How to Make a Cryptocurrency Wallet App?

The buzzword “cryptocurrency” is everywhere. People are talking about virtual money that will be the currency of the future. Some are skeptical and don’t want to go into it. Others are curious but cautious. However, many others buy and sell already. To do that, they need crypto wallets. Before we talk about making a crypto wallet app, let’s make it clear what a cryptocurrency wallet is.

What is a cryptocurrency wallet?

Crypto wallets are devices or programs that keep your private keys to access your cryptocurrencies. They can be in the form of hardware like a Ledger (which looks like a USB stick) or a mobile app.
A crypto wallet is not like a normal wallet, meaning, you don’t have crypto there. You can access them only if you have a private key. Otherwise, you can make no transaction. That’s why keeping your hardware wallet safe or using a trusted wallet provider is important.

Types of Crypto Wallets

Before we proceed to specific types of crypto wallets, let us make clear the general division of crypt wallets as “hot” and “cold” wallets.
A hot wallet means that you can access your wallet through the internet. These are normally easy to use. So, most types of wallets are of the “hot” type. These are the main types of hot wallets:

• Desktop wallets
• Web wallets
• Mobile wallets

A cold wallet is a wallet that can be accessed offline They require more technical know-how and are less common. Normally, those with more experience or large amounts of assets use these types of wallets. Here are the varieties.

• Paper wallets
• Hardware wallets

Top cryptocurrency wallet app features

The trick is to provide easy and secure crypto wallet access so it won’t be too complicated. Here are some features that need to be included in any crypto wallet app.
QR code
QR code makes access to the wallet secure and fast. If a crypt wallet app has a QR code scanner, the user can scan addresses together with a public key. This means they can access their crypto assets with only one click on their smartphone.
Push notifications
This is an important feature because a user needs to be notified about crypto transactions at all times. The notifications should be real-time.
Conversion
The cryptocurrency wallet app should provide a feature to calculate transaction fees based on conversion rates. The users should also be able to learn about the real value of the currency.
Wallet backups
The apps should also allow to secure funds from computers or other hardware. However, most users don’t find that efficient. Therefore, developers integrate secure online storage tools like Dropbox or Google Drive into the wallet.
Payment gateways
A crypto payment gateway enables sellers to accept Bitcoin and other cryptocurrency payments. Today, these gateways support several coins, including Ethereum, Litecoin, Dogecoin, etc.

Stages of a cryptocurrency wallet app development

If you are looking for ways to develop a cryptocurrency app development, you should consider several steps to follow. Here is a detailed list of steps.
Market research
Like with any app development, you should start with the analysis of the market and the strengths and weaknesses of your competitors.

• What does the market offer already?
• What does the customer expect?
• Are there any market gaps?

Answering questions like these will help you have a better idea of what you are going to do.
Specifications
Once you analyze the market and come up with the necessary information, it is required that you develop a specification document. These specifications will lead to structured guidelines on how to create the wallet, how to process and store data, and how the transactions will be performed. Throughout the app development stages, you should follow these guidelines.
Development
Now it’s time to start the front-end and back-end development. You should already have hired an experienced development team that will be capable to meet the project requirements.
UI/UX design will help to draw out the different parts of the crypto wallet. At this stage, the developers will create a prototype that will later be developed into a final product. It is imperative that the prototype be tested in the market or the Minimum Viable Product stage is completed.
Minimum Viable Product
The MVP is the stage when the initial product is tested in the market. This saves a lot of money and ensures that the business has no failures after the final product is launched.
Deployment
Now it’s time to release the product on the chosen platform. Each platform has its own guidelines that must be strictly followed.

Cost

Sure, the cost of developing a cryptocurrency wallet app depends on multiple factors like the complexity of the app, the location of developers, the number of features, etc. Therefore, if you do simple research, you will see that the cost is varied. Mostly, developers come up with a cost ranging from $30 000 to $50 000. However, this price may go high up to $100 000.
Once you do initial market research and come up with your specifications, your development team will come up with a project estimate. Only then you can know the approximate prices of your app.

Sum up

In this article, we came up with information that may interest both the developers and the business community. This should be one of the first articles to read if you are planning to create a cryptocurrency app. More research is needed to understand each of these steps. One thing is clear crypto is gaining momentum and if you are on the way to developing a crypto app, you may gain a lot in the near future. The future of blockchain is today! Go ahead with your project and good luck!