Despite the frequent ups and downs in the cryptocurrency market these days, newcomers are continuously entering the market in the hopes of cashing in on the next surge in price.
Businesses, on the other hand, are also leveraging this bitcoin market growth by the leaps and bounds by developing Bitcoin Wallet Apps of their own.
Bitcoin is a vivid example of another disruption in the world’s economy. And since you’re reading this article, I’m assuming that you’re already aware of these concepts like Bitcoin, Blockchain, and Cryptocurrency.
So, let’s jump to the point. If you’re an entrepreneur or business wanting to build your own Bitcoin Wallet App, you’ve come to the right place.
In this article, I’m going to give you an overview of what is bitcoin wallet app to how you can build your own Bitcoin Wallet App and reasons why you should build it.
That being said, let’s get started.
What is a Bitcoin Wallet App?
Bitcoin Wallets are nothing like physical wallets as these are the digital wallets with digital currencies that don’t exist in physical form.
It’s basically a piece of software application in which users generally store their private keys as well as records of the transactions they made and how many coins they possess.
Most Bitcoin Wallet Apps support Bitcoin and Ether, the two most popular cryptocurrencies in the market.
However, since companies are launching their own cryptocurrency through ICO (Initial Coin Offering), many bitcoin wallet apps have started to support other cryptocurrencies besides Bitcoin and Ether.
How to Build Your Own Bitcoin Wallet App?
There are two ways to build your own Bitcoin Wallet App. One is by relying on the existing Bitcoin Wallet tools and libraries like Coinbase Software Development Kit (Coinbase SDK), Blockchain Wallet API, and BitcoinJ SDK.
Of all these three tools mentioned above, Blockchain Wallet API is considered to be the most popular way to build a Bitcoin wallet app.
If you want to build a bitcoin wallet app using Python or Ruby, then Coinbase SDK is the ideal choice, while BitcoinJ SDK is perfect when you want to create a bitcoin wallet app using Java.
The second way to build your own Bitcoin Wallet App is by building it from scratch and without using any tools or libraries.
To build a Bitcoin Wallet App from scratch, however, requires high-level programming skills. Therefore, we recommend availing Blockchain development services to ensure successful development.
Apart from these two approaches, there is also a relatively new approach to build your own Bitcoin Wallet App. It’s called a digital wallet solution.
They are basically ready-made Bitcoin wallet app solutions that small businesses or bootstrapping entrepreneurs can use to build a Bitcoin Wallet App without any fuss.
There are many popular payment gateway companies like BitPay, Stripe, and even Shopify that have leveraged a digital wallet solution in their products to allow bitcoin payments.
So, now that you know all the methods to create a bitcoin wallet app, let’s move forward and discuss the top reasons to build a bitcoin wallet app.
Top Reasons to Build a Bitcoin Wallet App
Virtual cryptocurrencies, even though seems like a risky endeavor, aren’t going away anytime soon. But if you still have doubts or second opinions, let these following reasons fixate your mind.
Bitcoin Is Better Protected
When you conduct a transaction, either online or at ATM, there are risks that hackers may get your confidential data or password. But in Bitcoin’s case, nobody can secretly know about your payment or transaction information since there is nothing to hide in the bitcoin transaction.
In simple words, a bitcoin transaction involves multiple parties to execute a transaction. A user executing a bitcoin transaction is given tow keys, private and public. And in order to execute a successful transaction, you need the combination of both private and public key to conduct a bitcoin transaction.
This means, not only it’s more secure than any financial institution, but it’s also just simply cannot be manipulated.
Bitcoin is Immune from Inflation
Ever since the dawn of civilization, governments endure all rights to print as much physical money they want to, meaning obtaining it actually loses its original value.
In the case of Bitcoin, on the other hand, the number of bitcoins would never exceed beyond 21 million. So, you can easily make a bitcoin transaction without having to worry about any ifs or buts. And this is how Bitcoin is secure from inflation.
Bitcoin is Simpler than Banks
In Bitcoin’s case, there is no limit in terms of time and geographically, meaning bitcoin transactions can be easily processed 24/7 and much faster than banks.
For example, the bitcoin transaction process relies on a single public ledger, where banks have multiple ledgers, making the transaction process slow.
The best part is, bitcoin is perfect when it comes to making cross-border transactions as no government entity has any control over the cryptocurrency.
Bitcoin and other cryptocurrencies are gaining popularity due to the benefits they provide. For starters, bitcoin gives a complete command over the funds with unmatchable flexibility.
So, what are you still waiting for? – Build your own Bitcoin Wallet App and be the part of the digital revolution happening before it gets too late!
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