Bitcoin, the world first decentralized currency is gaining popularity in the Android Market. A few Bitcoin apps already available instantly turning your Android smartphone into a Bitcoin wallet.
The latest app for Android by Brian Armstrong allows you to store and transfer Bitcoins from your phone to another one. To do so, scan or send the QR code from your screen to the recipient and voila, the recipient will get your Bitcoins transferred into his account. This will allow you to buy products directly from your phone without the need of credit card or cash. Most importantly this saves you transactions fees from your credit card or the bank.
In case you lose your phone, all of your Bitcoins are backep up on the cloud with your Google account. As the app is still in its early stage, the author recommends using small amounts on it as you could potentially lose Bitcoins. The app is available free of charge on the Android Market and is compatible for smartphones running Android 2.2 Froyo and up.
However the future of this whole digital currency is uncertain, as its market value is very unstable. Furthermore, the Bitcoin and Android world constantly face the potential risks of hackers which could easily steal or create Bitcoins, hence adding to the instability of the Bitcoin concept.
In the real world could the Google e-wallet be a better solution especially with NFC enabled Android devices? I guess its really two different thing though, still the Bitcoin is nonetheless an interesting idea. Viable? Time will tell, would you use Bitcoin? Let us know!
[Via Android Market]
Related links
– Samsung Nexus S – first compatible NFC device with Google’s wallet
