Bitcoin is now a part of the financial world. It has been for a while now, and things aren’t going to change anytime soon. But, there are still those who don’t fully trust it and stick to fiat currencies and conventional investment methods. Also, some now see BTC as the best means for investment and enjoy trading and earning through this cryptocurrency. Like we said, BTC and other crypto are a product of modern times, and technology is keeping up with the development of digital currencies.
Unlike BTC, we have a piece of modern technology that is widely accepted by everyone. We’re talking about smartphones as they’re going to be our subject tied to cryptocurrencies today. Considering that almost everyone has one, it’s no wonder so many people who got in touch with BTC are using them to trade this cryptocurrency. While this is not something out of the ordinary, it is a subject worth exploring. This is what’s our article for today about. Let’s talk about the pros and cons of trading Bitcoin on your smartphone. After reading this text, tell us what you think about it in the comment section.
Trading On The Go
This must be the biggest advantage trading BTC on a smartphone might have. Being able to trade BTC or any other crypto at all times and all locations might be the best thing there is. It allows the user to have access to his BTC whenever and wherever he wants. This can be a massive advantage if you have a feeling that BTC is going to spike, and you don’t have to rush home to your computer or call your broker. Technology has truly advanced, and we should take advantage of it.
There’s no better way than be able to do what you like, invest, and do it while you’re at work, commuting, or during a soccer game. Basically whenever you want. This type of accessibility is massive in terms of trading advancement. Furthermore, phones are getting very powerful these days, and most people switched to them due to their quality and safety. Another aspect that mustn’t be overlooked is the fact that, unlike the regular stock market, trading BTC is possible every day during the year, at all times of day and night. This is why having a phone nearby is what gives it such a massive advantage compared to any other device.
Safety and Security
While there are positives, like we stated above, there are also plenty of downsides to trading BTC on your smartphone. While most of us live honest lives, some people don’t care about you and your well-being. There’s a huge chance your phone might get stolen every day. Having your trading app on the phone could be massive security and financial risk. In case your phone gets stolen someone might have access to all of your BTC, and e-wallet.
While there’s security involved when you use this type of app, someone who knows what they’re doing can take advantage of you. In addition to losing access to your social networks someone might have an insight into your data through your phone, not to mention the financial risk. Of course, people could break inside your house and stole your laptop, but the risk is there nonetheless. This is something you should have in mind when deciding to make your trading work done on your phone. The worst that can happen is that you remain locked out of your account without the ability to access your funds.
Following Trends
These days, smartphones can be a replacement for almost any device we’re used to using every day. They’re just like computers, we sue home to talk and send messages, order food, call a cab, there’s nothing left that you can’t use your phone for. Of course, most of us are using our phones to read the news and be in touch with novelties.
When it comes to trading Bitcoin this could be massive. If you’re seriously into trading BTC you’ll be all over the place, at all times, reading news, selecting advice from experts, visiting blogs and forums to have that little insight that could take you over the edge. This way you can get hold of valuable information on the trading and value of cryptocurrencies, which combined with the ability to react instantly to the market shifts via your smartphone. This could give you a competitive edge, which gives props to using phones to trade BTC. Having instant and constant access to information is what today’s time is all about.
Gambling Risk
Gambling? Yes, you heard it right. This is not a joke. There’s s thin line between gambling and trading. When it comes to highly volatile Bitcoin this line is even thinner. Many people get involved with BTC and trading without properly assessing the risks that come with this activity. After all, money is in question. Sometimes this is hard to remember when you have constant access to trading apps.
This is why some people see trading as a sort of gamble. Yes, the line between is thin, but they’re not the same. This is why it’s essential not to gamble with your cryptocurrency. With the phone on your hands all over the time, you can easily forget that the real money is in question and with a few bad trading decisions lose everything. Yes, trading BTC is possible 24 hours a day, but this doesn’t mean you should do it at all times. This is a great way to lose everything. Many individuals haven’t even started properly with BTC due to the wrong approach from the start. If you want to start the right way you can choose the right associates such as https://bit-iq.io/.
Conclusion
As you can see, trading BTC with smartphones is a modern approach that is highly used these days. But as we said, it doesn’t come without disadvantages, so you need to be careful what you’re doing. There are pros and then there are cons. It is up to you to make the wager. Would you trade on your smartphone?