How Android Technology Has Affected Bitcoin Trading
Bitcoin is a digital currency that can be bought with a digital wallet, which is a copy of your information. Bitcoin has been widely recognized for its decentralized trustless nature, making it virtually impossible for any entity to control or manipulate the Bitcoin network. This has made it popular among those who distrust central government and want an alternative to conventional fiat money. Due to Bitcoin’s popularity and utility, many have tried to harness its power for their gain by adapting it for use in illegal activities or as a kind of virtual currency that can be used online. Below, we take you through some of the key ways Android technology has impacted Bitcoin trading.
Apps and websites can track your Bitcoin transactions
When you buy or sell Bitcoin, Crypto Boom or any other exchange platform you use will record all your trades, including the countries you trade with, the amount you trade, and the date and time of the trade. This data is stored in a database and made visible to the entire network. To track your transactions and see where your money is going, you need an app that allows you to track all your Bitcoin transactions, both within your wallet and the exchange platform. Several apps can help with this, including Blockchain, CryptoCompare and CoinDesk.
Bitcoin exchange has shaped the industry
If you are interested in trading Bitcoin, you may have come across the term “fiat” before. While the two words are often used interchangeably, there is a difference between the two. Fiat currencies such as the US dollar (USD) and the British pound (GBP) back commodities such as gold, oil and food.
Although several countries use the USD as their primary currency, every transaction in the country is denominated in the country’s national currency. This makes it difficult for foreign entities to gain a competitive advantage over the USD in terms of pricing because 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 network’s authenticity.
As more people buy into the network, more coins are generated, and the more profitable it is for the 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 coins, it has attracted the attention of both criminals and legitimate users, who have found it attractive as an investment or trading tool.
Android is more accessible to the general public
As we mentioned above, the concept of Bitcoin access 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 most high-profile projects is called Bitcoin Wallet, which is currently in closed beta. This app is designed to help people easily set up and use Bitcoin. The team behind the project includes enthusiasts and professionals from all corners of the world, making the project truly global. Beyond that, the project is working with a number 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 require no download and can be used without installing any apps on the user’s computer or mobile device. This makes it much easier for the general public to buy or trade Bitcoin as they only need to use the app when they want to buy or sell.
Apps have helped increase Bitcoin trading volume
When people see Bitcoin as a possible option for trading, they often start by exploring the volume charts. These charts track the total number of trades made against a particular cryptocurrency across various exchanges over time. By looking at these charts, you can see how the price of Bitcoin changed over time and how much trading volume was associated with it. As you can see from the image on the right, Bitcoin traded relatively flat from January 2014 to May 2017.
But between June and September 2017, the price of Bitcoin rose by almost 40% in a single day. This sudden rise in prices attracted much attention and led to much speculation as to the reasons for it. Although several factors could have caused the price change, most attributed it to the US government’s decision to impose new sanctions on North Korea. It is worth noting that these sanctions do not affect the price of Bitcoin itself, but rather the trading volume caused by it.
Last word
In recent years, there has been a dramatic growth in interest and use of cryptocurrencies, and many are now using them as an investment option. The number of trading venues has grown significantly, with over 100 currently trading Bitcoin. As the industry matures and more people learn about the benefits of digital currencies, we will see even more innovation 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.
