Topic: 5 Reasons Why I Prefer a Bitcoin Mobile Wallet - page 4. (Read 1093 times)

Storing your funds in a bitcoin mobile wallet is convenient because it is not time consuming when it comes to buying and selling your cryptos, and making transaction in online shopping sites. But storing most of your funds in a mobile wallet is not that safe even the developer says it is secured and you used 2fa code because hackers could still have access to it. That is why using a hardware wallet is really the safest storage to store most of your crypto funds.

Even hardware wallets are manufactured and sold by a company. Of course, Hardware Wallets are more secure than Mobile wallets but there are many non-custodial, opensource mobile wallets out there. So if you are using a non-custodial mobile wallet you can still get your seeds/private keys.  

Mobile wallet centralized companies?

If they close down you won't recover anything. Unless you pay for a lawyer to sue them and give back your funds.
With hardware wallet, even if its not updated it will still be there.
It is safe as long as you have the seed or the private keys.
That's the difference.

Actually, there's a sale recently and I guess you can afford it if you want a secured wallet. I also don't recommend bitcoin mobile wallet, there are many wallets that's already been hijacked and none of us is an exemption on that. Same with Mobile wallet, you lose your account due to hacking, you will lose your investment. It also defends against some malware or ransomware and also provides a separate system password for another protection to your wallet. Our smartphones are always exposed to the internet, 24/7 it has a connection and having spyware is possible as long as your downloading non-secured apps on your phone.

I'm looking at this list: Best budget smartphone 2020: the top cheap mobiles around. And it's not cheap though, price ranging from $100-$300. So that's still expensive as compare to the price of hardware wallets today. So the argument that they are expensive are not true at all. Besides, keeping your mobile wallet will always be "online", multiply the risk that you are exposed to cyber criminals and loss your crypto in an instant specially if you're not careful and don't have this safety practice.

The OP should re-assess himself again about hardware wallet vs mobile wallet. Don't agree as well for what he presented here. I am more of a person that is using the hardware wallet than mobile one. I think his outlook will change once he tried using hardware wallet and experienced losing funds from his mobile wallet for nothing. Anyway, he is open for comments from the users and maybe he will be enlightened by some of the posts here.

I don't agree with OP even though I am yet to get a hardware wallet. I believe keeping the private keys save won't make you loose your fund if the hardware is misplaced. Hardware is far safer than hot wallet some of my friends have had their hot wallet hacked ad their sweat and blood gone.

Mobile wallets are far easier to steal/hack. It requires a lot less effort and skill.

Nothing prevents you from using both, like you can use a bank account+banknotes.

Good, since that was covered by others let's see how your arguments can be reverted for mobile phones

-You have to carry all the time with you, maximizing the risk of loss or theft
-You depend much on your smartphone build so if this breaks you need to have a back up your data
-Smartphones come with a limited option for future upgrades, at one point the android IoS version of your phone won't be able to receive updates for your apps
-Talking about updating, it's the same with smartphones, it has become a weekly task since Oreo
-Smartphones (especially android) are far less secure since at any point you can install a malicious app and bye bye coins!
-There is also the possibility of the app servers to get hacked and update it with a malicious payload
-An angry girlfriend will never throw a trezor at you, a smartphone is an obvious choice for her 



I think that $ come into play again here.
A somewhat medium laptop would blow the budget of any bounty hunter that thinks 50$ is expensive, and a laptop full of cracked apps and with a pirated windows is probably the worse thing you can use to store your coins, other than tattooing your private key on your forehead.

This is the only point that is somewhat defendable, so if we imagine a very broke bounty hunter who doesn't hold more than $50 in crypto at any given time, then investing in hardware wallet would really be too costly for them, especially if they have a smartphone. For beginners mobile wallets are better than desktop wallets, since mobile security is a little bit better than security of Windows. And advanced users can make their own cold storage with any old computer.

A handmade hardware wallet may be easy for you, but I wouldn't trust a HW made by you lol  I have no idea how to build one .... And for those who don't know how to build one, buying one is a good option and the price is reasoneable (and I live in a 3rd world country).

I know they are not 100%, but those attacks are possible only in movies.

Like the evil maid hacker attack... You would have a maid that is a hacker, found your hardware wallet and explore it vulnerability. This is very crazy and extremely unlikely.

You can consider it 99.99999% or 100% safe for practical purposes.

he is not entirely wrong. i'd argue that points 1 and 4/5 are correct.
i personally wouldn't pay a satoshi for something that can be made easily on my own, which is a cold storage. but i still recommend hardware wallet for regular users who don't want to spend time learning how to reach security.

as for security of hardware wallets, they too can be hacked. there are exploits that are found in these tools every now and then that can lead to losses one way or another. recently another critical but was found in all of them. so they do need to be updated regularly and the user must always keep an ear to the ground to find out about these bugs.

it is naive thinking that hardware wallets are 100% secure and immune to all kinds of attacks.

ps. that still doesn't justify using a mobile wallet instead of a hardware wallet or a cold storage though.

1. You can get Keepkey as low as $45, also ledger nano s at $60 or less. Just know that harsware wallets store private keys offline, with this and with safe browsing you can use it to store cryptocurrencies  safely.

