Bitcoin Wallet App Development — Working, Cost, and Key Features

5 min readApr 13, 2021

Bitcoin wallet is a physical medium or a service that stores private keys and public keys for making transactions. It also offers the functionality of encrypting. Bitcoin is a digital currency. It can’t technically be stored anywhere in any physical place. It’s the keys which are used to store address and transaction signatures and make bitcoin transactions possible. Users can install bitcoin wallets on their computers and their mobile phones and safely send and receive bitcoins. Bitcoin is abbreviated as BTC.

Now let’s move forward to understand the types of bitcoin wallets, their necessary features, and bitcoin wallet app development cost.

Working of Bitcoin

Bitcoin is generally a computer file stored in a Crypto Wallet App on a mobile phone or computer. People use these wallets to send or receive bitcoins to their digital wallets. To make it all happen, Blockchain technology is used to record a single transaction in a public list. It makes it easy to trace bitcoins’ transaction history to stop people from making copies or undoing transactions.

Key Features of Bitcoin Wallets

Push Notifications

The push notification feature is one of the must-have features for almost every mobile application. This feature enables the crypto wallet app’s admin to notify users about the price of digital currency, incoming receipts, a transaction failure, or success. Push notifications also help users by notifying them whenever they have sent and receiving stored bitcoins into their wallets. Users will always be updated with all the account activity in real-time if you integrate this feature in your bitcoin application development.

Two-Factor Authentication

Two-factor authentication, also known as 2FA, Integration of this feature in your bitcoin wallet app will improve your app’s security standards.This feature works as a secondary security level for the applications, making the app only accessible to the users.

Two-factor authentication requires OTP (One-Time Password) for granting access. It doesn’t work only on password-based security or username for the user to have access. This feature will enhance the security of the transactions and will build trust between your app and users.

Every feature is a very important feature of most mobile apps, but authorization is considered one of the most prominent features because this stage plays a crucial role in wallet bitcoin security for every bitcoin wallet development company. Bitcoin wallet developers should always ensure that access is also protected through 2FA (two-factor authentication), which adds an extra layer of security protocol for the users when they make any transactions. Under this feature, if the user wants to access their bitcoin account, they have to fill in a form with access keys. This tells how much the authorization stage is important at the time of bitcoin wallet app development.

Optional Logout

Bitcoin applications are famous and trusted because of their security. As you have read about the security mentioned above, you should also integrate this optional logout feature in your app for additional security. This high-level element is incredibly helpful when the user’s cell phone has been taken or lost. It gives excellent auto-logout work that shields customer apps from intruders. It also automatically terminates the login session as soon as the timer expires.

Auto Cancellation of Payments Made Twice

Auto cancellation feature in the bitcoin portable application is an astonishing component for your customers. This feature is useful when a user unintentionally makes an installment twice; the application naturally identifies the copy demand and consequently erases the subsequent installment. This feature is very helpful for you to ensure maximum app security. Nowadays, users are always conscious of payment issues. Sometimes, users make payments twice by mistake due to network issues, which is a big concern for several users. So, here the auto-cancellation feature plays an important role in bitcoin wallet development.

Things You Should Know Before the Bitcoin Wallet App Development Process

Which Development Partner Should You Choose?

Your bitcoin wallet app development cost directly depends on the size of the bitcoin wallet app development company that you want to work with for your project. As corporations are basically categorized in three types: Small, Medium, and Large. If you’re a startup and need an effective bitcoin wallet app, you should go with mid-sized companies for bitcoin wallet app development because they provide high-quality development services at a lesser cost.

App Complexity

Complexities and requirements for the development process are different for each app. If we talk about bitcoin wallet development. In that case, development and designing the wireframe of app to understand the complexities and mechanisms easily is very important. Once you understand all the complexities, it will enable your bitcoin wallet developers to estimate the price of bitcoin wallet app development more accurately.

Development Platform

You cannot ignore the development platform before the developing process. The most important and popular blockchain platforms currently available are, like Hyperledger, BigChainDB, and Quorum. These platforms help make the bitcoin wallet app development process much easier. So, before proceeding towards the bitcoin wallet app development company, you must ask them to specify which platform they suggest for your bitcoin wallet app development

Mechanism

Blockchain requires various mechanisms to authenticate transactions. You can choose accordingly among the best preferable mechanisms to authenticate transactions. Bitcoin always works on proof of work, and with this option, you can also use various mechanisms in your app.

Some of the best mechanisms are:

Proof of Elapsed
Delegated Proof of Stake
Proof of Stake and Federated

What is Bitcoin Mining ?

Through the mining process, new bitcoins are entered into circulation, and it is a critical component of the development and maintenance of the blockchain ledger. Bitcoin mining is a process that is performed using very modern flagship computer hardwares and softwares that are able to solve complex problems.

Conclusion

Indeed, Bitcoin Wallet Development is a complex process and requires expertise in FinTech app development. All the features I’ve mentioned above are very important for every bitcoin wallet, so try to include all of them in your app to attract more customers.