Twelve years since Bitcoin was launched, the cryptocurrency has gone from an obscure asset only known within tech circles to a global phenomenon. Even top companies like Tesla are investing in the asset.
Given the vast interest in Bitcoin, the market is flooded with all sorts of apps. Some offer trading opportunities, other apps provide ways to store their coins, and get access to information or news. This makes it quite challenging to select the best apps but this guide will help you to shortlist some of the best Bitcoin apps in 2021.
Compare the Best Bitcoin Apps
Bitcoin apps exist to serve various purposes; however, the overall goal is to make life easy for Bitcoin users. Some apps offer news, some offer wallets to store assets or ways to interact with the community, etc. This guide seeks to outline the various Bitcoin apps that exist and explain how to choose the right app depending on your needs. It will also touch on the pros and cons of using these apps.
Understanding Bitcoin Apps
Bitcoin apps exist in many forms. The first type is apps that help users join the Bitcoin market. These applications offer people a simple way of buying and selling Bitcoin. Most of them belong to established exchanges and brokerage firms. By installing such an app on your smartphone, you can fund it and buy Bitcoin. Some of these apps may feature advanced trading features allowing the user to buy/sell coins easily for a profit. Most will support different coins, and one can swap between coins as they like. Also, others will allow for interacting with derivatives of Bitcoin such as CFDs.
If your goal is to buy Bitcoin and hold it for the long term, you may have to consider downloading apps that will help you secure your assets. These are known as Bitcoin wallets, and they allow the owner to secure their crypto wealth and have access to use the funds as they wish from the same interface. They offer greater security since you get to hold your private keys.
Then some apps help you interact with various Bitcoin communities online. You can get insights into what is going on in the market, how the information is likely to impact the price of Bitcoin or the project itself. Also, you can get trading tips from gurus, etc.
The other types of Bitcoin apps are those that keep users updated with the latest ongoings within the cryptocurrency space. They provide news that can be read from your mobile device and keep you updated with the kind of information you need to make informed investment decisions.
Ideally, if you are really into Bitcoin, you will need at least one app in the categories outlined above.
Most of these apps will hold your funds and need to be secured. Here you can download another Bitcoin app that will help you store authentication codes to access your other apps.
Most of these Bitcoin apps can be found on Apple’s App Store, which caters to iOS users, and Google Play Store, which serves Android users. They can be accessed by visiting the store and downloading the apps.
The apps will be installed automatically on your smartphone. But beware of imitations that can steal your money or lead to installing viruses on your phone. One way to be assured you are dealing with the real deal is by checking user ratings and the accompanying reviews.
Once the apps are on your phone, some like the trading apps will require you to sign up to use them. Create an account on the apps by entering your personal information, including name, email address, phone number, and set a strong password.
Then proceed to secure your account by activating two-factor authentication (2FA). Now you can fund your account using various payment methods that are supported and begin to buy/sell Bitcoin. However, to be allowed to trade, you will have to verify your identity since these apps have to comply with financial regulators. The process involves uploading a photo of your government issued ID or passport.
Most of the normal processes are relatively easy since these apps are designed with simplicity and ease of use in mind. Processes like funding the account, withdrawing, and sending tokens to other wallets are relatively straightforward.
Other apps like those that help you interact with various communities online will require just a simple sign up including your phone number and setting up a username. There isn’t a need to sign up for apps that deal with news, and you can use them freely.
Advantages & Disadvantages of Using a Bitcoin App
How to Choose a Bitcoin App
To choose the perfect Bitcoin app, you need to come up with a checklist of precisely what you are trying to accomplish. If your goal is to have an app that allows you to buy/sell Bitcoin and track your trades easily, you need to research some of the apps that offer this functionality best.
There are a few factors you need to consider when choosing the right cryptocurrency apps.
If you are looking to venture into advanced trading, then you will have to go with apps that allow you to interact with Bitcoin derivatives. And if your goal is to have an app that will enable you to secure your Bitcoins and even spend them on the move, then a mobile wallet app that allows you to do that will make sense.
The point is whichever app you choose, it will depend on the overall goal you are trying to achieve. On top of the objective, there are a few crucial basics you need to pay attention to. Check if the app is user friendly, the kind of payment modes supported, how efficient it is at its job and security. For trading apps, it is advisable to check if it is regulated and users are required to undergo KYC (Know Your Customer) verification procedures. Unregulated apps that do not insist on KYC can expose a user to the risk of fraud.
3 Steps to Using a Bitcoin App
Step 1: Choose a Bitcoin App
The first step involves choosing the right app that serves your needs. After you establish what you need to achieve from the app, visit the app store and download it. The app will be automatically installed on your phone.
Step 2: Signing up on a Bitcoin App
Once the app is installed on your phone, some apps will require you to signup. Others will be accessible without having to register. The signup process will need you to enter personal details such as name, email address and to set a strong password. Others will require adding a phone number.
Step 3: Deposit initial amount and start using Bitcoin Apps
For apps that enable you to buy/sell Bitcoin, you have to fund the account, then proceed to buy and sell. If the app allows you to trade, you will have to verify your identity by uploading your ID or passport photos.
Bitcoin apps exist to help crypto users access the Bitcoin market with ease by providing them with all the information and other resources needed to buy/sell, store, track their portfolios, keeps tabs with the community, and stay updated on the latest crypto news. This guide offers the reader a comprehensive list of some of the best Bitcoin apps necessary for anyone who wants to interact with the Bitcoin market.
Frequently Asked Questions
This depends on what you are trying to achieve using the app. You can use this guide to see which apps meet your goals.
As long as you are dealing with a legitimate and regulated app, then it should be safe.
No. Different apps serve various purposes.
Apps that handle funds offer the user an option to withdraw to any of the linked wallets at any time.
Wallet apps, trading apps, news apps, socialising apps, and many more.
How user friendly it is, how secure and how efficient.
Most apps provide regular updates to their users.
As long as you are using a legit app and have taken the necessary security measures such as 2FA.