The immense popularity of cryptocurrency over the past few years has resulted in increased investment as well as trading in cryptocurrencies. More and more people seem to be interested in entering the market. It is precisely the reason why the demand for cryptocurrency wallets is also on the rise. Trading or investing in cryptocurrencies requires a crypto wallet, and it is exactly where the need for cryptocurrency wallet development arises.
For the purpose of properly managing cryptocurrencies in a secure way, a cryptocurrency wallet is essential. The wallet allows users to store and protect their digital currencies from any kind of unauthorized access. The concept of a cryptocurrency wallet is not that complicated, which is just an account for the purpose of sending and receiving payments. However, the technology behind the same is quite complicated, and a crypto wallet app development company has to face a lot of challenges.
The cryptocurrency wallets should effectively and efficiently manage the digital keys as well as the cryptocurrency transactions in the blockchain network, and at the same time, they should offer a seamless experience to every user. For this reason, there are certain features that the crypto wallet should necessarily possess. To make it easier for users to understand, here we have listed the eight key features of crypto wallet development.
1. Superior Usability
The cryptocurrency wallets require to offer a seamless experience to all the users. Moreover, the usability of the wallets should be perfect in every aspect so that none of the users face any kind of trouble at the time of using their wallets. In this regard, it is always recommended to hire the services of an experienced crypto wallet app development company to enhance the usability of the wallets.
2. Robust User Interface
After UX or user experience, UI or user interface is one of the major features that a crypto wallet should necessarily possess. The cryptocurrency wallet app happens to be a hi-tech app, and the developers should always keep in mind that they are creating this wallet for the end-users who are not tech-savvy. In addition to designing the underlying technology of the application, getting other details perfect, like the design of the application, its navigation, as well as user guide, should also be a priority. The developers should always remember that the crypto wallet market is very saturated. So, whenever an application is not working in the way it should be in order to provide a superior user experience, they will download a different one.
Backups happen to be another essential feature that all crypto wallets should have. The crypto wallets should allow the users to have a backup of their wallets for the purpose of protecting their funds from software or computer malfunctions. It will be beneficial for users when they are able to create a backup of their wallets on any storage device, but not every user would be thinking of doing this. Therefore, wallets should be integrated with secure cloud storage applications such as Google Drive, Dropbox, or similar others into the wallet.
4. Push Notifications
We all know that the crypto market is highly volatile in nature, where the prices of different crypto coins can vary dramatically. Therefore, every crypto wallet user will like to keep a close watch on the rates of exchange round the clock. However, all users do not have the time to do so unless they are full-time traders or investors. Thus, with the help of push notifications in the wallet, the latest updates can be sent to the users to prevent them from losing track of the coins. The notifications let the users know at the time when a specific target price is reached, prices of coins have changed noticeably, or when they receive any payment.
5. Easily Compatible With Different Operating Systems
The cryptocurrency wallet should be very easily compatible with different operating systems so that it can appeal to a wide range of potential users. Therefore, it is necessary for the cryptocurrency wallet development service providers to build the application for multiple operating systems for which they should be opting for cross-platform development. This, in turn, simplifies the overall process of development and, at the same time, allows enhanced flexibility to the users.
6. Dual Authentication
A cryptocurrency wallet should necessarily come with dual or two-factor authentication login. It plays a significant role in protecting the funds of users from theft or hacks. In addition to this, the wallet should ask the users to confirm their identity at the time of logging into the wallet for enhanced security. Moreover, the wallet should also have the feature wherein it asks the users to confirm attempts of logging in from unknown IP addresses.
7. Automated Logout
Automated logout is another vital feature of a cryptocurrency wallet that helps reduce the risk of others being able to access the account of a user. In order to do the same in an effective manner, the wallet should log the user out automatically after a specified span of inactivity or after the app has been closed. The automated logout feature readily enhances the success of the application.
8. Private Key’s Local Storage
The private key’s local storage is another imperative feature that every crypto wallet should possess. Instead of storing the private keys on the server, the cryptocurrency wallets should store them automatically on the end device of users. It is because of the fact that storing the private keys on the server makes them vulnerable to theft. So, storing them on users’ devices makes them safe and secure.
After reading through the post, it becomes pretty clear about the essential features that developers should keep in mind during cryptocurrency wallet development. Moreover, it is always recommended to get in touch with a reputed and professional crypto wallet app development company where one can be assured of getting the best of services. Professionals can build crypto wallets that are loaded with features and functionalities to appropriately serve the intended purpose of use in the best possible manner.