7 Things You Must Consider Before Choosing A Crypto Wallet| Signeum.biz
The crypto market has witnessed a considerable growth of over 5X in crypto wallets from the last 3 years. A large number of businesses and entrepreneurs globally are foraying into the world of cryptocurrency by building their crypto wallets. However, not all of these companies may deliver as per your expectations. Thus, you must choose your wallet development company wisely.
There are numbers of factors to consider when you choose a cryptocurrency wallet, payment processor, or Exchange. Here are a few key considerations, with little extra focus on wallets.
Considering the company’s reputation is very important when choosing a Crypto Wallet. You should check for how long the company has been around, Who is running it, how securely they will be able to store your data on their servers, who holds your private keys if they are insured, or whether or not they have a prior incident of cryptocurrency losses or insider hacking due to poor data management practices or glitchy software.
Seek reviews and do your homework first to choose the most reputable one.
You should identify the features that you want to integrate into your crypto wallet. One of the most important features to look at and ensure that your prospective wallets have a proper backup mechanism.
And also there are many other features that you should pay attention to such as Biometric authentication, Multi-currency support, NFC (Near Field Communication) Support, Auto denial of duplicate payment, Automatic conversion rate, Easy portfolio management, Home screen customization and User-friendly interface.
You must also ensure the efficiency of its customer service delivery team when selecting a white label bitcoin wallet development company. The more efficient the service team, the happier would be the clients. And happy clients would make your crypto wallet journey a productive one.
Many wallets and exchanges will allow you to work with many different cryptocurrencies under one roof. I suggest you become familiar with which cryptocurrencies they support before you verify your account on an exchange or open a new wallet. Go for a company that is compatible with BTC, ETH and ERC-20 tokens.
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The crypto wallet that you’ll be developing must be compatible with various devices. Such as white label bitcoin wallet software that you are looking forward to build, should support iOS, Windows, Android and Linux.
As various users have different operating systems then your wallet solution should be able to support the maximum user-base which would provide an edge of flexibility to your device.
Multi-signature bitcoin wallet follows a mechanism where more than one user is required to sign and authenticate a transaction.
If you’re sharing your crypto wallet with another user, it ispossible to require all parties to confirm a transaction. This is called a “MultiSig” account.
This relatively new feature allows users to set up multiple private keys for a single wallet and is ideal for families or business partners.
QR Code Scanner:
It is not easy to type the whole public address correctly in one go on a small touch phone. So it is advisable to just scan a QR code to transfer the crypto coins or tokens.
QR code scanner simplifies the process of sending and receiving the cryptocurrencies. A particular address looks something like this: 0x57f70FfbaDcD2d94a15AB6FB4849c7744aB4B110.
One day I’m sure that these addresses will be converted into something as easy to remember as an email address, but for now, this is what we’re stuck with.