Bitcoin was created in 2009 by an unknown developer called Satoshi Nakamoto. Bitcoin transactions take place without a third-party, such as a bank. To initiate any Bitcoin transaction, you’ll need a wallet. A Bitcoin wallet has a lot in common with your traditional bank account. It lets you send, receive and store coins securely. The popularity of Bitcoin is evident in the number of Bitcoin wallet downloads in the Google app store; 4 million downloads to be precise. That figure surpasses that of YouTube, Instagram and Snapchat downloads on the Google app store. With the high demand for wallet apps, many Bitcoin wallet apps have mushroomed that it can be a daunting task to choose the right one. But the features below will guide you through the process of choosing the right one:
1) The Bitcoin wallet should be able to make transactions easier and faster
What attracts people to choose Bitcoin wallet apps is that they make transactions easier and faster. Using a traditional bank to transfer money means you’ll wait for days for the money to check into the recipient account, not to forget that banks can charge a substantial transaction fee. Today, transactions between Bitcoin wallets can happen in a matter of minutes and cost-effectively or even for free.
2) Bitcoin wallets come with optionally timed logout
This feature increases the security of your Bitcoin wallet. It offers automatic timed log out of your Bitcoin wallet if you ever forget to logout. This feature is vital to preventing scammers from accessing your wallet in case you lose your phone.
3) The Bitcoin wallet should come with password protection and two-factor authentication
If you feel like a username and password can’t guarantee the security of your Bitcoins, you can initiate a two-factor authentication, whereby after entering your username and password, a code is sent directly to your phone. You’re then required to enter that code in your wallet to be able to access your Bitcoins.
4) A good Bitcoin wallet should come with a push notification
Push notification alerts wallet users the moment they receive, store or send Bitcoins. Users can also get notifications about important Bitcoin news. Ideally, push notifications to help you give users a heads up about your promotions or new features.
5) The ability of the Bitcoin wallet to generate a new key after each transaction
This aspect is critical to the privacy and security of your Bitcoin wallet. It will make it harder for hackers to figure out your private keys and steal your Bitcoins.
6) A great Bitcoin wallet must come with a recurring billing and invoicing feature
This feature saves a lot of time and makes things effortless for you when billing and invoicing.