Bitcoin Apps and what it can do for you.

Potato Chips

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Quote from: Dailyscript on December 04, 2023, 12:55:10 PM

News and Information Apps

Function: Help to keep you updated on all things Bitcoin..
Why it Matters: So that you will know when to HODL or sell off
Recommended: Coindesk and Blockfolio.

Honestly not fond of installing a lot of apps on my phone. If it works fine on my browser, I most likely won't install it which is the case for every crypto news outlets out there, not to mention that accessing through my browser allows me to block some ads too!

There's also a news aggregator that works great on mobile browser, called: cryptopanic.com

Quote from: Dailyscript on December 04, 2023, 12:55:10 PM

Mining Apps

Function: Verifying transactions on the Bitcoin blockchain.
Why it Matters: It is necessary to maintain the ledger of transactions upon which Bitcoin is based.
Recommended: Nicehash and Easyminer.

Like checking transactions? if so, you don't really need these apps as you can use any block explorers --website-- on your browser or choose a wallet with a "watch-only" option.

Dunamisx

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Additional warnings for using apps for your bitcoin crypto portfolios.

1. Verify with app source you're downloading.

2. Download the right app and avoid any cloned version

3. Download the app from the official website or playstore

4. Avoid unnecessary downloading links from the internet

5. Avoid app referrals downloads

There have been many kind of apps scams that have taken away people's money from them without giving attention to how they can avoid the same means of getting scammed through such means.

Davidvictorson

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Good list. An important but trivialized app that I think should be added to the list is the calendar app. If you are like, a long-term hold whose strategy of accumulating bitcoin is through biweekly dollar cost averaging strategy, the calendar app will serve as a reminder to DCA the amount you have set at the appointed time. It will help to keep you in check so that you stay consistent and not miss a fortnight. I do it manually and use it often.

Lamkuthang

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An interesting explanation from you OP and I'm sure it's also very good to read for beginners. Well, the story about beginners that I studied first was also about the functions and performance procedures of an exchange first because if we don't study it, it's the same. Anyone, whether me or other beginners, is required to understand how to deposit, trade and WD. If it is already familiar to others, just find out whether the main features they provide can be used or not.

_act_

legendary

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Lightning network is good with small amount of BTC

Quote from: Z390 on December 05, 2023, 06:13:13 AM

Point of correction, there is no Bitcoin wallet or crypto wallet that's capable of keeping your assets safe, that's your own job, don't keep your keys online and don't store them in unsafe places where someone can easily spot them, even while using a hardware wallet, you need to keep it's recovery seed safe, or all the security features are going to become useless if anyone gets their hands on your recovery seeds.

You will say that wallet are not 100% safe if the owner do not protect it, not that wallet are not safe. There are some that are not recommended but there are some that are recommended and safe to use, but the total safety depends on the wallet user and the type of wallet used. Cold wallets and multisig wallet are the safest wallets.

As for the recovery phrase, you can use passphrase with it and do not backup both together. I mean the seed phrase and passphrase. But if you lose any of them, the coin is not accessible again.

Z390

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Point of correction, there is no Bitcoin wallet or crypto wallet that's capable of keeping your assets safe, that's your own job, don't keep your keys online and don't store them in unsafe places where someone can easily spot them, even while using a hardware wallet, you need to keep it's recovery seed safe, or all the security features are going to become useless if anyone gets their hands on your recovery seeds.

You don't have to use any payment app if you already have your bitcoin wallet, why need fold? You can make payment from your Bitcoin wallet using QR code scan or inserting the receivers address, I always have one thing with wallet app that has earnings, they are not always open source, most I know are closed source and you don't want to use such Crypto wallet to store your fund.

You don't have to rely on a app to tell you when to sell and take profit, when the value is too good just take some profit, bItcoin is good good for a long term holding but it is unwise to hold through a bear market and the best time to buy is always in a bear market, and always sell in a bull market.

Dailyscript

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Quote from: tranthidung on December 04, 2023, 07:48:15 PM

By Apps, I am more keen on you are mentioning applications for mobile devices. I can not be sure is it what you meant but if you meant it, I have a reminder for you.

Mobile devices should never be where you store all your bitcoin.
Consider your mobile devices as your hot wallets and we all know (I hope you knew it too), hot wallets are vulnerable to hacks and more risks than cold wallets.
You must afford to lose your mobile devices and your coins on those devices, basically consider them as your hot wallets that can be easily compromised.
By installing many apps on 1 mobile device, you are taking more risk.

By Apps is mean something that is dynamic. Some are mobile apps, some are web apps. It is like a website but you can perform multiple things the it is called a web app. App does not literally belong to mobile only, there are apps on bigger devices.

tranthidung

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By Apps, I am more keen on you are mentioning applications for mobile devices. I can not be sure is it what you meant but if you meant it, I have a reminder for you.

