Bitcoin Wallet App Development: Right MVP Model And Proper APIs To Start With

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17 Oct 2017
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10 min
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Sergey L.
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Technological startups of today strive to break frontiers between virtual and real worlds with the help of blockchain technology that is changing our world. Distributed technologies in mobile apps make it possible today to integrate cryptocurrency payments together with other online payment methods.You can create your own Bitcoin wallet that meets your business requirements or integrate it to use as a payment method. In this article, we would like to analyze the advantages of Bitcoin as a payment method and its implementation in different business solutions.

This article can be especially useful if you are going to arrange a mobile app development and integrate cryptocurrency into your app.

Particularities and advantages of Bitcoin cryptocurrency

If you want to use cryptocurrency like Bitcoin, for example, you need to have a cryptocurrency wallet like Bitcoin wallet app. What is this? It is a software that stores open and closed keys and interacts with different blockchains to allows users to send and receive digital currency easily. The majority of cryptocurrencies have their own official wallets that you can use upon its integration into your mobile or web app. Also, some cryptocurrencies advise you to use third-party wallets.

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Find out more about blockchain solutions. Read Blockchain solutions: a new way to accelerate your business process

What is Bitcoin used for? Bitcoin wallet allows you to make and receive transactions, browse transactions history and current balance. Besides that, the wallet performs some other tasks like blockchain synchronization that is important for transaction verification.

Anonymity and security. Anonymity means that all transactions, messages and any other information are encrypted. To make a cryptocurrency transaction you should know the Bitcoin address of the recipient only. The address of a Bitcoin wallet may seem a bit strange when you see it at first, it can be something like 1Likmn6ziVBniKLp67GVDgF5xNXgB. But if you have this address, you can see how much money was sent, but you cannot find out what wallet is connected to this address and who the recipient is.

what is a bitcoin wallet

Bitcoin gives you anonimity and secure payments

As for security, in the first turn, you cannot make any changes in the blockchain. Each transaction in Bitcoin wallet app is signed by a digital signature before it is sent in the blockchain. After its sending, the transaction is processed and fixed in the blockchain. It means that money will be transferred to another wallet. All this process makes Bitcoin wallet a secure place for using, storing and exchanging of cryptocurrency.

How and where can Bitcoin wallets be applied?

Now let's learn about how to use Bitcoin wallets.

Payment in stores

Although some online stores and other enterprises already receive Bitcoin as a payment method, what should we do with many other stores that don't even know what Bitcoin is? One great startup already solved this problem. CryptoPay allows you to pay with cryptocurrency in almost any store with a credit card terminal. CryptoPay is a Bitcoin wallet in fact, but its main particularity is in a CryptoPay debit card that can be used for payment in stores. So you just need to determine which Bitcoin wallet to use. Not bad, right?

Wages payment

Also, BitWage company offers employers the platform for the payment of wages to their employees in Bitcoin. For freelancers who are working with international customers, it is a more convenient way to receive your salary compared to conventional bank transfers.

International transfers

Small online retail companies and other companies usually don't sell their products to other countries since there are transboundary high taxes for transactions. Bitcoin decreases expenses for international transactions with the help of easier, faster and cheaper transboundary payments.

how to use bitcoin wallet

Any currency can be converted to Bitcoin

Fraud prevention

Bitcoin provides users with a high level of protection from fraud and theft, while banking services cannot offer you the same protection level at the moment. When you get a payment, it cannot be disputed.

Depending on goals you follow, you can order a Bitcoin mobile wallet application development and include every required payment method in it from cryptocurrency, transactions, exchange of Bitcoins to conventional funds, investments etc. Considering that the wallet can be implemented easily, it is a really good business idea.

Apart from everything mentioned above, you can add cryptocurrency as a payment method in your ready-made solution. Many famous companies like Amazon and Bloomberg and others offer Bitcoin as a payment method so now there is no problem where to use Bitcoin. Of course, we cannot ignore such issues as the exchange rate fluctuation of cryptocurrency. If entrepreneurs want to receive payments in Bitcoin but don't want to keep cryptocurrency, there are options of instant conversion to the currency they would like to get. A Payment Service Provider (PSP) is one of the best services that offers this function, and it can be integrated into a mobile app easily. If the customer pays in Bitcoin, a PSP will convert this amount to conventional currency directly to the bank account of the entrepreneur.

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Learn how blockchain technology can be applied. Read Real life application of blockchains in small and medium business

Coinbase offers to perform similar tasks with the help of the Instant Exchange feature for the purchase and sale of Bitcoins in the background and its instant exchange to the local currency of the user.

How to make a mobile wallet app for payment with Bitcoin cryptocurrency

If we take existing mobile Bitcoin wallets like Coinbase and BitcoinJ as an example, we can note some particularities and MVP features that a similar mobile app should include. Let's figure them out.

  • Authorization. Registration/login to get access to the Bitcoin wallet;
  • Profile. To send and receive Bitcoins, check the balance; 
  • Exchange rate. To monitor Bitcoin price; 
  • QR code scanner. To send and request money; 
  • Trade service. To see Bitcoin sellers and work as a Seller; 
  • Push-notifications. Notifications about transactions, changes in Bitcoin price etc.; 
  • Security. To set the password and PIN code for the protection of the app.

Now let's use Blockchain Bitcoin wallet app as an example to analyze the technological stack that is necessary to create a Bitcoin wallet.

