How to create a cryptocurrency wallet: step-by-step guide

A cryptocurrency wallet is a platform for storing, receiving or sending crypto. Unlike banks, funds are not stored offline. Instead, they encrypt passwords into keys that provide access to digital assets. Cryptocurrency is hugely popular these days. Because of this, more and more people are wondering how to create a cryptocurrency wallet.  Also, many are interested in how to create a cryptocurrency wallet on the phone. Let's go through this issue.

What is a cryptocurrency wallet for?

There are cold and hot cryptocurrency wallets. The latter is less secure because the private keys that provide access to the funds are stored online, so they may become available to hackers. Cold wallets, on the other hand, are safer. They are also called hardware wallets, as all keys are stored on a physical device - a USB stick or paper.

Before we look at how to create your cryptocurrency wallet, let's talk about what it is for. The platform gives you the opportunity to solve many problems of users. With their help, you can easily conduct transactions and store coins. Thanks to a special application, tokens are transferred from one address to another and converted in just a couple of clicks. Due to internal security, you are guaranteed safety of your funds. All passwords and keys will be kept only with you, which provides an additional level of protection.

The most profitable option is to create a wallet on your phone in the form of an app, as you will be able to earn on conversions and advertising. And due to the high demand, the owners of such platforms will have a real chance to increase their income.

Main functions of a cryptocurrency wallet

It is not enough just to open a cryptocurrency wallet. It is important to make it as safe and convenient as possible. It should contain the following features:

1. Several supported cryptocurrencies. Any investor will feel more comfortable keeping all assets in one place. Therefore, the application should support different cryptocurrencies, constantly updating their list with new tokens for which the demand is growing.
2. Unique access key. Every wallet should provide users with their unique keys - public and private. With their help, you can add your password and two-factor authentication. 
3. Notifications. Such notifications may contain one-time codes that are needed to confirm a transaction, as well as information about the crediting or debiting of crypto from the wallet. They are necessary for the safety of users, because if funds are withdrawn without their consent, they will immediately find out about it. 
4. Ability to transfer funds to another wallet. The application should allow users to transfer their funds to other wallets using a public key. This is how you can transfer currency from one user to another.
5. Limited session duration. This is necessary for the safety of users. If a user does not use the application for a certain amount of time, it automatically closes. To log in again, you need to enter your password.
6. Buying and selling currency. Users should be able to buy and sell crypto by making transactions among themselves.
7. QR code. With its help the user will be able to quickly enter the application without any extraneous actions.
8. Updating the exchange rate. Exchange rates change all the time and need to be updated. 
9. Compatibility with Android and IOS. The app should be compatible with different phones. This will give you the opportunity to reach more audience.

Also, when creating a cryptocurrency wallet, you should consider additional functions. For example, conversion of fiat coins into crypto, calculation of commission, co-operation with different exchanges, and so on.

Instructions for creating a cryptocurrency wallet

To create a cryptocurrency wallet, you need to follow the instructions. We have described for you the basic steps to create this platform:

• Analyse your project. Analyse the market and find out what users are interested in, what features they would like to see on the platform. To do this, define your target audience. Take into account the budget you are willing to spend on development, spell out the terms of reference and timeframe.
• Develop a design. This will require hiring an experienced designer to help you. Find references that you can show to the specialist. Think carefully about what kind of picture you want to get as a result. 
• Develop an application. It can be a mobile app or a web app. Hire someone who is experienced in this and can help you. The specialist should work well on the architecture and interface of the application.
• Test the wallet. Any platform should be tested before launching. This will help to identify errors before launch and eliminate them in time. This way you will be able to control all the functions and make sure that they work perfectly and without fail. 
• Launch your cryptocurrency wallet. This is the most enjoyable moment in creating a cryptocurrency wallet or any other application. Boldly launch the developed and tested platform and collect fitback from the first users. Positive feedback will help increase the trust level of your cryptocurrency wallet. Besides, some users in reviews can suggest how to improve the app if they notice flaws that you missed.

As you can see, creating your own cryptocurrency wallet is not difficult at all if you follow the instructions.