Known by almost anyone with access to the internet, cryptocurrencies such as Bitcoin are being heralded as the payment medium of the future. It is to take advantage of this that a growing number of online and traditional business are now accepting cryptocurrency payments, which is where Bitcoin Wallets become handy.
“The blockchain allows our smart devices to speak to each other better and faster”
— Melanie Swan, the Founder of the Institute for Blockchain Studies
What is a mobile cryptocurrency wallet and how to get one?
A cryptocurrency wallet is essentially an app that gives you access to your Bitcoin wallet address and therefore to your money. Such a wallet could be obtained by virtually anyone on the Google Play or App Store, to receive and send funds in cryptocurrencies like Bitcoin and Ethereum. If you have trouble choosing a wallet, we can recommend the Blockchain Luxembourg app [download for Android] & [for iOS devices] for its design and simple navigation.
As you might have guessed, Bitcoin wallets place a very high priority on security, which is why every owner is provided with a private key that is needed to access the Bitcoin wallet and sign every transaction. One can, however, make the process a little simpler by setting up a pin code to authorise transactions. Most of such apps also utilise QR-Code technology to facilitate speedy blockchain transactions instead of having the user provide recipient address and amount manually when sending funds.
The development of mobile apps using blockchain technology however is no easy task as the product needs to be secure and stable. Such development can only be done by highly skilled developers with years of experience under their belt, as they require development that is in line with compliance and industry standards.
In the next part, we will take a look at blockchain- the underlying technology of cryptocurrency wallets and its other applications.
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