Know Which Bitcoin Wallet Is Right For Your Business!

Bitcoin Wallet
  • Ankit Patel Ankit Patel
  • February 26, 2018
  • 3 min read

In the past few years, Bitcoin has become one of the most profitable and valued resources for people looking for an investment. And the reason behind it is its tremendous growth, which is 560 times of what it was initially!

Starting from freedom to hold and control over the currency, reduced frauds, and lower charges to the new horizon of expanding business reach, bitcoin app development has all it takes for organizations to get benefit from.

If you’re having a small business or running a giant organization, you must have thought of joining the bandwagon and know how to create bitcoin app, right? Well, you can get the help of bitcoin wallet app development services to get it integrated for your business. And it will all work fine for your business. But in order to send or receive bitcoin cash or bitcoin core, you will require a wallet!

Alright, but which Bitcoin wallet should I choose for my bitcoin wallet app development venture? What are the options available in the market?

Well, there are a few wallet options around you to choose from, i.e. mobile version, desktop version, paper-based wallet and online bitcoin wallets. You can choose any of these wallet options available for your bitcoin wallet app development venture. Let’s take a closer look at how each of this works and what are things to be considered for choosing wallet options to make bitcoin wallet app development services more fruitful for your business.

1. Bitcoin Desktop Wallet

If you’re using bitcoin, you already have bitcoin client installed and have access to creating a bitcoin wallet and complete the transactions. However, if you want to go for more secure options for wallet, you can use Armory desktop wallet. It is well-known for its advanced security levels and many existing bitcoin app development ventures are utilizing it successfully.

You can go for MultiBit, which runs on Windows, OS X and Linux. Aside from this, you can also go for options like Hive and DarkWallet.

Pros :
• High-level of security for your transactions.

Cons :
• The only problem with this type of desktop wallets is that you have to face physical limitation when it comes to using bitcoin wallet as you’re having it installed in a desktop itself.

2. Bitcoin Paper Wallet

Well, this is one of a kind feature that you can leverage from the bitcoin wallet. Even though it is a digital currency, if you don’t want to utilize it virtually and want to go for a conventional approach of physical currency, the paper wallet is all that you need. It is an offline approach to perform transactions to utilize your bitcoin wallet app development services.

Pros :
• With the help of QR codes, it generates secure environment for the transactions.

Cons :
• Of course, QR codes are a great option and relatively simple, but chances are higher that you could lose it and thus, makes it impossible to perform a transaction without QA code.

3. Bitcoin Mobile Wallet

If you want your bitcoin app handy, the mobile wallet is the best option for you. All you want is to have a bitcoin wallet, a smartphone and that’s it! You can pay for the products you want using mobile wallet on the go. There are a couple of popular mobile wallets available in the market, which includes Xapo, Blockchain, and Mycelium.

Pros :
• Ease of access is a key benefit you can leverage from this kind of bitcoin wallet.
• Smart scan enables you to tap your phone against a reader to pay for the products.

Cons :
• Network security could be a challenge when it comes to mobile wallets like Blockchain.

4. Online Wallet

Utilizing crypto currency for your business is, of course, beneficial, but what if you don’t want to host it within your own desktop? Well, internet-based bitcoin wallet can help you out. These types of wallets are managed by 3rd party providers and all you need is a private key to utilize it for your transactions. Coinbase, Circle, Xapo, and Blockchain are few of the most successful and popular online wallets.

Pros :
• Anywhere and anytime access is a key benefit of using this kind of wallets.

Cons :
• 3rd party involvement could be a point of concerns for many of you.

All of these bitcoin wallets have their own set of challenges as well as benefits for your business. If you’re still stuck somewhere in between how to create bitcoin app and which type of bitcoin wallet is suitable for your business, it is time for you to take a detailed look at each of these options and choose the bitcoin wallet wisely.

About: Ankit Patel

Ankit Patel is a Director of Sales & Marketing at XongoLab Technologies LLP and PeppyOcean, A leading mobile app development companies. In his free time, He likes to write articles about technology, marketing, business, web, and mobile. His articles featured on YourStory, E27, Datafloq, JaxEnter, TechTarget, eLearningAdobe, DesignWebKit, InstantShift, Business Magazine, SimpleProgrammer, and many more.

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