Are you planning to build your own wallet to tap into the billion dollar cryptocurrency market?
Are you having a hard time wrapping your heads around how to create cryptocurrency wallet?
See more: How to make your own crypto wallet
Don’t worry; we have got your back.
To get the ball rolling, let’s just remind ourselves what cryptocurrency wallets are and how they benefit their users.
Now, what is a cryptocurrency wallet?
A “wallet” is equivalent to a bank account. It allows you to send, receive and store bitcoins and other digital currencies. Cryptocurrency wallets are smarter with flexible features. It is a software program that stores public and private keys that initiate cryptocurrency transactions. If you want to use cryptocurrencies, you need a wallet to access those currencies.
Benefits of a cryptocurrency wallet: why should you have one?
- A wallet can hold a spectrum of digital currencies without running out of space, ever.
- All the crypto exchange development platforms prefer wallets because it packages the cryptocurrencies into clearly marked sections to prevent any mix up.
- It can be used as a balance checker and helps keep tabs on previous and current transactions.
Wallets can be categorized into 5 types
1. Mobile wallet: Mobile wallets for Bitcoins and altcoins are the most widely used wallets on the market. These types of wallets work as a mobile app and are complemented by features like ease of use; backup and restore features; cross-platform compatibility; and high-level security.
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2. Web Wallet: Like mobile wallets, web wallets are hot wallets that are always connected to the internet. These types of wallets can be accessed via different internet browsers like Google Chrome, Firefox and IE. Security is a major concern for web wallets.
3. Hardware Wallet: It is a USB-like device that stores your coins offline and guarantees security of the currency and data.
4. Paper Wallet: Being secure and convenient, paper wallets are one of the best options. The software generates private keys that can be printed. The process of transferring or receiving cryptocurrencies in these wallets is known as Sweeping via QR Code Scan or even manually.
5. Desktop Wallet: A desktop wallet is an installable software pack that is available for most of the desktop operating systems Like Mac, Windows and Linux. Since your desktop or laptop is often connected to the internet, make sure to have the basic security measures in place like antivirus and anti-malware software along with a strong firewall.
Working of the cryptocurrency wallets
Now that you are equipped with the basic knowledge of cryptocurrency wallets, understanding their working will help you comprehend how to make own cryptocurrency wallet and steer in the right direction.
Cryptocurrency wallets are similar to safety deposit boxes that we use to store our possessions. Like the safety deposit boxes, wallets, too, have a key, known as a digital key.
To be able to spend the coins sent by someone and unlock the funds signed off from their ownership to your address, there is one requisite – match the private key in your wallet with the public address the currency was signed off to.
With the burgeoning popularity and adoption of cryptocurrencies, the number of wallets being developed is also increasing.
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Where can the Cryptocurrency wallets be found or how can you make a cryptocurrency wallet?
Cryptocurrency wallets are available via web browsers, can be downloaded on smart-phones as an application or purchased as hardware devices from online stores.
As aforementioned, there are 5 types of cryptocurrency wallets available in the marketplace and the process of creating each one of them is different – depending on security levels.
Mobile and web wallets are preferred wallet types for the masses since they allow easy, quick and round the clock access to crypto assets. However, online wallets (web and mobile) are more vulnerable to cyber attacks compared to offline wallets like hardware and paper wallets, thus make sure to fortify the security of your online wallets. A secure web and mobile wallet offers unsurpassed benefits like easy and quick access to cryptocurrencies, authenticated transactions, easy management of varied cryptocurrencies in a single place, and more.
Get your white label cryptocurrency wallet in just 3 weeks
At Antier, we specialize in providing highly-secure, cross-platform compatible white label wallet in only 21 days. Our white label wallet is fortified with industry-leading features like 12-word mnemonic phrase, biometric authentication, multisig support, password protected access, QR code scanner, NFC (near field communication) support, intuitive interface, and more. Underpinned by modular architecture, our white label wallet can be easily scaled to support a spectrum of cryptocurrencies, including coins and tokens.
Connect with one of our experts to schedule a free demo of our white label wallet.
Besides, our expertise lies in creating a fully-customized wallet from ground zero. Share your requirements for no obligation quote or expert advice at absolutely no cost.
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