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Blockchain

How to Make Your Own Bitcoin Wallet App?

What is a Bitcoin Wallet?

In a nutshell, the cryptocurrency wallet app is specific software that you can you on different devices 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 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 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.

How Does Bitcoin Wallet Work?

The emergence of cryptocurrencies, namely Bitcoin, has revolutionized the modern financial world in many ways. In order to understand the working principals of cryptocurrency wallets, let’s review the following characteristics of blockchain-based currencies 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 transactions 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.

Types of Cryptocurrency Wallets

Basically, there are two types of the most used 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.
However, let’s have a small overview of each crypto wallet type.

Desktop

Desktop wallets are software programs that can be installed on clients’ PC. Such wallet allows storing the private keys on the desktop, giving full control of assets to users.

Mobile

Mobile wallets are applications that you can install on your phone and unlike desktop type, adds you a perk. In comparison to a PC, that usually you keep at home, the mobile device is always with you and you can get access to your assets whenever you wish.

Paper Wallet

Well speaking plainly, it is simply a printed piece of paper. However, this single piece contains the most sensitive information of your wallets, like keys and QR codes. Paper wallets are meant to be the most secure type of wallets as they are taken from the Internet.

Hardware

Hardware wallets it is devices that look like USB-flash drives. The device keeps private keys and stores it in a protected area of a microcontroller. Therefore the client’s private key cannot be transferred out of the device in plaintext.

Online Wallet(Web wallet)

The web wallet is a wallet that you can use to access blockchains through a browser interface (like Google Chrome, Opera, etc.) without downloading or installing any applications. This includes both exchange wallets and other browser-based wallet providers.

At this point, we are done with the types of crypto wallets. However, you may also hear the below-mentioned types, which are not types but more as distinguishes in how private keys are stored.

Hot Wallet

Hot wallets are wallets that are connected to the Internet and mostly are embedded into different websites (like crypto exchanged). Their key characteristics are speed and flexibility. A person can easily transfer funds between hot wallets. However, as such wallets are connected to the public network, their security is rather unreliable. So it’s highly not recommended to keep all your assets on hot wallets.

Warm Wallet

That is not a big difference between hot and warm wallets. Though, warm wallets are usually based on applications or other downloadable soft, when hot wallets are based on the web-services only. Another difference is the security of the wallets. Warm wallets use 12-digit passcodes or PIN numbers for security and identity verification. Hot wallets, in turn, use user-created methods (passwords, personal info verifications).

Cold Wallet

Well, cold wallets are basically any wallet that is not connected to the Internet. Technically it is private and public keys that are written somewhere, whether it is a USB flash drive, mobile device notes, or even a piece of paper.

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Features to Create a Wallet for Cryptocurrency

But how to make your own Bitcoin wallet and decide what it needs? Let’s review and define the key feature to create a secure Bitcoin wallet for your company. We will proceed from a decision, that we develop a Bitcoin wallet app.

Registration

A client needs to use your application somehow, and you need to have information about users. The “Sign up/Sign in” module is a crucial feature for an application.

Profile

The profile module contains all sensitive and personal information about the user. This information is also can be used to manage payments.

Payments

This block of features shall contain all basic features like:

  • Sending funds via QR code, NFC, URL link
  • Real-time tracking for payments
  • Wallets management
  • Address generation
  • Currency management (for multicurrency wallets)
  • and more…

QR

The Bitcoin wallet app you make shall include a built-in QR code scanner. This way, your clients will easily send or receive payments.

Notification

As you create your own cryptocurrency wallet, don’t forget not only to foresee internal notifications but also push-notifications. So your users stay tuned on all the activity of the application.

Security

Security is an essential part. Not only you should predefine internal secure logic, but create a safe environment for using your wallets. To make a secure Bitcoin wallet be sure to have the following features.

  • PIN codes for accessing assets
  • PIN codes/Pattern codes/etc for accessing the application
  • Passwords for executing the operation
  • Two-factor authorization

How to Protect a Bitcoin Wallet?

To begin with, if you want to make an online Bitcoin wallet secure, you should be aware of the most common threats. Among these issues is phishing, duping, stealing of Pin code, and more. Thieves are always trying to possess the cryptographic key of the user, therefore most of the threats are aiming at getting it.

Also to build a cryptocurrency wallet properly secure, you should provide high-quality encryption methods for your users. Long and strong passwords, 2-factor authentication (with SMS or Google Authenticator).

For creating a safe bitcoin wallet you can also embed Seed phrase security. What is it? Seed phrase or mnemonic seed is a security measure when users are offered to write down either a 12, 18, or 24-word phrase that is tied to their private key.

How to Build a Bitcoin Wallet Using Libraries?

The best thing about developing a Bitcoin wallet 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).

How to Create a Custom Bitcoin Wallet from Scratch?

Surely, we are not limiting anyone 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. However, if you want to build your own bitcoin wallet from scratch you have to define the following points:

  • 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 of 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 point-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 of 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 of 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. Though you can rest assured that this money will be well-spent because you will get the best Bitcoin app development services on the market. Depending on the Blockchain network and features the price for creating a cryptocurrency wallet may vary. Prices below are specified with a $32 man-hour price of the developer.

% time spent in the projectSaaS, from 800 hours and moreCrypto wallet, from 400 hours and more
Backend45%360180
Frontend25%200100
Android15%12060
iOS15%12060
Design5%4020
BA15%12060
QA/PM50%400200
Total hours1360680
Total price*$43 520$21 760

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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