Mobile devices should never be where you store all your bitcoin.
Consider your mobile devices as your hot wallets and we all know (I hope you knew it too), hot wallets are vulnerable to hacks and more risks than cold wallets.
You must afford to lose your mobile devices and your coins on those devices, basically consider them as your hot wallets that can be easily compromised.
By installing many apps on 1 mobile device, you are taking more risk.

tabas

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Quote from: TimeTeller on December 04, 2023, 01:10:53 PM

Quote from: tabas on December 04, 2023, 01:05:09 PM

~snip~

I do agree with you here. Don't ever consider custodial wallets as recommended wallet app to use as you don't have total control of your coins.
The OP however, can update his recommended list and if possible include some useful links.
He can also add other sites like kucoin, coinbase, huobi and other top exchange sites.
Be very careful though in adding links, just official ones. Because one can easily mistake phishing link to official ones.

If he's got some reference on it, that's outdated and usually these articles suggest these wallets because they're popular. But anyway, he can just clear those wallets and choose the other ones that have a real function for being a noncustodial wallet. Reading the replies of the other members will give OP the idea why it's recommended to have these wallets.

Quote from: Orpichukwu on December 04, 2023, 01:16:14 PM

including hardware wallets, are the ones that are highly recommended.

Much better if he's going to add these hardware wallets but still with precaution because one of them have been added with a feature that's disliked by the community, specifically the Ledger latest version of wallets with that Ledger Recover feature.

DYING_S0UL

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Quote from: Dailyscript on December 04, 2023, 12:55:10 PM

Wallet Apps

Function: This apps helps you keep your Bitcoin safe and sound.
Why it Matters: Like a digital piggy bank, but cooler.
Recommended: Coinbase, Electrum and Blockchain Wallet.

I wouldn't recommend coin base as preferable wallet as it has a history of selling out customers personal data. Also any wallets that are closed sourced should be avoided at any cost. Try open source wallets that are available. Although they wouldn't offer many supported coins but still it is less risky.

One the other hand, electrum is good. You can also use blue wallet, if you want.

Orpichukwu

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Quote from: _act_ on December 04, 2023, 01:18:07 PM

Quote from: Orpichukwu on December 04, 2023, 01:16:14 PM

Blockchain and Coinbase wallets claim to be open source, but I don't know how secure they are for you to recommend them to others for use. As far as I know, blue wallets, electrum wallets, and a few other open source wallets, including hardware wallets, are the ones that are highly recommended.

Blockchain and Coinbase noncustodial wallet are not open source but close source.

Like I said they claim (can’t read or confirm code my self) I don’t know how valid their code is or how authentic it is but their link to their code are below:
Blockchain: https://github.com/blockchain
Coinbase: https://github.com/coinbase/wallet-mobile-sdk

_act_

legendary

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Lightning network is good with small amount of BTC

Quote from: Orpichukwu on December 04, 2023, 01:16:14 PM

Blockchain and Coinbase wallets claim to be open source, but I don't know how secure they are for you to recommend them to others for use. As far as I know, blue wallets, electrum wallets, and a few other open source wallets, including hardware wallets, are the ones that are highly recommended.

Blockchain and Coinbase noncustodial wallet are not open source but close source.

Orpichukwu

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Quote from: Dailyscript on December 04, 2023, 12:55:10 PM

Function: This apps helps you keep your Bitcoin safe and sound.

No wallet is keeping our coins safe; we are the ones in charge of our own security. The way we handle and keep our wallet and passkey determines how safe our coins, which are held on them, are going to be. Those wallets are just what help us communicate with the blockchain. Your coins are in the wallet you own, so I don't see any wallet keeping our coins safe for us. If the phrase and address are generated securely, we are now the ones to keep them safe, not the wallet.

Blockchain and Coinbase wallets claim to be open source, but I don't know how secure they are for you to recommend them to others for use. As far as I know, blue wallets, electrum wallets, and a few other open source wallets, including hardware wallets, are the ones that are highly recommended.

TimeTeller

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Quote from: tabas on December 04, 2023, 01:05:09 PM

Quote from: Dailyscript on December 04, 2023, 12:55:10 PM

Function: This apps helps you keep your Bitcoin safe and sound.
Why it Matters: Like a digital piggy bank, but cooler.
Recommended: ~~Coinbase~~, Electrum and ~~Blockchain Wallet~~.

While the function of the wallet apps that you have mentioned are true but this only applies to the non-custodial wallets. While I've crossed out the other two, they're not recommended for someone who's going to hold their Bitcoins for long with their wallets.
Coinbase is an exchange and although it has also other function but mainly for trading and as for Blockchain.com wallet which I assume you are suggesting, it's not recommended at all as you hold no private key upon creation of wallet there.
Electrum is nice and one of the most recommended wallets for keeping your Bitcoin. But again, about keeping your Bitcoins and safe with those crossed out ones, better not to use them for keeping.

I do agree with you here. Don't ever consider custodial wallets as recommended wallet app to use as you don't have total control of your coins.
The OP however, can update his recommended list and if possible include some useful links.
He can also add other sites like kucoin, coinbase, huobi and other top exchange sites.
Be very careful though in adding links, just official ones. Because one can easily mistake phishing link to official ones.

