demanding usage of bitcoin, various cryptocurrency is generated like Ethereum, Ribble, Litecoin, Minter, Tron, Stellar, Waves and so on. And to store these things securely becomes a mandatory one, which leads to the development of the Crypto Wallet. The cryptocurrency wallets are used to store only crypto coins, tokens and various types of digital assets. Crypto wallets are also used for various purposes like payment and transaction and it also records the exchange history.
Involvement of Public/Private Key Concepts:
In the cryptocurrency Wallet, the coins are stored in the assigned address. And to ensure this coin address safety, the keys concept is used. Two types of keys are built, they are a public key and private key, where the keys are generated by the respective coin authorized peoples. The digital assets can be accessed only by the allotted keys. The digital key can also be stored in this wallet.
Operation of the Cryptocurrency Wallet:
The operation of the cryptocurrency wallet is explained as follows. The virtual coins are stored in the wallet, these coins have some values. Based on the requirement, the coins are transferred between the seller and the buyer. During the transaction, there will the third party involvement to assign fees based on the transfer.
Process in Buyer side:
The required coins are sent to the seller by the buyer. To send the coins, first, the buyer coin address should be accessed by its private key. Then it can be dispatch to the assigned address by the seller. The coins are debited in the buyer side, after the complete transaction.
Process in Seller side:
The essential coin is received by the seller from the buyer. To the assigned coin address the coins are sent by the buyer. The seller can access the credited coins through the public key. The accessibility of the public key is authorized only by the seller.
Highlights of Crypto Wallet
The cryptocurrency wallet is developed and used for various purposes which are explained below,
- Storage: All sorts of digital assets are securely stored here.
- Exchange: The transaction is speedy and safe in a crypto wallet, where payments occur easily and simply.
- Economic: Cryptocurrency Wallet saves the coins from getting the effect of economic crisis.
- Payment Transaction Fee: The transaction fee can be reduced and secured in the wallet.
- Record & View: Payment and transaction history can be recorded and financial status can be viewed.
- Third-Party: The involvement of the third party can be avoided here.
- Tracking: By coin address, the owner of the coin address can be tracked easily.
- Accessibility: The coins are stored securely in the wallet by the private and public keys, where the keys are generated and accessed only by the authorized people.
Reason for the development of Multi Cryptocurrency Wallet
Numerous growth of various crypto coins and tokens leads to the demand of a multi-cryptocurrency wallet. At the starting, the coins are stored in the respective crypto wallets. Then because of the generation growth and people usage of the different coin, the hybrid crypto wallet become a mandatory one.
In this multi-cryptocurrency wallet, the cross-platform coins, tokens are stored, transfer and accessed. This multi-crypto wallet is also can be used in various platforms like Android, IOS, MacOS, Windows, Linux and so on. Developcoins develop such a secured, enhanced Multi cryptocurrency Wallet.
Types of Wallet
There is the various crypto wallet for usage, they are mentioned below.
Online Wallet/Web-based Wallet
As per the name of the wallet, this wallet is used online. So, to this Online wallet, web, and internet become the default option. This web-based wallet can be handled by various browsers like Google Chrome, Firefox, Internet Explorer and also with the trending Bing. That is because the online wallet function is run based on the cloud platform.
- Multiple transactions
- The direct financial exchange between two parties
- Saving of minimum value cryptocurrency
- Access from any location on the earth
Mobile App Wallet
Everyone prefers the things to be handy, why cryptocurrency wallet alone not. Cryptocurrency Wallets Mobile Applications are developed for peoples convenient and also because of the enhanced technologies of the globe. However, the exchange in this app tech is not safe and secured like other wallets. The risk is high on the transaction. Mobile wallets can be used in a hybrid platform of Android and IOS, to make it much more user-friendly.
- Easy payments of bitcoin and altcoin
- QR scanning is supported
- Mobile wallet is simple compared to the desktop wallet
This desktop wallet is downloaded and stored in the required laptop or PC. The desktop wallet supports the platform like Windows, MacOS, Linux. The preference of the desktop wallet is very high among all sorts of people, that is because of the upcoming benefits.
- High Security than a mobile wallet and online wallet
- No third party in involvement
- Uphold Private Keys too
Hardware Wallet is also a type of crypto wallet, which is available in the physical form. This will be similar to the USB, where this wallet should be connected to any device which has the internet interface for the transaction. This wallet stores the currency in the offline to ensure security. Anyway, software integration is a must to enable the use of a hardware wallet.
- High security than other wallets because of offline feature
- Speedy transaction
- Easy transfer
- Immune to a computer virus
Cryptocurrency Wallet Development is one of the blooming technology in the IT industry, most importantly in the business field. The start-up to organizations started to prefer this cryptocurrency wallet to store their digital asset and they also use it for various purposes like an investment and so on. This leads to the demandable growth of the crypto wallet, where Developcoins build the best software cryptocurrency wallets plus offer support for the hardware wallet.
Some of the Real-time examples of Crypto Wallets:
Here goes the real-time example for all types of cryptocurrency wallet,
Software Wallet Development
- Web Wallet - Developcoins develop the best web-based wallet like Trustwallet.
- Mobile Wallet - Hybrid mobile application is built by Developcoins, similar to the Coinbase.
- Desktop Wallet - Secured Desktop Wallets is created by Developcoins, With the help of our developers you can create your desktop wallet like Copay.
Hardware Wallet Development
We support all kinds of Hardware wallet by offering the software integration and some examples are attached below,
- Ledger Nano S
- NFC Tag
- And so on
Searching for the Best Cryptocurrency Wallet Development Company?
Developcoins is one of the best cryptocurrency wallet development company, which face both the up and downside of the cryptocurrency during it is the experience. So, Developcoins know the safe and secure way to develop the Cryptocurrency Wallet using the trending technologies and strategies of the market.
We offer end-to-end Crypto Wallet Service for all types of wallets by using trending technologies in the market such as Java, python, ruby, etc.