Mobile Payments using Bitcoin Wallet App Development-OG Software solutions malaysia Old Klang Road

  • Location: Old Klang Road, Kuala Lumpur, Malaysia

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Mobile apps can develop a payment app by integrating Bitcoin as a payment option at check-out along with all other methods for online payments. What we will be discussing first, however, is how to develop a mobile Bitcoin wallet. Let’s take a brief look.

What is a Bitcoin Wallet?

Bitcoin wallets aren’t something that you carry physical cash in as cryptocurrencies are digital currencies that don’t exist in physical form. Rather they only exist as a series of transaction records stored on a blockchain.

Cryptocurrency wallets are in essence a piece of software where users can store their private keys and records of their transactions including how many coins they own.

Most of the cryptocurrency wallets support Bitcoin and Ether, the two most popular digital currencies. However, with increasing number of altcoins, many wallets now support multiple cryptocurrencies.

Bitcoin-wallets contain private keys: secret codes which allow you to spend bitcoins. In fact, you need to store and protect not the bitcoins themselves, but these private digital keys that provide both access to public bitcoins, and the ability to conduct transactions.

In short, Bitcoin-wallet is an application, site or device which:

Contains private keys for your bitcoins
Helps to conduct all kinds of transactions of getting or transferring Bitcoins
Allows checking the data about your cryptocurrency balance

Bitcoin Wallet Types

Bitcoin wallets are divided into desktop, mobile, online and hardware ones. They are available on almost all popular operating systems – Windows, Linux, OS X, Android, iOS, Windows Phone… However, let’s look at the matter point by point!

Desktop Bitcoin Wallets. The desktop type of wallets has appeared simultaneously with bitcoins. There are two types of bitcoin PC-focused clients: “thick” and “thin”. Thick ones download the entire blockchain, which means you need a lot of storage space on a fairly powerful PC. Thin wallet deals with the blockchain through third-party services. It makes the whole process much easier, of course.

Internet (online) cryptocurrency wallet is a virtual resource that you can connect to anywhere by using a private key (if there is the Internet connection). It would be useful in cases when you aren’t on your computer, but need urgent access to your Bitcoin account.

Mobile wallets – wallets which you can run on your smartphone or tablet. This is a very good option, and we advise you to study the question of how to create a bitcoin wallet app. We’ll reason our case a bit later in the article.

Bitcoin hardware wallets are specialized devices with private keys stored electronically.

Paper Bitcoin Wallets is a printed document which contains two keys: public and private. The main disadvantage is that if you lose your wallet, you won’t be able to restore access to your funds.

Benefits of Bitcoins Using as Wallet Apps

There is no Government Regulation or Control on Bitcoin

Well, to be precise many people may see this point as a disadvantage, but the fact is that it is rather regarded as a benefit. This means there is no such regulation on the transfer of money through the cryptocurrency. This is a decentralized process where the user cannot block or decline the transfer of the funds.

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Published date: January 21, 2020

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