In this modern world, everything is becoming digital. All we need to do is simply to move at a similar pace. Presently, we can't even imagine how to do numerous essential things without our smartphones and applications. Things such as shopping, communication, booking, etc., are already managed by our applications. Now, what about banking? The answer is Bitcoin Technology.
It is no more a new term in the digital world these days. It has become one of the most prominent forms of digitalized payments. Bitcoin is not like an actual coin, but is a form of cryptocurrency. A number of companies are utilizing cryptocurrency because it makes payments more simplified. Bitcoins are gaining popularity in the form of mobile applications.
What is a Bitcoin wallet application?
Digital money can be utilized for making any transaction you need. But, the issue here is in simplicity and comfort of the framework you use and in addition its popularity and trustworthiness among the people. Luckily, Bitcoin has everything. Now let's have a closer look at this technology. The digital framework works in just two steps.
The initial step is sending money from your bank account to your digital wallet. It is quick to accomplish since you can purchase bitcoin online through a currency exchange. When it is done, you are prepared to move to the second and last step. That is making payments. That’s all. Along with its ease-of-use, the framework also has other advantages such as:
• No Government Regulation: The transactions in digital money are not under the governmental control.
• No effect of Inflation: The money turnover does not go beyond 21 million.
• Safe and Secure: Users aren't requested to include any secret information amid transactions.
• Trustworthiness: It is one of the most well-known and trustworthy financial application in the world.
• Mysterious Nature: If you have a bitcoin wallet, you are the only owner and will operate your account; nobody else can.
How to Build a Bitcoin Wallet Application?
Before starting, developing the wallet application with bitcoin, please take note of that it isn't at all a troublesome task. But, as the initial step, you have to use a couple of libraries offering information about functionality to synchronize with the Blockchain. The best library that you can utilize is Chain-Java. It is quite a popular choice among developers.
Aside from that, you will also need to choose the suitable bitcoin wallet API for getting an access to the blockchain. The API is crucial for quick and successful synchronization of the wallet with blockchain; it will also ease the transaction processes.
There is a second option too. In this option, the developer isn't required to select the library, however, he can opt for a customized Bitcoin wallet application as per the needs of the customer. But, when the blockchain developer is picking the wallet application, he needs to complete various adjustments.
In case you are selecting both Android and iOS platform for building up the wallet application, at that point the best idea is to make a common module with the assistance of Java. It will get changed over to Objective C by utilizing a standard plugin. The module is comparable for the two platforms.
In a nutshell, the process of developing a bitcoin wallet app includes:
• Selection and Installation of the API.
• Creation of actual bitcoin wallet.
• Setting permissions for the transactions (outgoing and incoming).
• Including a common set of programs for controlling the transactions (address creation and balance checking, etc).
Include Bitcoin as a Payment Option
If you would prefer not to develop a cryptocurrency wallet application, it is highly prescribed to include bitcoin as a mobile payment option. There are many organizations that have successfully implemented cryptocurrencies as a legal way of payments, for example, Amazon. Expedia, WordPress, Zappos.
It must be remembered that bitcoin will play a vital role in the e-commerce industry in the coming future so if you are going to enter into this field, then the integration of cryptocurrency as your payment option becomes mandatory. The organizations accepting bitcoin as payment will be looking to exchange it fast in substitute of physical currency. You can take the help of a Payment Service Provider (PSPs) in such manner.
The role of the PSPs is to make this process less difficult. For example, if a man is paying in bitcoin, he would pay for the same in terms of flat currency and move the sum into the account of the individual. Thus, integration of the bitcoin as payment option becomes crucial.
Conclusion
Bitcoin is one of the most preferred ways of electronic transactions and offers numerous benefits. It is free from governmental regulations and is considered as absolutely secured. It is easy to conduct the transactions with the help of bitcoin and you can select to write the codes as per your own preferences. If you have not yet integrated it in your payment options, do it now.
