Everything about Secure Crypto Wallet for Online Payments

Crypto wallet is essential to make your online payments fast and reliable crypto transactions. Know how to create one with utmost security!

Things have changed since the revolution of technology. Right from the introduction of digital payments, it has moved forward with the transition of introducing digital wallets replacing the physical wallets. With the crypto wallets gaining traction among investors and traders, a go-getter entrepreneur will take action by starting a secured crypto wallet for his customers. According to the report released by the 3W market trends, the Crypto wallet industry is going to reach one million US dollars by the end of 2025.

How to build a secure Crypto Wallet

In this blog, we are going to discuss building a secure crypto wallet for your online payments.

What actually is a Cryptocurrency Wallet?

Crypto wallets act like normal wallets. In a normal wallet, you put your money into it and spend it out of it. The same thing you are going to do with the crypto wallet. You can put your crypto holdings into your wallet and spend it from them whenever you need it.

The only difference is the physical presence, Crypto wallet is a digital software that allows the user to store, spend, and loan bitcoins and other altcoins using a certain address. Initially, there were wallets only that supported two coins — Bitcoin and Ethereum. Later, after the emergence of multiple coins and their lead in the crypto market, some wallets come with multiple cryptocurrency-holding wallets.

The wallet address of one wallet differs from others. Also, there are some decentralized wallets that store each crypto coin in a different address. Speaking about wallets, there are different types of wallets based on the different aspects of usage.

Also, the software varies from one type to another based on preferences.

Desktop Wallet Application

This has a high-end security system in which the wallet can be accessed only from the computer you have installed in it.

Online Crypto Wallet

This is a wallet which you can access through any device. It is because the wallet is connected to a secure cloud. But beware of the hackers that can get through your crypto account if the wallet is not securely encrypted.

Mobile Wallets

This is a wallet service that runs on the mobile application, where there are chances of getting compromised if the app is not security strengthened.

Hardware Wallets

Hardware wallets are considered as one of the secure wallet services. The important aspect of hardware wallets is their offline storage. So, you can store your crypto-holding data on a USB or a hard disk.

Paper Wallets

This is nothing but a printout of the public and private keys of your wallet and your fund information. This is one of the riskiest wallet options. Because, if you lose the paper, then your wallet is lost and so are your funds.

Things to consider for Secure Crypto Wallet Creation

If you are planning to construct your cryptocurrency wallet, there are certain things that you need to consider:

1. The wallet should generate the required cryptocurrency address for transactions. If you are holding multiple cryptocurrencies, the wallet should generate addresses for specific cryptocurrencies accordingly.
2. The wallet software should be crafted in a way that it recognizes other wallet addresses and sends cryptocurrencies to the prescribed address accordingly.
3. The wallet should be programmed to handle the impact of the cryptocurrency database and its reorganization principles from time to time.
4. The wallet should be capable of conducting multiple transactions efficiently. All the transactions should be broadcasted to the cryptocurrency blockchain and it should be stored in a ledger under a private key. So the user whenever he wants to take a look at his transaction should enter the key and access the information.

If you want to create a wallet with the above considerations you need to hire a well-experienced wallet application developer. Cryptocurrency wallets need proper construction. Either you can choose clone wallet applications and develop according to your business need or construct a White label cryptocurrency wallet for your crypto-business.

Features of a Secured Cryptocurrency Wallet App

There are certain features that you can consider while creating a cryptocurrency wallet:

1. Registration — Cryptocurrency wallet registration is easy and comfortable. All you need is to sign up with your email ID and verify your KYC details, That’s all
2. Stunning dashboard — The dashboard is a preamble to the entire Bitcoin and cryptocurrency wallet. All you need to operate is reflected in your dashboard.
3. QR code verification — Tired of typing or copy-pasting the cryptocurrency wallet address to send payments, right? No worries, the emergence of QR codes has made the entire process easier and more effective. With a single glance of your QR code, you can complete the transactions within a minute.
4. The app has the ability for the user to allow him to generate codes and pin codes for his transaction.
5. The crypto wallet provides Multicurrency exchange support. Because, as the cryptocurrencies are increasing day by day, the user can choose any coins to store in his wallet.
6. The wallet software provides push notification features. If an offer or any active trade is going on, or if you want to use the offer provided by the wallet provider, then you will receive push notifications about it.
7. Assured security — Blockchain stands as a frontline of defense. Also, some additional security features will be provided by the wallet providers based on business needs.

How to protect your Cryptocurrency Wallet?

A cryptocurrency wallet comes with protection and security features. But in this cyber world, normal protection will not work. Let us discuss how to protect your cryptocurrency wallet.

1. Encryption — The wallet should be encrypted with a strong password. Strong password encryption will protect your device from being getting hacked or cracked.
2. Backup storage — Create as many backups as possible to protect your cryptocurrency exchange software secure and protected.
3. Multi-Signature wallet — Adding a multi-signature security feature is one of the most effective ways to create a cryptocurrency wallet. Firstly the users who want to transact will sign one public address and need to sign another time for a private address to transact. The number of the required signs will be assigned to the address before initiating the transaction.

How to Create a Secure Crypto Wallet using technology and tools?

Bitcoin is an open-source code software and it can be accessed by anyone. You can build your crypto wallet using source code libraries that are available in the market. Some of the most prominent ones are Coinbase J SDK, Bitcoin J SDK, etc. If your wallet is going to perform simple payment options, you need not do complex payment integrations.

Other Options available,

The above-said ways are by using programming and tech options for creating a crypto wallet. But there is always another way which leads you to achieve your goal. Right!!

So, once you have decided to create your cryptocurrency wallet, you should know which type you prefer. It depends upon your budget, legality, and business requirements. In that case, you have two options — either you can create a crypto wallet clone similar to famous crypto wallets or you can craft your wallet from scratch or by using a White Label software. These two options will be provided when you get assistance from the professionals of the best Crypto Wallet Development Company in the industry.

These are the other options available in the crypto space to create a secure and reliable cryptocurrency wallet app.

Final Words…

Last but not the least… Cryptocurrency wallets are more in demand compared to physical wallets. As people rush towards digitalization and privacy, cryptocurrency wallets are becoming the future. So, I think it is the perfect time to create such a reliable crypto wallet that might help you with business and profits. So, start creating your cryptocurrency wallet by assisting with the best cryptocurrency wallet development and integration company and earn considerable profits.