With Bitcoin reaching an all-time high value, you’ve got to wonder if all those free bitcoin earning apps for Android actually work. Here’s our take on it, along with a list of the best cryptocurrency apps that you can trust on completely.
You don’t have to be an investment analyst to know what the global boom of cryptocurrencies has been in the past few years, especially as Bitcoin headlines every major news outlet right now. To those of us who weren’t as fortunate as the Winklevoss twins to invest in Bitcoin and make billions, the idea of free Bitcoin earning apps for Android can seem quite enticing.
A simple search on the Google Play Store for “free Bitcoin” will get you dozens and dozens of apps that claim to offer free bitcoins for completing tasks. There are some legitimate free Bitcoin earning apps that actually perform the mining work using your phone’s processing power, but does the math add up?
Can you actually earn Bitcoin for free?
The short and simple answer to this question is yes, but the yes comes with a massive “conditions apply” label attached to it. Essentially there are only three ways you can own a cryptocurrency – you can purchase it directly in exchange for actual currency, receive it in the form of payment for your offered goods and services, or you can mine the cryptocurrency.
While the process of mining doesn’t technically require an investment, if you want something like Bitcoin mining to be profitable, it requires quite the computing hardware. Since the software required to mine Bitcoin is open-source, anybody can start doing it, but without the processing power to decrypt millions and millions of block chains, the payout is minuscule.
Do free Bitcoin earning apps for mining work?
The global limit of the number of Bitcoin was set to 21 million at the time when it was conceived, and the fact is that 12 million Bitcoins have already been generated. This means that mining for Bitcoins was much easier in the early days where users could expect the reward of 25 newly minted Bitcoins after each cycle of 1,789,546,951.05 attempts. This reward value has been halved since 2017, where the reward given out every 10 minutes is going to be 12.5 Bitcoins.
Putting things in perspective, a powerful graphics card processor can crunch about 25,000,000 hashes per second, and the time it would take for the computer to earn 1 Ethereum coin (roughly $500) would be 2 whole months. At the same time, the most processing power that even a high-end smartphone can have gives it the ability to decrypt 10 hashes per second.
You don’t have to be a mathematical genius to figure out that the numbers just don’t work out in favor of the free Bitcoin earning apps. With that being said, there are verified services like MinerGate that is available for Android devices to help you earn free cryptocurrencies by putting your device’s processing power to good use. While Bitcoin mining on Android may be possible, it is far from being a reliable method of making some actual dough.
What about reward-based free Bitcoin earning apps on Android?
Apart from a long list of Bitcoin mining apps on Android that offers a fixed number of Satoshi over a period of time, there are plenty of others that claim to give them out for free. From apps that offer to generate a fixed number of Satoshi based on a lucky draw system to apps that simply ask you to play their ad-riddled games in exchange for free Satoshi, the Google Play Store is packed with these shady apps.
Considering the current market value of cryptocurrencies like Bitcoin, it may be tempting to see hundreds and thousands of Satoshi being added to your “account”. The bitter truth is that there is a good chance that not only your time and resources are being put to waste, but there could be lingering malicious code in these free Bitcoin earning apps unless you’re playing games like Bitcoin Billionaire just for kicks-and-giggles.
To be fair, there are a handful of cryptocurrency apps that help you make money by participating in surveys and buy products and services for free rewards, but it’s just not worth the effort and time you put into it. Since you’re probably looking into the world of free Bitcoin earning apps to profit off of the latest financial trend, you’ll have better luck maximizing your investment with the best cryptocurrency apps for Android.
10 Best cryptocurrency apps for Android
Considering that the idea of cryptocurrency is not even a decade old, the concept has somehow become a force of change in the financial world. While your Android device may not be powerful enough to mine the elusive Bitcoins, Dogecoin or Ethereum, it can surely help you manage your cryptocurrency, analyze the current state of the financial market, and even help in using your virtual money for making online purchases.
Whether you’re an early bird investor in the cryptocurrencies, recently stepped on the ship or just curious about it, here’s a list of the best cryptocurrency apps for Android.
1. Coinbase – Secure Wallet
An online cryptocurrency trading platform that has been there since the early days, Coinbase is now available to mobile to easily manage their investments. Supporting the ability to buy and store cryptocurrencies such as Bitcoin, Ethereum, and Litecoin, the company has more than 11 million active users to vouch for their authenticity.
Coinbase has extended support across 32 different countries and can be easily linked to your existing bank account, credit and debit cards to buy currency and sell your existing cryptocurrency. Solving the issues to transactional limitation, Coinbase is actively supported across 38,000 merchants along with integrated PayPal support in the US.
2. ZTrader Altcoin/Bitcoin Trader
If you’re not just about the Bitcoin bubble and have investments in a number of cryptocurrencies, the easiest way to maintain your financial portfolio is with the zTrader app. Built to be lightweight and effective, the app is capable of trading hundreds of digital currencies and supports whopping 17 different exchange platforms right from a single Android app.
Packed with complete trading capabilities with special charting system for a deeper technical analysis, zTrader comes with a market overview feature, enhances security with API encryption, allows you to set up price alerts and thresholds, along with a chatroom to discuss the latest in cryptocurrency with your fellow app users.
