Imagine running a business (involving a modern-day product) with avant-garde functionalities. How embarrassing would it be when customers ask if there is a crypto payment option and your answer is a blatant No. This scenario has become part of most business owners’ lives, which seems to be spurring the growth of business-related crypto wallets.
Growing in Tandem
Though crypto wallet app development offers tremendous opportunities for users and retailers, their adoption had steady growth from the beginning. Even though crypto wallets have been around since the early 2010s, not many have survived to last long except a few. One such wallet is the world’s first-ever hardware wallet Trezor, which debuted in 2014.
Another study carried out by Statista, drawing data from Blockchain.com, shows that there are almost 81 million wallet users in 2022. As mobile accessibility improves, the number of blockchain wallet users will likely increase in 2022 & beyond. Furthermore, its widespread use in various markets and industries makes it more appealing to consumers who are becoming increasingly concerned about their privacy.
Having said that,
Crypto wallets have embraced security vulnerabilities within their ecosystem. Leaving a crypto wallet’s private key on the public forum could lead to phishing attacks, thereby draining funds from wallets. Not just the hackers look for these keys – but also the software bots on the lookout for leaked private keys. A wallet’s private keys should be kept confidential as whoever gets it could control the wallet, potentially leading to funding withdrawals.
Securing Crypto Wallet
A crypto wallet doesn’t store digital assets (like NFTs); instead, they hold a private key that gives access to the assets. This private key functions as the digital identity to the investment portfolio on the blockchain space. When it holds such significance, someone who obtains it can carry out fraudulent transactions or steal your money.
Diversification is Key
Since there is no limit for white-label crypto wallet development, you can build multiple wallets. Diversifying their crypto wallets could be a possible way out of security vulnerabilities even for the users. Imagine an investor with a portfolio of handpicked NFTs. Diversifying the NFTs into multiple wallets could avoid the potential loss of any assets.
Deploy MFA & 2FA
MFA (Multi-factor Authentication) adds a layer of security to your account by requiring independent credentials such as a password, security token, or biometrics. Or else, you can use two-factor authentication (2FA) to enhance security within the wallet ecosystem.
Stay Up-to-date with Latest Trends
Attacks change all the time, but so do the tactics for defending yourself. We urge that you keep an eye on the news for new attacks or threats so that you can react fast if your cryptocurrency wallet is compromised. Stay tuned to the updates from the cryptocurrency wallet development company at your disposal.
5 Indispensable Elements of Cryptocurrency Wallet Development
#1 Offline Access
When developing a cryptocurrency wallet, offline access should be considered because it can lead to features like offline crypto transfers and more secure crypto storage.
Crypto wallets must first and foremost deliver a seamless user experience. The growing popularity of fintech and challenger banks in the financial industry has resulted in a greater focus on user experience, and customer expectations for financial apps are rising.
#3 Automatic Logout
A crypto wallet’s success depends on its ability to log out automatically. To reduce the possibility of outsiders gaining access to a user’s account, wallets should log the user out after a period of inactivity or when the app is closed. Traditional banking customers are accustomed to this as an industry standard.
#4 Multi-currency Support
A successful crypto wallet is the one that accommodates multiple cryptocurrencies. While developing, ensure that your crypto wallet app supports various currencies – that is when you can see numerous users utilizing your wallet.
Every wallet app that performs financial transactions should feature some type of transaction alerts. Notifications serve as a measure of assurance and security. They can also notify consumers when the value of assets they own has increased or decreased on exchange sites like Coinbase.
Crypto Wallets unlock New Potential for Retailers
Since you’re embracing cryptocurrency wallet development now, it’s quintessential to identify your user base. Retailers (most often, the digital counterparts) could form the crux of your user base. Let us tell you why in the following words:
Relish Swift Transactions
Crypto wallets could allow retailers to deploy a fast-transaction system (in place) to clear all the hassles. Unlike credit card systems, which take a few days to batch out and process, Bitcoin is handled instantly, allowing you to access payments easily. Fast transactions can help your company’s cash flow run more smoothly.
Low Payment Processing Fee
The traditional payment services like PayPal or others charge significantly higher fees for every fiat transaction. On the other hand, crypto wallets involve comparatively lesser or zero fees. While receiving crypto payments from the customers, retailers can obtain a chunk of that transaction!
Unless you have the merchant’s permission, it’s tough to reverse a bitcoin transaction once completed. It gives retailers more protection against eCommerce fraud because there is no intermediary, such as a bank, who can withdraw funds from your account without your permission.
Your Wallet is just A Call Away!
Crypto wallets have potentially become the new medium of business rather than just a storage medium (for digital assets). The NFT craze in 2022 & beyond will carry forward the wallet trend in the blockchain space.
Do you have an interesting wallet idea? If yes, let me remind you of Jack Canfield’s quote: “Carry the most important goal in your wallet.”
Well, the goal can be anything: it can be the much-needed answer to industry’s woes or it can be dwelling along the current trends.
Whatever it is, hire your technology partner (aka) cryptocurrency wallet development company to realize your crypto (wallet) dream!