Last Updated on April 20, 2021Bitcoin: The currency that is used exclusively for transactions on the Internet starts to have value in the real world.
Bitcoin is a purely electronic version of cash that uses cryptography to control its creation and transactions, instead of a centralized power unlike in fiduciary money, its value is not given by a monetary authority that issues it.
This digital currency can be used for the payment of physical goods and services in the real world, as happens with traditional physical currencies.
How does it work?
The possession of Bitcoin is awarded to a public digital signature, which implies an electronic wallet in which it is contained.
When an owner transfers the possession of a Bitcoin to another person, he must provide his and its recipient’s digital signature of cryptocurrency for the transaction.
Every holder of a Bitcoin also has a private key assigned to his wallet, which allows him to access it and make transactions with the digital currency.
The loss of this private key means the loss of the Bitcoins that are in the electronic purse. It is estimated that in this way around 30% of the bitcoins created so far have been lost.
To prevent an owner from doing a double Bitcoin, that is, selling Bitcoin to two different people at the same time, the cryptocurrency is helped by the blockchain technology, described for the first time in an article published in 2008 under the pseudonym of Satoshi Nakamoto.
The blockchain is a sophisticated decentralized system that includes a database that no one can change unless certain specific conditions are met. Using cryptographic techniques and a decentralized network, it records all the transactions made with the cryptocurrency in a database distributed among all the nodes of this network. The source code of this system is open, so everyone can access it to know how it works.
It is true that between the end of 2013 and the beginning of 2014, Bitcoin experienced an explosion in its price and that, since then, it has suffered first a falling process and after stabilization in its valuation . In any case, it is an obvious field of entrepreneurship.
The Future of Bitcoin in Smartphones
If we refer to Bitcoins and smartphones there is a clear line that we must study and take into account: the payment process in the mobile is a current trend, being an existing technology but still used less.
It is for many the future that is about to come, and that will do so as time goes by and both people and businesses become accustomed to its existence.
The more the mobile payment is implemented, the better Bitcoin will be as a payment tool, always assuming that its value maintains a certain stability in the market.
Like the payment with the mobile, the Bitcoins need that set of tools that facilitate their use. Fortunately, many of them are already available (payment by capturing a QR code, via NFC, through an email) and it is only a matter of implementation by sellers.
There are multiple PSPs that help you work with bitcoins online and at the point of sale. With the integration of payments in bitcoins in your store through a PSP, you can pay in your local currency and that also represents a great advantage, because you can take advantage of the advantages offered by bitcoin while eliminating price volatility.
Many of the PSP you can use also offer plugins for WordPress for WooCommerce and other online shopping platforms. When your store runs on Shopify, bitcoin is already included as a form of payment and includes Bitcoin Coinbase and Bitpay, so you have suppliers to choose from.
Bitcoin Wallet Application Development usually share many of the characteristics of conventional portfolios at the security and functional level:
Ease of use
You can use a BTC wallet in the same way you would use your bank’s official application or make a payment with platforms such as Paypal. In less than 1 minute you can be sending and receive payments. It’s that simple!
Increasing payment method
There are already more than 7500 shops (documented) that have started accepting bitcoins as a method of payment worldwide. You can search all the stores closest to you from CoinMap and use your mobile to pay for all your purchases.
Some of the conventional means to save your BTCs usually incorporate additional security measures such as double authentication factor (2FA) or access passwords. In this way and despite anyone having access to your mobile applications, they would have to know your additional access password to access the application and even a PIN to make payments.
No records or added costs Most of the purses are available for free to anyone who downloads them.
Constant updates of the community We recommend the portfolios with a stable update level and with active maintenance or support.
Option to make backup copies and avoid the loss of your bitcoins. These portfolios allow you to import and export your private keys in the simplest way possible.
The great thing about Bitcoin is that it can become completely independent of third parties when it comes to payments. All you need is the creation of a portfolio and you can start accepting bitcoins.
If you have a store with WordPress or WooCommerce for example, this plugin is free, it allows you to integrate bitcoin in minutes.
We, at BACANCY Technology can help you in your first bitcoin wallet app development for both iOS and Android application, we can also help you to web based solutions too.
Feel free to ask your doubts, queries or inquiries to integrate bitcoin wallet app in your business, our Bitcoin wallet app developers will be more than happy to reply you. Get free consultation today!