What should you know about Bitcoin wallets for Android?
About nine in ten people in the United States manage their bank accounts using online banking. It took a long time (since online banking has been around for 14 years) for people to start trusting their computers with their money, but it’s happening now. And most of the users now prefer to use mobile phones for their online banking and money management. So if people are comfortable “keeping” their fiat currency (or at least access to it) in their mobile phones, why not bitcoin? This is where Bitcoin wallets for Android come in.
Origin of Bitcoin wallets
Bitcoin wallets have been around as long as Bitcoin. In fact, the first bitcoin wallet was introduced at the same time (2009) by the same entity that is behind bitcoin and the whole concept of crypto: Satoshi Nakamoto. There were a few issues with this one and most of the previous wallets, but the most important was that you had to download the entire Bitcoin blockchain to use the wallet.
It wasn’t that important at first, but the internet wasn’t as fast as it is today. But even with today’s internet, downloading the entire Bitcoin blockchain (which is currently 317.5 GB) wouldn’t be possible, certainly not with Bitcoin wallets for Android.
But wallets have come a long way since then.
What are Bitcoin Wallets for Android
Much like online or active wallets that you can use with your computer and browser (or other dedicated software), bitcoin wallets for Android allow you to store, send, and receive bitcoin from your mobile device. Android. Some Android wallets may also allow you direct access to exchanges and possibly even trading, but this is not their primary guideline.
Hot vs cold
Since our Android devices are almost always connected to the Internet, Bitcoin wallets for Android are all inherently ‘hot’ wallets. They are “live” and connected to the Internet, and therefore, they also tend to be as vulnerable as computer hot wallets. And while Android security has evolved quite quickly, that might not make them ideal for people who only trust cold wallets to hold their precious bitcoin.
There is a way to turn an Android device into a cold wallet, but you won’t be able to use it for anything else.
Bitcoin wallets for Android: features and characteristics
There are many features and functions that you can look for in a good Bitcoin wallet for Android, and if they are not present in a wallet you are considering, it may be prudent to keep it clear.
Safety and security
The security features of a hot Android wallet should be the first thing you need to look at. Before making your decisions, read through the app’s reviews and the security protocols it has posted on its website to learn more about this crucial feature.
Open Source vs Closed Source
Some Bitcoin wallets for Android are open source. The code is freely available on the Internet, and coders around the world can make changes and improvements, making it evolve faster. Closed source wallets come from a single source and can be more secure or more vulnerable, depending on the quality of the source.
Some wallets allow you to trade directly. The problem is that they tend to lean more towards trading the security and integrity of the wallet. So, if you are considering a “trading wallet,” be sure to research its security features first.
Exchange services within the wallet are a powerful feature, but you should also check if your Android wallet for Bitcoin may also contain fiat or if you need to hijack it to your bank account.
Range of cryptocurrencies
Wallets that can hold a wide variety of cryptocurrencies also expand your trading options. Even if you don’t store anything other than bitcoin in your Android wallet, it’s still a positive feature to have a wide range available.
Although bitcoin up website and apps let you hold onto crypto while you trade, it might be a good idea to look into bitcoin wallets for Android. This will not only be more secure, but also isolate the crypto that you shouldn’t be trading with. This can be an effective capital preservation strategy (on your part).