Crypto-Wallet App: 7 Crucial Features

• By Sophie Zoria
• 27-05-2021
• Cryptocurrency

Crypto-currency, blockchain, and Bitcoin are now considered to be buzzwords. These terms appear in the news on a regular basis, and while the majority of people are skeptical about such digital innovations, aspiring investors are seizing opportunities to generate some impressive financial gains. However, crypto-currencies are virtual and there is a need for their storage; this is where wallets come into play.

Crypto-currency wallets are basically platforms that keep your passwords safe and accessible. These very passwords are used to access your personal crypto-currency wallets and perform a variety of transactions such as sending and receiving “coins.”

So, why are crypto-wallets important? The answer is simple — your virtual money is stored on the blockchain rather than in a wallet. The wallet is a safe space for passwords that allows users to access their digital money and carry out various transactions. As can be seen, being a technology of the future crypto-wallets have some key features that should be carefully considered by every user.

Essential features for a crypto-wallet app

Embedded security system
First things first — a wallet should be highly secure. There are basically three types of wallets out there:
Paper wallets;
Hardware wallets;
Online wallets.

The first category is self-explanatory. You write down passwords on a piece of paper and store it somewhere safe.

The second category is more sophisticated and safe as hardware wallets are about storing your keys on a thumb drive and connecting it to a computer if you want to make a transaction.

Online wallets are probably the safest option as they are equipped with two-step encryption algorithms. If you are looking to create such an app, finding a startup product development company is a good option as new players are well-versed in the technology. As a result, online wallets are especially convenient because they make transactions easy, whether it is connecting a payment system, online bank account, or some brokerage.

Push notifications

This function is mandatory to any app that involves financial transactions. A great crypto-wallet app should provide its users with alerts regarding different updates, including transactions and market price changes. If you want your wallet app to succeed, you need to integrate some features that boost user convenience, especially when it comes to price fluctuations.

QR scanner
A bitcoin address is a set of characters, which means that it is pretty annoying to type those manually every time. That is why a QR scanner can become an optimal solution for the issue providing its users with the convenience of enhancing the speed of transactions.

Account linking
Well, this is quite simple. The vast majority of modern devices feature some sort of synchronization when it comes to different accounts. You can bind your email with a bank account and even more. The same is applicable to wallet apps. This feature is all about convenience but it is pretty much mandatory in current app development realities.

Rate tracking
When it comes to crypto-currencies, being able to track the rate of your desired coin is quite important. Thus, a great crypto-wallet app should have a feature that allows its users to track their virtual currency rate to a physical one. Crypto exchange development is also one of the more important features that the best apps should include as well.

Payment history
Just like with any app that involves financial transactions, a wallet application should have a feature that allows its users to track the history of their transactions. Such a feature should be complemented with an ability to check one’s balance and invoice creation. Automatic documentation is yet another mini benefit that can be incorporated into a crypto-currency wallet app.

Admin panel
This is a rather advanced feature that a crypto-wallet app should have. It’s about the ability to adequately analyze information and react accordingly. After all, there are people who engage in fraud and other unlawful activities. That is why a good app should be equipped with such features as analytics and reporting — basically an admin dashboard.

Final words
This is not to say that non-digital things are going away. But rather digital goods and services are becoming more prominent due to many factors. Crypto-currency apps have quite high standards in terms of their design and features. Ultimately users are storing critical information about their assets; hence, they expect security, confidentiality and convenience from the app that they use.

Crypto-wallets are hitting new all-time highs day by day. Considering their nature, these apps have to possess some crucial features such as security system, push notifications, QR scanner, account linking, rate tracking, and payment history. Other things like the admin panel should also be included but they have a different purpose.

Although it is possible to state that these features are similar to any banking app out there, security and convenience are those factors that matter the most for any enterprise that wants to develop this sort of app. After all, there are lots of crypto-wallets but only the ones with outstanding features can become popular among the target audience.