If there have been two big changes in the way we live our lives over the last two decades it could be argued that they have been the use of mobile devices for just about everything – and the way that Bitcoin and other cryptocurrencies became part of the mainstream so quickly.
It is also not a surprise that one of these directly led to the other. Technological advances do not happen in isolation. Sometimes there is an alignment of developments that makes something happen at a certain time. Mobile use now means that there is a wide range of options when it comes to buying, selling, and trading digital currencies. It can be argued that crypto would not be anywhere as big as it is without the universal use of mobile devices.
The Move to Mobile
We have come a long way with mobile phones and subsequent devices. From the brick phones of the 1980s to early adopters being laughed at even in the early 1990s, mobile use is now everywhere. It is very rare to find anyone who doesn’t own a mobile phone – even among older generations.
It is also very rare to find a way of conducting business without using mobile devices. Whether it is for the design and look of a company, or the actual financial transactions that keep it going – mobile is everywhere. Crypto could obviously work online, but mobile apps have changed everything.
Bitcoin and the Crypto Explosion
Digital currencies have been around for a while now. But what was once an underground, niche activity for those wishing to live outside of the mainstream, is now a multi-billion dollar industry embraced by the very companies and institutions that the originators were trying to escape from.
The interest in Bitcoin really took off in 2020. But the markets really became interested a year later when Elon Musk converted 10% of Tesla’s cash reserves into currency. That sparked a huge wave of mainstream interest that has, so far, just about survived the volatile nature of crypto.
Mobile Apps and Crypto Trading
These days Elon Musk is well known for owning another very famous mobile app (and not entirely to universal acclaim). But with every online business having a mobile app, the crypto exchanges that have sprung up in recent years have seen that they are an excellent way to reach beyond their traditional demographic.
Being able to buy, sell, and trade on a simple mobile app has opened up the cryptocurrency world to so many more people. Increased media coverage of the price of Bitcoin and other digital currencies has meant that the mobile apps themselves have become a key gateway to crypto for millions.
Benefits of Mobile Apps
We all know the main benefit of using a mobile app for anything at all – convenience. It is no different for cryptocurrency trading, but the use of apps works just as well for traders as it does for businesses. They can demystify the process for many newcomers while making the whole transaction process simpler.
The crypto exchanges are incredibly pleased with the mobile use of their potential customers. Not only does it increase their user base, but it also gets their brand name out into the public domain too. The speed and volume of trades follow from that and provide the high liquidity that the exchanges depend on.
Crypto Leading Technology Innovation
With the crypto industry growing at an incredible rate over the last few years, it is now providing innovation for new technology, including in the mobile sector. The adoption of blockchain technology has changed the way many companies do their business.
There is a concern for the future of crypto exchanges – and general use – as governments around the world debate how they can enjoy greater regulation of an industry that was built on the idea of decentralization. But mobile technology and apps have already provided greater individual freedom and many crypto newcomers now want more of the same – and they are quite happy to follow the two industries to see how the relationship develops.
Alexia is the author at Research Snipers covering all technology news including Google, Apple, Android, Xiaomi, Huawei, Samsung News, and More.