Richbased

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Mate this clue of apps you've outline above can be very helpful to a beginner and I used most of those apps and I must say indeed they are very very good. But I suggest you would have attached links to the recommended apps so that it will can be easily accessed and offer more precise and concise information about the apps

_act_

legendary

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Lightning network is good with small amount of BTC

Quote from: Dailyscript on December 04, 2023, 12:55:10 PM

Investment and Trading Apps

Function: Apps that lets you invest and trade Bitcoin anytime any day.
Why it Matters: Its important to invest wisely and trade with precautions
Recommended: Robinhood and Cashapp.

News and Information Apps

These fall under bitcoin wallet app and exchanges app. You use bitcoin wallet for holding, like the cold wallet, while you will use exchange to trading.

Quote from: Dailyscript on December 04, 2023, 12:55:10 PM

Function: Ensuring strong security and adding an extra layer of privacy to your Bitcoin dealings.
Why it Matters: Not everyone needs to know about your Bitcoin portfolio and how you run your Bitcoin business.
Recommended: Samourai Wallet, LedgerLive and Wasabi Wallet.

Full node is needed for privacy. You have to use it with Tor if you want the privacy.

It is true that Samourai is good for privacy but not totally but just using it for coinjoin. You still need full node for more privacy.

Ledger Live is not among.

tabas

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Quote from: Dailyscript on December 04, 2023, 12:55:10 PM

Function: This apps helps you keep your Bitcoin safe and sound.
Why it Matters: Like a digital piggy bank, but cooler.
Recommended: ~~Coinbase~~, Electrum and ~~Blockchain Wallet~~.

While the function of the wallet apps that you have mentioned are true but this only applies to the non-custodial wallets. While I've crossed out the other two, they're not recommended for someone who's going to hold their Bitcoins for long with their wallets.
Coinbase is an exchange and although it has also other function but mainly for trading and as for Blockchain.com wallet which I assume you are suggesting, it's not recommended at all as you hold no private key upon creation of wallet there.
Electrum is nice and one of the most recommended wallets for keeping your Bitcoin. But again, about keeping your Bitcoins and safe with those crossed out ones, better not to use them for keeping.

Dailyscript

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Greetings to all members of the forum. As a newbie in the forum, I have come to understand that Bitcoin is not all about buying, making payments, and holding. There are other necessary things that make Bitcoin a possibility in the technology space. From keeping your Bitcoin safe, executing important trades, staying updated on Bitcoin information, making payments in Bitcoin, mining, Bitcoin discussion and gaining Bitcoin education and learning And this is possible there is an app for everything and with Bitcoin there are apps that allows enthusiast to perform all these functions. In breif I want to highlight some Bitcoin Apps, their functionalities and what each type of app can do for you.

Wallet Apps

Function: This apps helps you keep your Bitcoin safe and sound.
Why it Matters: Like a digital piggy bank, but cooler.
Recommended: Coinbase, Electrum and Blockchain Wallet.

Exchange Apps

Function: Allows you to buy, sell, and trade Bitcoin like a pro.
Why it Matters: It makes trading very simple and turns Bitcoin into more Bitcoin. Just like a digital stock market
Recommended: Binance, Kraken.

Investment and Trading Apps

Function: Apps that lets you invest and trade Bitcoin anytime any day.
Why it Matters: Its important to invest wisely and trade with precautions
Recommended: Robinhood and Cashapp.

News and Information Apps

Function: Help to keep you updated on all things Bitcoin..
Why it Matters: So that you will know when to HODL or sell off
Recommended: Coindesk and Blockfolio.

Payment Apps

Function: Help to keep you updated on all things Bitcoin..
Why it Matters: You will spend and sometimes earn within the Apps and this is what makes Bitcoin Useful
Recommended: Bitpay and Fold.

Mining Apps

Function: Verifying transactions on the Bitcoin blockchain.
Why it Matters: It is necessary to maintain the ledger of transactions upon which Bitcoin is based.
Recommended: Nicehash and Easyminer.

Educational and Discussion Apps

Function: It contains valuable resources and offers solid foundation for newbies or intermediates to grasp the fundamental concepts that underpin Bitcoin.
Why it Matters: Most importantly learn and understand all about Bitcoin and its technology.
Recommended: Bitcoin discussion on [Suspicious link removed].

Privacy and Security Apps

Function: Ensuring strong security and adding an extra layer of privacy to your Bitcoin dealings.
Why it Matters: Not everyone needs to know about your Bitcoin portfolio and how you run your Bitcoin business.
Recommended: Samourai Wallet, LedgerLive and Wasabi Wallet.

I believe this comprehensive writeup will help beginners like me understand how it all work and also if you have more to contribute, feel free to share as i am curious to know more and go a long way on this technology[/list]

Topic: Bitcoin Apps and what it can do for you. (Read 210 times)