Bitcoin continues to make chaotic waves in the finance industry, with one Bitcoin
currently worth about $1,250 as of this writing. What's great 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 small increments that I can afford. At least once a month, I put away loose change that would've otherwise gone to small purchases like packs of gum, and transfer them over to my bitcoin account. All in all, I probably spend a little over $10 a month. As bitcoins are currently highly 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.
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 started trading.
Coinbase is a great option for those new to the world of bitcoin, or those who casually dabble in it. The app is incredibly intuitive to use, and has the ability 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 completely 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.
- 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
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 remember a set of twelve English words.
- Install Mycelium for free from the Google Play Store
Anonymity is a big plus with Mycelium, as users don't need to go through any rigorous identity verification processes to get started 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 great way to instantly trade bitcoins for cold hard cash. Not only that, but local transactions can give you slightly more flexible prices over Coinbase's fixed pricing, as it provides a bigger 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
external site only accessible within the Mycelium app.
Mycelium has the ability to sync with increasingly popular hard wallets like Trezor and Ledger. Similar to USB sticks in appearance, these wallets are external hardware devices specifically made for securely storing bitcoins. It's very easy to use the external wallet—simply plug it into your phone and open Mycelium to get the ball rolling. From there, just verify and confirm the transaction in your external wallet and you're all set!
Stay Tuned for More
As I mentioned before, please enjoy this little hack responsibly and in moderation. If you want to share your thoughts about Bitcoin or online gambling laws, feel free to post in the comment section below!
- Follow Gadget Hacks on Facebook, Twitter, and Google+
* Potatoes will grow on mars 2017 discovery
* How to build your own multiplayer games
* Instagram Stories now feature geostickers like snap chat
* 5 Best Karaoke Apps for Android and iOS That Will Help You Singing Songs
* The first smart mirror you can actually buy