Cryptocurrency wallets act as a safe storage facility for keeping the tokens and coins of the users. It is easy to use and is cross-platform compatible.
The Core Features Of A Cryptocurrency Wallet Are:
The availability of secure online and offline vaults.
Low transaction fees for the users.
Recurrent payment facilities through the regeneration of wallet addresses.
The presence of Chrome extension for a seamless user experience.
The Benefits Offered By Crypto Wallets Are:
Immune to regulations imposed by authorities and governments.
Protection against inflation.
Acceptance of a wide variety of digital and fiat currencies.
Fast transactions executed through integration with numerous payment gateways and QR code scanning facilities.
The Various Use-Cases of a Crypto Wallet
Bill payments by utilizing digital assets.
Peer to peer transactions without the presence of any intermediaries.
Real-time crypto to fiat conversion at the best market rates.
Integration with the point of sale systems of merchants and enabling payments through debit and credit cards.
Different Security Measures Incorporated in Crypto Wallets
Two-factor authentication whenever a user attempts to sign in to his wallet.
SSL implementation that ensures privacy of the data between servers and browsers.
The presence of Hardware security modules (HSM) and Key Management Service (KMS).
Biometric authentication for personal identification.
Common Types of Crypto Wallets
Web Wallets - It operates completely online. It can be used via web browsers or internet-based applications. Web wallets can be directly integrated into a Crypto exchange.
Mobile Wallets - They are virtual wallets that can be used via smartphones on Android or iOS platforms. All the payment information is stored on a secure app on a mobile device. Private keys must be utilized by the users.
Multi Currency Wallets - It can support the holding of more than 1 Cryptocurrency by the users. Both public and private keys are used by a Multi currency wallet to safeguard the users’ funds.
Hardware Wallets - They function offline and work similar to a USB device. Hardware wallets are more secure when compared to hot wallets.
Desktop Wallets - They can be installed as software on operating systems. Desktop wallets provide a high level of security and anonymity through inbuilt cold storage facilities and eliminate the role of third parties.
Compelling Reasons to Involve in Crypto Wallet Development
Full decentralization is ensured without any control by a central authority.
There is no chance of chargeback fraud as duplicate payments are automatically rejected providing users more trust and safety.
Automatic session logout is present preventing any chances of misuse or unauthorized access.
Access is provided to transaction history for the users and a wallet backup option is enabled in case of software failure or theft of funds.
The Factors to Follow Before Developing Crypto Wallet
The kind of platform to be developed, mobile, PC, or cloud.
Whether it supports a single currency or multiple digital currencies.
The storage method that is used for managing private keys, hardware, paper, or terminal devices.
The access provided, either single-point access or multi-signature wallets.
Why Choose “Infinite Block Tech” for Crypto Wallet Development
Superior technical expertise with knowledge of all the latest technologies.
Full ownership of coins is ensured for users along with anti-fraud protection.
On-time delivery of the project is assured fulfilling all the business goals.
Round the clock technical support in numerous languages.