The Making of Bitcoin Wallets

stacked bitcoins

The use of cryptocurrency is gaining popularity with time and is likely to be the primary type of currency used in the future. This, coupled with how much people rely on their smartphones, creates an opportunity for entrepreneurs in app development. Thus, a mobile bitcoin wallet gives users an easy and convenient way of accessing their digital currency. To get started, you need to do quite a lot of planning. The three main features that you need to look for in a bitcoin app are discussed below.

Security Features

bitcoin encryption technology

Given that the app deals with money, security should be a top priority when developing the app. Nothing else may matters if the app will not be able to guarantee the safety of the coins. There are various security features, some which are unique to blockchain security while others have similarities to security used in the traditional banking apps.

Two-Factor Authentication

Using passwords alone is no longer enough to guarantee good security. Using multifactor authentication to access the wallet improves the security quite significantly. For this, you can use text messaging, an existing app, or come up with your scheme.

Timed Logout

This defines how long it takes before a user being logged out automatically if there is inactivity for a given amount of time, or if the smart device gets locked. The app should have timed log out to help protect more of the lay users who are new to Bitcoin. It might seem like an inconvenience to users, but that does not beat its importance in terms of security.

Client-Side Private Key

It will be a lot safer for all the users of your app if you do not store their private keys in third-party servers. Even though doing so may improve speeds and usability features, you should avoid storing private keys anywhere outside the app.

Repeated Payment Denial

If a user attempts to make the same transaction more than once, the deal should not go through automatically. Some form of verification should be requested for the transaction to be complete.

Usability

bitcoinsUsability encompasses everything that is intended to make using the app convenient, pleasant, and fast. Start by ensuring that you have a robust backup, which will come in handy in case a device is lost or hacked. The app should also have a stable user interface and be very user-friendly. Remember to include push notifications as well for users to keep track of everything that happens in their account even without opening the app.

Functionality

You should also work on all the features that contribute to the utility of the app. Some of the elements may include transaction categories, QR scanner, and thread conversations among many others.