Convert cash into bitcoin: Holding and trading in bitcoin sound like the most profitable route. The ROI processed by bitcoin to the long-term as well as short-term investors is just fascinating and has elated both novices and experienced investors.
However, investing and trading in bitcoin sounds like a complicated task as bitcoin was underlined as a pocket-size calculator from the inventor of ethereum. There are websites like trade ethereum that can assist you in getting profits from bitcoin trading. The primary reason is that bitcoin was merely compatible computing resources at the foremost instance as you were allowed to buy, sell, exchange, and mine bitcoin just from your computer.
However, technological advancement led to the introduction of bitcoin mining applications, trustable exchange and bitcoin wallets compatible with android devices. However, the major question is, Can you convert cash into bitcoin from an android device? Below is everything you should know about the conversion procedure of cash into bitcoin from an android phone.
As mentioned, technological advancement has led to the introduction of several applications subjected to the bitcoin complex compatible with android devices. Therefore, converting cash into bitcoin from an Android device is possible as there are tons of bitcoin trustable exchanges applications that are compatible with Android devices to buy or sell bitcoin. However, to have good results while converting bitcoins in cash and vice versa, you should follow few crucial steps.
Use a bitcoin exchange application
There are merely two methods to create bitcoin units. The foremost one is bitcoin mining, and the second is converting cash into bitcoin using a trustable exchange. It is obvious that you cannot mine an entire bitcoin using an Android device. The mere option you are left with is buying bitcoin from a trustable exchange.
The application market of the Android operating system renders you a higher extent of bitcoin exchange application which makes it complicated to opt for the best in class bitcoin trustable exchange application.
The bitcoin trustable exchange you are about to consider for investing must be rendering services in your region. Most of the trustable exchanges are concentrated in the American region. Moreover, all the more bitcoin trustable exchanges must be equipped with the right payment method.
Register On the Platform
Once you have opted for the best-in-class trustable exchange offering you a considerable extent of liquidity and nominal transaction cost, you just have to register on the platform. The registration process is the easiest phase as you just need to insert some basic details to register.
Some of the details that are required by these trustable exchange applications are email addresses, mobile numbers, and they allow you to set up a password to enhance the security of your account.
Once you have registered on the explicit trustable exchange, you have to verify your identity. The verification process is also named as Know Your Customer or KYC, and it is the utmost mandatory aspect of the bitcoin centralized exchange platform.
KYC process time consumption varies from service provider to service provider. Few platforms consume merely one day in order to verify your identity, whereas few consume 5-7 days for verifying your identity. KYC process requires some basic necessities such as a photograph of your government-approved identity and your photograph.
However, decentralized exchange applications are devoid of the Know Your Customer process as there are no centric parties validating your identity. However, you must evaluate the performance of these trustable exchange solicitations before investing resources.
Attach Payment Method
Subsequent to the validation process, you just have to connect your payment. As mentioned ahead, the trustable exchange application must render your desired payment method. You can even connect the bank account with your account to make more productive transactions. Once you have attached the payment method, you are ready to buy bitcoin utilizing your android phone. You can even convert bitcoin into cash.
This is how you convert fiat currency to bitcoin from an android device.