As more and more investors considering spending money on Bitcoin and other cryptocurrency, people everywhere wonder if their iPhone is all they need in order to become a digital currncy billionaire.
We wouldn’t go that far, but it’s entirely possible to trade Bitcoin using just your iPhone. In fact, more and more cryptocurrency buyers are coming to rely on iPhone services in order to keep up with the constantly fluctuating markets.
If you’re looking to join the growing legion of investors that rely on their iPhone for trades, sells, and storage, here’s everything you need to know.
How to Buy Bitcoin on iPhone
Should I buy Digital Currency?
Bitcoins and other forms of cryptocurrency are a high risk – and potentially high reward – investment.
At this time, the only “value” Bitcoins have is that they have value. In other words, whenever enough people want to buy Bitcoins, they are valuable. When not enough people want to buy Bitcoins, they aren’t valuable.
Aside from the financial risk, there’s also the security risks associated with digital currency. The anonymous nature of the format combined with the fact that cryptocurrencies can be “mined” with malware makes them attractive to criminals. Even if your Bitcoins aren’t stolen, a large criminal bust could drag their value down.
At the end of the day, the golden rule here is the same as any investment. Don’t invest more than you’re willing to lose. There are just a few extra risks associated with the investment to offset the potentially high rewards of buying in.
Can I Mine Bitcoin on iPhone?
The best answer to this question is “no” even if it’s not technically the right answer.
It’s theoretically possible to mine on iPhone, but you want nothing to do with it. Most mining apps are little more than malware in disguise. Other apps that offer to “give you Bitcoin by using them” aren’t much better.
Long story short, do not try to mine on your iPhone.
What Apps Can I Use to Buy Digital Currency?
Currently, there are just shy of 17 million Bitcoins in the world. Considering that each coin costs about $9,000 (subject to change!), there’s a very good chance that you might not be interested in buying multiple Bitcoins or even one.
Fortunately, you have the option to buy parts of a coin as well as whole ones. So far as that goes, there are several ways to buy into Bitcoin.
Get a Trader
A Bitcoin trader works about the same as any other stock trader. It allows you to monitor the market, buy Bitcoin, and track value fluctuations.
There are many Bitcoin traders out there, but CEX.IO is considered to be one of the best options. On a basic level, CEX.IO works well as a way to keep up with the fluctuations of the sometimes unpredictable Bitcoin market. Its information is almost always up to date and the app is a breeze to use.
If you need it to be more, though, then this app can be much more. CEX.IO also lets you buy Bitcoin by linking your credit card to the app. Choose how much you want to spend – or how many Bitcoins to buy – and then verify the transaction. Yes, it’s really that simple.
It can be more complex, though. CEX.IO is designed to support a variety of trading opportunities across multiple markets. Furthermore, it lets you execute market and limited orders in order to capitalize on certain trends.
It’s an incredibly diverse app that is regularly updated and offers very good customer support. Of course, you should go to a financial expert for detailed information on buying Bitcoin.
Use an ATM
Yes, there are Bitcoin ATMs. Yes, they work pretty much like you think they would.
First off, you’re probably nowhere near a Bitcoin ATM unless you happen to live in a major city. Even then, only a few cities have more than a few. If you’re curious where the nearest Bitcoin ATM is, you can use the CoinATMRadar app to find one.
CoinATMRadar allows you to search for nearby Bitcoin ATMs – such as the ones offered by EZ Coin – wherever they may be. Surprisingly, many of them are at gas stations, liquor stores, comic book stores, and video game stores.
The other thing that this app excels at is letting you know which Bitcoin ATMs allow you to buy Bitcoins, which allow you to sell them, and which allow you to do both. Interestingly, there are quite a few Bitcoin ATMs out there that only allow you to buy Bitcoin. That’s probably due to the conceivably large amount of money you could withdraw from one. Even the withdraw machines have daily limits.
In any case, buying Bitcoins at ATMs will either produce a paper receipt which works like a slightly more secure version of a bearer bond or it will use a QR code to send the coins to a predetermined destination. The latter can be preferable. Regardless, make sure you’re using a trustworthy Bitcoin ATM before you make any transactions.
Use a Wallet
Unlike Bitcoin ATMs, Bitcoin wallets aren’t exactly what you think they are.
Despite the associations with the word “wallet,” Bitcoin wallets are really a series of private keys used to conduct certain Bitcoin transactions. While Bitcoin wallets can be used to store Bitcoins like a traditional wallet – more on that later- they also allow you to buy Bitcoins.
It’s easy enough to find a Bitcoin app for your iPhone – there are several great ones out there – and most of them will let you perform the basic action of purchasing Bitcoin. However, there’s one that stands above the rest that we’ll get to later.
How to Store on iPhone
You Can Use Coinbase or Another Wallet…
If you’re going to use a Bitcoin wallet on iPhone, we really recommend using Coinbase.
