Let us first get to understand what is bitcoin, A bitcoin is an open source consumer to company payment mode which is used for worldwide transactions, a bitcoin can be comprehended as electronic money.
The world is forging towards the technological path and with the event of greater risk in cash handling transaction, bitcoins comes as saviour for massive and hassle free transactions.
A bitcoin wallet is an application which deals with safe housing and transactions related to bitcoins. It is similar to the banking applications which we use in our daily financial chores.
To develop a wallet, one must be aware of the technicalities and requirements which would inccur during the process of maintenance and reciprocation, the main features that should be included in the bitcoin wallet application development are:
Process to Develop Bitcoin Wallet Applications.
1. Complete privacy should be addressed to the customer regarding the transactions and no third party access ahould prevail.
2. The application should have the ability to authorize the correct and relevant user to perform the transaction.
3. As bitcoin is electric form of currency, the ongoing exchange rates should be informed to the user , any change in the price should be addressed through a promt notification.
4. A universal scanner should be incorporated such is capable of scanning the paper bitcoin as well as the sender’s or receiver’s bitcoin unique address.
5. Merchants needs should be taken care of as majority of the bitcoin users contitutes of business fraternity.
6. The application should be password protected and the GUI so made should be user friendly to work upon.
Most commonly worked upon applications that prevail now-a-days on popular platform like Android, Apple OS and Windows include: BLOCKCHAIN, COINBASE and BITCOINJ. These key player offer a wide range of features making them the most commonly used Bitcoin wallet platform for transactions.
The reasons for using bitcoins as a mode of transaction are more promising than any other mode of payment gateways, for:
1. Bitcoins are more secured form of currency with the option for availing mBTC and BTC forms.
2. Transferring bitcoins from one consumer to another is hassle free and relatively cheap.
3. Government do not interfere with Bitcoin transaction, niether do they monitor them.
4. Bitcoins are user-generated and user-owned, ie., the consumer can use the coins according to their needs.
5. Lastly, Bitcoins are free from Inflation, hikes and drops in the currency do not affect Bitcoins majorly.
Developing your own bitcoin wallet application isn’t a rocket science but require a huge amount of calculation and encryption levels to be protected with, as it tops the most successful ideas list in terms of financial progressions. You need to understand the need and the market space which you can fill up using your own applications, cater the shortcomings of the previous key players and fill the void with your own updates.
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