The Best Bitcoin Apps You Should Try in 2020

Are you interested in a cryptocurrency review of the best Bitcoin apps available in the market these days?

Bitcoin has become a global phenomenon. It has offered an alternative to traditional paper currency that has been used around the world. People do have an option not to deal in currencies back by the governments or one central authority for their day to day use.

Cryptocurrency enthusiasts confidently claim that digital currencies are safer, easier and offer better security and privacy in comparison to traditional currencies. Although Bitcoin was first introduced over a year ago, its value has skyrocketed in recent years compared to other world-dominating currencies such as U.S. dollars and Pound Sterling, etc.

Not only that, but Bitcoin has also brought along the era of alternative investment opportunities for people who are interested in investment arenas other than the stock exchange, real estate, and numerous other investment sectors.

However, before you consider converting your hard-earned dollars into Bitcoin or any other form of cryptocurrency, it is critical you understand the risks, pros, and cons of your actions. Yes, cryptocurrency reviews and financial pundits do predict that Bitcoin numeric value may grow in the next few years. However, there are equal chances of its value plummeting down to near zero in value.

Therefore, you must only invest that you can afford with convenience. As they say – do not put all your eggs in one basket because there are slight chances you may never get the worth for your investment. Now that you know the risk and if you still feel confident to move forward, then go ahead and jump right in

However, you must get to know some of the basics about Bitcoin apps you can use, and that is what we are here for.

Cryptocurrency Review on Best Bitcoin Apps

The Bitcoin craze and boom do not seem like to be ending anytime soon. Yes, there are many critics and skeptics out there opposing Bitcoin, but the cryptocurrency industry is worth billions now. The value of Bitcoin alone is in Billions. Currently, the number of Bitcoin wallet users stands in millions from around the world. The financial analysts expect this figure to reach 200 million by the end of 2024.

It gave rise to many mobile app developers to design Bitcoin apps for entertaining the cryptocurrency investors in smooth and on-the-go transactions.

Top Five Bitcoin Apps

Here is the cryptocurrency review of the top five Bitcoin apps

1.      Coinbase

It was founded back in June 2012. It is a cryptocurrency app that offers a digital currency platform and wallet where cryptocurrency investors, consumers, and merchants can efficiently conduct transactions in various cryptocurrencies, including Bitcoin. Coinbase is based in San Francisco, California.

Do you know Bitcoin coin has a total market cap of over $100 billion in USD? It is the world’s leading and widely used cryptocurrency, and Bitcoin’s network consists of thousands of computers run by cryptocurrency enthusiasts all around the world.

Coinbase is coined as one of the most convenient ways to transact, hold, buy, or sell cryptocurrencies. It is the main reason why it is the leading or number one Bitcoin app amongst millions of cryptocurrency users.

As a Coinbase user, you can easily connect with any of your U.S. bank accounts and transfer your dollars in and out of your Bitcoin wallet. You can continue to use the dollars in your available balance or continue to transfer in more dollars as much as you like. You can even withdraw these dollars to your bank account as per your will.

Coinbase also supports other cryptocurrencies such as Litecoin, Ethereum, and Bitcoin cash, etc. There are consistent rumors that soon, this app will be supporting almost all major cryptocurrencies for their transaction, trade, and investment.

The biggest advantage of using the Coinbase app for Bitcoin is its user-friendly interface and how convenient it is for users of all levels to use it. However, it is also one of the biggest disadvantages to it due to some security concerns. The fear comes from the past experience of cryptocurrency apps being compromised due to a lack of security.

Mt. Gox was one of the most prominent and dominant Bitcoin wallet and platform. It also catered to other cryptocurrencies; however, it was hacked, and the result was a whopping loss of nearly half a billion U.S. dollars in traditional currency value.

However, Coinbase learned from the mistakes and shortcomings of Mt. Gox. They built very stringent security, and they continue to learn, analyze, and execute new security measures to provide improved and enhance digital security to its cryptocurrency user base.

2.      Trezor

Trezor in itself is not a full-fledged selling and buying platform such as Coinbase. Instead, Trezor can be simply defined as a place where you can store your Bitcoins. It is more of a physical device that you can plug into a variety of your digital devices, including smartphones, android tablets, iPad, computers, and laptops.

This way, you can easily access your Bitcoins where you want, wherever you want. All you need is a computing device, Trezor, and an Internet connection. The Trezor app and wallet work not only with Bitcoin but other cryptocurrencies as well. It works as a password manager with many useful features, including two-factor authentication, to verify every user’s legitimacy.

Trezor has some features that do offer its users protection against loss of their device and loss of passwords. However, you must always stay vigilant and careful and try not to lose your device, why try your luck, right? Because the entire purpose of this device is to safeguard your hard-earned crypto-investment and prevent others from stealing your Bitcoins.

Although you can recover your passwords and devices, etc., rest assured it is not an easy process that you would fancy going through.

Trezor is one of the most trusted and original cryptocurrency wallets marketed and designed by SatoshiLabs. Trezor appeared on the horizon of the cryptocurrency horizon back in 2014, and it was called the first generation Trezor or Trezor One. Then came out the next generation device of this wallet, and it is known as Trezor Model T. it was released in 2018.

