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INN4SCIENCE BLOG

INN4SCIENCE BLOG

Blockchain

How to develop a Bitcoin wallet application and make your business thrive?

What is a Bitcoin app?

In a nutshell, the cryptocurrency mobile app is specific software which you can install on your mobile phone to be able to carry out operations with your crypto assets in a fast and convenient way. There are a handful of crypto payment options on the market, but we would like to give you some insights on how to create a personalized cryptocurrency wallet app and how developing a Bitcoin app will benefit your business.

Why would you need to build your own Bitcoin wallet? The reason is quite simple: having your own cryptocurrency wallet will help you expedite nearly all payments and convert or store a share of your profits in a digital currency. The global non-cash payments, developed by the major financial institutions, have become one of the fundamental parts of all business and personal financial transactions, though these payment options have certain flaws, describing which will help you understand the necessity of cryptocurrency app development:

  • Certain payments are subject to a long waiting period because the banks have to verify various details with regard to compliance with global and local financial legislation;
  • The banks or the financial services, like Western Union, usually impose high fees on every transaction which, in the case of WU, can be as high as 20% of the sent amount;
  • The online money transfers through a bank or an official remittance system require the provision of personal information from both sender and recipient, in other words, making the payments completely non-anonymous;
  • The execution of non-cash payments through banks is virtually impossible for the unbanked people. According to the stats by CGAP, there are almost 2 billion unbanked adults in the world right now, whose financial capabilities are severely restricted.

The emergence of cryptocurrencies, namely Bitcoin, has revolutionized the modern financial world in many ways. Nearly all payment methods that involve blockchain-based currencies have the following characteristics which give them an edge over the traditional payment gateways:

  • All transactions are usually carried out within a few minutes, a couple of hours, tops;
  • The Bitcoin transaction fees are relatively low, especially compared to the fees imposed by the official money remitters, though they could go up from time to time due to the network overload;
  • The transactions take place in a completely anonymous environment;
  • There is a decent variety of means for conducting financial transactions in Bitcoin, such as the desktop or mobile wallet apps, which can be installed and utilized by anyone who has a laptop or a smartphone. The development of a Bitcoin wallet app will allow businesses to make and receive payments on the go, thus facilitating the swiftness of all financial operations;
  • The entire Bitcoin network is based on the concept of decentralization, which means that the users’ finances and transaction can’t be controlled by a certain group of people or governments. Therefore, making a customized Bitcoin wallet app will provide businesses with an opportunity to cooperate with companies and individuals from all over the world, regardless of the geopolitical situation in the given country. To put it simply, knowing how to build a cryptocurrency wallet and integrate it for the commercial processes will allow businesses to evade certain political and economic restrictions, such as sanctions or cooperation bans.

Basically, there are two types of cryptocurrency wallet apps: the desktop and the mobile app, which work separately or in conjunction with each other. The mobile Bitcoin wallet app is obviously the best choice for crypto enthusiasts because it allows users to have instant access to their funds, and receive/transfer/exchange cryptocurrencies on the spot.

We will reveal the basics of Bitcoin app development and highlight the main advantages of integrating such an app into your business processes. So, how to build a Bitcoin wallet?

Bitcoin app development explained

The best thing about making a Bitcoin app is that you don’t have to re-invent the wheel in order to develop your personal digital wallet. The answer to the question, “How to create a Bitcoin wallet app?”, is rather simple. The entire process of cryptocurrency wallet app development is based on three pillars:

  • The use of Bitcoin libraries for Android and iOS;
  • The synchronization of the newly created crypto wallet into the blockchain using various APIs;
  • Integration of Bitcoin as the payment option.

The codes of nearly all cryptocurrencies are of the open-source nature, which means that during the process of the Bitcoin app development, we have full access to the libraries that contain the exhaustive information on how to make a cryptocurrency wallet app, such as the app architecture, synchronization with the blockchain, integration of Bitcoin payment into Android and iOS, and the execution of transactions. Here is the list of libraries that we use in the process of cryptocurrency app development:

Coinbase SDK. One of the most renowned Java libraries that works well with both Android and iOS. Coinbase SDK has an additional perk as it allows for integrating not only Bitcoin but also Ethereum and Litecoin into the cryptocurrency wallet app. This library will help you realize a wide set of functions, such as purchasing/selling of cryptocurrencies, instant balance check, management of all financial operations, and even online crypto trading (in case you want to make a really advanced app). However, keep in mind that the access to functional features of Coinbase SDK can be limited to users from certain countries.

