Bitcoin is a digital currency (cryptocurrency) that uses peer-to-peer systems and cryptography for security. Most mobile operating systems, such as Android, iOS, Windows Mobile, etc., come with inbuilt bitcoin wallets like “Mycelium,” “Breadwallet,” or any other third-party wallet of your choice. The value of bitcoins largely depends on the stability of bitcoin, which is highly volatile. If you want to start bitcoin trading check, why you should learn bitcoin trading.
The price fluctuates every day, and it is reported that the fluctuations are enormous. For example, the value of bitcoin rose from around 800$ to a whopping 20,000$ in just a few months.
Seven different effects of Bitcoin on the Android Os platform.
1. Recently, android users have started to pay their mobile phone bills using bitcoins
In India, people have paid electricity bills and recharged them through bitcoins. Thus this shows the versatility of bitcoins.
2. There is a possibility that developers who have a passion for bitcoin will start creating more apps that use bitcoin as a payment method to spend their bitcoins for everyday transactions.
3. More businesses online will accept bitcoin as a payment method
With more and more people using bitcoins, there is a high chance that financial institutions might start to accept payments through bitcoins rather than credit cards which charge substantial transaction fees. So this is another way how bitcoin affects the android operating system.
4. More investment in bitcoins
As the users invest more money, bitcoin will become much more robust and thus provide stability to its value, resulting in less price volatility. This encourages people to use bitcoins for transactions as well as saving purposes. Developers would be creating new apps where users can spend their bitcoins rather than converting them to fiat currency.
5. Bitcoin will be accepted as a transaction method in more Android applications
Many mobile wallets are available in the google play store, where users can spend their bitcoins for day-to-day purposes like buying goods, paying bills, etc. In addition, there is a possibility that more and more popular apps will come up with bitcoin payment options that will encourage users to use bitcoins for their transactions rather than paying via debit/credit cards.
6. More people know about cryptocurrency and might invest in it through bitcoin
Bitcoin is the most promising cryptocurrency available right now, having a huge market cap of 152 billion dollars with more than 17 million coins mined to date. This shows that bitcoin is here to stay, and there is a massive potential for investors and users alike. As a result, more people might invest money in bitcoin, which will help the price of bitcoin to grow more and more in the future.
7. People might start spending bitcoins on daily transactions rather than converting them into currencies like dollars or rupees. This will increase its stability in the market.
As more people are investing in bitcoin, it is expected that they might start spending bitcoin rather than directly converting it into fiat currency by selling dollars for rupees. This will increase its demand which will help to reduce its volatility and provide stability to its price.
3 Bitcoin’s Negative Effects on the Android Os Platform
1. It has been used for illegal activities and transactions like drug peddling and black money transfer by cyber criminals, which is very risky.
Many people see bitcoin as a safe way to store their illegal earnings without paying taxes on them, which is wrong. Thus, it has a bad reputation for such reasons, which put taxpayers in trouble. This is a significant negative impact of bitcoin on the android operating system.
2. It has no physical currency and thus is unreliable for people who only believe in cash transactions.
People who believe that money should be available in the physical currency will find bitcoin unreliable as they need to keep their fingers crossed till the transaction is successful. They might even fear losing their hard-earned money if they lose their private keys. This is another negative impact of bitcoin on the android operating system.
3. It has unreliable value and can fluctuate anytime soon, which is risky for investors.
The value of bitcoin was so high at the end of 2013 that it hardly made any sense to buy it, but in 2014 its value dwindled to almost half of what it was at the beginning. So people who invested money in bitcoins in 2013 might have lost money due to its highly volatile nature, which many users do not expect.
Conclusion:
The popularity of bitcoins worldwide is increasing quickly due to their decentralized nature. It has no physical currency, making it easy for the users to invest less risk. The app store of android phones provides apps where people can spend their bitcoins on day-to-day transactions like buying goods/services etc.