Exchanges are currently a crucial part of the Bitcoin market and they help market participants determine the price of the leading digital asset. There are quite a few prominent exchanges today within the sector with the likes of Binance, Coinbase, and Kraken, being household names in the cryptocurrency sector. What is Amber and how does it compete with these other exchanges?
Yet as seen in many markets, when entrepreneurs see outsize returns, they enter into the market compete and drive profits down to traditional levels. This trend of growing competition is present within the Bitcoin sector as different exchanges cater to different niches and brand themselves on varied principles and features.
Amber is one of these new exchanges, where it is domiciled in Australia and serves as Australia’s “first all-in-one digital currency exchange, wallet, and micro-investment app.”
The Amber App
The Amber application runs on one simple principle to help everyone hold some Bitcoin.
Why is the Amber app special in an era where one could turn to several exchanges and apps from companies such as Square and Robinhood to buy Bitcoin?
Amber aims to simplify the process and make Bitcoin investing as simple and secure as possible.
That sounds fine, but how does the Amber app make life simpler for the Bitcoin holder?
Let’s talk about some of these features.
Amber App Features
Automatic Purchases in the Amber App
Amber will automatically invest in Bitcoin for you, with the ability to set recurring transactions, a feature present on Coinbase too.
Autopilot helps investors set a specific dollar amount above $5 per purchase on regular time-frame, daily to monthly.
Crypto exchanges must continue to prioritize security as digital assets continue to appreciate in value. The Amber application states that it uses the most secure banking encryption to keep digital assets safe and secure.
What to Know About Amber
Amber is only available for Australian users and those with an Australian bank account. The team at Amber aims to bring access to other users over time.
One critical differentiating point about Amber is that it is Bitcoin-focused and is likely to stay that way as a vital differentiator for several reasons. Svetski, the founder of Amber, notes that he is “focusing on what matters, ie; Bitcoin; as sound money, as an asymmetric ‘option’ for the future, as the most robust, undervalued asset in the world today, and the zeitgeist of our time.”
Svetski and the team want to bring attention back to the basics and back to Bitcoin with the Amber application. It is easy to get distracted by the pumps happening in some random altcoin while losing sight of what drives the cryptoecosystem, Bitcoin.
He notes a few compelling reasons as to why it is better to bet on Bitcoin only instead of diversifying across different cryptocurrencies. “Cryptocurrencies (or crypto-assets; whatever you want to call them), are ALL correlated. And not just mildly correlated, but almost perfectly correlated (to Bitcoin) !” according to Svetski.
They pride themselves on simplicity in all aspects of business by focusing just on Bitcoin and offering features such as cold storage as a service.
The mindset present in the founders of this Bitcoin product will be needed to continue to aggregate value to Bitcoin and help perpetuate it further. Bitcoin will need more founders that have high conviction around Bitcoin and stick with it for the long-term.
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