Mobile Payments using Bitcoin Wallet App Development-OG Software solutions malaysia
Mobile
apps can develop a payment app by integrating Bitcoin as a payment
option at check-out along with all other methods for online payments.
What we will be discussing first, however, is how to develop a mobile
Bitcoin wallet. Let’s take a brief look.
What
is a Bitcoin Wallet?
Bitcoin
wallets aren’t something that you carry physical cash in as
cryptocurrencies are digital currencies that don’t exist in
physical form. Rather they only exist as a series of transaction
records stored on a blockchain.
Cryptocurrency
wallets are in essence a piece of software where users can store
their private keys and records of their transactions including how
many coins they own.
Most
of the cryptocurrency
wallets support Bitcoin and Ether, the two most popular digital
currencies. However, with increasing number of altcoins, many wallets
now support multiple cryptocurrencies.
Bitcoin-wallets
contain private keys: secret codes which allow you to spend bitcoins.
In fact, you need to store and protect not the bitcoins themselves,
but these private digital keys that provide both access to public
bitcoins, and the ability to conduct transactions.
In
short, Bitcoin-wallet is an application, site or device which:
-
Contains private keys for your bitcoins
-
Helps to conduct all kinds of transactions of getting or transferring Bitcoins
-
Allows checking the data about your cryptocurrency balance
Bitcoin
Wallet Types
Bitcoin
wallets are divided into desktop, mobile, online and hardware ones.
They are available on almost all popular operating systems –
Windows, Linux, OS X, Android, iOS, Windows Phone… However, let’s
look at the matter point by point!
Desktop
Bitcoin Wallets. The desktop type of wallets has appeared
simultaneously with bitcoins. There are two types of bitcoin
PC-focused clients: “thick” and “thin”. Thick ones download
the entire blockchain,
which means you need a lot of storage space on a fairly powerful PC.
Thin wallet deals with the blockchain through third-party services.
It makes the whole process much easier, of course.
Internet
(online) cryptocurrency wallet is a virtual resource that you can
connect to anywhere by using a private key (if there is the Internet
connection). It would be useful in cases when you aren’t on your
computer, but need urgent access to your Bitcoin account.
Mobile
wallets – wallets which you can run on your smartphone or tablet.
This is a very good option, and we advise you to study the question
of how to create a bitcoin wallet app. We’ll reason our case a bit
later in the article.
Bitcoin
hardware wallets are specialized devices with private keys stored
electronically.
Paper
Bitcoin Wallets is a printed document which contains two keys: public
and private. The main disadvantage is that if you lose your wallet,
you won’t be able to restore access to your funds.
Benefits
of Bitcoins Using as Wallet Apps
There
is no Government Regulation or Control on Bitcoin
Well,
to be precise many people may see this point as a disadvantage, but
the fact is that it is rather regarded as a benefit. This means there
is no such regulation on the transfer of money through the
cryptocurrency. This is a decentralized process where the user cannot
block or decline the transfer of the funds.
Secondly,
the transfer of money through bitcoin will not have any impact during
any financial emergency. Neither the bank nor any other organization
can issue any instructions related to use of the bitcoins.
Money
can be Transferred Affordable and Swiftly
One
of the specific reasons why bitcoins have gained the impetus in
current world scenario is also because their transfer is affordable
and conducted at a faster pace. Whether it is online bank transfer or
payment through PayPal, the user has to depend on the speed of the
network and also have to wait for some time for completion of
verification process, but there is no such thing in bitcoin.
Moreover, you also don’t have to pay the transaction charges, which
normally bank charge in case of traditional methods.
Inflation
Has No Impact on Bitcoin
Inflation
or the hike in the price of commodities does have an influence on
currencies issued by the governments, but the bitcoin remains an
exception. Its value will not change and so you can easy make your
online digital transaction without any ifs and buts in mind.
Bitcoin
is Considered More Protected
Often
when you conduct an online transaction through bank, using the ATM
pin or the password there are risks that the hackers may get your
confidential data, but in the case of bitcoin when this possibility
is negligible. No one can secretly know payment information because
there is nothing secret here.
As
such only a couple of parties are involved when the transaction is
done through this cryptocurrency. They are public and private and you
need the combination of both keys for conducting any transaction.
The
Mysterious Nature of Bitcoins
It
has been said that if you have bitcoin
wallet, you are the owner and will operate your account; nobody
else. You only have to generate an address of the person who would
receive the money. The address looks very vague and is difficult to
comprehend such as 1Jhbck6ziWRmQBp67GVDgLSJ9eFF5xNXgB.
Innumerable
numbers of addresses can be created for the wallet file. Once you are
familiar with the address, you would know the amount of money
transferred, but what you won’t know is the name of the recipient.
Features
of Bitcoin Wallet App
-
Two-way authentication process for more security
-
Automatically refusing to accept double payment mistakably
-
Automatically creating the public keys for each transaction
-
Save your precious time with recurrent payments. This is boon for business owners
-
The presence of automatic timed out login feature
Thanks
for reading our content. To know more, visit our website mentioned
below;
OG
Software Solutions Sdn. Bhd.,
30-2
jln 2/109E Desa Business Park,
Taman
Desa Jalan Kelang Lama,
56100
Kuala Lumpur,
Wilayah
Persekutuan Kuala Lumpur,
Malaysia
+60-1-6499-8736
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