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The Best Bitcoin Wallet Apps for Your Android Device – Android

How To : The Best Bitcoin Wallet Apps for Your Android Device

Bitcoin proceeds to make chaotic sways in the finance industry, with one bitcoin presently worth about $1,250 as of this writing. What’s fine about bitcoin is that you don’t need to shell out rent money to get in the game, because bitcoins can be bought in increments—basically, whatever you can afford.

As an example, I buy bitcoins frequently, but only in petite increments that I can afford. At least once a month, I put away liberate switch that would’ve otherwise gone to petite purchases like packs of gum, and transfer them over to my bitcoin account. All in all, I very likely spend a little over $Ten a month. As bitcoins are presently very volatile, these purchases can grow or lose value over time, but it’s ultimately worth the risk for me in the long term, as I only use money I don’t mind losing.

Anyone who wants to get into the world of bitcoin must very first obtain a wallet to store their funds. Smartphones are our constant companions, and there’s no shortage of bitcoin wallet apps on the Google Play Store, but the issue is finding one that fits your particular needs. So here are some of the best wallet apps available for Android, with their key features listed plainly to help you find the right one for you.

1. Coinbase

Coinbase is a bitcoin exchange platform based in San Francisco and founded in 2012. It has apps for both iOS and Android, and features built-in wallets for bitcoins, ether, and the good old US dollar. The wallets are very secure, requiring a three-step verification process in order to access the Coinbase app.

As a US-based exchange, Coinbase requires an extensive identity verification process during signup that gives it an air of legitimacy—something the world of bitcoin and cryptocurrencies are still in dire need of. Proof of ID and residency have to be sent over and reviewed, similar to opening a bank account. Once approved, a user can link his bank account, debit, and credit cards to get commenced trading.

Coinbase is a good option for those fresh to the world of bitcoin, or those who casually dabble in it. The app is amazingly intuitive to use, and has the capability to instantaneously convert bitcoins to dollars and vice versa by using its built-in wallets for both currencies. If you’re adventurous enough, you can day-trade using the Coinbase app alone, and potentially make your bitcoin holdings grow.

Since all holdings are stored within the app itself, there’s never any need for a backup. As convenient as it is, many will bemoan the fact that their bitcoins are stored within Coinbase itself, as it may not be as secure as a wallet that’s kept totally private. Another downside is that Coinbase is subject to capital gains taxes, and with the IRS knocking on its door, it’s sure to turn off individuals who value privacy in choosing a wallet.

Coinbase also monitors bitcoin transfers from known gambling sites, so users will need to be cautious with transferring their gambling wins as it can result in account suspension.

Coinbase Summary

  • iOS app:yes
  • backup needed: no
  • verification: login, SMS, email
  • buy and sell: yes, within Coinbase
  • bank transfers: yes
  • identity required: yes
  • outstanding feature: built-in USD wallet that enables lightning-fast transactions for day trading

Two. Mycelium

Bitcoin is often praised for its emphasis on privacy and anonymity, so the developers behind Mycelium applied these same principles to their bitcoin wallet app. When it comes to privacy, Mycelium is considered the gold standard of Android bitcoin wallets, as it uses HD (hierarchical deterministic) seeds to streamline security and transaction speed, meaning that to back up your bitcoins, you only need to recall a set of twelve English words.

Anonymity is a big plus with Mycelium, as users don’t need to go through any rigorous identity verification processes to get began buying and selling bitcoins. To keep things even more private, all web-based transactions are funneled through the Tor network to hide the user’s location and identity.

Mycelium gives its user the added benefit of buying and selling bitcoins locally through its Mycelium Marketplace, which is a superb way to instantly trade bitcoins for cold hard cash. Not only that, but local transactions can give you slightly more supple prices over Coinbase’s immobilized pricing, as it provides a thicker pool from which to select the best prices. You can also use your debit and credit cards to buy bitcoins, which is done through an outward site only accessible within the Mycelium app.

Mycelium has the capability to sync with increasingly popular hard wallets like Trezor and Ledger. Similar to USB wedges in appearance, these wallets are outer hardware devices specifically made for securely storing bitcoins. It’s very effortless to use the outward wallet—simply cork it into your phone and open Mycelium to get the ball rolling. From there, just verify and confirm the transaction in your outer wallet and you’re all set!

