With the rise in cybercrimes, gone are the days when investors only relied on their online wallets to buy and sell cryptocurrencies. Instead, the advent of crypto wallets, powered by blockchain technology, has made crypto transactions faster, easier, and, most importantly, safer. In fact, according to Statista, more than 70 million customers use crypto wallets for various purposes, such as making in-store payments, wage payments, and cross-country transactions.
Developing crypto wallets
It is wise to use a crypto wallet if you frequently make cryptocurrency transactions. The following development stages of these wallets prove why they are so secure, and intruders can’t hack into the network efficiently.
- Exploration involves assessing the project plan, analyzing the security layers, and seeking approval for the wireframes.
- Prototype - In this stage, the developers develop a physical prototype of the wallet according to the data gathered from the first step.
- Design - This step involves implementing the plans laid down in the first stage. It’s a software architecture that meets the requirements of the project.
- Expansion - Finally, the software developers keep updating the wallet to ensure it maintains the safety and security of transactions. The wallet may become vulnerable without regular updates as cybercriminals tend to figure out the weak spots over time.
Advanced features of crypto wallets
Safety is one crucial reason that distinguishes crypto wallets from online wallets on crypto exchange platforms. Here are a few more advanced features that you can expect from a good crypto wallet:
1. Wallet signatures
Some cryptocurrency wallets let you sign a message with your address.
Signing a unique piece of text with your wallet address is a conclusive way to prove that you are the owner of the address. Some cryptocurrency platforms require such proof along with your personal identification to satisfy regulations and also to fight fraud.
As AltcoinTrading.NET explains, it is a reliable way to prove ownership of a crypto wallet because it is extremely difficult to counterfeit.
2. Rate of conversion
Users may perform transactions across multiple modes using the same currency, requiring real-time updates of the respective currency values for the wallets.
The most recent crypto wallets will have real-time updates of both fiat and digital currencies. That means you won’t need to check the value of a currency every time you make or receive payments. Instead, the wallet will provide the latest update as soon as you complete your transaction.
3. Paper wallet
Many crypto wallets now come with QR codes that you need to scan from a paper wallet. Once you check the QR code, you will be able to add keys to your respective app wallet to complete your transaction. Later, you can use your scanned data to make or receive payments. In addition, the wallet will store the recipient’s data so that you don’t need to check the QR code every time. This ensures that several layers of security protect your transactions.
With software developers finding new ways to safeguard transactions, you can rely on crypto wallets in the future, especially when they already have so many advanced functions, making payments safer for crypto users.
