BitCoin Wallet App: Why It Is A Good Investment For Future?

In this modern world, everything is becoming digital. All we need to do is simply to move at a similar pace. Presently, we can’t even imagine how to do numerous essential things without our smartphones and applications. Things such as shopping, communication, booking, etc., are already managed by our applications. Now, what about banking? The answer is Bitcoin Technology.

It is no more a new term in the digital world these days. It has become one of the most prominent forms of digitalized payments. Bitcoin is not like an actual coin, but is a form of cryptocurrency. A number of companies are utilizing cryptocurrency because it makes payments more simplified. Bitcoins are gaining popularity in the form of mobile applications.

What is a Bitcoin wallet application?

bitcoin-app

Digital money can be utilized for making any transaction you need. But, the issue here is in simplicity and comfort of the framework you use and in addition its popularity and trustworthiness among the people. Luckily, Bitcoin has everything. Now let’s have a closer look at this technology. The digital framework works in just two steps.

The initial step is sending money from your bank account to your digital wallet. It is quick to accomplish since you can purchase bitcoin online through a currency exchange. When it is done, you are prepared to move to the second and last step. That is making payments. That’s all. Along with its ease-of-use, the framework also has other advantages such as:

• No Government Regulation: The transactions in digital money are not under the governmental control.

• No effect of Inflation: The money turnover does not go beyond 21 million.

• Safe and Secure: Users aren’t requested to include any secret information amid transactions.

• Trustworthiness: It is one of the most well-known and trustworthy financial application in the world.

• Mysterious Nature: If you have a bitcoin wallet, you are the only owner and will operate your account; nobody else can.

How to Build a Bitcoin Wallet Application?

Before starting, developing the wallet application with bitcoin, please take note of that it isn’t at all a troublesome task. But, as the initial step, you have to use a couple of libraries offering information about functionality to synchronize with the Blockchain. The best library that you can utilize is Chain-Java. It is quite a popular choice among developers.

block-chain

Aside from that, you will also need to choose the suitable bitcoin wallet API for getting an access to the blockchain. The API is crucial for quick and successful synchronization of the wallet with blockchain; it will also ease the transaction processes.

There is a second option too. In this option, the developer isn’t required to select the library, however, he can opt for a customized Bitcoin wallet application as per the needs of the customer. But, when the blockchain developer is picking the wallet application, he needs to complete various adjustments.

In case you are selecting both Android and iOS platform for building up the wallet application, at that point the best idea is to make a common module with the assistance of Java. It will get changed over to Objective C by utilizing a standard plugin. The module is comparable for the two platforms.

In a nutshell, the process of developing a bitcoin wallet app includes:

• Selection and Installation of the API.

• Creation of actual bitcoin wallet.

• Setting permissions for the transactions (outgoing and incoming).

• Including a common set of programs for controlling the transactions (address creation and balance checking, etc).

Include Bitcoin as a Payment Option

If you would prefer not to develop a cryptocurrency wallet application, it is highly prescribed to include bitcoin as a mobile payment option. There are many organizations that have successfully implemented cryptocurrencies as a legal way of payments, for example, Amazon. Expedia, WordPress, Zappos.

It must be remembered that bitcoin will play a vital role in the e-commerce industry in the coming future so if you are going to enter into this field, then the integration of cryptocurrency as your payment option becomes mandatory. The organizations accepting bitcoin as payment will be looking to exchange it fast in substitute of physical currency. You can take the help of a Payment Service Provider (PSPs) in such manner.

The role of the PSPs is to make this process less difficult. For example, if a man is paying in bitcoin, he would pay for the same in terms of flat currency and move the sum into the account of the individual. Thus, integration of the bitcoin as payment option becomes crucial.

Conclusion

Bitcoin is one of the most preferred ways of electronic transactions and offers numerous benefits. It is free from governmental regulations and is considered as absolutely secured. It is easy to conduct the transactions with the help of bitcoin and you can select to write the codes as per your own preferences. If you have not yet integrated it in your payment options, do it now.

The Sporadic Growth of Mobile Payment Gateways

The Sporadic Growth of Mobile Payment Gateways

Regardless of the outpouring of the mobile phone usage and the pioneering payment technologies that have surfaced with this mainstream usage, consumers still remain hesitant to embrace the latest payment technologies entirely.

In fact, as per a survey, it was concluded that only 52% of the North Americans have used mobile payments till date; with just 18% using them often.