With the massive boom in Bitcoin value, the entire world is now focused on cryptocurrencies of all shape and sizes. If you’re looking to test the waters with the bunch of different options available, Cryptonator is the way to go. Instead of limiting you to the most popular ones that are too expensive to invest in for most, Cryptonator lists out a whopping 13 different cryptocurrencies.
Giving you the option to shuffle between cryptocurrencies from a single account with no external fees and an attractive exchange rate, the app allows direct transactions as well. Without storing any of your files on the system, Cryptonator offers bank-grade security with SA 256-cryptographic algorithm to keep your investment safe and secure.
4. Mycelium Bitcoin Wallet
Considering how valuable Bitcoins are in the current state of affairs, entrusting an app to hold your investment can seem too vulnerable. One option that has been around for a while is the Mycelium Bitcoin Wallet, which comes with some military-grade security to make sure that your money is in safe hands.
Starting off with complete control over your private keys, the app comes with the ability to run multiple accounts on the same device by creating different addresses. Not only is the app compatible with other Bitcoin exchanges and trading platforms, but comes with Local Trader feature to find Bitcoin merchants around you the easy way.
5. Blockfolio Bitcoin/Altcoin App
If trading in cryptocurrency is more than just a side gig for you, keeping a close watch on how the market rises (and eventually dips) can be crucial in protecting your investment. Thanks to this one-of-a-kind financial portfolio app called Blockfolio, you get a tighter hold on your cryptocurrency management.
Just like you’d expect a currency or stock exchange app to perform, Blockfolio app lets you classify all of your assets on a single platform and set notifications for when a certain currency passes its set threshold. Supporting a massive collection of over 2000 cryptocurrencies, Blockfolio comes with support for over 30 different cryptocurrency exchange services to cash in instantly.
6. Blockchain – Bitcoin & Ether Wallet
Rather than spanning the growing cryptocurrency market, Blockchain wallet keeps things simple by just supporting the biggest names – Bitcoin and Ether. Whether you want to purchase Bitcoin or Ether, make payments to other users, or get a general graph on what the growth portfolio looks for the two popular cryptocurrencies.
On the security front, Blockchain comes with advanced features like two-factor authentication, regular security auditing, PIN protection to keep your finances private. While you get 20+ currency conversion rates and 25+ languages along with it, there is no built-in Bitcoin purchasing support, although you can find Bitcoin merchants nearby using the app.
Another excellent choice that may not be among the bogus free Bitcoin earning apps, but can surely help you make more on your investment. TabTrader offers a desktop-style elaborate trading terminal on your mobile device, connecting exchanges such as Coinbase, Bitmarket, Bitstamp, Bitfinex and more than a dozen others.
Apart from being free to start with, TabTrader enables you to buy or sell Bitcoin at a competitive market rate, set up reporting and price alerts for a multitude of cryptocurrencies and comes with no trading limits whatsoever. When it comes to security, your privacy is protected with API keys encryption and user PIN protection to access more than 500 different cryptocurrencies.
8. ICO Market
Investing in the right cryptocurrency is all about doing your market research, and the ICO Market app is just the tool for it. Unlike most trading apps for Android, this one goes further into highlighting the catalog of available cryptocurrencies available as ICO (Initial Coin Offering) and how they rank up against each other.
The user-friendly mobile design has been updated to help you get an easy view of the available projects and filter them based on the industry and payment options. Once you find an ICO that is worth looking into, just bookmark it and the app will automatically update you alerts related to your ICO, along with news posts, contact information, and roadmap.
While Bitcoin wallets come in all shapes and sizes, one key aspect that they fall short on is bringing the ability to spend Bitcoin on your day-to-day needs and wants. Started back in 2013, the Swiss have created Xapo Bitcoin wallet and vault to not just help you securely keep the valuable Bitcoin safe and secure, but help you spend it the easy way.
Apart from the basic features of sending and receiving payments with Xapo, you get the first ever digital Bitcoin debit card, allowing you to transact online carefree. From topping up other accounts with hard cash, performing bank transfers, and even using the Bitcoin Xapo debit card at ATMs worldwide, this app brings cryptocurrency into your everyday life.
10. MinerGate Mobile Miner
For those of you who still believe in the power of Bitcoin mining, here is one of the only few legitimate free Bitcoin earning apps we can put our trust behind. MinerGate is already an established PC platform, and they’ve extended their software across the mobile platform to garner more enthusiast miners for a portable cryptocurrency mining rig.
Supporting a fair number of cryptocurrencies such as Monero, Bytecoin, Ethereum, and others, MinerGate comes with direct exchange compatibility to convert your earnings to Litecoin or Bitcoin using their Changelly exchange platform. However, we’ve already shown you how much mining power you can expect from your average Android device, so don’t expect these free Bitcoin earning apps to make you a millionaire overnight.
Did this guide finally help you understand how free Bitcoin earning apps work and why they simply aren’t efficient (or safe) enough to put your time and effort behind? Are there any other emerging cryptocurrency apps for Android that every investor or enthusiast should look out for? Be sure to mention it down below in the comments section, or start a conversation about the current state of cryptocurrency on the Updato Forum.
LATEST FROM YOUTUBE:
Similar / posts
March 11 2019
February 20 2019