Even though cryptocurrency has been on a pretty bad downward spiral recently, it’s popularity is still constantly growing.
New coins popping up every day, hundreds of thousands of transactions being made and every day new traders join the market hoping to cash-out on this once in a lifetime opportunity.
Application developers are profiting immensely from this trend and their apps grow in popularity and sales along with their bank account.
Similar to normal currency, you need a bitcoin wallet to hold all your cryptocurrency.
If you’re a developer and you’re looking to enter this industry, the main question on your mind is probably “how do I start my bitcoin application development?” because if you have that answered you’ll be way on your way to create your extremely lucrative app.
In this blog post, we’re going to explore why and how you should go about developing your very own bitcoin wallet app.
To start off, you need to know what a bitcoin wallet essentially is.
If you haven’t guessed, it’s a wallet to hold your cryptocurrencies.
They won’t be able to hold your physical currency but in essence, they are software where the users of it can store their private keys and record every single transaction including how many coins they own of what type of crypto.
Most wallets support Bitcoin and Ether which are the main two digital currencies in the market but since the amount of coins is constantly growing, new wallets keep emerging with more versatile capacities.
Another thing you need to understand in your bitcoin application development phase is the planning phase.
Before you start implementing on your idea, clarify your plan going forward.
On the main thing that you have to keep in mind is that the bitcoin wallet needs to:
- Be able to take and create transactions
- Calculate Bitcoin transaction fees effectively
- Store transaction history
- Generate required Bitcoin blockchain addresses
Now all you have to do is implement!
One way to create a Bitcoin wallet app is by using available tools that are purposely created to fulfill this need.
There are hundreds of free libraries around the web that help you, developers.
The most important point that you want to keep in mind is that you need to synchronize the wallet app with the blockchain to make the transaction process easier.
One of the main libraries is the Coinbase Software Development Kit.
The wildly popular digital currency exchange Coinbase has its own SDK to help developers around the world build their own wallet.
It can be used for Ruby and Python as well.
At the end of the day, as with most development projects, you need to build an amazing development team to aid you in other aspects of the wallet.
Marketing, Sales, Code Transferring, Accounting, Support etc…
And that’s all it comes down to.
It’s impossible to lose if you have a clearly defined plan, amazing group of individuals that form an “Avengers” team & execution.