Learn why you need to incorporate a cryptocurrency payment gateway into your applications and the most important features a crypto wallet should have.
With every passing day, it seems cryptocurrencies are moving a little closer to the mainstream. More and more people own crypto, and countries, such as El Salvador, are starting to accept it as legal tender. Multiple Reserve Banks around the world are experimenting with their own digital currencies.
Although Bitcoin has proven itself as a very successful store of value, there still hasn't been an absolute breakout use for Bitcoin or any other digital currency. Very few people are using crypto as a daily currency right now, but it feels like just a matter of time.
The fact that a company as large and influential as Facebook has devoted so much time and money to develop its own coin, called Diem (formerly Libra), tells you all you need to know about the future of currency and the direction online payments are going.
It's starting to feel inevitable. Simply consider this opening paragraph from the influential politics website Politico in early June 2021. "The Federal Reserve is taking what may be the first significant step toward launching its own virtual currency, a move that could shake up banks, give millions of low-income Americans access to the financial system and fortify the dollar's status as the world’s reserve currency."
Those types of stories are popping up almost every day. Ecuador is the first country to accept Bitcoin as legal tender. Brazil is not far behind, and the European Central Bank is developing a digital currency, too.
While it's still unclear which of the many cryptocurrencies are going to emerge as the standard for the next wave of finance, it seems clear that quick, blockchain-based digital payments that don't require an interface with the banking system as we know it today, are going to be a reality.
As an app developer, it seems prudent for you to consider how you would incorporate a crypto wallet into your user interface. For example, there are certain features you should consider as non-negotiable at this point in the development of cryptocurrency.
Security is paramount. Your users need features like biometric authentication, 2FA, and double-layered passwords in order to access their wallets. If a wallet isn't secure from cyber threats, then it's a nonstarter.
Avoid putting all your eggs in one basket. You may have a particular favorite coin but it makes more sense to remain agnostic and allow the users to pick what currency they use.
Your wallet should be able to differentiate between multiple addresses and send and receive transactions between them. The best way to do this is through a QR code scanner.
It's frustrating to not receive a notification when a transaction takes place. Build in push notifications across different platforms for every transaction through the crypto wallet.
There's nothing more off-putting than a confusing payment gateway with too many features. This isn't an area where users want to spend too much time—they just want it to work and be safe. Make sure your design is intuitive and transparent and it integrates well with the rest of your software.
The future of microtransactions is going to look very different from how it looks today. We are on the cusp of a profound shakeup to the financial system, and while it may be too early to say how, it's not too early to start thinking about how a cryptocurrency payment gateway can be part of your site or application in the near future.