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Can you convert your money into Bitcoins using an Android phone?

Can you convert your money into Bitcoins using an Android phone?

Trading and holding Bitcoin seems like a profitable venture for some people. This is because the return on Bitcoin investment that short- and long-term investors reveal online is fascinating. And this has encouraged experienced and novice investors to consider investing more money in this virtual currency.

However, trading and investing in Bitcoin seems like a more complex task for some people. Maybe it’s because some people have yet to understand how this virtual currency works. Today, some people know that Bitcoin is a digital currency that they can buy and hold or trade for profit. To learn more about bitcoin trading you can visit https://trustpedia.io/it/trading-robots/

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Satoshi Nakamoto introduced Bitcoin as an alternative payment or financial system. After some time, Bitcoin mining software emerged. Initially, the mining process was profitable, but increased competition has reduced its profitability for most people. As a result, most people convert their fiat money for Bitcoin via cryptocurrency exchanges.

So, can you convert fiat money into Bitcoin using your Android device? The simplest answer is yes. This is because you can find many cryptocurrency exchanges that allow you to buy and sell Bitcoins using your Android device. Here are the steps to convert fiat money to Bitcoin.

Use a trustworthy Bitcoin exchange

As suggested, people create bitcoins in two ways. One method is Bitcoin mining which involves investing in powerful computers and electricity. You also need specialized skills to solve math puzzles and get new bitcoins as a reward. If Bitcoin mining isn’t an ideal option for you, the other option is to buy this virtual currency on a reputable crypto exchange.

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Some cryptocurrency exchanges have applications that users can download and install on their Android devices. Therefore, you can easily access the cryptocurrency exchange from your mobile device once the application is installed.

Register on the Crypto Exchange

Sign up for the platform after identifying a reputable cryptocurrency exchange with substantial nominal transaction costs and liquidity. Most cryptocurrency exchanges have a simple registration process because they require new users to enter their basic details. For example, a cryptocurrency exchange might require you to provide a mobile number and email address and set a password to protect your account.

Validation process

Upon registration, a trusted crypto exchange will require you to verify your identity. Also called Know Your Customer, the verification process is mandatory in most crypto exchanges.

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The time it takes for a platform to verify your identity varies, but it varies between 5 and 7 days. A crypto exchange may ask you to provide a government-approved identity and photo. However, consider the information the crypto exchange asks you to provide because Bitcoin’s primary goal is to ensure the user’s anonymity.

Specify a payment method

After completing the validation process, link your cryptocurrency exchange account to a payment method. This process can also take some time as your bank or credit card provider has to approve the link. After connecting your bank to your cryptocurrency exchange account, you can convert fiat money into bitcoin.

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Final Considerations

The simplest and safest way to convert fiat money into Bitcoin is to use a cryptocurrency exchange. This means you need to sign up with a reputable crypto exchange and then link it to a bank or credit card. Before loading fiat money, you want to convert to Bitcoin, complete the identity verification process, and wait for your bank or credit card provider to approve linking your payment method to a cryptocurrency exchange. After that, you can convert fiat money into Bitcoin using your Android device.