Using your android phone to trade bitcoin is convenient for various reasons. These devices are almost always with you, allowing you to make timely trades wherever you are.
Nowadays, many Android trading apps are almost as feature-rich as desktop-based trading platforms are. But trading bitcoin isn’t the only crypto-related task android apps can help you with.
There are several different types of Android apps that every bitcoin trader should know about.
There are several types of android apps can help out bitcoin traders. Here are some of them:
1. Mining apps
Even though mobile phones don’t make ideal rigs, they have been evolving when it comes to computing power. Newer mobile phones are coming out with powerful CPUs, and you can put that hardware to use for mining cryptocurrencies.
Good quality apps even allow you to limit the hardware usage, so you don’t exhaust your phone mining bitcoin. You might be enticed to use an older phone and dedicate it to mining, but the older phone didn’t have the power or a high enough hash-rate to become an adequately powered android mining rig.
If you use your new phone, you might reduce its life. The good idea is to target easy-to-mine currencies alongside bitcoin.
2. Android Bitcoin exchange apps
Along with websites, almost all major crypto exchanges have apps as well, that allow bitcoin traders to buy and sell bitcoin easily.
These apps offer virtually all the same features that their browser-based counterparts do. The best exchange apps allow you access to a significant number of crypto-currency or crypto-crypto pairs. They might also offer you a nice spread and the best exchange rates.
Safety is another feature you need to look into when you consider android bitcoin exchange apps. Whether you can transfer your crypto to a wallet easily or not is another important feature.
3. Android wallets
Android wallets are all “hot wallets” by default, and even though you can turn an Android device into a cold wallet, it wouldn’t be good for anything else afterward.
Android wallets allow you to store, receive, and send your bitcoin from your phone to a trading app, an exchange, or to someone else through a secure connection. Some wallets might even allow you to trade crypto. To know more and start trading in bitcoins you can visit here.
Good security would be the key selling point of an android wallet. But your bitcoin would only stay safe if you don’t rely solely on your wallet’s safety features and pick up some good cybersecurity habits as well.
4. Bitcoin tracker apps
Several Android apps allow you to track the valuation of bitcoin and inform you when the asset has gone above or below a pre-set price point. These apps might not allow you to trade bitcoin by themselves, but they can be a great asset for bitcoin traders.
Automated tracking and alarms will enable you to make timely decisions regarding the sales and purchase of bitcoin.
5. Bitcoin to cash/debit apps
Some android apps allow you to convert your bitcoin directly into debit or cash. They don’t work everywhere, but where they do, the app might convert your bitcoin to a bar code, which you can take to designated stores, and the cashier will scan the code and give you cash in exchange.
Similarly, some apps convert your bitcoin to fiat and give you adequate funds (akin to a debit card amount) that you can use for online purchases.
Trading bitcoin is only one part of the equation. If you are not familiar with other apps that allow you to exchange your bitcoin for cash, send and receive bitcoin from other traders, store it, and even track its movement, trading alone won’t help you get the best out of this precious asset.
One has even added bitcoin investing (not trading) as a viable business idea. So make sure you know about all the relevant android apps related to bitcoin.