It started as a small project by two programmers who were dedicated to digital security. However, Trezor came into existence and became a well-known device with golden standards of cryptocurrency storage and security.

As we do a cryptocurrency review of this device, it is safe to say that it is one of the most trusted devices in the cryptocurrency niche. It is one of the very first products in this category to revolutionize the security of cryptocurrencies and continue to do so as you read this article.

3.      Electrum

Electrum is a cryptocurrency software wallet that aids you with the security of your Bitcoin investment. Electrum allows you to store your Bitcoins on your devices, including computers, laptops, tablets, iPad, and smartphones. You can store your Bitcoins on any of your devices in the form of encrypted files.

You can install Electrum on various platforms, which include Windows, Mac OS X, Python, Linux, and Android. It can also work in harmony with some other physical cryptocurrency wallets. Unlike Trezor, which obligates you to use the device itself, Electrum offers its users flexibility so they can use this software with their preferred options for added security of their Bitcoin and other cryptocurrencies.

One of the significant benefits of using Electrum is that it is very fast. You can quickly install the software, execute, and store your Bitcoins on your computing devices. However, you have to be very careful with other security factors. For example, if your computer crashes, get stolen or lost, damaged in a fire, or end up being cyber-attacked or hacked, you may end up losing all your Bitcoins.

Electrum, as an app, does support a swift recovery process. It will allow you to store your Bitcoins in physical cold storage with a handwritten or printed set of security keys.

Electrum was first introduced in 2011, and it is free software that is licensed under MLT license. It ensures that all your Bitcoin transactions are conducted in Bitcoin blockchain. You can also choose to set permission and use your Bitcoins on different platforms using this software. Electrum offers robust security features and protects your Bitcoin investment using a two-factor authentication method.

It is secure, easy to use, and offers services to all cryptocurrencies users from a multitude of platforms. Anyone can run an Electrum server, and there is no single centralized entity controlling this platform.

4.      Blockchain Wallet

Blockchain is an essential piece of technology that enables Bitcoin and other cryptocurrencies to exist. Therefore, whether you are a Bitcoin novice or an aficionado, stay prepared to hear about Blockchain not just in this cryptocurrency review, but far and beyond in the realm of cryptocurrency.

The Blockchain wallet is somewhat similar to its peer that is Coinbase. It is an online platform and wallet that allows cryptocurrency users, investors, and merchants to buy, sell, and trade in Bitcoins. You can use this software from more than 35 countries.

Blockchain also provides a facility for its users to receive and send Bitcoins for a small transaction fee. You can avail of this service for other cryptocurrencies, including Bitcoin Cash, Stellar Lumen, Ethereum, and some others.

Blockchain comes with one of the most effective and stringent security features to keep your Bitcoin wallet safer than ever. Blockchain operates on three major security features and recommends you complete these three key features to secure your account.

These are your email verification, a back-up security phrase to verify your identity, and a two-factor authentication method. Even if you do not follow all three steps, Blockchain does its part and back up your funds with added security features.

Blockchain has a presence in over 140 countries, with more than 25000 API developers and 48 million wallets worldwide. It has already facilitated over 1 billion cryptocurrency transactions to-date. They are number one in the leading researchers in the cryptocurrency world.

They have also managed to raise over $70 million from various leading investors in Wall Street, Silicon Valley, and London. They help you build connections within the Bitcoin community with transparency, authentication, and open communication. They believe every cryptocurrency user should be their own bank.

5.      Robinhood

Robinhood first took off as a free platform for stock trading. Since then, it has extended its support to include other options and areas for investment, including cryptocurrencies such as Bitcoin. Similar to Coinbase, Robinhood acts as both an exchange and a cryptocurrency wallet; they offer a one-stop solution to fulfill the digital needs of all types of cryptocurrency investors, merchants, and users.

However, it has its constraints, such as you cannot transfer your Bitcoin funds to and from Robinhood to any other cryptocurrency wallets. Robinhood is originally a mobile-first platform; however, it does offer a desktop version of this app for its traditional stock trading consumers.

What really sets this Bitcoin app apart from others is the cost – it is free! Robinhood does not charge you any commission when you trade, transfer, buy, or sell your Bitcoins. It is similar to the rule that you do not pay any transaction fee when you trade in the traditional stock market.

Some of the skeptics in the cryptocurrency world argue that Robinhood lacks security; that is why they are free of cost and do not charge any fee. However, as per our cryptocurrency review, if it is a safe option to trade in the stock market, then why not Bitcoin and other cryptocurrencies trading?

Other Bitcoin Apps

Apart from the cryptocurrency review of the top five Bitcoin apps. Here is some other free of cost apps that you can check out. These include Bitcoin Ticker, Spare, SpectorCoin, Coin tracking, Block folio, Xapo, etc. You have to think rationally that risk is involved in all sorts of investment, not in cryptocurrency alone. Therefore, like any other arena in your life, you must take your own safety measure and weigh your pros and cons to decide which Bitcoin app ticks all the boxes for you.