It’s often said that those who survive worst storms are the strongest creatures. Same can be said about crypto markets, after a devastating 2018, the market has moved on and is looking good, especially after Bitcoin ended its six months long losing streak in February this year.
Without a shadow of a doubt, cryptocurrencies are here to stay and will continue to grow in the foreseeable future. In fact, several crypto experts and analysts have predicted that digital currencies will cover almost half of the global economy by 2025-2027. What this means for crypto companies is that they have a huge scope of market capitalization, as the new entrants in the market will definitely outnumber the existing ones.
As the use of smartphones and the internet has grown exponentially in the past few years, demand for crypto platforms on mobile devices is also growing. In reality, it is not just about the demand, but also that the companies need to innovate in order to stay relevant in the competition as mobile computing and internet consumption has surpassed traditional laptops and desktops.
Making its move in this direction, Bitpanda, the famous crypto trading platform has launched an Android application, which would allow users to buy, sell, and exchange about 20 digital tokens.
— Bitpanda (@bitpanda) April 28, 2019
As the market progresses and newer users enter the space, the ration of technically equipped users will surely decline as compared to laymen, who are just in for investment or specific purposes. Mobile Wallets have a history of revolutionizing markets as PayTM did in India, and PayPal did globally. What this means that mobile-based platforms are easy to use, and are less time consuming than traditional desktop use and trading.
However, one of the core features of crypto assets, security, might be at risk by using smartphones for storing digital tokens. A couple of weeks ago, the most secure android device, the Galaxy S10 was hacked by Darkshark and posted a video of the same on Imgur. It took him less than 15 minutes to complete the hack.
This doesn’t mean that smartphones are the most unsecured devices. Hacks causing losses of hundreds of millions have been carried out in the recent past on computers and laptops too. So what the market needs to do is focus on security, while simultaneously improving its mobile user experience.
Crypto adoption is growing at a rapid pace, and across several industries. This makes mobile platforms like Bitpanda important for the overall market health and sustainability. Bitpanda has been among the platforms which rely on extensive customer feedback.
For instance, Bitpanda recently conducted a poll on Twitter asking the community members as to which digital token should they add next. The community chose TRON, and the platform obliged. Similarly, crypto community members, including those of Bitpanda’s community space, have been demanding innovative solutions for mobile-based crypto trading, and this move by the European Crypto trading platform is welcomed with open arms.