How Much Does It Cost To Develop A Bitcoin Wallet App?

How A Crypto Wallet Works

how much does it cost to develop a bitcoin wallet app

A wallet for storing crypto-currencies allows you to secure your funds. It's the same principle as a bank account. A distinction must be made between the public address and the private key. To put it simply, the public address could be likened to a login identifier for a bank account (or a RIB / IBAN), while the private key is none other than the password to access it. It is therefore the private key which is the most sensitive, and it is this which allows access to the funds.

A Cryptocurrency Storage Wallet

Originally, the different wallets for storing limited compatibility to a single type of electronic currency: there was a wallet to secure your Bitcoins, another for Ethereum, another for Ripple, etc. Today, the majority of solutions like the ones we presented to you above - whether online or offline - allow you to store several types of crypto-currencies, which greatly facilitates the management of your capital.

However, you have to be very vigilant with these multi-cryptocurrency wallets. Indeed, if they include all electronic currencies on one and the same platform, it should however always be remembered that each cryptocurrency has its own address. It is the same principle as a traditional bank account which would have lines in several currencies (Euro, Dollar, Pound Sterling…).

In other words, when you want to recover Bitcoin from your wallet, you must send it to your Bitcoin address. Please note, it should not be confused with an Ethereum or Ripple address (which would be attached to the same wallet): if you make a transfer to an incorrect address, the funds will be irreversibly lost. Don't worry, cryptocurrency storage solutions are generally well done, and such a mistake is quite unlikely.

Wallet To Store Your Cryptos

Depending on your profile and your use of your crypto-currencies, you should rather choose an good wallet to store your cryptocurrency. Our developers at Hyperlink InfoSystem can assist you with the development of an excellent cryptocurrency wallet. In this case, if you buy crypto-currencies to keep them for the very long term, we can only encourage you towards a “cold wallet” (offline wallet) such as hardware wallets (like Ledger or Trezor) or the paper wallet. If you want to have a security back up, the hardware wallet is more interesting, but you will have to pay a few tens of euros to acquire it.

Types Of Wallets To Store Crypto-currencies

Today, there are different types of wallets for storing cryptocurrencies - and each has its pros and cons. We still agree on the fact that some are more secure than others, it is therefore important to know the differences and specificities of each of the options available on the market.

Store Your Crypto-currencies “Offline”

The wallet for storing crypto-currencies “offline” is also called “cold wallet”, or “offline wallet”. These are the most secure solutions around, and the richest crypto owners use this solution to secure their holdings. If it is reputed to be the most secure, it is because this type of wallet is completely disconnected from the Internet, and therefore cannot be the target of malicious hackers. Another particularity of this type of solution for storing crypto-currencies is that there is no need to prove your identity, as demanded by “online” wallets today.

There are two types of wallets for storing crypto-currencies offline: the paper wallet and the hardware wallet are opposed. Between these 2 products, the second has taken over. The reason is simple: it's much more flexible, allows for secure transactions on a regular basis, and it never needs to be connected to the internet. The paper wallet has a slightly different logic, and we'll compare them below.

Hardware Wallet

The hardware wallet is now considered the most secure solution for storing crypto-currencies such as Bitcoin, Ethereum or Ripple. It is also the most practical solution for managing your crypto-currencies on a daily basis. Cocorico - it is a French company that has established itself as the world reference in the field: it is the Parisian company Ledger which in 2018 raised no less than 75 million euros to develop internationally. It has already sold over 1.5 million of its cryptocurrency storage wallets, which look like USB drives in format.

If Ledger has built its success on a wired wallet called Nano S (which has since been officially certified by ANSSI), the company unveiled at CES 2019 the very first wallet to store offline in Bluetooth. The Ledger Nano X thus makes it possible to store crypto-currencies in a secure manner, while managing them without risk from a mobile application thanks to Bluetooth.

Paper Wallet

The “paper” wallet is another system for securing funds. It is a piece of paper that is printed and on which the funds are recorded. It must be recognized that it has the advantage of being secure and free, which no other wallet can claim to do. On the other hand, it is important not to lose it, because there is no way to recover your assets.

You should also know that it is not very flexible since by default, it can only accept incoming transfers (a printed QR code and an address allow transfers to it). On the other hand, it is not possible to easily and quickly exit crypto-currencies.

Store Your Crypto-currencies Online

While “offline” crypto-currency storage is considered the most secure, “online” storage can be easier to use. The principle is to use an online service provider who secures crypto-currencies on behalf of its customers.

Officially, it is the owner the crypto-currencies since it holds the private keys of the wallets to store its crypto-currencies. The customer must therefore have blind trust in the service provider.

Hyperlink InfoSystem can assist you in the development of a Bitcoin wallet mobile app. The development cost of such app is around $10,000.

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