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Author Topic: Crypto wallet development- Problems and Their Solutions  (Read 81 times)

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Offline norajonasTopic starter

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Crypto wallet development- Problems and Their Solutions
« on: July 23, 2020, 11:19:23 AM »
Digital wallets have been an integral part of the global market for a long time. But, today customers are dealing with two tremendous, which they face during the time of crypto wallet development, let’s discuss them in brief.
1. Security
Security always remains paramount while designing a cryptocurrency wallet. The safety level varies from one cryptocurrency wallet to another and crypto users who are unaware of this fact often settle for a less secure crypto wallet. There was news that crypto wallets are getting hacked and the funds are transferred to malicious accounts, and anonymity is making it impossible to track crypto funds.
Solution: Before finally choosing a crypto wallet for regular use or development, you must make sure to integrate advanced security features into it. Hot wallets are comparatively more prone to hacking so you should follow a more secure mechanism to get a hold on them.
One of the best mechanisms is to use an escrow service system. In this, the seller deposits the assets in the escrow account, and meanwhile, the borrower transacts the money in return. And finally, the assets are released from the escrow account.
2. Crypto Volatility
Cryptocurrencies are volatile and their price keeps on fluctuating. The price of bitcoin reached an approximate maximum value of $20,000 in the year 2017 but it also saw a downfall in the same year. Thus prevents the mass adoption of cryptocurrency and the industry is viewing it as a challenge to make cryptocurrency a regular investment option.
Solution: To combat the issue of price volatility, token or coin should be devised keeping in mind the economics of its very existence. It should be designed on a strong fundamental basis and be able to provide real value to the users. It is backing around a real utility that infuses the level of confidence in the minds of traders. A complete package token does not only require liquidity but also the flexibility to update changes over time.
With all the above-mentioned points, we are sure that now you will have a smooth bitcoin wallet development journey. Please share your views on it or if you want to add some other problems, kindly comment below. Thank you.


 

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