How do mobile Bitcoin Wallets work? – Blockchain Technology [Part 1]
It is hard to find someone interested in technology that has not heard about Bitcoin – a digital currency. Or better, – cryptocurrency that is considered a payment medium of tomorrow. As more and more online and traditional businesses start to accept payments in Bitcoin, a Bitcoin Wallet – a type of a blockchain app, comes in handy. In this post, I will tell a few words about it and its features.
“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?
In a nutshell, it is an app that gives you access to the Bitcoin wallet address and therefore to your money. To get a wallet, all you have to do is to go to the Google Play or App Store and install one. If you have trouble choosing one, I can recommend Blockchain Luxembourg app [download for Android] & [for iOS devices]. It is very user-friendly due to its good design and simple navigation. You just set up your account. Then you are ready to receive and send funds in cryptocurrencies like Bitcoin and Ethereum.
If you’re looking for mobile app development for blockchain purposes, keep in mind it needs to result in a secure and stable product. That can be done only by a highly-skilled team of developers. That must be guaranteed with best standards and procedures. Mood Up team is the mobile apps software house, that you should check out.
Utilisation of the QR-Code technology for the sake of super-fast blockchain transactions
To make transactions much simpler, most of the wallets integrate the QR-Code technology. So there is no need to provide recipient address and amount manually when sending funds. All you have to do is to scan the QR-Code of receiver’s wallet address and you are good to go.
Technical side of a mobile Bitcoin wallet and its security for blockchain transactions
In short, a Bitcoin wallet stores private key. It is needed to access the Bitcoin address of your wallet and to sign every transaction. But how is your money protected if you don’t need to provide the key every single time? Well, in this case, you should ensure an appropriate level of security to prevent unauthorized usage. You can set up a pin code which you have to enter every time you open the app. Moreover, some other apps offer email verification for every transaction.
How does a mobile wallet differ from a desktop one?
Mobile Bitcoin wallets, due to the limitation of mobile devices, do not download the whole blockchain. It’s because it would consume a significant amount of phone memory and mobile data transfer. Instead, it just gets a very small part of it needed for performing the transaction.
And that would be enough for a quick introduction to the mobile cryptocurrency wallets. I don’t want you to feel overloaded with too much information 🙂
In the next part, we will take a look at the underlying technology – the blockchain. And we will focus on blockchain applications that go far beyond cryptocurrencies.