So much has changed in the past ten years. Not so long ago, people used to transfer money from one bank to another bank using their laptops. Now, there is a completely new digital currency out there. Meet Blockchain – the first virtual currency created in 2009 by an anonymous developer called Satoshi Nakamoto. However, what we will be discussing in this article is this: What is bitcoin wallet app. What are the benefits and opportunities of Bitcoin in mobile payments.
Bitcoin Wallet App is a secure digital wallet used to send, receive, and store bitcoins.
In order to use a cryptocurrency such as Bitcoin, a cryptocurrency wallet is needed. A cryptocurrency wallet is a software which stores public and private keys and interacts with different blockchain to allow users to send or receive digital currency.
Just like Bitcoins, most coins have their own official wallet, while some also recommend third-party wallets.
One of the common questions online businesses ask today is that Why they should be interested in creating a Bitcoin Wallet App of their own? Or, Why should they integrate Bitcoin as a mobile payment option in their business?
The answer to these questions and the main benefits of Bitcoin Wallet App are as follow.
The nature of Bitcoin makes this digital currency a perfect solution for the cross-border transactions. Compared to other payment options, Bitcoin is the fastest among all. You can purchase bitcoin online for any other currency through an exchange. You can also mine bitcoins on your own. Although, it will require you to set a machine aside and have it run endlessly.
To issue a transaction in cryptocurrency, you only need to know the bitcoin address of recipient. The address generated by the bitcoin wallet app looks like this: 1Jhbck6ziWRmQBp67GVDgF5xNXgB.
Only by knowing this address, you can check how much money was sent to, and from it, but you cannot find which wallet is associated with the address and who is the actual recipient.
Each transaction in bitcoin wallet app is signed with a digital signature before it’s sent to blockchain. And after it’s sent, a transaction is processed and it becomes committed. This means, the money will be transferred to another wallet. This entire process makes the bitcoin wallet app a safe place to use, store, and exchange the cryptocurrency (bitcoins).
In the last five years, the price of Bitcoin has grown by 20,607%. In fact, a number of Bitcoin transactions volume has surpassed an equivalent of U.S. $100 Billion.
Following are the top reasons to build your own Bitcoin Wallet App.
#1: Bitcoin is not under control of government (It is decentralized):
Do you remember the 2012-13 Cypriot financial crisis?
It was an economic crisis in the Republic of Cyprus which involved the exposure of Cypriot banks to over-leverage the local property companies and decide to take back 48% of uninsured deposits.
Similarly, when any country goes through economic crisis, banks generally take back all the uninsured deposits, which may affect people. However, it is not possible with Bitcoin as it is decentralized.
#2: Bitcoin is More Secure:
Nobody can steal your information from merchants because you don’t have to reveal any secret information. Every user has two keys: Public and Private. When the user sends bitcoins, he or she must combine the first with the second.
#3: Bitcoin is Protected Against Inflation:
Currently, the major issue with the real currency is that governments hold the right to print as much money they want, making it lose its own value. However, in Bitcoin’s case, the number of bitcoins would never surpass 21 million. This is how Bitcoin is protected from inflation.
If your answer is yes, then the first thing you need to know is that a bitcoin wallet app is quite easy to implement.
To make a bitcoin wallet app, you can use few libraries that offer standard functionality for synchronizing with blockchain. For example, you can use Chain-java. It is a Java library to the chain.com. This Bitcoin API can help you access the blockchain.
However, if you don’t want to use such libraries, you can also make a custom bitcoin wallet app according to your business requirements. Although, it would require many modifications in the library which a blockchain developer can do.
Our blockchain developers have the experience of building such bitcoin wallet app. We can implement a bitcoin app for Android and iOS, which can encapsulate your business logic.
Not only this, but you can also…
How many people own the cryptocurrency today?
It’s hard to tell, right?
There is no such data available. But still, many large companies have started accepting Bitcoin and other cryptocurrencies as a legitimate source of funds.
Zappos, Amazon, WordPress, OkCupid, and Expedia – all of these companies offer bitcoin among their payment options.
Furthermore, for entrepreneurs planning to enter e-commerce sector, integrating bitcoin as a payment is also a good option. In fact, for companies that want to accept payment in Bitcoin, but don’t want to hold the cryptocurrency and prefer to instantly exchange them for a flat currency, there are Payment Service Providers who can help in that.
The best thing about Payment Service Providers is that they settle a company’s account in their currency, and if any customer pays in bitcoin, the PSP will transfer the flat currency to the merchant’s traditional bank account.
However, these are few of the basic examples for a bitcoin wallet app. You can absolutely create bitcoin wallet app around your business requirements or integrate it as a payment option.
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