Virtual currencies have revolutionized the traditional form of transactions. In this digital age, it is so much possible that you can purchase goods and services with digital currencies. If you have a crypto wallet, you can send, receive, and spend cryptocurrencies.
As technology is developing rapidly, cyber threats are also increasing. So the security feature of a crypto wallet is extremely important. If you want to develop your crypto wallet, you need to ensure three things:
- The wallet is secure.
- It must be simple and easy to use.
- It should be feature-rich.
Now here, you will discover the important steps required to create your crypto wallet where you can store crypto coins.
Steps to create a crypto wallet
A crypto wallet allows you to make different types of crypto transactions such as sending, receiving, buying goods, or services. Here are the five steps that help you to create your crypto wallet.
- In-depth Knowledge of Blockchain Technology
- Choose the Type of Crypto Wallet
- List the Features You Want to Integrate
- Acquire the Technology & Hardware
- Hire your Team
Well, you can register today to meet different bitcoin experts who have made a mark in the crypto space. Now let us understand the above-mentioned steps for creating a crypto wallet.
In-depth knowledge of blockchain
First of all, you need to have an in-depth understanding of the underlying technology blockchain before you create a crypto wallet. As cryptocurrencies are backed by this disruptive technology, it’s of vital importance to have a complete understanding of the technology.
Simply, blockchain comprises two important terms, ‘block’ and ‘chain.’ Here the term ‘block’ refers to transaction data or digital information, and ‘chain’ means the connection between the blocks. The blocks are connected by a mechanism called ‘cryptography’ which is one of the most secure forms of data encryption presently.
Choose the type of wallet
For developing a wallet, you need to choose which type of wallet you want to develop. There are mainly two broad categories of crypto wallets.
- Cold Storage Wallets: These are the most secure wallets which are not connected to the internet unless there is no need. Again, there are two types of cold storage wallets: paper and hardware wallets.
- Hot Storage Wallets: These types of wallets are always connected to the internet. People who want to trade crypto coins or regularly use these wallets. And there are three types of hot storage wallets, such as mobile, web, and desktop wallets.
I assume that you want to create any of the hot storage wallets. Next, you need to select the features you want to include in your wallet.
List of features you want to include
There are many features you may want to include in your wallet. You can integrate the following features to stand out from the competitors.
- Biometric authentication
- Two-factor authentication
- Easy UI
- QR code scanner
- Robust Infrastructure
Acquire the technology & hardware
Well, you will need both hardware and software to develop a crypto wallet. Well, if you want to create a web wallet, you will need AngularJS, Node JS, and HTML.
For the iOS app wallet, you will need swift and python. Finally, you need Java and Python for the android crypto wallet.
Hire your team
Last but not least, you many do it on your own, but it will not make it efficient, and it may take years to come up with your wallet. So, you need a team for creating your wallet.
The above steps are just an overview of the process of developing a crypto wallet. In fact, you will need a lot of money, time, and continuous effort to come up with your crypto wallet.
However, if you do not have the proper technical support and team, you can seek guidance from experts who have developed a crypto wallet. Hopefully, the article has helped you to understand how to develop your crypto wallet. If you have any queries, ask below, and don’t forget to share your thoughts on this post.