Mycelium can take a little time to get used to, as the app itself is not as intuitive as Coinbase. Trading, for example, is located within the Balance page, and isn’t a main option, which can get a little confusing when very first commencing out. But aside from little hiccups like that, Mycelium is a solid wallet app that keeps your transactions as private as possible, making it very recommended.

Mycelium Summary

  • iOS app: no
  • backup needed: yes
  • verification: randomly-generated master key
  • buy and sell: yes (buy with debit, credit, and through Glidera)
  • bank transfers: yes, via Coinapult
  • identity required: no
  • outstanding feature: capability to trade locally using its built-in Marketplace for anonymous transactions

Trio. Copay

Developed by veteran company BitPay, Copay is another good bitcoin wallet app that differentiates itself with a concentrate on security and cyber-theft prevention. Like Mycelium, Copay requires you to back up your wallet, and uses the same HD-generated twelve-word system to lock down your wallet.

The defining feature of Copay, however, is its multi-signature functionality. With this, a user can create a single bitcoin wallet with numerous devices as signatories. With this feature, a user can create three sets of keys on two phones and a chunk of paper, as an example. When a transaction is processed, it will require two signatures (from the phones or paper) in case one is out of reach. This makes it amazingly secure against cyber fraud, as the would-be thief would have to hack into at least two separate devices to access your funds.

Copay lets the user sync with Coinbase and Gildera to buy and sell bitcoins, but unluckily, the app lacks the capability to make local transactions like Mycelium.

By far the fattest letdown with Copay is its transaction management. Presently, only one central server monitors and manages all the transactions. However your coins are relatively safe from theft, transactions are vulnerable to DDoS attacks and other server-related issues that may arise, leaving you with coins that can’t be spent due to server downtime. Due to this flaw, people who make a lot of bitcoin transactions might want to avoid Copay, at least until its one-server system is remedied.

Copay Summary

  • iOS app:yes
  • backup needed: yes
  • verification: backup-generated master key
  • buy and sell: yes, via Coinbase and Gildera
  • bank transfers: yes, synced with Coinbase
  • identity required?: no
  • outstanding feature: multi-signature option gives an extra layer of protection from theft

Conclusion

As you can see, there are many options to choose from when picking the best Android wallet to suit your private needs. If you’re a novice user who wants a good balance of simpleness and features, Coinbase is very likely your best bet. However, if privacy and anonymity are your priorities, Mycelium might be a better fit. Then, for folks who want extra anti-theft measures, Copay offers a fine solution.

What are your thoughts on these bitcoin wallet apps? Which one did you go with? Feel free to post your comments and any recommendations down below!

The Best Bitcoin Wallet Apps for Your Android Device – Android

How To : The Best Bitcoin Wallet Apps for Your Android Device

Bitcoin resumes to make chaotic swings in the finance industry, with one bitcoin presently worth about $1,250 as of this writing. What’s fine about bitcoin is that you don’t need to shell out rent money to get in the game, because bitcoins can be bought in increments—basically, whatever you can afford.

As an example, I buy bitcoins frequently, but only in petite increments that I can afford. At least once a month, I put away liberate switch that would’ve otherwise gone to petite purchases like packs of gum, and transfer them over to my bitcoin account. All in all, I most likely spend a little over $Ten a month. As bitcoins are presently very volatile, these purchases can grow or lose value over time, but it’s ultimately worth the risk for me in the long term, as I only use money I don’t mind losing.

Anyone who wants to get into the world of bitcoin must very first obtain a wallet to store their funds. Smartphones are our constant companions, and there’s no shortage of bitcoin wallet apps on the Google Play Store, but the issue is finding one that fits your particular needs. So here are some of the best wallet apps available for Android, with their key features listed plainly to help you find the right one for you.

1. Coinbase

Coinbase is a bitcoin exchange platform based in San Francisco and founded in 2012. It has apps for both iOS and Android, and features built-in wallets for bitcoins, ether, and the good old US dollar. The wallets are very secure, requiring a three-step verification process in order to access the Coinbase app.

