Bitcoin is a digital currency that can be purchased with a digital wallet, which is a copy of your details. Bitcoin has been widely recognized for its trustless decentralized nature, which makes it virtually impossible for any entity to control or manipulate the Bitcoin network. This has made it popular among those who distrust central authorities and want an alternative to conventional fiat currency. Due to Bitcoin’s popularity and usefulness, many have attempted to leverage its power to their advantage by adapting it for use in illegal activities or as a sort of virtual currency that can be used online. Below, we’ll walk you through some of the most important ways Android technology has affected Bitcoin trading.
Apps and websites can track your Bitcoin transactions
When you buy or sell Bitcoin, Crypto Boom or any other exchange you use will record all of your transactions, including the countries you are trading with, the amount you are trading, and the date and time of the exchange. This data is stored in a database and made visible throughout the network. To track your transactions and see where your money is going, you will need an app that allows you to track all of your Bitcoin transactions, both in your wallet and on the exchange. Several apps can help you, including Blockchain, CryptoCompare, and CoinDesk.
Bitcoin exchanges have shaped the industry
If you are interested in Bitcoin trading, you may have come across the term “fiat” before. Although the two words are often used interchangeably, there is a difference between the two. Fiat currencies such as the US dollar (USD) and British pound (GBP) support commodities such as gold, oil and food.
Although several countries use the USD as their primary currency, every transaction within the country is denominated in the national currency of that country. This makes it difficult for foreign entities to gain a competitive advantage over USD in terms of price, as there is no need to pay for things in US dollars first. On the other hand, most cryptocurrencies are not issued by a government and are instead based on a database known as “vertically mined” coins. These coins are usually created by people who own computers and solve complex mathematical equations that verify the authenticity of the network.
The more people buy on the network, the more coins are generated and the more profitable it is for holders to produce more coins. This means that the system incentivizes the creation of more coins and more transactions, making it a favorable choice for a decentralized network that cannot be controlled by any particular entity. Due to the decentralized nature of the network and the fact that no one entity owns the majority of the coins, it has caught the attention of criminals and legitimate users, who have found it attractive as an investment tool or of trading.
Android is more accessible to the general public
As we mentioned above, the concept of access to Bitcoin for the general public is still a long way off. However, that doesn’t mean there aren’t people working hard to make it happen. One of the high-profile projects is called the Bitcoin Wallet, which is currently in closed beta. This app is designed to help people set up and use Bitcoin easily. The team behind the project includes enthusiasts and professionals from all corners of the globe, making the project truly global. Beyond that, the project is working with a variety of vendors to bring more functionality to the platform, including payment processors, digital wallet providers, and more.
The team behind the project aims to make the process of setting up and using Bitcoin as easy as possible for the general public, which is why they called their app the “first wallet for Bitcoin”. To ensure that the general public has easy access to Bitcoin, wallet providers do not require downloads and can be used without installing apps on the user’s computer or mobile device. This makes it much easier for the general public to buy or trade bitcoins, as they only need to use the app when they want to buy or sell.
Apps Helped Increase Bitcoin Trading Volume
When people see that Bitcoin is a feasible option for trading, they often start by exploring volume charts. These charts track the total number of trades made against a particular cryptocurrency on various exchanges over time. By looking at these charts, you can see how the Bitcoin price changed over time and what trading volume was associated with it. As you can see in the image on the right, Bitcoin traded relatively evenly from January 2014 to May 2017.
However, between June and September 2017, the price of Bitcoin jumped nearly 40% in a single day. This sudden rise in prices attracted a lot of attention and led to a lot of speculation on the reasons behind it. Although several factors may have driven the price change, most people attributed it to the US government’s decision to impose new sanctions on North Korea. It should be noted that these sanctions do not impact the price of Bitcoin itself, but rather the resulting trading volume.
Last words
The last few years have seen a dramatic growth in the interest and use of cryptocurrencies, with many people now using them as an investment option. The number of trading platforms has grown significantly, with over 100 currently trading bitcoin. As the industry matures and more people discover the benefits of digital currencies, we will see even more innovations and use cases emerge. In the meantime, investors interested in exploring the potential of cryptocurrencies should familiarize themselves with how the technology has been used and abused.
