Cryptocurrency is one of the hottest trends in this digital generation. Since Bitcoin’s first launch in 2009, this digital asset has gained attention from investors all over the world. Although this digital currency has become a subject of criticisms and speculations still, it has proven its resilience and has remained standing for over a decade.
What is cryptocurrency?
A cryptocurrency is a form of digital currency that is powered by cryptography which makes it impossible to cheat or counterfeit. The first cryptocurrency, known as Bitcoin, was invented by a person or group of individuals masked under the pseudonym, Satoshi Nakamoto. It utilises blockchain technology – a distributed ledger that records all data and transactions. Cryptocurrency is decentralised by nature. It is not issued, governed and regulated by the government or central authority. Its value is determined by the people as well as its supply and demand. Like gold, it is also acquired through mining and has a limited supply. Overall, there are a total of 21 million Bitcoins to be exhausted and circulated in the next few years. Digital mining is the process of using computers and ASIC(Application-Specific Integrated Circuit) devices that work by solving complicated algorithms and mathematical problems in exchange for tokens for every verified transaction.
Cryptocurrency investment does not start with merely buying and selling cryptocurrency. Get in contact with the team of Bitcoin Profit. Whether you are new or an expert in the crypto world, there are numerous applications and software that are readily available to assist you in exchanges and managing your portfolio for free.
But before we start elaborating on them, what are cryptocurrency apps? What are they used for?
If you are new in the crypto business, it is recommended to save some space on your phone for digital currency applications. Cryptocurrency apps are useful in managing your investment portfolio in order to diversify your risk as well as improve your profit or returns. These applications have user-friendly features, which makes cryptocurrency investment less intimidating for newbies.
Tips you should note before installing cryptocurrency apps
- Know the app utility. There are several applications that are readily downloadable in the app store or the play store. It is important to note the specific purpose of a certain app. Here are examples of crypto apps.
Exchange apps. If you are into trading, buying and selling cryptocurrencies, then exchange apps is the right one for you. So far, it is considered one of the most popular and most used apps installed by users, especially traders. Exchange apps are useful in exchanging between currencies. For long-time traders with strong preferences usually use more than one exchange app, which depends on what currency they want to exchange their cryptocurrencies for.
Wallet Apps. If you don’t have plans to hold your cryptocurrency in the long run, it is advised to keep them in a wallet where you can easily trade them at any time. A digital wallet is an application that is used to store cryptocurrency, so it comes in handy. As compared to exchange apps, you can’t buy or sell cryptocurrency using the wallet. Instead, you can only use it to store your digital assets with a high level of security.
New Apps. Unlike the stock market that only opens during business hours, cryptocurrency is available anytime. New apps are specifically used for major cryptocurrencies such as Bitcoin and Ethereum, keeping you updated about their odd movements.
Tracker App. This app is used to track the real-time movement of cryptocurrency in the market. Rather than logging into exchanges, a tracker comes in handy and makes it easier for you to track the daily movement of cryptocurrency.
- Best features to look for before downloading crypto apps
Before deciding which app to download, it is important to look at the following features:
Availability in your area or region.
If you are an active trader, it is necessary to check the apps regulation and availability in your region. The decentralised nature of cryptocurrency is contested by several states. There are countries or specific regions which outlawed the use and exchanges of cryptocurrencies. Some have even imposed restrictions and regulations in terms of purchases and trades.
Real-time data presence
Given the volatile nature of cryptocurrency, it is important for investors and traders to keep track of the market prices daily. One of the features that you should look for in a crypto application is the ability to keep you updated about the latest trends, and most importantly, its minute-by-minute update.
In the cryptocurrency world, you can have access to two different types of wallets – the hot wallet and the cold wallet. Hot wallets are also known as online wallets or digital wallets, which can be accessed using an internet connection. On the other hand, cold wallets are used to store your cryptocurrency offline. It can be available in many forms, such as a USB drive or a printable security key. Smartphone apps offer downloadable hot wallets with high-end security features. The anonymity of cryptocurrency makes it impossible to track or trace the owner of the account. Therefore it is important to find a wallet that has sophisticated security features which make it impossible for cybercriminals, terrorists or scammers to attack. To keep your account secure, the application must have back-end encryption and two-factor authentication.
Overall, there are numerous smartphone applications in the market that you can download online for free. These applications have special features and purposes. Before you download, you must consider your goals and the role you would like to play. Whether trader or investor, there are certain smartphone apps depending on your preference and requirements.
Disclaimer: This article aims to elaborate on things that you need to know and consider before downloading smartphone applications. It does not recommend any particular brand name or companies and only identifies the different types of apps based on their utility. Also, you must take into consideration that, like any other investment, cryptocurrency carries risks that you must be wary of. Its volatile nature can be frustrating and, at the same time, an advantage depending on your point of view. It is recommended that before you get into this type of business, you must study how to deal with the risk. You must also research thoroughly and ask for experts’ advice.