Topic: Bitcoin wallet on phones - page 3. (Read 485 times)

There are a number of problems with mobile wallets.

First, app stores are filled with fake and malicious apps. Even if you find the "right" wallet, most are closed source. Even the ones which are open source are often not reproducible from the published code.

Secondly, you aren't just trusting your wallet app, but you are trusting every single app on your phone. Most other apps are not open source, and even if they are, you probably haven't reviewed the code. Apps which can access your keyboard can steal your seed phrase. Apps which can access your storage can steal your private keys. Apps which can access your clipboard can change your addresses. Apps which can access your screen can take screenshots of your seed phrase. Apps which have elevated permissions can run arbitrary code. And so on.

Third, you are carrying your phone around every day and it is one of the most likely things you own to get stolen, far more likely than a hardware wallet or a paper wallet.

Now, I still use a mobile wallet, but I use it in the same way I used cash - a small amount which I can afford to lose which I carry on my person for daily spending. The bulk of your money should be in a more secure wallet . You wouldn't carry your life savings around in cash, and so you shouldn't put them in a mobile wallet.

Just a quick suggestion. Have a backup phone that has a copy application of your wallet and authenticator so that you can reset everything when your phone got stolen or broke. I use this method after my original phone got broke and I didn't backup all my apps especially the authenticator for all my exchange account. I experience too much hassle by contacting all the support of exchange I'm using and suffer some loss on my electrum since I save my seed phrase on the note of that same too.

I always have a backup now after all the hassle I experienced that time.

I don't think so, from a non-technical standpoint. Bruteforcing mobile phone security is difficult, especially if you have a 6 to 8 pin passcode. Both 6 and 8 pin passcodes could generate hundreds of thousands of combinations, making it difficult for the attacker to gain access. Worse, after multiple attempts, the device would forcefully reset itself, wiping all applications, including the wallet.

However, if your phone is stolen and your lock screen is set to biometric authentication, the likelihood of gaining access is quite high due to the fact that a $5 wrench attack^[1] can occur, forcing you to unlock your own device. Much worse, if the attacker is not dumb enough, they can replicate^[2]your fingerprint allowing them to have access on your device later on.

Even if you cannot afford a hardware wallet, the only way to reduce the risk is to avoid storing large sums of money on a mobile wallet, particularly if it is stored on a phone that you use on a daily basis, where gaining access or stealing is almost unavoidable.

[1] https://cryptosec.info/wrench-attack/
[2] https://www.forbes.com/sites/daveywinder/2019/11/02/smartphone-security-alert-as-hackers-claim-any-fingerprint-lock-broken-in-20-minutes/?sh=2d40582a6853

Keep in mind that if you use a mobile wallet, the danger may lie in the applications you download, which can be programmed to send your private key to an attacker. We often see hacks of mobile applications that steal money from users.
There are also many instructions on the Internet on how to make reliable storage out of your smartphone. But again, this phone cannot be used for all other purposes. It must be disconnected from the Internet. But since you write that the problem is in finance, even this method will not be an option. It remains only to save and purchase Trezor or Ledger wallets in the future.

It's going to depend on the security of the phone. Some phones locks up the phone for longer and longer periods of time if the user gets the phone's passcode wrong a good amount of times. At the same time, if the phone's memory isn't encrypted, the thief can simply plug the phone into a computer and start digging for the private keys.

Also, phone wallets aren't necessarily bad. It's just not a good security practice if you own a good amount of bitcoin(probably more than $500 worth). But if you only have like a hundred dollars worth of bitcoin, then a reputable mobile wallet will suffice.

Shall i will say is very diabolic, infact it's very hard to comprehend such, because i believe that if your phone is been stolen and if the thief want access the phone it most passed through the process of formatting of the phone and input it personal security code after formatting the phone, before you could reset existing password, you will have the details of the initial password, so i believe resetting of password is not possible because it requires to input the Old one before it will grant access and become successful.

So this is applicable to the wallet, because before penetrating into wallet you import the phrase code and without having the pass phrase it will very rigid to open.

People will recommend you the safest since this is what they know can make those people safe if they ask about best wallet to secure their funds. But actually wallets on phones(apps) is totally fine if they are registered on the country where you belong and been regulated by finance agancies. Also if you know the danger and can able to handle well your balances.

I'm actually using a "wallet on phone" for so long or shall I say from start of my venture here in crypto and so far never get any headache nor got any problem for using it on my daily transactions.

It's possible but it depends. If you imported the private keys from the paper wallet, then yes. One can always try and crack the phone's or the wallet's password. However, if you just sweep the private keys instead of importing them, spend the funds, then anyone who gains access to the phone afterward shouldn't be able to access your paper wallet but then, sweeping has its downsides as well because if your phone has already been infected by a malware, then the hacker would have access to the PKs.

I remember when I had my phone stolen a few years back (pre-crypto journey), I went to one of our Government Agencies to lock it. After it was successfully locked, the officer asked for my emergency number to contact me if my old phone was unlocked by the thief or anyone who bought it. What can we conclude from this? I don't have the technical knowledge how they do it but there are tools to reset passwords or passcodes on your device.

Do you know why we have most wallet on PC, it's because developers built them and most of the time it is a collective efforts of people combined. They keep improving to satisfy the need of people and the one you see mostly recommended is Bitcoin core(you get both privacy and proper security) and ready for download for everyone and their source code is always available on Github repository, another mostly used is Electrum but privacy wise, it's not recommended, they are both available for Linux and windows.

Android and IOS controlled the device they produce and they are very centralized with the App you upload on their store, it undergoes series of test before they publicly published for the masses, you see the stress and that's why developers don't waste time on Android and IOS due to their centralized nature.



I think ETFbitcoin suggestted Samourai wallet if you want something portable for mobile bitcoin wallet.

For your security, avoid paper wallet, this is 2022.

Phone wallet can only be compromised if the phone is not secure activities such as password and if the person can have access to your email account and your private keys. For me phone wallet is ok but I will make sure only I have access to my password and give my private key to a trusted second party like my wife or kid.

If asked the best wallet to use that is secure, experts will advice people to use hardware wallet like Trezor or Ledger Nano. But not everyone can afford it, some people will prefer to use other wallet.

If the person can not afford hardware wallet or because he just want to store bitcoin for years, experts will advice the person to read about paper wallet very well and use it.

Some people will want to be spending bitcoin frequently and they can not afford hardware wallet, paper wallet can not be used for convenience. The person will be advised to use online wallet. Experts will recommend desktop wallet for the person like electrum but only small amount will be said to have if the person is using desktop wallet.

Some people will want to use bitcoin and be using it for transactions very well, the person do not have hardware wallet and computer, the person will use mobile wallet because he has phones, everyone has phone.

I have noticed people do not recommend wallets on phone, but in reality, some people do not have money to buy hardware wallet and do not have computer but having it in mind to buy it later when they have money.

Let us say the person want to use phone temporary and he is using it for small amount but the remaining amount is on his paper wallet. Let us aay the phone is stolen, can the person that stole it be able to steal his bitcoin? The phone have password.

Is there a way the password can be bypassed to access the wallet. Phone password are not long, is it possible for the pilferer to hack the phone password to have access to the phone.

Or is it just because of online safety that experts are telling others people not to use phones for wallet? I know some dangers why we should not use mobile wallet but I want to gain more knowledge about this. And what I want to gain is about if a pilferer stole a password phone, how can the pilferer access the contents in the phone which can cause wallet hack and bitcoin to be stolen.