First launched on the Android Market this past Wednesday, the Bitcoin app, developed by Brandon Iles, hopes to transform your smartphone into a purse for Bitcoins, a digital currency which relies on peer-to-peer transactions rather than a centralized bank.

This application allows users to deposit and transfer Bitcoins at will, meaning no exorbitant fees, arbitrary spending limits or painfully slow transactions. Although you won't be buying your groceries with this app, it makes online purchases and transfers incredibly simple.

With the industry of socio-financial transactions still in its infancy, the Bitcoin app promises to pull the alternative currency into the mainstream by simplifying everything. For the time being, however, support is lackluster and generally confined to the most computer-savvy social groups.

And should this initiative fail to populate Bitcoin's virtual marketplace, well... then it's up to Google Wallet to manage my online finances.