Top 10 Essential Features of a Cryptocurrency Wallet

Cryptocurrency wallets have redefined the way people store and access their digital assets. The most important aspects of a crypto wallet are security and user-friendliness. Wallets that are secure and user-friendly are more likely to be used by people. Thus, if you are planning to build your crypto wallet, make sure that your cryptocurrency wallet development company integrates all necessary features into your wallet, for better security and performance.

Here are the top 10 essential features to build a secure and user-friendly wallet.

1. Mnemonic passphrase

Mnemonic phrases are 12-word, 18-word, or 24-word phrases that secure the transactions and enable easy wallet recovery. It is a combination of random words.

In any case, if the device through which the crypto wallet is accessed is lost, then the mnemonic phrase enables hassle-free wallet recovery.  It is like a back-up plan to restore the funds.

2. Fast transactions

Cryptocurrency wallets are backed by blockchain technology thus it eliminates all the intermediaries involved in the process. Crypto payments are sent from one party to another in a similar manner as of wire transactions. Cryptocurrency wallet users always seek a wallet that processes fast transactions in a minimum time-frame and within just a few clicks.

3. QR code scanner

A QR code scanner is a simple and quick way to scan a wallet address while transferring the crypto assets. It does automatic scanning of a wallet address and simply transfers the cryptocurrencies within just a click. It accelerates transactions and eliminates errors while manually typing a wallet address.

4. Biometric authentication

Biometric authentication, which includes fingerprint or facial recognition, is a great way to secure a wallet. It requires users to verify their face or fingerprint while processing a transaction, thereby preventing illegitimate transactions initiated by anyone who is not the owner of the wallet. 

5. Multi-signature support

Multi-signature requires two or more users to authenticate a particular transaction.

To understand it more clearly, let us take an example of a bank locker. It has two keys, one lies with the bank and another with the customer. The only way to open the locker is by using both of the keys at the same time. The locker cannot be opened without the consent of the other party. The same approach works in multi-signature cryptocurrency wallets. A transaction is not executed unless and until all of the co-signers sign and confirm the transaction.

6. User-friendly interface

The user interface is an important feature as it impacts people’s experience with your wallet. A self-explanatory interface can help your users to seamlessly navigate through your wallet and provide them a great experience using your wallet.

7. Two-factor authentication

Two-factor authentication (2FA) is a special attribute that helps you in preventing your wallet from going into the wrong hands. Wallet address and the passcode will remain the same but only an extra layer would be added. It can be in the form of OTP (One Time Password) or an app like a Google authenticator that verifies the authenticity of a user. Thereby, a double lock is inserted to secure crypto assets.

8. Multi-currency crypto wallet

Although bitcoin is the most popular cryptocurrency, various cryptocurrencies are gaining acceptance. Earlier you needed to have different crypto wallets for each cryptocurrency but not anymore. Now you can store all the crypto assets in a single crypto wallet which is called multi-coin/ asset crypto wallet.

9. KYC verification

KYC (Know Your Customer) is a user verification process that legitimates the authenticity of a user. A similar feature is required when users sign-in to a cryptocurrency wallet to ensure user authenticity.

10. NFC support

NFC (Near Field Communication) is a wireless frequency communication that enables the exchange of data or payment within a specific range. The integration of the NFC feature in a crypto wallet accelerates the exchange of crypto assets between buyers and sellers.

Take away

With all the above-mentioned features, we are sure that now you will be able to create the best cryptocurrency wallet.

At Antier Solutions, we develop both white label cryptocurrency wallet that can be launched into the market in just 3 weeks and customized wallet from scratch.

Schedule a free demo of our white label wallet.