Coinbase is one of the most popular and trusted Bitcoin wallets out there. Along with letting you buy Bitcoins, it allows you to store and manage the Bitcoins you currently own. The biggest advantage of using Coinbase as your primary coin wallet is the way it makes owning Bitcoins seem so simple and…normal.
It’s hard to overstate the value of that. There is so much confusion and misinformation out there regarding Bitcoin that it sometimes feels like a scam to even own some. Coinbase treats Bitcoin like any other form of digital currency. You can view the Bitcoin you have, you can transfer the money to your bank, and you can even send Bitcoin money to your friends.
It’s actually quite remarkable how far ahead Coinbase is in relation to its competition. No other Bitcoin app is quite so easy to use or quite as versatile as this one. It even lets you receive alerts for certain price points and can be remotely disabled if your phone is lost or stolen.
Not to sound like an advertisement, but if you’re going to manage your Bitcoin on iPhone, it really is Coinbase and everything else.
…But You Probably Shouldn’t Store Too Much Currency on your iPhone
Now we come to the bad news.
Realistically, Bitcoin isn’t that much more vulnerable than other forms of digital currency. However, there are currently a lot of Bitcoin thieves out there. What’s worse is that they’re ahead of the game in many respects. Bitcoin thieves are finding ways to breach even the strongest of security measures and are proving to be just as resourceful as the people responsible for protecting your Bitcoins.
That’s not the bad part, though. The bad part is that Bitcoins aren’t strictly ensured like the money you keep in a bank is, they’re hard to keep track of, and they’re incredibly hard to recover if lost. Strict Bitcoin investors compare carrying your Bitcoins on iPhone to carrying bearer bonds in your wallet.
We wouldn’t go that far, but you should be aware that you run several risks if you’re just using an iPhone wallet as your primary Bitcoin storage method. That being the case, you’re better off considering your iPhone to be a Bitcoin assistant rather than your primary storage method.
So what should be your primary storage method? Here are a few suggestions:
- Electrum is generally considered to be the best Bitcoin wallet out there. It utilizes a system called “cold storage” which basically means that your transactions don’t leave the marks of being transactions. That makes it much, much harder for thieves to track them. While Electrum doesn’t have an iOS app available, it is accessible via mobile devices.
- You can also store your Bitcoin on a heavily encrypted flash drive. The risk of this method is that if you lose your flash drive…well, you might be out of luck. Just be sure that you read up on how to safely transfer Bitcoins to a drive before you try doing so.
- There are also physical Bitcoins. While they’re not literal Bitcoins, they do securely store your Bitcoins and ensure that only the person who has possession of the physical Bitcoin is able to access the Bitcoins they contain. It’s a good investment for serious Bitcoin investors.
How to Sell on Your iPhone
Find a Good Bitcoin App
Fortunately, selling Bitcoins on iPhone tends to be a lot easier than buying or storing them. It’s really just a matter of finding the right app. So far as that goes, there are quite a few good options out there.
We’ve mentioned Coinbase a few times, but it’s worth mentioning yet again when talking about the ways to sell Bitcoin on your iPhone. Again, the great thing about Coinbase in that respect is how easy the app makes the entire process.
With just one app, you’re able to check the value of your Bitcoin, monitor the market, send Bitcoins to someone else, and even just sell them outright before transferring them to your bank account.
It’s really just an amazingly versatile tool for whatever your Bitcoin needs may be.
Airbitz doesn’t have quite the same name value as Coinbase, but it’s no less of an app.
Actually, there’s a pretty compelling argument to be made for the virtues of the app over something like Coinbase. It really comes down to the details. We mean that quite literally. What Airbitz sacrifices in pure user convenience, it makes up for in the number of details it offers on every transaction. If you happen to use you Bitcoin as a primary form of currency, Airbitz is able to keep a detailed log of every transaction. If you’re just buying and selling, the app does a tremendous job of helping you truly manage a portfolio.
Even better, Airbitz is a very secure app that allows for 2-Factor Authentication and other useful privacy features. No, it’s not the slickest app out there, but if you’re serious about managing Bitcoin on iPhone, it might just be the best.
Somewhere between Coinbase and Airbitz, we have Abra.
Much like Coinbase, Abra is a very easy-to-use Bitcoin management app. Every piece of information is given plenty of room to breathe, the app guides you through the basics step-by-step, and – for our purposes – selling and transferring Bitcoin revenue is as simple as can be.
Part of the reason Abra stands out, though, is because of the way it interacts with multiple forms of cryptocurrency. There are a lot of options out there in that market, and Abra makes it very easy to deal with all of them and even convert funds from one currency to another.
If you are dealing with multiple forms of cryptocurrency, then Abra is a no-brainer. Otherwise, you might find better overall options for your needs.
It’s much easier to buy, store, and sell Bitcoin on your iPhone than you probably think it is. There are so many tools out there that help make the process as painless – and potentially lucrative – as possible.
As easy as it is, though, it’s important to remember your iPhone isn’t your financial advisor. Come prepared for what you’re getting into before you start using your phone to buy, sell, and store any kind of cryptocurrency.