The reason? Mobile and the latest payment technologies are shattered when it comes to security and invention. However, there are evidences to support these concerns:

ISACA, a non-profit organization that works for the development, adoption and use of universally accepted knowledge and practices for information systems conducted a global survey in 2015 that encompassed 900 member cybersecurity experts to inspect the prevalent security risks for its Mobile Payment Security Experts. It found:

• Just 23% of the surveyed experts said that they believed that mobile devices are secure enough to keep the personal information safe.
• 47% claimed that mobile payments are not secure
• 87% anticipated that an increase in the mobile payment data breaches over the next year.

Regardless of these concerns, there is no stoppage in the growth of mobile usage. It is projected that by the end of this year, there will be around 4.77 billion mobile phone users globally, so it is imperious that we resolve the security concerns relating to new payment technologies. The hackers are persistent and can amend their techniques to breach the payment technologies.

If you are up to speed up the common security concerns, you can have a head start on these cyber villains:

1. Vulnerable payment technologies

Whether it’s a mobile device, wearable gadget or home automation system, hackers can exploit any sort of security vulnerability. Don’t think that the latest payment technology has reckoned all of its security flaws. Preserve your personal information by following some basic security measures like encrypting data, having a strong password, changing the passwords frequently, using two-factor authentication, installing the software updates promptly and shopping only on the websites that you know are safe.

2. Phishing attacks

Phishing scams are the scams where an email or website efforts to steal information from you. They may have been around for years and are probably not walking out anytime soon. Phishing is an operational attack because of human error. You might be using software that blocks phishing emails, a legitimate email could still lead through. Just because you believe that you are protected, you will keenly open the email and the rest is history.

3. Human error

There are numerous security concerns that can be sketched to the people you know. Such concerns can come down to a displaced employee, an ignorant family member of an employee who has had his/her personal device hacked.

Human errors can be prevented with the help of basic measures like training of employees/ family members, data encryption and terminating the access to the employees who are no longer working with you.

4. Using public Wi-Fi

Tapping onto public Wi-Fi is an enjoyable perk when you are out and about. Public Wi-Fi is often on the risks of hackers that could access your unsafe data. To keep yourself protected, you should consider using a VPN and SSL connection. Also, don’t forget to turn off the sharing and Wi-Fi when these services are not in use.

5. Future threats

While some attacks like phishing have and shall continue to be a concern, you should also keep up with the latest security threats. The other potential threats may include chip and pin frauds, changing or manipulation of data, the rise of the IOT botnets and the attacks going back doors. Staying on the top of these trends and educating yourself about these trends can help you thwart the potential security breaches.

Though you might be able to address some security concerns for personal or business accounts, companies involved with payments are also endeavoring to put any former security concerns to rest.

6. Google Wallet

Google Wallet has been around since 2011 and allows storing payment information like the credit card and back accounts. This mobile wallet allows you to quickly send and request money from anyone in the world and then cash it out at the bank. Google encrypts data using a Secure Socket Layer so that your full information is never displayed. Users are also required to create a PIN to access their wallet. And above all this, Google provides 100% fraud protection.

It seems that Google Wallet is exceptionally secure. But, always remember that dealing with banks and credit card companies always leaves some door open for the some sort of security breach. In addition to taking on the crypto-currencies, Google Wallet might want to start to use biometrics as an extra layer of security.

7. Apple Pay

Released in 2014, Apple Pay gained a lot of traction among Apple users. Among the major highlights being that it is secure. Rather, Apple claims that all the payment transactions that are made only between the bank and the merchant.

Apple has put in a lot of effort in making Apple Pay secure, but there have several instances where people have taken advantage of the security flaws.

Payment technologies may offer a variety range of security features, but eventually it is up to you (the user) to ensure that your data is safe and remains secure. This can be accomplished by following the below mentioned security tips:

• Make sure that you use an application from a renowned Mobile Application Development Company,
• Use multi-factor authentication,
• Use proper and unique passwords,
• Encrypt sensitive data,
• Update security software like anti-virus software and firewalls,
• Back up your data often both online and offline,
• Make sure that all the mobile devices have wipe capabilities,
• Provide employees with their login credentials,

8. Stay Observant

Be sure to follow all these tips as a part of your normal routine and learn to keep an eye out for the above mentioned vulnerabilities. It is not an erstwhile deal. With fraudsters and hackers continually developing the new ways to break into payment technologies, it is important to make sure that you look at the above tips as on ongoing process.

While many technologies might have clogged the criminals in their tracks, the companies behind those technologies also know how to keep a cautious eye out because the fraudsters don’t give up easily.

Meanwhile, don’t be afraid to use these payment gateways as they offer significant benefits and use the farthest security layers accessible.