There are very few people today who do not know about bitcoins. This cryptocurrency has become the most profitable and recognized resource for investments because, in the last 5 years, it has grown by more than 560 times. In just the last three months, bitcoin increased its value almost by half, which speaks volumes about its extreme prospects and popularity. Created in 2009, it has overcome the $6,000 per unit rate twice in the last month. Impressive numbers, are they not?
Thus, it had become quite obvious why more and more world-famous companies are considering this cryptocurrency as a means of payment and investment. In this article, we will discover the principles upon which electronic wallets operate and provide tips on how to make a bitcoin wallet application in order to integrate it with your online trading platform.
Bitcoin is a revolutionary solution for electronic payments, bypassing state financial systems. Despite the potential risks, this method of transferring money is extremely reliable. It is designed to be as reliable as possible from the start. To transfer money, blockchain technology is used. Blockchain fixates each stage of the transaction in an encrypted form on a separate computer and does not allow for any changes to existing records. This allows for the concluding of reliable deals without the participation of third parties who, under ordinary financial transfers, serve as guarantors.
What are the real examples of bitcoin payment introductions? Such services have already been successfully employed by world famous trading platforms such as Zappos, Amazon, WordPress, OkCupid, and Expedia. These payments are also characterized by a complete anonymity, which is why this currency is often used when paying for goods or services prohibited by law.
In this article, we are talking about another, legitimate usage for cryptocurrencies. Namely, how to expand the list of available settlement methods in your online store by integrating bitcoin as a payment.
What is a Bitcoin Purse?
Now let's discuss the technology without which the practical use of blockchain and bitcoins is impossible: e-money purses.
The bitcoin wallet app is an ordinary software electronic money wallet, absolutely safe for both sides of the trade transaction and performing the functions of transactions processing. In particular, it is used to store, transfer and receive cryptocurrency. Such purses also store open and closed digital keys used to access blockchain links.
Next, we will try to peak your interest in blockchain technology further, giving a number of practical advantages that are obtained by both sides of a financial transaction when using bitcoins via the wallet application.
What Advantages are Provided by the Integration of the Bitcoin Purse into the Online Store?
Cryptocurrencies are a novel financial tool. Thus, any experienced business owner would want to know the advantages of introducing the bitcoin wallet into their store, in comparison with more traditional e-commerce systems. That is why we bring to your attention the top five advantages, thanks to which electronic purses easily overcome other options for internet payments.
Blockchain operations are very fast and simple. In 2016 the blockchain-based cryptocurrency mechanism was used to conclude a transaction of $100,000 between an Irish dairy producer and an Israeli start-up. Making such international payments in a traditional way is a time-consuming affair. Given the costs associated with a bureaucratic approach to bank transfers of such large amounts, this operation would take at least a week. Do you know how long this deal took with the use of a blockchain? Only 4 hours. Therefore, carrying out operations through blockchain using cryptocurrency is a very very effective solution in terms of time.
Blockchain operations are completely anonymous. As mentioned earlier, cryptocurrency transactions are completely anonymous: in order to conduct electronic payments, you do not need to have a clean credit history or specify your personal data (which can be very unsafe in poorly protected networks). You just need to know the special purse address, which looks something like this: 1JhbD5TziWRbGtp67GVDgF5xNXgB. What does this address allow you to do? It's very simple: you can find out about the transferred amounts, as well as the information accompanying a particular transaction (transfer time, current stage, etc.). On the other hand, this address does not allow you to get any information identifying the sender or recipient in any way, so you can be completely sure that payments will be completely anonymous for both parties. Each participant of the transaction receives two keys - open and closed. When making money transfers, they are combined, which minimizes the probability of unauthorized access to transaction data.
Blockchain transactions are safe and secure. Each bitcoin transfer contains a digital signature. After the currency is put into circulation, all the data associated with the transaction is irreversibly fixed and is not subject to changes in the future. As a result, you get a completely safe solution that guarantees the reliable delivery of cryptocurrency from the sender to the recipient.
Cryptocurrencies are not subject to economic situations in specific countries or the common global economy. In the event of a collapse of the banking system and the economy in a particular country, many investors lose their bank deposits (in particular, those that were not insured). This fact does not concern bitcoin at all, since this cryptocurrency has a decentralized support and, therefore, you can be sure that you will not lose your money due to the influence of negative political or economic factors.
Bitcoin will never face inflation. Inflation has affected many world currencies, devaluating many of them. With bitcoin, this will not happen because the number of nominal currency units will never exceed the 21 million mark.
How to Integrate Bitcoin as a Payment Option in a Mobile App
How do you create a bitcoin wallet app? There is nothing difficult here. To do this, you need to define the functionality (functions to review the balance, search for specific transactions and information stored in separate sections of the blockchain, set policies for incoming and outgoing transfers, etc.), and find the optimal API for the creation of the digital wallet. In addition, in the development process, you will need to resort to the use of software libraries, which are then synchronized with your wallet. Chain-Java is among the most useful. Through this library, access to the links of the blockchain system is provided so that users of the wallet can track ongoing transactions.
If you are developing a bitcoin wallet for a mobile app from scratch, it is best to do it in Java, which you can then convert to the appropriate programming language for the particular mobile platform to create a bitcoin iOS wallet application or bitcoin wallet app for Android; however, there is an easier option. In particular, if you do not want to bother with writing code or have no required labor resources, the simplest solution would be using one of the existing digital wallets with the integrated API.
How to Build a Bitcoin Wallet App: Summary
As you can see, bitcoin wallet is a high-tech and extremely convenient means for conducting electronic transactions, which has a lot of advantages in comparison with alternative methods (such as bank cards and debit payment systems). It is extremely easy to carry out integrating bitcoin as a payment to your online store and, for this, it is not even necessary to develop an application from scratch - you can choose one of the payment service providers (PSP). As a result, financial transactions are simplified.
Thus, if you liked the idea of integration, but you do not have a clue how to implement it, contact an IT company whose list of services includes this type of development and integration (such as Applikey Solutions). Such a decision is absolutely not difficult in its implementation and, therefore, will not require you to make a serious financial investment. Don't delay. Start improving your business right now - contact us!