Samsung says that smartphones are the safest way to store cryptocurrencies - page 5.

pixie85

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Quote from: bloodyvio on August 19, 2018, 03:58:25 PM

although it is indeed the safest way to store crypto assets
but still if the user does not store the passphrase or private key, when the user loses their smartphone they also lose their assets

You can always keep a paper wallet at home or have another wallet on another device so that if you lose the phone or somebody steals it from you will be able to move the money before they're able to crack the wallet. I wouldn't keep huge money on a phone. Some spare change for everyday use, nothing more.

jerrison

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i strongly and unarguably agree with the fact that smartphones are the best way to store cryptocurrencies but the challenge is that most of the mobile phone wallets dont allow users the access to their wallet private keys and that i presume is very dangerous. they only allow the users have passphrase.

pixie85

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What would you say if a car producer said that cars are the safest means of transport or if someone making safes said that you should keep your money locked at home because it's the safest? It's a normal thing that they do it and they will keep doing it because that's how you make money. Smartphone can be stolen much easier than a computer from your home. Also, you can never be sure what tracking devices are in your phones.

Anyobsss

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Quote from: bloodyvio on August 19, 2018, 03:58:25 PM

although it is indeed the safest way to store crypto assets
but still if the user does not store the passphrase or private key, when the user loses their smartphone they also lose their assets

yes. It's looks like it is not as safe as they claim. They didn't consider the possibility that smartphone can be lose by the user. however, it is still a great idea as it will be really convenient to use our own smartphones to store crypto.

bloodyvio

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although it is indeed the safest way to store crypto assets
but still if the user does not store the passphrase or private key, when the user loses their smartphone they also lose their assets

jak3

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I don't think that's true at least not for all the situations, a good hacker always thinks if something is accessible to you then that is also if possible to all around the world because they are going to spoof your identity and become you. We can take a serious level of information if they can get around your device in this case that is a smartphone. Let's talk about an unimaginable scenario where you have to keep a backup of a phone let's say nandroid backup and the hacker gets that somehow now he will not only have access to your cryptocurrency details but also to everything around your phone in exact order that means even you have open any tab in Chrome that information is also available to the hacker.

airdnasxela

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This statement "Samsung says that smartphone are the safest way to store cryptocurrencies " implies that Samsung smartphone can now function as a hardware wallet because it is something that is tangible. The problem with this concept is that when you lost your phone. When you lost your phone, there are many possibilities that could happen in an instant. Your bitcoin might be turned into nothing in just a matter of time. Also, it might be vulnerable to hackers because that is a phone and a phone is really vulnerable to hacking. A proper care must be employed when using this kind of wallet.

batang_bitcoin

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Quote from: bitfocus on August 17, 2018, 08:46:44 AM

whats the big point? will Samsung cover any loss for stolen phone?

The point is we can bring everywhere our spendable crypto's. If you are a person that loves to spend crypto everywhere in your place that has shops accepting crypto then you have to bring it. And about the funds, they warned that its recommended to create your own back up. Being a responsible crypto holder fits it if your phone has been stolen or damaged.

Frances_McGlothlin

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Quote from: Variogam on August 19, 2018, 12:12:29 PM

Quote from: Brazio on July 29, 2018, 12:10:06 AM

The Smartphones producer commented that private keys should be stored offline to maximize their security, which means that they should not reside on a mobile phone or any device that connects to the internet regularly.

The blog post comments that mobile phone cryptocurrency wallets are the best place to store "spendable" money due to the phone feature called Trusted Execution Environment (TEE).

Good advices. If you put spendable in the subject title as well, it would not be controversial anymore (but at least I can confirm you have skills how to create click-bait titles)

Haha good point. This thread has drawn a lot of attention just because if its name. I wouldn't ever be so assuming to believe that a phone is the safest place to store anything, let alone a savings account of bitcoin.

Although people have begin to live solely off of their phones these days. A lot of people don't even use computers anymore. They only need access to email, social media, banks, and now crypto wallets. So I guess if it has that much value, you could try to treat it as an account. With a detachable chip for savings, of course.