Blockchain Luxemburg Ltd. has built its Bitcoin app using various trendy technologies. For example, Java is used for back-end development, but developers also used Clojure and Node for small back-end systems. Front-end is built using AngularJS, and the database is built using MySQL. Blockchain app is available on iOS and Android operating systems, and there is a web version as well. The company is using a lot of frameworks in their apps, like Storyboards for iOS and Gradle for Android. AngularJS, NodeJS, and others were used for the development of web apps

what bitcoin wallet to use

Blockchain Bitcoin Wallet app

At Cleveroad, we have a lot of experience in working with such technologies, so the development of a Bitcoin app is not very complicated for us and we know how to make a Bitcoin wallet. Moreover, if you want to accelerate your app development process, we can use available libraries and APIs for the integration of some features. Let's check out what features we can take from ready-made Bitcoin libraries.

Bitcoin libraries for Android and iOS

Since the majority of people that work with cryptocurrency use Bitcoin, so here we would like to tell you about the most popular libraries for Bitcoin apps that you can use for the development of your own app. Due to their functionality, you can create both a Bitcoin wallet and any other app related to cryptocurrency.

Blockchain is one of the most popular Bitcoin wallets. Moreover, Blockchain has a full set of free APIs for developers so we start our analysis from this app. It supports a lot of platforms (Android, iOS, Windows, Linux, MacOS) as well as many programming languages (Python, Java, Ruby etc.) and it is absolutely free.

The service uses two different API keys:

V2 API KEY: an easy way for websites to receive Bitcoin payments. This option is absolutely free and secure. It is a perfect option for personal and business use.

Blockchain Wallet API KEY: full access to all functions of this service like wallet development, payments, transactions, the management of addresses etc.

To get any of these keys, you need to make an API request where you indicate your name or company's name, e-mail, and the URL of your website or app. This process helps eliminate possible fraud or using of keys for illegal purposes.

BitcoinJ SDK is a cross-platform Bitcoin library for working with Bitcoin system. Supported platforms are Windows and Android. BitcoinJ is implemented in Java but it can also be used from any JVM compatible language including C++, JavaScript, Ruby, Python etc. The project has full documentation and it allows developers to work with TestNet3 - an official network of Bitcoin tests, MainNet - main network for Bitcoin transactions, and customize a personal server. BitcoinJ doesn't require registration.

make a bitcoin wallet

BitcoinJ Wallet provides you with its library for integration

This library has an abundant functionality that includes both new wallet creation with password encryption, operating with available wallets, balance monitoring, and sending and receiving Bitcoins. Besides that, the library provides you with all required tools for exchange rate conversions, encryption, the opportunity to obtain information about the transaction, as well as customize the transaction confirmation process. It makes it possible to see all cryptocurrency benefits.

Coinbase SDK is a cross-platform library (Java) for working with Bitcoin system. Supported platforms: Android and iOS. Official Coinbase libraries work with such programming languages like Java, Ruby, Python etc. The library allows you to work not only with Bitcoins but also with other cryptocurrencies like Ethereum and Litecoin.

Using this library, you can get information about current cryptocurrency and other currencies exchange rate.

cryptocurrency advantages

Coinbase SDK: Cross-platform library 

Two methods are used for authentication in Coinbase:

API KEY. It can be created and activated in API settings on the website. In your case, you can only get access to your personal accounts or commercial orders;

OAuth token for redirection to official website. This method makes it possible to get access to your personal accounts, manage your wallets, and work in mobile apps.

After registration you will get access to all types of operations including the purchase and sale of Bitcoins for other currencies, sending of transaction, cryptocurrency payment etc. But some features can be limited and they won't function in some countries.

Ready-made services to integrate Bitcoin payments into apps

If your business is very small, and you are not sure that you need your personal Bitcoin payment integration into your app, you may try to get Bitcoin payment on your own. We would like to show you some ready-made solutions that you can customize for your app. So let's see some popular options that allow you to make payments in Bitcoins.

Stripe users in the USA can receive Bitcoin payments in USD from customers after the APIs integration is submitted by customers.

By the way, CryptoPay allows you to get access to API to add Bitcoin payment to your website or platform.

Shopify service proposes to create your personal store with a few payment methods, and Bitcoin is included as well.

what can you use bitcoin for

Shopify service has Bitcoin payments support

Apart from this, there are a few services too:

  • BitPay, Bitbay. Bitcoin payment systems that make it possible to control the process using mobile solutions;
  • BitPOS. Bitcoin payment system for physical and online outlets; 
  • Coinbase. It offers command buttons for payments, integration with shopping baskets and daily payments in USD; 
  • Coinify. Web payments in Bitcoins, mobile control, reserved Bitcoin payments and issuance of invoices in Bitcoins; 
  • Coinkite. Full bank reservation, payments, issuance of invoices, POS terminals, and debit cards. 
!

Check out what influence FinTech trends can have. Read How can FinTech trends influence the future of various industries?

Bitcoin conception is gaining popularity, and it is impossible to ignore this fact. Today you can find many places you can use Bitcoin in. Bitcoin is the currency of the future that can make a high profit for your business since you will save on expenses and transactions. We hope our article was useful for you, but you can contact us if you still have any questions. Also, subscribe to our blog to read all the interesting news - you can see the subscribe button on the right side.

Watch the following video as well:

Advantages and Challenges of Blockchain

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