Functional Features In Perfect Crypto Wallet
The more Bitcoin and cryptocurrency permeate to the mainstream, it’s a guarantee that we shall have a cryptocurrency wallet galore. It’s going to be a race for dominance and even for new startups promising to unveil superior wallets with irresistible features, it will prove arduous unless of course, their products are a cut above the rest. Often times, the task of convincing even the finicky of users that a hot wallet is as secure and compatible demand proof.
Most will take it upon themselves to shop for a fitting cryptocurrency wallet that matches their needs. After all, in the process of increasing their ROI and boosting sales, wallet start-ups appear to be departing from the core and continually leaning towards lean creativity rather than functionality. And even when there is functionality, the bells and whistles associated with these features can be overwhelming. But, at the end of the day, we realize that a crypto wallet is nothing but code.
So far, we know a thing or two about code. The more complex, the buggier it becomes. Security is simplicity and this brings us to one of the top-most functional features a desirable cryptocurrency wallet should have:
Security and Control of Private Keys
By that I mean the wallet should allow you, the user, control of your private keys. A private key, in this case, are those sequence of phrases, the seed phrases, that will help you recover your wallet just in case of a technical blip. Bitcoin Wiki defines a seed phrase as a “is a list of words which store all the information needed to recover a Bitcoin wallet”.
Often time, you will be required to write down these phrases in a piece of paper and store them securely. Therefore, a super wallet should at any time allow you to recreate a wallet with single seed or multiple seeds and that means the wallet must be compatible with BIP39 mnemonic code for deterministic key generation.
Multi-coin Support and Charts
Each and every day, there are new coins or tokens being released by different start-ups. In the spirit of decentralization, most are utility coins or tokens and an ideal wallet should support most of them—at-least those in the top 10 and all ERC20 tokens because of Ethereum support.
As such, integration with your bank cards allowing you to make secure and direct purchases from your approved banks is important. Aside from that, because asset prices are volatile in nature, a key feature is the ability for tracking and to that end, there should be a way where you can check the coin’s statistics in the last couple of days, hours or even months.
Node Option Features
This is an emerging concern and that which lacks in most wallets—hot and cold. Considering most public blockchains are decentralized, wallets should also be open allowing for free choice. There should be an option of supporting any of the popular full node implementations out there. At any time, the wallet should allow the user to plug in and connect from the wallet node or any other public network of their preference while simultaneously offering support for connecting to the Infura Network, ElectrumX or any other crypto public node network of their choice.
Payment gateways, Exchange and Expenditure
Hot wallets are usually used payment gateways. It is from here that users get to spend their coins and to that end, fiat conversion rates and QR Code support is indispensable. QR scanning will eliminate errors and allows one to spend their coins straight from their mobile or tablet and through real-time conversion rates, one can known the amounts of Bitcoins or any other coin they can spend at any time of the day.
Surprisingly, most wallets don’t possess these features. Only a few like Bitcoin OX went an extra mile and are on the ground planning on a wallet that is attractive, available for mobile download while at the same time allowing for direct bank integration, exchange and coin expenditure through one simple to use and intuitive interface.