Variogam

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Quote from: Brazio on July 29, 2018, 12:10:06 AM

The Smartphones producer commented that private keys should be stored offline to maximize their security, which means that they should not reside on a mobile phone or any device that connects to the internet regularly.

The blog post comments that mobile phone cryptocurrency wallets are the best place to store "spendable" money due to the phone feature called Trusted Execution Environment (TEE).

Good advices. If you put spendable in the subject title as well, it would not be controversial anymore (but at least I can confirm you have skills how to create click-bait titles)

Dmitry.Vastov

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Quote from: Brazio on July 29, 2018, 12:10:06 AM

Samsung Electronics, a giant of the Smartphone manufacturing industry, recently commented through its official blog that cryptocurrency wallets based on mobile phones are the safest option for the short and medium term storage of cryptocurrencies.

The post explains that smartphone-based cryptocurrency wallets are a very safe place to store digital money, at least the equivalent of the amount we could store in our physical wallet. To save long-term cryptocurrencies, Samsung recommends creating multiple backups of the private key associated with the wallets.

The Smartphones producer commented that private keys should be stored offline to maximize their security, which means that they should not reside on a mobile phone or any device that connects to the internet regularly.

The blog post comments that mobile phone cryptocurrency wallets are the best place to store "spendable" money due to the phone feature called Trusted Execution Environment (TEE).

The TEE runs its own execution independently, which means that the RAM and storage of the phone are separated from the main operating system of smartphones.

Because of this, the Android operating system can not directly access the TEE, even if the operating system is hacked. In this sense, you can only access the TEE through an application programming interface (API).

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Bitcoin is the most sustainable, popular and most successful crypto currency available in the market and they promise that their transactions are safest and the most confidential one and its like impossible to hack bitcoin account or to steal your bitcoins unless you share any of your confidential information with anyone and secondly it is very very good news to hear that such a huge smartphone company Samsung is now thinking something about the crypto, all I want to say is that the era of crypto has been started.

edisonali

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It’s true. You can stock your coins in your smartphone but if you lose your phone then it will be problem for you. We all know Smartphone is a open operating system. That’s why hacker can hack your project that time.

bitfocus

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whats the big point? will Samsung cover any loss for stolen phone?

IdoandWill

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To be honest, it is not a great idea to walk around with your wallet in a smartphone. In some countries smartphones are thieves first target, besides there also is a possibility to loose or smash your phone.

Eddi45

newbie

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I do believe that Samsung is correct .. smart phone are the best option , because of it's easy access it provides to wallets

roxxy

newbie

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This is really a great news that smartphone can be used to store cryptocurrency and not only that samsung smartphones are proven to be the safest too. Now one smartphone is enough to handle everything

aleksej.rozhkov

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samsung is a very strong company and a lot of people listen to their opinion! I think that in the future there will most likely be small crypto wallets that will be in our phones!

nisse44

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even if they are the safest way, i would not suggest to use them as a "main" wallet. Keep in mind a smartphone is a daily use gadget. what if you drop it on the street or you get robbed by a thief on the streets and so on. nono no matter if android or ios device.

SecureCryptoPayments

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Quote from: esatceza on July 29, 2018, 12:57:51 AM

I think saving digital money on the phone is essential but it is easy to hack or steal. Because it seems that the android operating system is an open operating system and it is easy for hackers to hack and steal data

Yes. Unfortunately, the android is not such a reliable operating system now. But let's hope that Samsung announcing such news will be able to develop and protect.
# support SecureCryptoPayments

jtrapirap

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Thanks for sharing mate. Excellent thread, concise and very informative. This great news might boost and inspire big and leading smartphones companies involvement in advertising and promoting cryptocurrency. Smartphones aside from being handy and portable has become one of the most important gadget and technological device we always use today, for communication, browsing the net and now hopefully make monetary transactions via blockchain technology itself. As i have noticed also recently, Samsung has been active with promoting the use of Bitcoin. This is indeed a great news to the whole cryptocurrency community as well.

Topic: Samsung says that smartphones are the safest way to store cryptocurrencies - page 5. (Read 16978 times)