If you’ve used Bitcoin or any other cryptocurrencies in the past, you will know how vital a wallet is. Wallets are essential in the crypto scene, as they provide a place for users to keep their Bitcoin safe, amongst other advantages. And, like with many other things in the cryptocurrency world, developing is fast becoming a popular industry of its own making.
A Bitcoin wallet in effect is the place users keep a key, rather than the Bitcoin itself. You won’t find Bitcoin in the wallet, but you will find the key which will open the safe where the funds are, and this makes it essential to consider security as the first feature to consider when developing the app.
If the wallet app isn’t as secure as it could be, it won’t be fit for purpose, especially if users have a lot of Bitcoin to store. Security should always be the number one priority and the first item on the checklist. We would definitely recommend a visit to luno.com to appreciate exactly what a secure Bitcoin wallet should look like.
Two-factor authentication and timed logout are must-have security features to include in a Bitcoin wallet app. The former will prevent accounts from being hacked, with a strong password no longer enough to keep an account secure. Timed log out is standard in the online and mobile banking world, and it’s essential for apps too. Mobile devices are lost and stolen all the time but timed logout will prevent unauthorized access as best as possible.
As well as being secure, a Bitcoin wallet app must be easy to use too. Overcomplicating things will lead to a lot of frustration, especially when a user wants to be able to log in, do their business, and log out. At the same time, the app must have the most essential and up to date features too, especially when you consider that other wallets out there already do. Otherwise, it could be left behind and proven to be not fit for purpose.
A must-have feature for a Bitcoin wallet app is, of course, push notifications. This functionality has come popular with traditional banking, and they’re a godsend when it comes to Bitcoin too. Not only can they provide balance updates, but they can also indicate price changes, successful sales, and payment requests too. They allow users to stay across everything on the go, making push notifications an essential feature.
It’s vital to include a backup option too because if the device is misplaced or stolen, the next course of action will be a remote wipe. A remote wipe will obliterate the wallet and its contents, and without a robust backup, keys and therefore funds could be lost forever. Supporting both offline and online backups is advantageous, and utilizing both will prove to be equally as beneficial to the user.
There’s a lot to consider when developing an app, but security, usability, and functionality are the three main areas of focus. It’s always worth checking out other wallets, to see what works and what doesn’t while keeping users at the forefront of every decision.