2. You have been answered above about this. Your mobile wallets are liabilities too, if you lose your phone you lose your wallet. But remember there is option of seed phrase, and know that if you lose hardware wallet, you can use seed phrase to recover back your coin or if you want, you can by another hardware wallet and input the seed phrase to get all your coin back. You hardware wallet will be difficult to compromise if your use it knowledgeably.

3. Only novice will say hardware wallets are not easy to operate, if you have been using one, you will be so acquainted to it and become normal thing for you to operate. And that aside, the company like ledger nano are now linking hardware wallets to phones, like with the use of bluetooth you can operate ledger nano x on both android and iOS.

4. You have also been answered, some mobile wallet will not even work if the previous update has expired, mandating it for you to undate to the latest version.

5. Just know that hardware wallet private key is offline, they are also more resistant to malware unlike online wallets, aside in-built security breaches, they are very still safe if you use them knowledgeably.

Sorry to say this, you like mobile wallet because maybe you hold little amount of cryptocurrencies, if you are a whale or hold substantial amount, you will see yourself holding it on hardware wallet because you will even be afraid to store them on online wallets that are not as safe as hardware wallets.

If you still find hardware wallet hard or difficult to use, storing high amount of cryptocurrencies  on it is essential and that is the main reason people are getting hardware wallet, if you are the type that makes transactions often, it is still good to get a mobile wallet where little amount of your cryptocurrencies  will be stored.

Probably a lot of people would still store some bitcoin in a bitcoin mobile wallet because it is easy to navigate or manage your wallet, more reliable, and the portability.

The best advice is to get a hardware wallet and store bitcoin that you want to store for a long term investment, and at the same time, you could also store a small amount of bitcoin in the other wallet where you could easily withdraw or deposit bitcoin.

It doesn't mean the bitcoin mobile wallet or custodial wallet is not safe. Just don't store a lot of funds in it, or probably just use it if you need to withdraw and deposit.

That may well be, depending on your country of origin, but if you can afford it, it should be a non-brainer. I bought my first one before I has a single Satoshi, preferring safety over saving some bucks (again, it depends on your country/income).

Same goes for a mobile wallet, which is exposed to many more potential hazards. With a hardware wallet, your basic backup is your 24 word mnemonic, and that should be your (well hidden/encripted) safety net.

I find it dead easy. For example Ledger can link to it’s proprietary Ledger Live GUI, or Electrum in a seamless manner.

Your 24 word mnemonic will get you out of any possible issues related to obsolete firmware. Nevertheless, I’ve seen cases of people stuck on old non-updatable firmware versions, so I do make sure I update them at least once a year. Not that much of a hassle.

The only cases I’ve seen concerning hacked hardware wallets are related to stunts pulled off in laboratory conditions with the device in hand. That does not mean you should not be wary of the software middleware (such as Ledger Live or Electrum) when used in combination, but as such, Ledger has not really been hacked so far away from laboratory scenarios.

False. They are not costly. Those devices are being sold for less than 50usd, and you can get promotions like 50% off everytime (like 30usd)

If you can't get at least 30 usd as a bounty hunter you are certainly doing something wrong and should change your profession.


False again. You can back up your security phrase and recover your funds even in a mobile wallet, electrum or any other wallet.

THey are super easy to operate, just like any other wallet, but more reliable.

You can track your bitcoins in any block explorer or in your native wallet software without even connecting your device.

No, they can't. Even if you plug them in an infected computer your bitcoins are still safe and unhackeable.

There is actually no need to create a thread just to say you don't want to buy them. Of course, not everyone can afford to buy it.

About maintaining those hardware wallets, may I know your opinion about what are those things that makes it difficult to maintain?


2. Same with mobile wallets, if you lose them, you will lose all your coins unless you made a backup or stored your keys (if provided).
3. Using both Hardware and mobile wallets are easy to understand. It depends on a user's ability to understand the interface. You don't have a hardware wallet right? How come you conclude they are not easy to operate.
4. Same with mobile wallets, you have to update it regularly. I don't see any mobile wallets that don't need an update.
5. Same with mobile wallets, they are also prone to hack.

Using a hardware wallet is a choice. If you don't want to use it then so be it. We are free to choose what we want.

Actually there are a lot of advantages for Bitcoin mobile wallet.Like it's not so costly and it can be a secured place and we can easily transfer them any time.So just focus advantages.Then you will find many reasons to use or prefer a bitcoin mobile wallet.

Everyone recommends a hardware wallet to store Bitcoin, which Bitcoin wallet is good to safeguard your investment for free is a question? maintaining those hardware wallets is a pain in the wrong place. My personal favourite is Mycelium wallet.

As of my experience, these are
My Five REASON Why I do not want to buy them?


1. They are costly if you are paid in Bitcoin as a bounty hunter or for a gig.
2. They are a liability as if, you lose it you will lose your investment.
3. They are not easy to operate and most exchanges do not support them.
4. They have to be updated periodically or you will never see your Bitcoin in them.
5. They can still be hacked if you are using them online for trading or other stuff.


If you think I am wrong with my opinion then do comment.

Thanks.

One of the Members compared my 5 reasons with his reason why a hardware wallet is better? and I replied to that member adding 5 more reasons.

Questions
Answers