Questions to ask yourself before selecting an Android Bitcoin app
Share this article:
With everything moving towards digitization, it was only a matter of time when the banking sector would feel the full force of it.
The advent of Bitcoin has completely changed our perspective of banking. Before, you required a bank to physically store your money, facilitate payments, and provide you with the financial tools for investment. Now, you can do all of this thanks to Bitcoin and its revolutionary network, the blockchain.
In only a decade, a new ecosystem has emerged with countless cryptocurrencies and apps like bitcoin up on Android, iOS, and desktop platforms that seek to facilitate the different aspects of Bitcoin and other cryptocurrencies. However, digitization often brings with it a new host of problems that malicious actors tend to exploit. To prevent yourself from falling into such traps, you need to ask yourself these questions before considering them for use.
Can Android apps keep your Bitcoins secure?
Simply put, it depends. There have been instances of theft and fraud that have left many wondering about the integrity of Android apps when it comes to keeping your Bitcoins secure. Though the blockchain is quite secure, considering that it takes years for anyone to crack the crypto-backed measures. However, it is pretty easy to log in to someone’s Bitcoin wallet and take all their earnings.
You can take some measures to protect yourself from malicious actors. Using only those Android apps that are verified on the play store is one of the basic steps you need to follow. Research apps and look for the security measures they require from users like 2FA, login, and passwords, or biometric verification. See where and how they store your private key. Is it present on a device or within cloud storage? What security measures do they enact for communications? Are their servers secure?
In order to ensure safety, you need to keep your earned Bitcoins within cold wallets, that is, those ones that are physically present with you and don’t have any connections to a network.
Is the user interface easy to use?
When it comes to financial matters, you need to be sure that you’re taking the correct actions. That’s because any mistake may cost you heavily. For example, mistaking a button that selects a short position instead of a long one can make you lose large amounts of money when Bitcoin’s value increases. If you’re trading on margin, these effects can magnify and put you in a mountain of debt.
Make sure that your android app is intuitive enough for navigation and understanding. If you don’t know what each and every feature of the app stands for, you may make grave mistakes. It’s best to start from apps that are easy to use for beginners, especially those for trading. Make sure that they come with a practice option that allows you to gauge practice trading. Then, you can move onto higher-rated apps with added functionality.
How to choose an Android Bitcoin app?
With so many Android apps out there that cater to different aspects of Bitcoin like exchanges, wallets, miners, trading platforms, news and updates, and derivatives markets, you need to learn which ones can aid you the most. It greatly depends on the functionality you’re looking for and the kind of investment goals you’ve set for yourself. Additionally, speed becomes a factor when employing trading strategies that depend on time.
The best way to go about this would be to research the app you’re looking for extensively. Look out for any known bugs and issues it may have, the kind of services they offer, and the reviews users have left. See forums for FAQs relating to the app, what the developers have to say about it, and look for credible news sites that have reported on it in the past. The more information you can gather, the better your standing would be in the crypto world.