Does our future fintech rely on cryptocurrency wallets?- A peep into the crypto market space!

The inception of the internet created chaos in the tech world about privacy, security issues, and other transactions. But, as of now, the internet has reached its success glory and has made human lives rely on this technology even for essentials. Right from our provisions to medications or bank transactions can be completed with our fingertips by leveraging the internet. 

Cryptocurrencies have gained popularity in the fintech world since its inception for its eminent features. The decentralization, encryptions, immutability, transparency, consensus mechanism are the intense features of crypto coins that take it far more than conventional fiat currencies. Before chit-chatting on the future of cryptocurrency wallets, let’s understand the application!

What is cryptocurrency wallets?-A glimpse!

A Cryptocurrency Wallet Development is an application that stores the public address and private keys of the software integrated with the native blockchain network of the cryptocurrency. These wallet apps interact with the blockchain network to manage and perform transactions with the cryptocurrencies. 

The crypto wallets must be enriched with intense security features like duo-authentication, multi-signature support, push notifications, device sign-up, and much more. Depending on the crypto user’s desire, they can develop cryptocurrency wallets with multi-currency support, elegant user-interface, and other details. Many professional traders dive into personalized Multi Cryptocurrency Wallet Development to enhance their trading experience in exchange platforms. 

Now, let’s explore how the crypto wallets would influence our future fintech industry!

How do crypto wallets influence the future fintech industry?- A scout around!

In 2020, around 3.5 million crypto wallet apps are downloaded by the users. Amidst the COVID-19 pandemic, the rate of cryptocurrency and wallet users has increased enormously. We may think that businesses have fallen in this pandemic crisis, but the crypto market has risen to peaks, particularly between May and June. 

The steep increase in the utilization of crypto wallet apps resembles internet users’ growth since its inception. The technologists predict that in 2030, around a million users will actively perform transactions through crypto-wallets. Blockchain wallets users have grown in an inclined curve, resulting in 50 million in 2020. 

Some popular cryptocurrencies establish integrated crypto wallets for their users, whereas others rely on third-party apps to interact with their native blockchain network. However, merchants around the globe are adopting cryptocurrency payment gateways integration in their POS. Leading payment service providers like Mastercard, Bank of America exploit advanced features with blockchain technology to develop top-notch cryptocurrency wallets. 

The smartphone manufacturers have stepped ahead in crypto wallet adoption and are launching integrated crypto wallet apps. But, the crypto wallets are not only for the fintech sector!

A multi-cryptocurrency wallet allows a user to buy and sell multiple cryptocurrencies. Blockchain Firm provides a feature-packed wallet that can be customized as per the user requirements.

2-Factor Authentication

2FA is the most eminent verification method for ensuring the authenticity of the user. We embed 2FA in all the software that we build. We integrate this feature in our crypto wallet to ensure security and deliver the most effective results. Google 2-Factor Authentication protects the wallet against hackers & third-parties in all possible situations.

Paper Wallet is the Best Type

Paper wallets are just printed pieces of paper that contain the public and private keys. A paper wallet goes handy, and it is useful when you want to store the details safer. Also, there will not be any footprints of your information on the internet. With this exciting feature, it is effortless for the token holders to secure their keys. It offers them a foolproof solution when it comes to safeguarding assets.

Conversion Rates

When you are an active trader and engaged in daily trading, you must be aware of the conversion rates. Once you are familiar with the prices, then you can plan the buying and selling of different coins and make the trading profitable. This particular function makes a cut in the long list of features we provide. Our prime motto is to provide users with seamless trading sessions.

Frequent Addresses

To offer a smooth & quick login, we make the setup more intuitive. When you click on an empty field or type a letter, the system suggests the frequently used addresses automatically. Therefore, whenever you want to log in again, you don’t have to enter the complete username. This makes the whole application more comfortable to use and saves your precious time.

QR Code Scanner

This unique functionality enhances security. You are completely safe while transacting your crypto assets because the transactions are contactless. You don’t need to use the credentials to execute the crypto transactions; they can be carried out by merely scanning the QR code. You might have come across this feature in various POS terminals. It is useful for fiat as well as crypto-based transactions.

Notification Panel

Every time a transaction takes place, the application notifies the status of the transaction in the Notification panel. It is a handy feature for you to share the application and its credentials with your friends or relatives. You will be notified the moment you buy or sell your assets. Also, you will get to know at what price the cryptos were exchanged. You will never miss a thing when the wallet is equipped with this feature.

Security Standards

Security is a collective term that blends many features listed in this blog. However, when it comes to a crypto wallet, it deals explicitly with the transaction mechanism. The architecture has to be programmed in such a way that no one could infiltrate it. We render state-of-the-art security functions with the deployment of peer-to-peer and blockchain technologies.

Denying Duplicate Payments

A top-grossing feature for every crypto user. This feature protects users from wasting their assets. It works as a fail-safe mechanism and prevents duplicate payments from happening. With this function, you could save your assets worth thousands of dollars. Many crypto users have faced the issue of duplicate payment. They would now be able to escape from this recurring issue.

Merchant Services

Trading is a joyful event. It is more profitable when you dive more in-depth and explore the options. With the merchant services enabled, it is possible to travel above and beyond and also make your portfolio look better. When your wallet offers you more opportunities, it is easy for you to expand the possibilities.

Transaction Details

By viewing the transaction history, you come to know when you have gained profits and made losses. It is a repository that is valuable to every crypto trader who plans and organizes the trade. With this feature, the traders will get better results in each phase of the transaction. It will provide them with a better insight into the different trends of the crypto market.

Timed Logout

We often forget to logout from the trading application. In case someone gets access to our device, then they can trade with our assets. The Session Logout feature prevents this kind of incident from happening. It logs you out automatically after a particular time of inactivity. The users can change the timer from the Settings panel.

Wallet Backup

A wallet needs to have a backup mechanism in case of transaction or device failure. A transaction might be interrupted by any kind of technical issue. In such a case, the coins must be secured in the wallet. We make it available in each of our multi-crypto software.

NFC-enabled

NFC or Near Field Communication is a wonderful technology that allows the data to be transferred between wireless devices in real-time. This is undoubtedly going to be a massive trend in the crypto wallets. It enlightens the crypto users in numerous ways. This unique function is achieved by configuring the smartcard interface onto a single device, thus reducing the transfer distance.

Wrapping up!

Fintech industry has dived into the crypto wallet development and leveraged its advantages to the core for globalized transactions. The crypto wallets potential can extend to manage social media networks, Gmail’s, purchases, and much more. 

To know the latest updates of crypto space, do connect with us!