Topic: Storing money on Smartphone is far more secure than desktop or laptop (Read 9338 times)
January 02, 2016, 11:09:46 AM
I agree that iOS is more secure, it has a closed nature and I imagine installing something malicious is very difficult, Using wifi or public networks while dealing with BTC in a phone would be a bad idea IMO though.
January 02, 2016, 09:06:17 AM
Having money on your phone is always handy, since you bring your phone anywhere you go, you can just pay with bitcoins on your phone. I wouldn't hold too much on your phone since your phone could easily be stolen, if you've made backups of your keys, you should be okay though. You wouldn't have anything to worry about if you go that set up.
Storing money on smartphone or desktop or laptop, we have to think about the security of all these three. Desktop or laptop or smartphone every where we have to use internet. and virus and scammers comes through internet only. So better to do some precuatious measures and make it all secure with some kind of trusted software and pass keys. What are we really talking about here? about Bitcoin? or real money? For me, all have the same amount of safety and risks. Bitcoin wallets for smartphone is just a support feature by the walletproviders to easily access your wallet through your smartphone. You can access your wallet through both computer and smartphone, and it all shows the same thing.
January 02, 2016, 06:18:19 AM
Never forget that you phone is small and thus can be broken, stolen and lost far more easily than your desktop computer. I'd say that you can store up to 1000$ of Bitcoin in your phone, even if personnaly I'd stop at 100$.
January 02, 2016, 05:56:01 AM
Having money on your phone is always handy, since you bring your phone anywhere you go, you can just pay with bitcoins on your phone. I wouldn't hold too much on your phone since your phone could easily be stolen, if you've made backups of your keys, you should be okay though. You wouldn't have anything to worry about if you go that set up.
Storing money on smartphone or desktop or laptop, we have to think about the security of all these three. Desktop or laptop or smartphone every where we have to use internet. and virus and scammers comes through internet only. So better to do some precuatious measures and make it all secure with some kind of trusted software and pass keys. 
December 19, 2015, 07:13:39 AM
Having money on your phone is always handy, since you bring your phone anywhere you go, you can just pay with bitcoins on your phone. I wouldn't hold too much on your phone since your phone could easily be stolen, if you've made backups of your keys, you should be okay though. You wouldn't have anything to worry about if you go that set up.
December 19, 2015, 07:13:18 AM
If the android device is rooted, it will not be secure to install bitcoin wallet on it
To be safe while using mobile wallets, I export the private keys because the mobile might get broken or stolen
To be safe while using mobile wallets, I export the private keys because the mobile might get broken or stolen
My device is rooted and ive had no problems yet. thats not to say i wont get any and i dont think stagefreight has been patched much yet either which puts almost 99 percent of androids at risk. For mycelium i have the seed written down so if i lose my phone i can at least recover my btc. Ive already lost 0.4+ btc from trying to teach my phone to swim.
December 19, 2015, 07:09:09 AM
If the android device is rooted, it will not be secure to install bitcoin wallet on it
To be safe while using mobile wallets, I export the private keys because the mobile might get broken or stolen
To be safe while using mobile wallets, I export the private keys because the mobile might get broken or stolen
December 19, 2015, 06:55:54 AM
I agree with the op. smartphone seem to be the safest way to store your bitcoins. I use mycelium btc wallet. can check balance evrywhre I go android a pass phrase option to secure your bitcoins
It depends, i wouldnt store my bitcoin on my phone. i hold some there but its just for spending. If im holding then theres no other way to do it than a paper wallet.
yah, you have point there, but its very technical to some people that wouldn't understand the technology of bitcoin. this is the best I can explain to them. mobile wallet+bitcoins
December 19, 2015, 06:55:20 AM
I wouldn't store anything on my phone. It doesn't seem the safest option at all. Your phone is easy to get stolen as well.
I would put the bitcoins I don't use on a cold wallet.
As long as you protected your account with 2fa and use unique password your coins are safe. Never ever use "remember password". Not a good idea. I would put the bitcoins I don't use on a cold wallet.
December 19, 2015, 06:50:17 AM
I wouldn't store anything on my phone. It doesn't seem the safest option at all. Your phone is easy to get stolen as well.
I would put the bitcoins I don't use on a cold wallet.
I would put the bitcoins I don't use on a cold wallet.
December 19, 2015, 06:35:23 AM
I agree with the op. smartphone seem to be the safest way to store your bitcoins. I use mycelium btc wallet. can check balance evrywhre I go and a pass phrase option to secure your bitcoins
It depends, i wouldnt store my bitcoin on my phone. i hold some there but its just for spending. If im holding then theres no other way to do it than a paper wallet.
