Back in 2009, when Bitcoin was launched, the creators just wanted to explore the depths of open-source decentralized mechanism. And today, it has become probably one of the most revolutionary inventions of the 21st century. Now, it is a technology which has makes way for various possibilities.
Bitcoin is the first cryptocurrency which doesn’t need a bank or a regulator to be owned by a user. It works on a peer-to-peer network which does away with the middleman, which means that the transactions with this digital currency will be cheaper and faster. All the transactions run on a blockchain (decentralized distributed ledger) network which uses cryptography and time stamps.
The reports suggest that the total number of Bitcoins in circulation increased significantly between 2011 and 2017. It has been growing in number worldwide and now it is emerging as a major fintech solution for every industry. In the last few years, adoption of blockchain in various industries has been totally phenomenal.
The price of Bitcoin has also grown by a tremendous percentage and it is surely an inkling that this technology is going to stay. Reportedly, the value of bitcoin transactions exceeded US$100 billion.
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How does Bitcoin work?
For a user or owner, it is very easy to handle, you don’t need to have the technical expertise to use digital currency. It only requires you to install a Bitcoin or cryptocurrency wallet on your phone or computer. The coins are saved with addresses and according to the needs, they are generated. Using this address, you can send and receive cryptos in your wallet. It works just like mails, with just one difference that they are used only once.
Let’s see how the process takes place step by step:-
Step 1: Balances
Bitcoin works only on blockchain and all the transactions are incorporated in it. These wallets are equipped with programs that can calculate transactions and balance. Every transaction is chronologically saved with cryptographic encryption.
Step 2: Transactions
When different values are transferred between bitcoins using blockchain, it is called transaction. Bitcoin wallets use a private key to sign transactions which also comes with a mathematical proof of its origin from the wallet owner. There is also a signature feature which renders the transactions immutable.
Step 3: Process-mining
It takes around 10 minutes for the transactions to be confirmed by the network. The entire process is called mining which is responsible for the creation of coins. It is done by using the distributed consensus system which is used for confirming the transactions.
Benefits of Bitcoin in Mobile App Development
The simplest form of exchange
Digital currency becomes the perfect vehicle for remittances and transnational payment transactions. Bitcoin is fast, secure and cost-effective, it doesn’t come with hefty charges which you have to pay on fiat, it is also very secure at the same time as it doesn’t let any middleman come in between.
It could be easily purchased online in exchange for another currency using cash or another crypto. There are now various platforms which help you buy a bitcoin using your bank account as well.
The bitcoin mobile apps now also come with an integrated QR code scanner. It gets rid of all the conventional methods which left your credentials on a website or machine through swiping the card, signing up, typing a pin, etc. The app allows you to send and receive bitcoin by simply scanning the QR code in your app.
Safe Mechanism
The ecosystem of Bitcoin is engineered to make the storage and exchange safe. Every transaction is signed with a digital signature which brings a high level of reliability in the entire system. The processing of the coins in the wallets happens within the network and it assures safety.
Cost-Effective
As we get rid of intermediaries, unnecessary charges are eliminated from the overall scenario of transactions. They become much more than cheaper for users and especially for business that has to make frequent transactions. In other words, bitcoin does a great job in saving you the extra buck. It has the potential to uplift the economy of may struggling economies.
Bitcoin Wallet Application Development
The applications that have Bitcoin integrated into them are going to change the way we deal with our cryptos. Currently, there are many softwares which have adopted this technology and made a helped industries adopt this technology. The number of these applications is growing day by day with payment options as well.
If you are using an app which enables you to process transactions in Bitcoin, it can help you get plenty of benefits through excellence and innovation. But the crypto market is highly volatile and it is recommended to invest in this currency carefully right now. However, the technology has made its mark and it is going to make payment services highly efficient.
Using a payment service provider
Bitcoin is also being adapted in various payment service platforms just like fiat. There are various apps that are making this technology accessible to users worldwide.
- Bitpay: With no transaction fee, this app offers extensive API which makes trading every effective.
- Coinbase: It allows the users to take advantage of merchant services as well as a hosted wallet.
- Coinify: If offers exchange and merchant services both.
- Yellowpay: This one focuses on the emerging crypto market in the Middle East.
HTTP API for the Blockchain
Different service providers bring different technical approaches trying to make technology more accessible to people. Here are some of the APIs which are used for making such application.
- Helloblock.io: It offers extensive API for blocks, wallets, addresses, and transactions.
- Toshi.io: It enables the mechanism with WebSocket and full bitcoin node.
- Insight.is: This one is an open-source node.js application.
Developing the integration
When a Bitcoin wallet app is developed, you need to be very careful about the integration of tools and features. There are protocols and libraries that you need to know beforehand.
- Bitcoin core RPC: It functions as a daemon and helps in core development.
- Bitcoinj: It is a java library that makes Bitcoin protocols easy-going for developers.
- Toshi.io: It is a full Bitcoin node which makes the API integration very easy.
Use of Plugins for Bitcoin Payments
Platforms such as Shopify, WordPress, Magento, and WooCommerce use plugins to make Bitcoin payments feasible. Not just in E-commerce platforms, these plugins can be very useful for any other website that wants to integrate a bitcoin wallet.
The number of companies accepting Bitcoin is gradually increasing and big players such as Amazon, Bloomberg, OkCupid, and Zappos have made payments using this option possible. It takes the right implementation of libraries such as standard functionality for the correct synchronization of blockchain.
Upshot
Blockchain is a technology which has shown us a new path to follow. With Bitcoin, many possibilities have arisen and it is bringing socio-economic changes. It is no wonder that bitcoin wallet app development is now increasing across the board and its impact can be clearly seen. It is becoming a part of every business as the blockchain technology is getting more accessible.
