The whole world is keen on cryptocurrencies and they have become the talk of the town. Despite the bear market the people’s interest remains high considering the long term benefits that cryptos poses. For secure trading of the cryptocurrency, people are in search of a crypto wallet that is robust and comes with end-to-end security encryption.
What is a cryptocurrency wallet?
A crypto wallet is a digital wallet that stores private keys and public addresses for cryptocurrency transactions. It allows users to send and receive digital currency, and to track their crypto balance. Crypto wallets can be software, hardware, or paper-based, and can be used for a variety of cryptocurrencies, such as Bitcoin and Ethereum. Some crypto wallets are designed for a specific cryptocurrency, while others can be used for multiple currencies.
Before beginning with your crypto wallet development, it is important to understand the types of cryptocurrency wallets available
Types Of Cryptocurrency Wallets
The cryptocurrency wallets are broadly classified into hot and cold wallets.
Types of hot wallets
In general, all software wallets fall under the hot crypto wallet type. The hot wallets are of three types that include mobile wallets, web wallets and desktop wallets.
A desktop wallet downloads the application to your desktop or laptop. This application helps generate a data file to store the user’s keys. The user must also create a password to access the key. Desktop wallets have the advantage of owning your keys, but they carry the risk of physical damage and malware/virus infection.
Web wallets are one of the best known types of crypto wallets in the hot wallets category. You can access your web wallet from your web browser without downloading any special software or applications. With browser access, web wallets allow you to access your crypto assets from anywhere using your password, device, and web browser. For web wallets, website ownership is the key to crypto assets. However, alternatives such as multisig wallets give users some control over their crypto wallets.
Mobile wallets are also one of the important crypto wallet categories of hot wallets with similar functionality to desktop wallets. A mobile wallet must be installed on the phone. Mobile wallets offer greater flexibility for exchanging funds, but they also come with security risks.
Related Read: Become An Early Player In The Crypto Realm With White-Label Cryptocurrency Exchange Development
Types of cold wallets
The next major type regarding crypto wallet types relates to the cold wallet category variant. Cold wallets come in two common variations: paper wallets and hardware wallets.
The name reveals a lot about paper wallets when it comes to understanding them as a type of cryptocurrency wallet. A paper wallet is just a physical piece of paper. The paper should contain all the data needed to access cryptocurrencies. Cold wallets typically provide additional security. However, paper wallets are not eligible. If you lose the paper document, you risk losing the crypto assets in your wallet. Paper wallets also have the disadvantage that there is a limit to simply sending a portion of the amount. Additionally, the time-consuming nature of paper wallet transactions also poses a significant obstacle to their use.
Hardware wallets, on the other hand, really define the principles of cold wallet design. Provides security by completely avoiding online disclosure of private keys. Hardware wallets store private keys on physical devices in offline environments and act like flash drives. Hardware wallets are one of the easiest types of crypto wallets to use over cold wallets, as they can be easily connected to a computer or other device via a USB drive.
Your private key never leaves your device, even if your device is connected to the internet. The device requests transaction details, validates the data, and completes the transaction. Transaction details are then sent to the online network and documented there. Popular hardware wallets in use today include Trezor, Ledger, and many others from various manufacturers.
Features Of Our White-label Crypto Wallet
- Transaction History
- Automatic conversion Rates
- Auto Denial Of Redundant Payments
- QR Code
- Admin Dashboard
Security Features Of Our White-label Crypto Wallet
- Biometric Authentication
- Passcode/pin protection
- Session logout
A List Of Our Customizable Crypto Wallet Development Solutions
- Multi-cryptocurrency wallet development
- Custodial wallet development
- Non-custodial wallet development
- NFT Wallet Development
- Metaverse Wallet Development
Get your own customized and branded white-label cryptocurrency wallet development solution today
A step-by-step guide to white-label cryptocurrency wallet Development
Gather your requirements:
Our blockchain experts will discuss and evaluate your needs to provide the best possible solution. They will then start working on your wallet development strategy.
Conducting research and brainstorming sessions:
Our experts then conduct extensive research to determine the challenges and strengths of the project. Next, we document and collect all the project requirements and plan the various phases and schedules for approval.
Now it’s time for the real work to begin. Our experts will organize everything and integrate cutting-edge features into your wallet.
Your wallet is tested in various settings to make sure there are no flaws or imperfections. After the demonstration, it will help you deploy your wallet.
Deployment and maintenance:
Your developed solution is then made available across various platforms, be it android, iOS. Our maintenance services help in monitoring the wallets functionality and help tackle any shortcomings.
How to choose a trustworthy white label crypto wallet provider?
A good start leads to long-term success when it comes to starting a crypto business. This is because the early stages of running a crypto business can look very complicated compared to other businesses. Due to its secrecy and complexity, establishing a solid business foundation is essential for long-term success.
Professional support provides the experience and potential business opportunities that are critical to your company’s long-term success. TurnkeyTown offers cryptocurrency wallet development services packed with market-leading features such as two-factor authentication, QR code scanners, multi-signature support, exchange and institutional level security. Additionally, we specialize in developing custom crypto wallets from scratch. Schedule a free consultation with our experts and know more about our white-lable cryptocurrency wallet Development services.
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