December 19, 2015, 06:32:13 AM
I agree with the op. smartphone seem to be the safest way to store your bitcoins. I use mycelium btc wallet. can check balance evrywhre I go and a pass phrase option to secure your bitcoins
December 19, 2015, 02:48:05 AM
iOS is more secure than Android btw. If you want Android with better security get the new Blackberry Priv running Android thats been out recently.
Breadwallet ceo:
RVC: I've read that mobile wallets should only be used for pocket change. How much money can I safely keep on my phone at one time?
It's ironic, because many people don't realize that their smartphones are actually the most secure computing device they own, far more secure than desktop or laptop systems. It's wallets that can be accessed from the web or desktop that should really only be used for pocket change.
An iPhone uses the same techniques of app sandboxing and enforced code signatures that dedicated hardware wallets use. The phone is also hardware encrypted so your funds are strongly protected even if it's physically stolen. The US DOJ even complains publicly that the phones are too secure. Some people prefer to keep large amounts in paper wallets, but for someone who doesn't have a strong technical knowledge of bitcoin, misunderstanding how change addresses work can result in total loss, so they're not really suitable for the general public. There was recently a $1M dollar bounty offered for a remote jailbreak of iOS, and the winner ended up having to use an exploit in the chrome app, so if we assume markets are efficient, then in theory it should be safe to keep at least $1M in breadwallet (if you don't use chrome).
i dont know which better between ios and android for store bitcoin or used bitcoin transaction,but if you said smartphone better and more secure than computer dekstop,i agree with that,but i have my own statment why smartphone is better,that because we always bring smartphone every where,and not bring dekstop PC everwhere Breadwallet ceo:
RVC: I've read that mobile wallets should only be used for pocket change. How much money can I safely keep on my phone at one time?
It's ironic, because many people don't realize that their smartphones are actually the most secure computing device they own, far more secure than desktop or laptop systems. It's wallets that can be accessed from the web or desktop that should really only be used for pocket change.
An iPhone uses the same techniques of app sandboxing and enforced code signatures that dedicated hardware wallets use. The phone is also hardware encrypted so your funds are strongly protected even if it's physically stolen. The US DOJ even complains publicly that the phones are too secure. Some people prefer to keep large amounts in paper wallets, but for someone who doesn't have a strong technical knowledge of bitcoin, misunderstanding how change addresses work can result in total loss, so they're not really suitable for the general public. There was recently a $1M dollar bounty offered for a remote jailbreak of iOS, and the winner ended up having to use an exploit in the chrome app, so if we assume markets are efficient, then in theory it should be safe to keep at least $1M in breadwallet (if you don't use chrome).
December 18, 2015, 08:06:07 PM
I love bread wallet on the iphone i have been using it for ages now, however im not sure i would wana keep all my bitcoin there. i think paper wallets are still one of the best options out there...... 
December 18, 2015, 08:02:34 PM
For me i prefer to store it in laptop, phone can be lost and easier to broke compare to laptop
November 30, 2015, 03:41:05 AM
I can understand the point that is being made. The system of iOS might be more secure than android but at the end of the day, a mobile phone is still an electronic device. There is a bound to be a zero-day or fault that not even the developers know and if there is incentive to find it, people will look for it. To this day forward, I will believe a paper wallet that is safely stored away from any harm (environmental, random acts of god, etc) is the best way to keep your bitcoin. I feel every electronic device has some flaw. The second best to a paper wallet would be maybe a Hardware wallet which would keep your coins secure.
November 30, 2015, 02:50:11 AM
Even if we use our phone to store the bitcoin wallet it is necessary to have one or few backups because the phone is not static like PC and can be lost/stolen at any time.
November 30, 2015, 01:02:28 AM
For me I just use my phone much closer to me
November 30, 2015, 12:43:37 AM
I personally think that for pure beginners, insured web wallets are the best solution. I know many people don't like it as it's the equivalent of using Paypal but for some people who just want to buy and forget without the hassle of understanding how to backup and save your stash, it does not sound too bad to keep it on Coinbase or Circle, granted they have the 2FA enabled.
Despite that, you won't have full access of your keys and you have to comply with their terms. They do restrict certain transactions. Circle only covers up to $100 and it isn't perfect. Coinbase covers only if the hacking is due to their incompetence. A normal desktop wallet is secure enough provided that you have no virus which is easy to achieve. I have stored up to $200 on my computer and to this date, I haven't lost a single satoshi. November 30, 2015, 12:39:05 AM
I personally think that for pure beginners, insured web wallets are the best solution. I know many people don't like it as it's the equivalent of using Paypal but for some people who just want to buy and forget without the hassle of understanding how to backup and save your stash, it does not sound too bad to keep it on Coinbase or Circle, granted they have the 2FA enabled.
Jump to: