As much as Bitcoin (and other relevant cryptocurrencies) is an advanced technology, people are still waiting for the first decent mobile app to surface. Right now, Android users can download some apps that show coin values in real-time or work as a wallet. Apple users rejoice when a cryptocurrency-related app can last longer than five days in iTunes. Yesterday, a new app was released in China.
China is a crazy country. That is even more so when one talks about cryptocurrencies. The chinese people love Bitcoin. In fact, they love the whole concept. Some of them call it ‘democoins’, coins for the people. They now have the right mobile tool to keep track of all their coins and more.
Bibao is a new app for Google’s Android mobile operating system. Bibao stands for ‘Bitcoin wallet’ in Chinese. As a product of startup Bitcoin trading exchange Bihang, Bibao is a slick and good-looking Bitcoin trading and wallet app. Previously, Bihang worked like any other exchange works today. Only accessible through its website but that is about to change now. The app is tied to the exchange, meaning people can follow all of the exchange’s Bitcoin movements in real-time.
Technode spotted the app on April 1st. Confirming it was no April Fools’ joke, they put the tool immediately to the test. Through the app, users can view real-time rates, check their balance in Bitcoins or Chinese RMB, receive price alerts and, last but not least, trade in its exchange. On top of that, trading is, for now, free of all fees. The app supports Bitcoin and Litecoin. Next to all the trading options, it also hosts a section of aggregated cryptocurrency news. Pretty important if you want to stay ahead of the volatile Chinese market.
Launching the app in China may come as a surprise after recent developments. The People’s Bank of China is still omnipresent in the Bitcoin world, after having allegedly issued a document, stating all Chinese banks have to cease working with cryptocurrency trading sites by April 15. That way, they are no longer tied to the traditional banking system which would leave them inaccessible for most Chinese people. Bitcoin value took a dive after the news came out. The authenticity of the document is still under debate. People’s Bank of China has yet to make a formal statement about this and exchanges seem to be mostly denying everything. Many people believe the exchanges want to keep trading for as long as possible, therefore, it seems plausible to make people believe there is nothing to worry about.
Even so, it is about time for a decent cryptocurrency app to see the light. In this world that is becoming increasingly more mobile, it seems impossible for a new technology as Bitcoin to be absent on most mobile devices. Many people have been asking for a decent app that allows them to work with cryptocurrencies on their smartphones or tablets. It’s just a matter of time though. Our report on the winners of Bithack has shown that nice things are in the pipeline. Bibao is a great tool for Chinese people. Let’s hope a similar app will appear soon for the Western world.