BitcoinJ SDK. Another popular cross-platform library that is composed in Java, though it is also compatible with JavaScript, C++, Ruby, and Python). The main difference between BitcoinJ and Coinbase is that the latter doesn’t require registration and has a wider variety of material cryptocurrency wallet app development. Moreover, it is a less resource-consuming and more comprehensible version of the original Bitcoin client. BitcoinJ SDK is fully compatible with TestNet3 (the official network for testing cryptocurrency wallet apps) and MainNet (the transaction network).

Surely, we are not limiting ourselves to using only these two libraries, but this information will help you get a common understanding of how to make a Bitcoin wallet app and how it can correlate with your business goals, for instance:

  • The range of currencies that you want to integrate into the app for the purposes of conducting day-to-day financial operations. We suggest including the basic set of the most popular cryptocurrencies: Bitcoin, Ethereum, Litecoin, in order to diversify your payment opportunities and avoid paying additional fees for conversion;
  • The scope of your business operations: the feature set of your personal cryptocurrency wallet largely depends on whether you want to use cryptocurrencies only as the means for accepting payments (online shops, service providers) or become engaged in the fully-fledged crypto operations (trading, investing, etc.);
  • The volume of funds that you would like to transfer to crypto. In other words, whether you want to develop a Bitcoin app just for conducting occasional small transactions or make digital currencies a large part of your business operations. In the first case, building a basic security structure for the app would suffice, while the second case would require implementing additional protective measures.

Integrating Bitcoin payments into apps

Bitcoin is gradually becoming the universal means of payment accepted even by such globally renowned companies as WordPress, Amazon, Bloomberg, etc. Therefore, if you haven’t been trying to figure out how to make a cryptocurrency wallet app just for the sake of storing cryptocurrency in hopes that its price will go to the Moon but to satisfy your business needs, you should definitely think of ways to integrate Bitcoin as a payment option into the app. Here is a list of relevant services that we use in the course of cryptocurrency app development:

  • BitPOS – a blockchain-based platform that allows you to integrate Bitcoin as a payment option and use both online and offline points-of-purchase;
  • BitPay is a cryptocurrency payment integration platform and the payment processing company of the same name. It helps bring together merchants and buyers who use Bitcoin as the mean of payment. BitPay is one the finest solutions for cryptocurrency mobile apps;
  • Coinify is also a processor of transactions that involve digital currencies that works in conjunction with Countr, the Dutch provider of point-of-sale solutions. Apart from Bitcoin payments, Coinfy will allow integration with Ethereum and Litecoin.

We will integrate the cryptocurrency payment options that would be appropriate for your business, depending on your industry, niche, and the scope of your operations. If you are involved in e-commerce, trading or provision of online services, you simply have to have a personal cryptocurrency wallet; otherwise, the competition will make you bite the dust. We know how to make and successfully integrate a cryptocurrency wallet app that will give your business a good boost.

Once we have successfully integrated Bitcoin payments into your cryptocurrency wallet, you can perform transactions, make purchases or engage in cryptocurrency trading, depending on which integration option you prefer.

How much does it cost to build a cryptocurrency wallet?

If you have basic knowledge of how to make a Bitcoin wallet through the use of libraries and integration platforms, you will be able to build your own Bitcoin wallet capable of making standard crypto payments. The only thing that you would have to invest is time for studying the libraries and other aspects Bitcoin wallet app development, and actually creating the app. However, if you need a highly customized Bitcoin wallet app capable of handling multiple currencies and a large number of transactions, it would be better to get help from our professional developers. These services come at a cost that may range from a few dozens to hundreds of dollars, depending on the complexity of the app, the required selection of features, the level of security, and the operational efficiency, but you can rest assured that this money will be well-spent because you will get the best Bitcoin app development services on the market.

If you want to use this app for business purposes, then the best way would be to get the expert assistance from our Bitcoin wallet app development specialists who will create the cryptocurrency app that will become the cornerstone of your online company.

Final thoughts

The emergence of Bitcoin has disrupted the existing world of finance and opened many new possibilities for all people who believe in this technology. Now you know how to make a Bitcoin wallet app, so it is time to expand your horizons. We will help you become more financially independent by developing the customized cryptocurrency app wallet that will suit all your personal and business needs.

DO YOU HAVE ANY QUESTIONS?

LET'S DISCUSS! BOOK A CONSULTATION WITH OUR SPECIALIST


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