In the modern digital age, there is almost nothing that people cannot do on their smartphones, from making monetary transactions to learning new skills, our phones have become inevitable parts of our lives. The large quantity of Android users even uses their phones to invest in shares, bonds, and Bitcoin. In this blog, we will be discussing a few significant things one needs to be aware of before investing in Bitcoin using an Android device.
1) The meaning of a ‘Bitcoin android’ wallet:
There are two types of Bitcoin wallets – hot and cold. The former is cloud-based or web-based and is has a tremendous amount of compatibility and accessibility. If you have an operating system that is portable, you can perform bitcoin transactions, payments, receipts, and storage. However, if you wish to make Bitcoin trades in other cryptocurrencies or even in FIAT money, you will require a bounteous Bitcoin wallet.
2) You have a large variety of options:
Owing to our familiarity with many Android applications, we will find it easy to use Android apps for Bitcoin investments. Secondly, because of the large time span of Android’s existence, there are a wide range of apps that allow you to invest in Bitcoin and other cryptocurrencies. Hence, you have the luxury of handpicking an app that suits your particular requirements best. You can now go for an app that is aligned with your investment objectives and your preferred cryptocurrency. Even though a few apps have the option to invest solely in Bitcoin, there are several others which allow investment in other currencies like Doge or Ethereum.
3) Regulations and Safety:
Because a lot of cryptocurrency trading services prefer Android, users can generally operate under additional layers of security during their trading activities. Moreover, plenty of the leading Bitcoin and other crypto-trading apps like BitIQ have maintained a healthy rapport with regulators within and beyond the US. Since these apps have gotten themselves registered with FinCEN and other regulatory bodies, they have to remain compliant with the laws and regulations for the US and anywhere else where the developers have offered the apps to the public. Furthermore, a lot of these leading apps operate with the most sophisticated security features such as 2FA, and have more than one security layer to make sure that you and your money are not vulnerable to cyber-attacks.
4) Easy usage:
Yet another reason behind the preference of Android devices for trading Bitcoin and other cryptocurrencies is the ease of operating. For example, copying data or files using an iPhone will require you to initially install iTunes (which cannot happen until you have created a new account). Only after the iTunes installation can you get down to the actual process of transferring data on to your computer – and even then, you will be able to transfer nothing but solely media files.
On the other hand, Android operates like a kind of external drive, allowing you to employ the good old – and immensely easy –‘drag and drop’ method. Just drag any of your Bitcoin investment files that you want transferred and drop them in the folder you need them transferred to.
To conclude, these are some of the things that you should know about using Android devices for storing, trading, making payments in, or receiving Bitcoins. However, remember that every Android app is different in its own way, and apps related to Bitcoin are no exceptions. Hence, make sure that you look and ask around, and identify a suitable and reliable Bitcoin app in order to start your journey into the world of Bitcoin trading.