As a US-based exchange, Coinbase requires an extensive identity verification process during signup that gives it an air of legitimacy—something the world of bitcoin and cryptocurrencies are still in dire need of. Proof of ID and residency have to be sent over and reviewed, similar to opening a bank account. Once approved, a user can link his bank account, debit, and credit cards to get embarked trading.

Coinbase is a superb option for those fresh to the world of bitcoin, or those who casually dabble in it. The app is exceptionally intuitive to use, and has the capability to instantaneously convert bitcoins to dollars and vice versa by using its built-in wallets for both currencies. If you’re adventurous enough, you can day-trade using the Coinbase app alone, and potentially make your bitcoin holdings grow.

Since all holdings are stored within the app itself, there’s never any need for a backup. As convenient as it is, many will bemoan the fact that their bitcoins are stored within Coinbase itself, as it may not be as secure as a wallet that’s kept entirely private. Another downside is that Coinbase is subject to capital gains taxes, and with the IRS knocking on its door, it’s sure to turn off individuals who value privacy in choosing a wallet.

Coinbase also monitors bitcoin transfers from known gambling sites, so users will need to be cautious with transferring their gambling wins as it can result in account suspension.

Coinbase Summary

  • iOS app:yes
  • backup needed: no
  • verification: login, SMS, email
  • buy and sell: yes, within Coinbase
  • bank transfers: yes
  • identity required: yes
  • outstanding feature: built-in USD wallet that enables lightning-fast transactions for day trading

Two. Mycelium

Bitcoin is often praised for its emphasis on privacy and anonymity, so the developers behind Mycelium applied these same principles to their bitcoin wallet app. When it comes to privacy, Mycelium is considered the gold standard of Android bitcoin wallets, as it uses HD (hierarchical deterministic) seeds to streamline security and transaction speed, meaning that to back up your bitcoins, you only need to recall a set of twelve English words.

Anonymity is a big plus with Mycelium, as users don’t need to go through any rigorous identity verification processes to get began buying and selling bitcoins. To keep things even more private, all web-based transactions are funneled through the Tor network to hide the user’s location and identity.

Mycelium gives its user the added benefit of buying and selling bitcoins locally through its Mycelium Marketplace, which is a superb way to instantly trade bitcoins for cold hard cash. Not only that, but local transactions can give you slightly more supple prices over Coinbase’s immobile pricing, as it provides a fatter pool from which to select the best prices. You can also use your debit and credit cards to buy bitcoins, which is done through an outward site only accessible within the Mycelium app.

Mycelium has the capability to sync with increasingly popular hard wallets like Trezor and Ledger. Similar to USB jams in appearance, these wallets are outward hardware devices specifically made for securely storing bitcoins. It’s very effortless to use the outward wallet—simply buttplug it into your phone and open Mycelium to get the ball rolling. From there, just verify and confirm the transaction in your outward wallet and you’re all set!

Mycelium can take a little time to get used to, as the app itself is not as intuitive as Coinbase. Trading, for example, is located within the Balance page, and isn’t a main option, which can get a little confusing when very first commencing out. But aside from little hiccups like that, Mycelium is a solid wallet app that keeps your transactions as private as possible, making it very recommended.

Mycelium Summary

  • iOS app: no
  • backup needed: yes
  • verification: randomly-generated master key
  • buy and sell: yes (buy with debit, credit, and through Glidera)
  • bank transfers: yes, via Coinapult
  • identity required: no
  • outstanding feature: capability to trade locally using its built-in Marketplace for anonymous transactions

Three. Copay

Developed by veteran company BitPay, Copay is another superb bitcoin wallet app that differentiates itself with a concentrate on security and cyber-theft prevention. Like Mycelium, Copay requires you to back up your wallet, and uses the same HD-generated twelve-word system to lock down your wallet.

The defining feature of Copay, however, is its multi-signature functionality. With this, a user can create a single bitcoin wallet with numerous devices as signatories. With this feature, a user can create three sets of keys on two phones and a chunk of paper, as an example. When a transaction is processed, it will require two signatures (from the phones or paper) in case one is out of reach. This makes it amazingly secure against cyber fraud, as the would-be thief would have to hack into at least two separate devices to access your funds.

