Currently, there are more than a thousand cryptocurrencies out there, but none as popular as Bitcoin. It’s taken the world by storm, causing more and more investors to jump in on the action daily. Some have been tracking the digital currency since it made news about a decade ago. They had to rely on their knowledge of fintech systems in order to navigate the volatile world of Bitcoin. Thankfully, a few tools and apps have come up along the way that makes it easier to mine, monitor, and facilitate transactions in Bitcoin and other cryptocurrencies. Let’s take a closer look at some of them and why every Bitcoin trader and investor needs to have them.
Bitcoin News Apps
Just last week, Bitcoin experienced a huge dip in its prices without any indication. That’s because the value of an asset depends on a couple of factors. Technical analysis allows you to gauge the performance of Bitcoin by looking at its historical data, but more importantly, fundamental analysis is what’s required of Bitcoin.
That’s because the market is greatly influenced by external factors, as we saw in the current dip when China’s take on cryptocurrency rang alarm bells for many investors and caused them to dump their holdings. This saved them from potential loss. You, too, could have had this indication if you had Coindesk installed. It’s an app available on Android and iOS that provides update-to-date information and news regarding Bitcoin and other digital currencies.
Similarly, subscribing to relevant Twitter accounts of Bitcoin Gurus, Bitcoin discussion forums, and financial institutions ensures that you’ll have multiple channels of information to keep informed.
Bitcoin Trading Apps
It goes without saying that you can’t invest in Bitcoin without buying it or buying one of its derivatives. Hence, you need a reliable app for trading Bitcoin with all the essential features, like an exchange for buying Bitcoin, live monitor for gauging its price and historical value, security features to protect from theft, and notification features that serve as alarms if a drastic price movement happens.
Binance is the go-to app for many Bitcoin enthusiasts. It lets you trade in multiple coins, and not just Bitcoin, offering one of the best liquidity. But, it can be a bit daunting for beginners. In that case, Blockfolio may be a better alternative for you. It offers the same features plus a news aggregator that allows you to monitor Bitcoin on the go. To invest in bitcoins you can start using thecryptogenius.io
If you’re unsure about security, then you might want to consider Coinbase. It’s one of the pioneers in crypto trading and has remained unscathed by malicious external attacks. That’s because they store your private keys on their own servers, providing an additional layer of network security.
Why stop at just buying and selling Bitcoin when you can earn from mining as well. Bitcoin mining is how you earn new Bitcoins by doing tasks for the blockchain – Bitcoins network. These tasks involve maintaining and verifying transactions on the blockchain and are done via programs.
Mining depends on the computational power of the phone running the app and won’t earn you that much money. But, the process is pretty random, and you can increase your chances by adding more devices to your mining pool.
There is a catch, though, and it is because of this reason these apps should be installed at your own risk. Apps like MinerGate Mobile Miner and CryptoMiner are available online as APKs instead of on app stores. Since APKs are not verified apps, the risk of malware infecting your device increases.
Whatever app you use, make sure that you secure your Bitcoins in a cold wallet instead of the integrated wallets on these platforms. Cold wallets are hardware wallets like a USB with encryption technology, away from any networks. This way, you can keep your Bitcoin secure, especially if you’ve collected a lot of them.