Overcome Recurring Modern Crypto Wallet Development Challenges Expertly

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Cryptocurrency is the fastest-growing segment and keeps users at ease. These currencies are kept securely in crypto wallets, also used to perform transactions across the globe. Traders use the platform to boost their earning potential.

The benefits of crypto wallets don’t end here, as these platforms are used to send or receive payments.

Additionally, One can view their existing transactions on the platform hassle-free.

Although crypto wallets are a one-stop solution for financial services, that doesn’t mean they are perfect. These platforms offer a unique set of challenges for the crypto wallet development teams and users. Fortunately, These challenges can be resolved with modern crypto wallet development techniques developed considering the present concerns of wallet users.

Continue reading the blog that highlights crypto wallet development challenges in detail.

Shed Some Light on Common Crypto Wallet Challenges

• Slow Speed

Several cryptocurrency wallets aren’t capable of performing transactions speedily? Even the volatility offered by the crypto market. As a result, a transaction delay would reduce or surge the value of the crypto assets. Issues such as slow speed can be fixed with the assistance of a modern crypto wallet development company by incorporating batch processing and sidechains.

• Payment Duplication

Payment is another aspect that crypto wallet users struggle with. Most users come experience concerns like duplicate payments, which makes wallet users lose their funds via chargebacks. The best solution to this problem is a modern wallet development that automatically denies duplicate payments. Also, wallets possess advanced security features like private keys and end-to-end encryption to enhance the user experience. Thus, there will be an increase in the number of wallet users.

• Complicated System

A complicated solution will prevent users from procuring the wallet’s benefits. Crypto wallets consist of a 12-word-mnemonic phrase, and losing the keys means losing the cryptos. Present-day wallets are integrated with a QR code scanner that enables speedier transactions. It is predicted that Near Field Technology will be integrated within the wallets that provide accurate information about the receiver’s account. The wallets allow users to access funds without the hassle and are easy to use and feature-rich, increasing their market demand.

• Untrustworthy Transaction Rate

The crypto wallet is a growing segment that has been saving and producing Billions of dollars yearly. The only disadvantage of the wallet is the low transaction rate offered by every block.

Every business has added users to the long chain of blockchain to accomplish different goals. This has led to an increase in the number of wallet users on the platform.

With this increase, the rate of crypto wallet transactions is less than 1MB. The low rate can be highly-dangerous for wallet users and makes it untrustworthy for them. However, the surge in transaction rate will eradicate this issue and enrich the users’ experience. Also, to beat the low transaction rate, cryptocurrency wallet development companies recommend strategies to improve the platform’s transaction speed.

• Wallet Security

Wallet security has become a cause of concern among users and businesses. These issues can be resolved by implementing the best decryption and encryption practices to make digital assets unhackable.

• Non-Regulatory Complaint Solution

Banks follow their rules and regulations also have intermediaries involved in the process. Cryptocurrency wallets are completely decentralized, which means there will be no intervention from the third party. Make sure you invest in regulatory complaint wallets to enhance the wallet experience of the users. Did you know that cryptocurrencies’ total transaction value was at $15.8 trillion in 2021? At the same time, the share of illegal transactions using cryptocurrencies also expanded to a great extent. This has created the need for  regulation-compliant solutions that helps to track & avoid illicit activities on the platform.

How Modern Wallets Development Help Fixes these Challenges?

A crypto wallet user experiences several challenges. These challenges, when left unattended, would leave the users disappointed and switch to another platform. If you are willing to make the user experience worthwhile, make sure that you invest in solutions curated using modern cryptocurrency wallet development techniques like ultra-graded security mechanisms and market-leading features.

Salient Features of Modern Crypto Wallet :- 

• Connectivity with NFT Marketplace

Traditional crypto wallets were devoid of NFT marketplace connectivity. Considering the high-demand NFT marketplace has been integrated into crypto wallets.

• In-Built Web Browser

Another significant aspect of modern crypto wallets is an in-built web browser. This facility can be used to access Blockchain games and dApps.An in-Built browser helps you effortlessly trade NFTs, thereby allowing users to buy and store their tokens in one place.

• Staking

Users can perform staking in a secure environment with a staking feature integrated into modern wallets. The platform allows users to participate in the trading process using decentralized finance platforms.

• Lightening Network Integration

Wallets with lighting network integration promote speedier transactions. This facility helps users perform off-border transactions.

• Daily Interest

Many businesses are investing in crypto wallets as it provides them with interest on a daily basis. Certain enterprises also offer crypto savings accounts with High-Annual Percentage Yield(APY) rates.

• Price Tracking

Modern crypto wallets are packed with features like price tracking in which users can track cryptos in real time. Furthermore, the users can view their transaction history on the platform.

• dApps Support

Cryptocurrency wallet development agencies develop solutions that help you access dApps directly. These wallets are packed with multi-session functionality and Blockchain interoperability support. This feature was present in Decentralized Exchange platforms and has been included in wallets in the present times. One can enjoy seamless token trading on these platforms.

• Credit Card Support

Wallets with credit card support is considered a convenient option by the users. They can buy any currency using their cards. This feature is present in every versatile crypto wallet.

• Direct Deposit

Users can transfer a portion of their paycheck or complete paycheck to their account. Even users can exchange their paychecks for a crypto asset.

• Excellent Localization

Enterprises can develop crypto wallets considering the needs of a particular region. This would give your product a competitive edge over others. One can connect the wallet solution to a bank with a strong presence. This would attract visitors who have recently ventured into the crypto segment.

• Customizable Transaction Fees

Features like Customizable transaction fees attract several crypto wallet users. This feature allows users to decide the transaction fees. The payment increases when users want to speed up the transaction process without experiencing network congestion.

• Customer Support

Round-the-clock customer support ensures that a robust product is delivered to the users. Leave a positive impression on the customers by promptly responding to their queries or concerns.

Wrapping Words

Crypto users are surging speedily, leading to an increase in wallet platforms. You can get a competitive edge over others by developing a robust and scalable product with the assistance of cryptocurrency wallet development experts. We have successfully delivered more than 100+ crypto wallets using modern crypto wallet development techniques to global enterprises. In 2023 we will see a transition from traditional crypto wallets to modern crypto wallets. 

Get all your queries or concerns related to modern crypto wallets resolved by our subject matter expert!