Copay lets the user sync with Coinbase and Gildera to buy and sell bitcoins, but unluckily, the app lacks the capability to make local transactions like Mycelium.

By far the largest letdown with Copay is its transaction management. Presently, only one central server monitors and manages all the transactions. Tho’ your coins are relatively safe from theft, transactions are vulnerable to DDoS attacks and other server-related issues that may arise, leaving you with coins that can’t be spent due to server downtime. Due to this flaw, people who make a lot of bitcoin transactions might want to avoid Copay, at least until its one-server system is remedied.

Copay Summary

  • iOS app:yes
  • backup needed: yes
  • verification: backup-generated master key
  • buy and sell: yes, via Coinbase and Gildera
  • bank transfers: yes, synced with Coinbase
  • identity required?: no
  • outstanding feature: multi-signature option gives an extra layer of protection from theft

Conclusion

As you can see, there are many options to choose from when picking the best Android wallet to suit your private needs. If you’re a novice user who wants a good balance of plainness and features, Coinbase is very likely your best bet. However, if privacy and anonymity are your priorities, Mycelium might be a better fit. Then, for folks who want extra anti-theft measures, Copay offers a excellent solution.

What are your thoughts on these bitcoin wallet apps? Which one did you go with? Feel free to post your comments and any recommendations down below!

The Best Bitcoin Wallet Apps for Your Android Device – Android

How To : The Best Bitcoin Wallet Apps for Your Android Device

Bitcoin proceeds to make chaotic swings in the finance industry, with one bitcoin presently worth about $1,250 as of this writing. What’s excellent about bitcoin is that you don’t need to shell out rent money to get in the game, because bitcoins can be bought in increments—basically, whatever you can afford.

As an example, I buy bitcoins frequently, but only in puny increments that I can afford. At least once a month, I put away liberate switch that would’ve otherwise gone to puny purchases like packs of gum, and transfer them over to my bitcoin account. All in all, I most likely spend a little over $Ten a month. As bitcoins are presently very volatile, these purchases can grow or lose value over time, but it’s ultimately worth the risk for me in the long term, as I only use money I don’t mind losing.

Anyone who wants to get into the world of bitcoin must very first obtain a wallet to store their funds. Smartphones are our constant companions, and there’s no shortage of bitcoin wallet apps on the Google Play Store, but the issue is finding one that fits your particular needs. So here are some of the best wallet apps available for Android, with their key features listed plainly to help you find the right one for you.

1. Coinbase

Coinbase is a bitcoin exchange platform based in San Francisco and founded in 2012. It has apps for both iOS and Android, and features built-in wallets for bitcoins, ether, and the good old US dollar. The wallets are very secure, requiring a three-step verification process in order to access the Coinbase app.

As a US-based exchange, Coinbase requires an extensive identity verification process during signup that gives it an air of legitimacy—something the world of bitcoin and cryptocurrencies are still in dire need of. Proof of ID and residency have to be sent over and reviewed, similar to opening a bank account. Once approved, a user can link his bank account, debit, and credit cards to get commenced trading.

Coinbase is a superb option for those fresh to the world of bitcoin, or those who casually dabble in it. The app is exceptionally intuitive to use, and has the capability to instantaneously convert bitcoins to dollars and vice versa by using its built-in wallets for both currencies. If you’re adventurous enough, you can day-trade using the Coinbase app alone, and potentially make your bitcoin holdings grow.

Since all holdings are stored within the app itself, there’s never any need for a backup. As convenient as it is, many will bemoan the fact that their bitcoins are stored within Coinbase itself, as it may not be as secure as a wallet that’s kept downright private. Another downside is that Coinbase is subject to capital gains taxes, and with the IRS knocking on its door, it’s sure to turn off individuals who value privacy in choosing a wallet.

Coinbase also monitors bitcoin transfers from known gambling sites, so users will need to be cautious with transferring their gambling wins as it can result in account suspension.

