Designed by the elusive Satoshi Nakamoto, Bitcoin was created out of a need for a currency that offered an easier, secure, and faster way to send and receive money without any central authority to abuse their position.
As a monetary instrument, there are several different apps today that use the value and power of Bitcoin. Looking over what the internet offers, we have compiled a list of the best Bitcoin apps in 2021. Each app has been carefully examined and tested to check out its features and what it brings to the table.
Our List of The Top Bitcoin Apps
Going through a ton of different Bitcoin apps, we have selected a few that have set themselves apart in the plethora of applications available today. Following are the shortlisted apps along with their features and other advantages.
What is a Bitcoin App?
As a financial instrument and a means to transfer and hold value, the whole application industry has risen around Bitcoin’s existence. These apps provide up do date information to its users, allow them to keep track of their ever-changing price. Wallets allow for transfer to other users, exchanges and brokers give trading opportunities, etc. These apps are just interfaces that allow people to make financial decisions, which may or may not involve Bitcoin.
How do Bitcoin Apps Work?
Each type of Bitcoin app is designed for a specific purpose. Some apps can even combine different functions and services, rolled into a single package.
The first thing is to get the correct version of the app. An app can be available on Android, iOS, or Windows setup. Many developers today offer the same app across multiple platforms, so this can be easy to select.
After the app is installed, the next step is registration. If the app involves simple information relay, such as news or Bitcoin price tracking, it may not require any sort of registration. On the other hand, if the app involves access to wallets, exchanges, or any other actions related to finance, there will be a registration process that the user will need to go through.
A typical registration process involves creating a username and a password. Asking for basic information such as an email address and/or mobile number, this data can also be at times used as the username.
If the Bitcoin app is just a wallet, this registration is more than enough for users to begin handling their Bitcoin wallet. The newly created waller will be, of course, empty. To fund it with bitcoins, the user will need to navigate to the deposit option in the app and note down the public address. This address is a long string of alphanumeric characters which identify the wallet, much like an IBAN does a banking account anywhere in the world.
The public key must be entered in the wallet that will be sending over the Bitcoin. Once the Bitcoin is transferred over, the wallet use will own it like any other currency. If the wallet owner wants to send Bitcoin, they will need to go to the withdrawal or send option in their wallet. This time, they will need to enter the public address of the recipient’s wallet, along with the number of bitcoins that need to be sent. Some wallets also allow the users to set the transaction fee. A higher fee would mean greater chances of being noted in the next block and a faster transfer.
Bitcoin apps that offer serious financial operations such as trading will also ask the registered user to go through a KYC process. This can be either a part of the registration process or post-registration. Many exchanges even have different levels of KYC, each step asking for more detailed financial and identification data of the user, unlocking greater trading features in the process. A typical KYC will ask for information such as a government-issued ID, proof of residency address, and even source of income. Reputable exchanges are obliged to keep this information for regulators and if you find an exchange that doesn’t ask you for it, play on the safe side and avoid it.
Key Things to Consider when Choosing the Best Bitcoin App
Each Bitcoin app is developed to bring in ease for its users. Be it a simple news app to downright professional trading. The vast variety can be a bit confusing for people on how to determine which app is the one that’s right for them. This can be easily broken down into a few key aspects.
Generically, each app should have something that sets itself apart from its competitor. It could be the level of its services. Apart from this, factors that can help a user are its:
- Interface: The app should be easy to operate and understand by its users.
- Developers: The team behind the app should be reputable, with a commitment to upgrades and tackling bugs.
- Information Authenticity: The information being provided to the users (price charts, news, etc.) should be authentic and not based on rumours/fake data.
If the app involves holding or trading Bitcoin, a user should also look into the following:
- Security: Bitcoin is a prime target of hackers and scammers. A weak trading app or a wallet means the chances of your Bitcoin being stolen are higher.
- Funding Type: If you have a source of Bitcoin purchases, perhaps a trading app that only allows crypto deposits will be enough for you. But if you prefer to buy Bitcoin directly from the exchange with traditional money, look for an exchange with fiat deposits and funding options.
- Trading Speed and Liquidity: Faster trade execution means you can easily cash in profits, or hedge against losses.
- Trading Pairs: The ability to use a wide selection of cryptocurrencies to buy and sell Bitcoin can lead to cashing in on the price movements for higher profits.
- Fee: An exchange app with a higher fee on trades and deposits/withdrawals eats into your profits. Look for an exchange that suits your trading frequency and volume.
- KYC/AML: Registered and reputable exchange apps will always ask for KYC checks from traders.
- Registration Locality: Owing to different laws and regulations, an exchange app registered in a certain jurisdiction may offer limited services to some users, or not at all.
- Mobility: Many desktop and PC Bitcoin trading apps also offer mobile versions for people who want to be active on the go.
Pros and Cons of Using Bitcoin Apps
Bitcoin apps give the public access to information, and buying and trading the largest cryptocurrency in the world. Each app is designed by its developers to suit a particular need. News and price trackers keep people abreast of the latest developments and values. Wallet apps allow people to keep their bitcoins in a safe place, send and receive it from others all over the world just like any other fiat currency (in a safer and secure environment). Exchanges and brokers apps allow people to trade Bitcoin. Users can go through the list of the best Bitcoin apps in 2021 and this guide to determine which app will work best according to your needs.
Frequently Asked Questions
Apps that function as wallets or allow trading require a mandatory registration process.
QR codes are graphical images that are unique like barcodes and store different information. In the case of wallets and exchanges, the QR codes contain relevant public keys.
The tracker feeds have slight variations in Bitcoin price occur due to localised demand and supply.
Try adjusting the transaction fee a bit higher. Miners who note the transaction are compensated through the fee.
Your exchange is a centralised type that stores your Bitcoin in its wallets. You can access your Bitcoin by logging into the exchange.
You will need to access your app to send bitcoins as you have to enter details such as destination wallet and the Bitcoin amount, but you can be offline to receive.
A Bitcoin wallet app always supports deposits and transfers of Bitcoin. Some wallet app developers make multi-crypto wallets that allow receiving and sending of other cryptocurrencies.
Yes, Bitcoin Cash is a fork of Bitcoin. The original Bitcoin blockchain was split in two and one retained the Bitcoin nomenclature, while the other uses Bitcoin Cash.