The recent spike in bitcoin’s value could be caused by the significant increase in new application downloads from the android play store. But does this mean that there is a relation between an increase in android users and a rise in the value of bitcoin? If you want to start bitcoin trading check how to maximize your bitcoin investment returns.
If you go by the reports of Blockchain.info, there has been a steady increase in bitcoin transactions since 2012, and it has gone up drastically since the beginning of this year. While talking about the android apps that can be used to trade in bitcoins, Forbes says: “Mobile trading apps are gaining popularity due to the convenience they offer. Several mobile apps provide exchange prices, plus the facility to buy and sell bitcoins.”
But how do these android apps help in trading? The report says: “Android users can download mobile bitcoin wallets, which will store their bankrolls, allowing them to make instant transactions with other mobile users.”
To answer this question, let’s look at the statistics given by Google. The number of android apps downloaded globally rose from 7 billion in 2012 to 40 billion in 2013 and 90 billion in 2014. In addition, the reports by mobile analytics firm Flurry say that more than 65% of the time spent on mobile devices is through apps, while only 35% comes from mobile web browsing. So what makes android apps so unique?
It has been found that over 95% of all apps downloaded are free; this means that most of them are casual games. The report also says that only 0.2% of apps make up 50% of all the time spent on mobile devices, with the majority being used by kids.
As far as apps related to bitcoins are concerned, there is a separate category in the play store called “Bitcoin,” which holds 30 different casual games. But if you talk about bitcoin wallet android apps, they come under the category “Finance,” and there are only three such apps. For example, on July 1st, 2014, Bitcoin Checker had 50000 – 100000 installs, BitSecure -100- 500 installs, and Bitcoin Ticker Widget had only 500- 1,000 installs.
Eight reasons why android could be a reason for the rise of bitcoin
Aside from casual games, some other apps could be the main reason behind this increase.
1. Price checking:
There were only a few such apps in the play store till some time ago, but now you have at least seven different price-checking apps. These apps not only tell you about the value of bitcoins, but they also give live updates on their rise or fall.
News that affects bitcoin’s dynamic is very much in demand as some users trade on information that helps them buy and sell bitcoins at reasonable prices. So there is a market for news that affects bitcoins.
3. Trading platform:
The users can use these apps to buy and sell bitcoins instantly without worrying about the exchanges.
Some users trade in bitcoins to mine them and help others mine them. Some Android apps let you mine bitcoins and present the daily output in USD.
Several investment platforms allow investments in bitcoin (virtual currency). Some of them offer their services through android apps too. Mainly these are casual games that are continuously being developed. As more are developed, users will be using them for their investments.
6. NFC technology-based payment system:
One Android app named “Snapcard” can now help you use bitcoins to pay through your smartphone at any store that accepts contactless payments. Using this app is as easy as uploading some bitcoins, converting them into dollars, and paying that balance.
7. Augmented Reality:
This is one of the most popular apps being downloaded by users. This app lets you view information on bitcoins just by looking at your phone’s camera. This means that some apps are already available in the play store that use augmented reality to let their users trade in bitcoins.
8. Mining Pool:
This app lets users mine bitcoins with their smartphones and gets paid for it. But this app makes sure that the power is shared equally among all the pool members.
The bitcoin users are increasing daily due to its demand in a different market. Several apps have been developed for this purpose, so there is no doubt that android has played a significant role in making bitcoins popular among the masses. There are a few more reasons why the use of Android devices is so important for Bitcoin, but these will be covered in other articles.