Coinbase Summary

  • iOS app:yes
  • backup needed: no
  • verification: login, SMS, email
  • buy and sell: yes, within Coinbase
  • bank transfers: yes
  • identity required: yes
  • outstanding feature: built-in USD wallet that enables lightning-fast transactions for day trading

Two. Mycelium

Bitcoin is often praised for its emphasis on privacy and anonymity, so the developers behind Mycelium applied these same principles to their bitcoin wallet app. When it comes to privacy, Mycelium is considered the gold standard of Android bitcoin wallets, as it uses HD (hierarchical deterministic) seeds to streamline security and transaction speed, meaning that to back up your bitcoins, you only need to reminisce a set of twelve English words.

Anonymity is a big plus with Mycelium, as users don’t need to go through any rigorous identity verification processes to get embarked buying and selling bitcoins. To keep things even more private, all web-based transactions are funneled through the Tor network to hide the user’s location and identity.

Mycelium gives its user the added benefit of buying and selling bitcoins locally through its Mycelium Marketplace, which is a excellent way to instantly trade bitcoins for cold hard cash. Not only that, but local transactions can give you slightly more nimble prices over Coinbase’s motionless pricing, as it provides a thicker pool from which to select the best prices. You can also use your debit and credit cards to buy bitcoins, which is done through an outward site only accessible within the Mycelium app.

Mycelium has the capability to sync with increasingly popular hard wallets like Trezor and Ledger. Similar to USB plunges in appearance, these wallets are outer hardware devices specifically made for securely storing bitcoins. It’s very effortless to use the outer wallet—simply butt-plug it into your phone and open Mycelium to get the ball rolling. From there, just verify and confirm the transaction in your outward wallet and you’re all set!

Mycelium can take a little time to get used to, as the app itself is not as intuitive as Coinbase. Trading, for example, is located within the Balance page, and isn’t a main option, which can get a little confusing when very first commencing out. But aside from little hiccups like that, Mycelium is a solid wallet app that keeps your transactions as private as possible, making it very recommended.

Mycelium Summary

  • iOS app: no
  • backup needed: yes
  • verification: randomly-generated master key
  • buy and sell: yes (buy with debit, credit, and through Glidera)
  • bank transfers: yes, via Coinapult
  • identity required: no
  • outstanding feature: capability to trade locally using its built-in Marketplace for anonymous transactions

Trio. Copay

Developed by veteran company BitPay, Copay is another superb bitcoin wallet app that differentiates itself with a concentrate on security and cyber-theft prevention. Like Mycelium, Copay requires you to back up your wallet, and uses the same HD-generated twelve-word system to lock down your wallet.

The defining feature of Copay, however, is its multi-signature functionality. With this, a user can create a single bitcoin wallet with numerous devices as signatories. With this feature, a user can create three sets of keys on two phones and a lump of paper, as an example. When a transaction is processed, it will require two signatures (from the phones or paper) in case one is out of reach. This makes it exceptionally secure against cyber fraud, as the would-be thief would have to hack into at least two separate devices to access your funds.

Copay lets the user sync with Coinbase and Gildera to buy and sell bitcoins, but unluckily, the app lacks the capability to make local transactions like Mycelium.

By far the fattest letdown with Copay is its transaction management. Presently, only one central server monitors and manages all the transactions. Tho’ your coins are relatively safe from theft, transactions are vulnerable to DDoS attacks and other server-related issues that may arise, leaving you with coins that can’t be spent due to server downtime. Due to this flaw, people who make a lot of bitcoin transactions might want to avoid Copay, at least until its one-server system is remedied.

Copay Summary

  • iOS app:yes
  • backup needed: yes
  • verification: backup-generated master key
  • buy and sell: yes, via Coinbase and Gildera
  • bank transfers: yes, synced with Coinbase
  • identity required?: no
  • outstanding feature: multi-signature option gives an extra layer of protection from theft

Conclusion

As you can see, there are many options to choose from when picking the best Android wallet to suit your private needs. If you’re a novice user who wants a good balance of simpleness and features, Coinbase is most likely your best bet. However, if privacy and anonymity are your priorities, Mycelium might be a better fit. Then, for folks who want extra anti-theft measures, Copay offers a superb solution.

What are your thoughts on these bitcoin wallet apps? Which one did you go with? Feel free to post your comments and any recommendations down below!

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