Cryptocurrency has been around for over 15 years now and while it is still not widely adopted in the mainstream in Australia, there are believed to be around 560 million active owners worldwide.
Representing an innovative, decentralised model for money, many people like the thought of crypto because no government organisation around the world can attach a worth or flow to it. Therefore, it helps to combat the monopoly any given international currency might have on market forces.
Others simply like it because they can pay for goods and services internationally without incurring exorbitant fees.
And then, of course, there are those who are attracted to the potential for wealth generation crypto brings, as demonstrated by the likes of Mike Tyson, Lindsay Lohan and Snoop Dogg.
Whatever your reasons for jumping on board the cryptocurrency bandwagon, if you are unsure of how to go about doing so, here is an overview of the best ways to buy and use crypto on your mobile.
- Choose the Right Mobile App
The first thing you will need to do if you want to buy and use crypto on your mobile is to pick the right app.
If you are new to crypto, you’ll no doubt face a huge learning curve. So, try to find a platform that has a user-friendly interface, such as Bitcoin Wallet, Binance and Coinbase. All of which have been meticulously designed with simplicity in mind.
In addition to being user-friendly, you will also want to make sure the app has good security features such as strong encryption, two-factor authentication (2FA), and backup options.
Should you be planning on maintaining a diversified portfolio, you should also choose an app that supports a variety of cryptocurrencies, not just one.
- Set Up a Mobile Wallet
Once you have decided on your mobile app, you will need to set up a crypto wallet, which will enable you to store, receive and send your coins. Overall, there are two main types of crypto wallets, referred to as ‘hot’ and ‘cold’.
Hot wallets are connected to the internet and can be accessed directly from your mobile device. Some popular examples are MetaMask, Exodus, Mycelium and Electrum. Although they offer convenience for everyday transactions, they are generally less secure than cold wallets, which operate offline.
That said, as cold wallets are usually hardware-based, you typically only use them occasionally for larger investments.
- Buying Crypto on Your Mobile
It might surprise you to read that buying cryptocurrency on your mobile is actually a fairly straightforward process. While, it will depend on what app you are using and what type of crypto you want to buy, generally speaking, you will need to follow the following steps.
Firstly, you will need to sign up with a trusted exchange. There are over 600 exchanges around the world you can choose from.
Once you have done this, you will need to link your preferred payment method to the exchange. Most of them will allow you to do this in a straightforward way, although you will have to transfer some funds over before you can make your first purchase.
When the funds have been deposited in your account, you can then select the cryptocurrency coin you want to buy, decide on how much you want to purchase, and complete the transaction.
- Monitor the Market
It is the nature of cryptocurrency markets that they can be volatile, so it’s important to keep an eye on how they are performing.
Many exchanges allow you to check bitcoin prices in Australia, set other alerts or use auto-buy features, which will enable you to buy or sell crypto as soon as the market hits your preferred price. They also enable you to easily track your portfolio by monitoring your holdings in real time.
Once you have accrued some cryptocurrency, it is a good idea to maintain tabs on the latest trends and news that could impact the value of your investments.
- Make Payments
Many businesses, large and small, in Australia (and worldwide) accept crypto as legal tender, either directly or through third-party payment processors like BitPay.
Therefore, once you own some, you can choose to use your cryptocurrency holdings as a form of payment for any purchases you want make with them.
Apps like the Bitcoin.com Wallet enable you to scan QR codes on your phone and send crypto directly to merchants. Similarly, services like Crypto.com and Binance offer crypto debit cards that convert your crypto to fiat currency when you make a payment.
Additionally, you can also send crypto to friends or family with just their wallet address or QR code, which can be useful for when you want to split a bill.
- Stay Secure
Like with any investment you’ll want to keep your crypto as safe as possible from outside intrusion.
For this reason, you should keep an eye out for any updates on the app that need to be installed, especially for security patches.
Of course, when setting your app up in the first place, you should always use a strong and unique password.
But perhaps most importantly, as tempting as it might be, never use public Wi-Fi or other unsecured networks when attempting to use or buy crypto. Instead, use your mobile data or a trusted Wi-Fi network.
