Bitcoin has gained
burgeoning popularity and is continuing to gain worldwide adoption despite its
price fluctuations. With the increasing acceptance of Bitcoins comes the need
for a secure wallet to store these digital currencies.
Where you should keep your cryptocurrencies?
Usually, traders
store their crypto assets in the exchange’s wallet. These wallets, however, are
not considered to be safe because they keep the private keys of cryptocurrencies
stored in them within their framework. An example of this is Mt. Gox hack
wherein Bitcoins worth approximately $850,000 were stolen presumably from Mt.
Gox hot wallet. The private keys are the only possible way to claim the Bitcoins
and if these private keys are stored on the server then it increases the
probability of frauds.
There are some of
the factors which need to be considered while selecting a reliable crypto
wallet:
- Control
of private keys
- Backup
and security features
- Developer’s
community
- Ease
of use
- Compatibility
Furthermore, if you are keen to launch your wallet, then you should be clear about the features that can fortify the security of your wallets. Let’s have a look at some of the leading hot wallets and their features so you could gain insight into how to create a Bitcoin wallet app that is secure and acceptable by users.
1. Lumi Wallet
Lumi wallet is
designed for both beginners and advanced users. It provides a high level of
safety and security to its users. The wallet maintains complete user anonymity and
boasts of friendly user interface.
- It
supports cryptocurrencies like Bitcoin, Ethereum, Bitcoin Cash, EOS and ERC20 tokens
- Works
on both Android and iOS devices
- You
can recover your wallet by importing a 12-word backup phrase
- It
shows the value of your coins and tokens in both USD and crypto
- It
shows details of all of your ingoing and outgoing transactions
- It
shows BTC, BCH, ETH, EOS and other tokens’ market price graph
- It
scans wallet addresses via QR codes
- It
protects the fund with PIN or touch ID
The security
within the wallet is maintained with the generation of a private key on a
user’s device and it is never sent outside of it. No one can access your
mnemonic expect the authenticated user. Lumi wallet makes the transactions
secure with safely signing them with the mobile device.
Lumi wallet supports majority of ERC20 tokens. And even the portfolio of digital assets can be conveniently organized by hiding, exposing and shifting the tokens.
2. Ancrypto wallet
Ancrypto is a mnemonic- based semi-HD
mobile wallet that allows secure storage and instant transfer of
cryptocurrencis. At present, it supports Bitcoin, Ethreum and ERC20 tokens. The
Ancrypto wallet is widely used by crypto traders and crypto exchange owners for
secure, quick and easy transactions. The features of Ancrypto wallet include:
- 12-word mnemonic phrase – this security feature enables easy
wallet restoration when the wallet is deleted or moved to another device.
- Multi cryptocurrency support – Ancrypto currently supports
Bitcoin, Ethereum and over 7 ERC20 tokens.
- Full control with users – Users have complete control over
their private keys that are broken down into mnemonics and stored only on the
users’ devices instead of the server, thereby offering world-class security.
- Instant transactions – The transactions are implemented
in just a few clicks.
- QR code scanner – QR code scanner automatically
scans wallet addresses and accelerates the exchange of crypto assets.
- NFC (Near Field Communication)
Support –
It expedites the. As the sender taps on the NFC tag, it automatically fetches
the receiver’s wallet address and further processes the transaction.
- Biometric authentication – The facial recognition feature
ensures authenticated transactions.
- Multisig support – The multisig feature (also known
as multi signature) adds an extra layer of security to the wallet. It requires
more than one person to sign the transaction for execution, thereby leading to
authenticated transactions.
3. Exodus Wallet
Exodus was
founded in 2015 and has been regularly updated across desktop, mobile and
hardware. It is a multi-cryptocurrency wallet with an easy-to-use user
interface. The wallet places, calculates and organizes the savings with a pie
chart portfolio. Exodus even allows you to instantly trade the supported coins
through their built-in exchange.
Exodus is partially
open-source and allows you to keep your wallet safe and ready for further use.
It supports approximately 95 cryptocurrencies.
The features of Exodus
wallet comprise:
- Multi asset wallet – Exodus wallet supports not just Bitcoin but
other cryptocurrencies as well. It also supports ERC20 tokens.
- Easy to use design – The interface of the wallet is not just
beautifully designed but also has a friendly visual representation. It assists the
users with the pie charts. It allows the users to manage their portfolio and
keep track of their crypto assets.
- Built in exchange – The users of Exodus can trade their
cryptocurrencies from within their wallets by using the infused wallet’s built-in
crypto exchange. And it has been made possible due to API integration of
ShapeShift.
- Fast and convenient – The wallet users do not require much of the
time to download the entire blockchain to their computer. It is fast and
convenient to use.
- Security – The assets on the blockchain are fully
encrypted and secured by a password. The full control of the private keys is
with the users and it is stored on their personal system.
- Privacy – The wallet offers user anonymity. The
personal data and the private keys always remain private and are not shared
with anyone in any case.
4. BitGo Wallet
BitGo is a wallet with impressive security features, interactive designing and the modern interface. This multi-signature bitcoin wallet is used primarily for Bitcoin transactions.
Below
mentioned are the features of the BitGo wallet:
- Private Blockchain – The technology behind BitGo is
the private blockchain and the wallet is completely easy to use.
- Multi-signature wallet solution – Multi-signature is the only
feature which allows the multi users to regularly sign in simultaneously to a
single account. This further promotes sharing of the account among a group of
people in a hassle-free way.
- Instant transactions – The major obstacle often seen is
the huge processing time for Bitcoin transactions. BitGo reduces the processes
time and increases the speed and quickness of the transactions.
- Usability – BitGo was initially launched as a
centralized platform. Later on, it was developed on android iOS platform which
allows user to have complete control of their private keys.
5. Jaxx Wallet
Jaxx wallet
is the product of Kyptokit. It is founded by Ethereum co-founder Anthony Di
Iorio in 2013. The wallet has a simple and user-friendly UX. Following are the
features of Jaxx wallet:
- Allows
cross-platform pairing. Any changes done on the device will reflect in real-time.
- Supports
multiple crypto coins.
- The
ShapeShift embedded into the wallet allows users to exchange one coin for another
in a smooth manner.
- The
user interface is 100% intuitive and smooth. The design is cluster-free; users can
easily access, send and receive their assets.
- The
design is modern, professional and attractive and remains same on all the
device platforms, thus maintaining the consistency.
End
Notes
The hot wallets are in trend as
they provide complete user safety and convenience while trading
cryptocurrencies.
If you envision building and launching your hot wallet fortified with features like the aforementioned wallet features, or want to comprehend how to create a Bitcoin wallet app, we can assist you while harnessing our technical know-how. We have real-world experience building wallets underpinned by market-leading features for enhanced security and user experience. In addition to building a fully-customized wallet from ground zero, as per your business requirements, we specialize in delivering multi-platform, multi-currency, semi-HD white label wallet in just 3 weeks.
