How to Create a Crypto Wallet that Amplifies the Security of Digital Assets

Cryptocurrency is gaining momentum in the market and so are the transactions in the cryptocurrency exchange. Just knowing about buying and selling cryptocurrencies on the exchange is not enough. You should have full command on how to keep your digital assets safe and secure. Keeping your crypto assets in the exchange is just like keeping your hard-earned money in your hand, which will be a great risk. So in this article, you will get an understanding of how to develop a bitcoin wallet app that is secure.

Let’s start with comprehending a crypto wallet.

What is a cryptocurrency wallet?

A crypto wallet is just like your bank account wherein you can easily send, receive or store cryptocurrencies such as Bitcoin, Ethereum, Litecoin, and more. A crypto wallet gives you complete control over your money and it is an utmost important tool that every crypto investor requires to store their crypto assets.

Categorization of crypto wallets

Cryptocurrency wallets can be categorized into main five types, which are as follows;

• Mobile wallet: These wallets work as a mobile application and are fully integrated with features like ease of use, backup, restoring features, cross-platform compatibility and high-level security.

• Web wallet: Web wallets also work like mobile wallets and these are the hot wallets which are connected to the internet. These wallets can be accessed via different browsers such as Google Chrome, Firefox and IE.

• Hardware wallet: These wallets are regarded as USB-like devices that store crypto coins or tokens in an offline mode. Theses wallets guarantee the security of currency and data.

• Paper wallet: Paper wallets are also considered the best option for storage and convenience. The private keys are generated by the software which can also be printed on a paper. The processing of transactions of cryptocurrencies in these wallets is regarded as Sweeping.

• Desktop wallet: It is an installable software pack that is available in almost all operating systems such as Mac, Windows and Linux. Desktop wallets are generally connected to the internet, so you need to ensure general security such as antivirus, anti-malware software along with a strong firewall.

of our white label wallet or connect with our experts to share your requirements for a custom wallet built from scratch.

Securing of crypto assets

The next suitable step in the process of the creation of your cryptocurrency wallet is to integrate all security features into your wallet. These features should have the potential of saving your assets from any miss-happenings. So start by integrating the following key security features in your wallet:

• Two-factor authentication

With two-factor authentication, a user gains authenticated access to the wallet by providing the password which is flashed on two of his devices – for instance, one is phone SMS based and another is on email. 

• Multi-signature support

This feature allows the processing of transactions only after they are authenticated by two or more signers. In this, the wallet owner can have one, two or more co-signers (except for the owner himself) to verify and validate the transactions.

• Safe custody of passwords and private keys

Your main focus should be on keeping your private keys or passwords safe because once the password is lost, then you lose all your crypto assets. Thus, make sure to never compromise on the safety and security of your wallet’s private keys.

• Risk diversification

Avoid storing all your crypto assets in one single wallet. Make sure to distribute your coins or tokens in several crypto wallets. This will further minimize the risks with your assets.

Create your cryptocurrency wallet in just 3 weeks

The cryptocurrency market is very lucrative and continuously evolving. As we have discussed above, there are mainly five types of cryptocurrency wallets and each one differs from the other. The main wallets which are quite popular are mobile and web wallets, they allow easy and quick processing of crypto assets.

We specialize in providing a highly-secure, cross-platform compatible white label bitcoin wallet in just 3 weeks. Our white label wallet is fortified with industry-leading features like 12-word mnemonic phrase, multisig support, password-protected access, biometric authentication, NFC (near field communication) support, QR code scanner, and many more. Our white label wallet solution can be easily scaled to support a spectrum of cryptocurrencies, including coins and tokens.