Cryptocurrency is not at all compliant with any legal standards, but it is now a very lucrative investment option for millenials and Gen X alike. In fact, as soon as big banks got wind of its high value and market capitalization, they jumped on board and started stocking up on it like there was no tomorrow. So out went the old adage of older people being behind the times – it’s like the only thing they are behind is money, money and more money. Can we blame them?
Not really. Everyone is out for profit, and if they are not, they are part of a very, very, very small minority in today’s cash-hungry world. In fact, even non-profit organizations and charitable institutions are quite susceptible to greed, with so many coming under the scanner every year that many nations have set up government bodies to focus solely on NGOs, nonprofits and charities to make sure that they are not serving as money laundering fronts for high net worth individuals or big companies that want to save taxes by showing quite large corporate social responsibility initiatives that actually reroute their funds back into corporate bigwigs’ pockets.
Cryptocurrency is kind of above all that tedious mucking about in the financial world. It is based on a technology called blockchain that does not allow any tampering, because it is a totally decentralized system that cannot be manipulated by one person or entity alone. Every transaction that changes or alters the value of the cryptocurrency needs to be validated on a peer by peer basis. The proof of work concept used to be the bedrock upon which the idea of crypto is based, but that has become outmoded as more and better ways of creating newer cryptocurrencies have come up via innovative programmers, enthusiastic entrepreneurs, and large corporations who do not want to let this golden opportunity to make money slip away.
So how does the common person like you and I delve into this potentially profitable market?
Simple – through apps that so the dirty work for us! Well, it is not dirty work per se, of course.
Here are a few apps that let you buy and sell – meaning, trade – cryptocurrencies like bitcoin.
Created in 2018, this app is owned by Binance and has a good reputation and longstanding trust from its users. With an invite-based networking feature added by the app developer, this app is quite popular and has a nice rating of 4+ stars from hundreds of thousands of reviews.
As the name suggests, this app allows you to trade not just in currency against crypto but also crypto versus crypto. For doing this, you need to be aware of altcoins, hash rates, encryption and other technical details that will let you make the right calls about which crypto coin to buy and which to trade it off against to get the maximum profit. With reference to the monetary app development process, this app has been made to give everyone many options to trade coins.
We actively recommend all app developers in Australia against trying to emulate this app after a bitter experience with its deposit and withdrawal processes, in which it ate up our money when we deposited it (through a circuitous route that involves creating a separate account with the app’s banking partner). To avoid such needless financial pain, it is best to leave this app alone.
So there you have it: go for WazirX or Coinswitch Kuber and get on the crypto gravy train!