The Bitcoin phenomenon is well and truly upon us, with its current impact dubbed as being the driving force edging us towards a Fourth Industrial Revolution of all things! Bitcoin is a currency that is pushing the boundaries of what we consider to be ‘currency’ and does precisely what fiat currencies do not- Bitcoin is free of regulation, totally anonymous and has a value that is not determined by supply and demand. With this concept has come with a variety of Bitcoin apps.
Bitcoin has defied all predictions in the fact that despite criticisms, it has made records through reaching a value of over $1 billion! And, while it has yet to extend beyond being used by tech enthusiasts and the online gambling community, the potential of Bitcoin is slowly being realised as there are more and more crypto-currencies emerging on the market.
The idea of Bitcoin and the way that it works can be tricky to get to grips. It is essentially an encrypted asset that can be earned through the method of mining or exchanged for using fiat currency. If you are looking to get more involved in getting to grips with Bitcoin and all of the potential that it has in the online world, we have compiled a list of some of the best apps to download onto your smartphone or tablet.
Released in January 2009 after being founded by Satoshi Nakamoto, the Bitcoin market has seen its ups and downs over the years.
2019 saw Bitcoin crash twice in the space of three days, tumbling below £5,400 ($7,000), a six-month low. Reasons touted by experts for this have included a decrease in enthusiasm in China, the cooling down of traditional markets, and concerns regarding regulation.
The technologies behind cryptocurrencies
While many investors may have dismissed the cryptocurrency revolution as a craze that would lose is steam in no time, it’s now becoming clear to most people that this is a concept which is here to stay. Those who embraced the digital currencies early enough experienced a great return on their investments. Read here
With this in mind, we take a look at the current best apps in the game, over 12 years on from its inception.
Among the easier apps to use on this list, Coinbase allows users to transfer money directly from their bank account into their CoinBase wallet.
Launched in 2012, Coinbase not only allows for the purchasing and selling of Bitcoin, but also Bitcoin Cash, Ethereum and Litecoin, among over 25 other currencies.
The app also features a dashboard and price alerts for users to keep track of their cryptocurrency, and it is kept secure via multi-stage verification and password lock capability.
A child company of eToro, Delta is a portfolio tracker app that offers users a library of over 3,000 currencies. The app was released in 2017 for Android and iOS.
Users currently subscribe for $8.49 a month or $49.99 a year, and get analytics and a personalisable news feed called Delta Direct, in return.
Analytic data can be backed up across multiple devices, and users can set up one-time or recurring alerts.
Named after the technology that makes cryptocurrency possible, this wallet app not only allows users to buy and sell through it, but also allows for the sending and reception of a variety of cryptocurrencies, including Bitcoin, Ethereum and Stellar Lumens.
Blockchain wallet accounts can be secured via email verification, two-factor verification and back-up security phrase.
Founded in 2013, Xapo allows for storage of cryptocurrency and functions in a multi-signature wallet, as well as offering Bitcoin-based debit cards.
Users can check the value of up to 150 different cryptocurrencies in real time, and can also create savings accounts consisting of both traditional currencies and cryptocurrencies.
Data is protected within a vault that is secured by biometrics as well as 24-hour surveillance.
The CoinATMRadar app tells users the location of their nearest Bitcoin ATM. This includes establishments that allow the purchasing and selling of Bitcoin.
The Google Maps of cryptocurrency, the app also informs users of any fees or limits these shops may have when it comes to buying and selling Bitcoin.
Other digital currencies, such as Litecoin and Ethereum, are also supported.
BitPay aims its services not only at cryptocurrency investors, but also traders and merchants.
The app supports BitCoin and BitCoin Cash along with over 150 currency pricing options, and comes with its own prepaid Mastercard debit card.
What’s more, users are notified when payments and transfers have been completed, and like Xapo, multi-signature authentication is in place.
How cryptocurrency wallets can be safeguarded through biometrics
Another app that’s compatible with most devices, crypto marketplace Binance offers its own Visa card, one-stop investment solution and crypto loan system.
Founded in 2017, Binance provides a market dashboard, and not only supports all major digital currencies, but also the tokens of numerous ICO listings.
Crypto network Mycelium was founded in 2012, and offers a wallet, payment system for fiat and digital currencies, a Bitcoin payment processor and a smart card that requires Internet connection.
In addition, the company provides users with cold storage in the form of a USB device, called Mycelium Entropy, which can generate paper wallets for Bitcoin.
BRD is a mobile crypto wallet that can host Bitcoin, Ethereum, and over 70 other cryptocurrencies. Unlike other apps on this list, users can send and receive assets anonymously, without needing to create an account.
Established in 2015, BRD provides iCloud key backup, as well as a rewards scheme featuring its own tokens.
Crypto network Luno, founded in 2013 offers a buying and selling platform with automation capabilities for users with a particular schedule in mind. Multi-signature wallets are also provided, which are compatible with Bitcoin, Bitcoin Cash, Ethereum, Ripple, Litecoin and USD Coin.
In addition, users can access the latest news on their preferred crypto markets, and receive real-time price alerts.
Marketplace app Revolut allows for exchange of over 28 currencies, and withdrawal from over 55,000 ATMs worldwide.
Established in 2015, Revolut comes with a virtual card, and also looks to help users to manage their investments easier by providing real-time spending analytics.
If you are somewhat of a Bitcoin pro and are looking for a financial app that will allow you to keep a close eye on your investments, then Blockfolio will be the app for you. This app will send you notifications once various cryptocurrencies have reached a particular threshold and offer you details about all of the cryptocurrencies out there so that you can stay as up to date as possible with what’s new in the world of Bitcoin.
Most Installed Bitcoin Wallet Apps (Android)
|Name||No. Installs||Rating (on Google Play)|
|Bitcoin Wallet (Bitcoin Developers)||5,000,000+||3.9/5.0|
|Bitcoin Wallet (Bitcoin.com)||1,000,000+||4.4/5.0|
While we have only touched the surface in terms of what the future holds for Bitcoin applications, the types of apps that go on to be developed will rely in many ways on how we go about using Bitcoin in our everyday lives. The use of online portals to convert existing currency into Bitcoins is certainly set to pave the way for some exciting future developments when it comes to the increased infiltration of cryptocurrencies in our everyday lives.