If you use bitcoin, you’ve probably spent some time considering the best bitcoin app for storing bitcoin, the best bitcoin mining app to harvest new bitcoin, and the most reliable bitcoin trading app to buy and sell bitcoins. Financial futurists continue to debate and imagine new ways to mine, trade, and use bitcoin. Bitcoin is a digital currency that’s designed as a lightning fast way to fund or transact business. Mobile app developers offer a choice of formats. The bitcoin app you select may also depend on the devices you own.
Ultimately, the best bitcoin app is the one that dually secures your bitcoin holdings and allows you to use cryptocurrency whenever and wherever you’d like. Mobile bitcoin apps are a must now. Use bitcoin apps on your mobile phone or tablet to access bitcoin ATMs, buy goods and services, or buy and sell bitcoin to capture profits. In this article, we discuss bitcoin app and hardware wallet selections for securing, mining, and trading bitcoin.
What Is a Bitcoin App?
A bitcoin app is a type of computer application designed to manage, trade, or store bitcoin. Bitcoin is a cryptocurrency or a mathematical token. It was originally created in 2009 by an individual known as Satoshi Nakamoto. Satoshi’s identity hasn’t been verified. Since bitcoins are digital currency and no tangible bitcoins exist, users need a secure “wallet,” or virtual holding place to store them. Look for a bitcoin app that’s compatible with your smartphone or tablet to buy, sell, trade, or mine bitcoin.
If you make frequent bitcoin transactions, look for a bitcoin app with low transaction fees and an easy-to-use bitcoin payment mechanism. If you’re more interested in sophisticated trading strategies that involve bitcoin, look for a bitcoin app that includes real-time charts and tools. Realize that digital theft of bitcoin still happens in today’s world. The bitcoin app you choose can keep your cryptocurrency assets safe.
How to Use Bitcoin Apps?
Identify the bitcoin apps you want to use. Download the app to your device. If the bitcoin platform requires identification, supply the information required, verify the account using two-step authentication, and fund your account.
Alternatively, if you’re opening a bitcoin app to receive a payment from another user, provide your bitcoin address – a long string of numbers and letters – to receive bitcoins. The Coinbase or PayPal app is ideal for new users. You’ll be notified of the deposit into your account by email.
To send a bitcoin payment to another user, you’ll need his or her blockchain address. Open the “Send payment to” menu and paste the user’s address into the field. Check the address with care: if you miss a letter or number in the address sequence, your payment might be lost. If your payment is successful, you’ll receive a confirmation email. Let’s discuss at least seven other tips for using a bitcoin app in the next section.
7 Tips for Using a Bitcoin App as a Cryptocurrency Wallet
1. Consider risks associated with bitcoin
Never invest money in a cryptocurrency like bitcoin that you can’t afford to lose. Choose a wallet that gives you control of the account with private keys. For instance, you might use Coinbase to buy bitcoin and then transfer them to a wallet on your phone. Unlike a bank, neither Coinbase nor your bitcoin app wallet controls your money.
2. Use both bitcoin app and hardware options
If you use bitcoin frequently, buy a hardware wallet like Ledger Wallet to increase security and use more than one wallet to spread risk. Backup your wallet to prevent losing your bitcoins.
3. Choose a bitcoin app that syncs with your hardware wallet
Mycelium, Breadwallet, and CoPay are widely considered among the best bitcoin apps. These mobile apps well with Trezor and Ledger hardware wallets. For example, the bitcoin wallet on your phone and plug the external wallet into the device. Open the mobile wallet, verify and confirm the transaction in the external wallet and that’s it.
4. Pair bitcoin apps
Let’s consider the Mycelium wallet and the Coinbase app. Coinbase is widely considered one of the best bitcoin apps but, depending on how you use a bitcoin app, you might not want to use it all the time. Adding Mycelium can actually give you more price flexibility. Coinbase offers fixed pricing.
5. Select anonymity (or not)
As bitcoin users increase, governments want to know more about user identity. Coinbase and PayPal require disclosure of identity. Both are offered in iOS format, offer the option to buy and sell bitcoin, make bank transfers, and provides users with a built-in wallet. Mycelium doesn’t require user identification. As of this writing, it’s only available in Android format. However, user identification is likely if you want to buy and sell bitcoin, use a debit or credit card or Glidera to complete transactions, or transfer bitcoins to a bank.
6. Put a bitcoin mining app to work
According to bitcoin’s design, there will never be more than 21 million btc. Miners use a bitcoin mining app to release bitcoins to the blockchain, or public ledger. Anyone can mine bitcoin. If you have Internet access and the necessary hardware, you can acquire bitcoin for the cost of your efforts. Keep in mind that bitcoin mining is energy-intensive. MinePeon, EasyMiner, CGMiner, BFGMiner, and many free open-source bitcoin mining app choices are available. After you mine bitcoin, you’ll probably want to find a reliable bitcoin trading app to buy or sell.
7. Trade bitcoin with a bitcoin trading app
The Kraken app provides access to one of the world’s largest bitcoin trading exchanges. The Exmo bitcoin trading app is another choice if you want to trade bitcoin against a wide range of currencies. You may also trade bitcoins with other users in the local market through sites like LocalBitcoins.com.
Bitcoin users need basic information about how to buy, sell, store, trade, and mine bitcoins. Like other currencies, the price of bitcoin floats against buy and sell demand. Mobile app developers make it easier than ever before to use bitcoin and safeguard your digital currency assets.
What’s your experience with cryptocurrency wallets? Do you have a favorite? If you trade or mine bitcoin, what’s your favorite bitcoin exchange or mining program? Please share your insights now.