0

Let's suppose, someone stores all their bitcoins in an Android or iOS wallet.

  • he/she never stores a seed on the phone
  • he/she uses different addresses for change
  • wallet and gadget are password protected
  • the smartphone is always kept only by the owner
  • there's no connection to iCloud, DropBox, etc
  • potentially dangerous apps are not installed on the phone

If you follow all of the above rules, then why is it generally accepted that storing cryptocurrency in a mobile wallet is considered unsafe?

1
  • 1
    If you exclude all reasons why typical smartphone usage is insecure, then yes, there are no problems. Aug 25 at 11:36
0

Why bitcoins storing on a smartphone are considered vulnerable?

Its a perception based on their experience. Lot of things depend on user, type of smart phone, usage etc.

Two major things that are different on smartphone compared to desktop:

  1. Its easy to run virtual machines on desktop. Few things exist for Android but I have not tried yet: https://www.xda-developers.com/vmos-lets-you-run-a-virtual-android-environment-on-your-phone/

  2. Smartphone normally comes with lot of things you don't find in desktops. SIM & Network, GPS, Camera, Microphone etc. Neither good for privacy nor security. Although there are few people and companies who sell mobile phones without some of these: https://www.vice.com/en/article/wjwbmm/inside-the-phone-company-secretly-run-by-drug-traffickers

Some of the best practices mentioned in the question are not followed by users. Last point about apps is very important and if you can keep a separate smartphone with less apps then it can be considered safer. Other important things are processor, kernel, ROM etc.

2
  • s/safe/safer. Nothing in security is "safe" (100%) :) Aug 25 at 12:38
  • Changed. Agree nothing is 100 % safe/secure.
    – Prayank
    Aug 25 at 12:53
-1

If attackers hack into this smartphone and obtain the private key of your bitcoin wallet, your bitcoins will be stolen.

The higher risk than other devices of smartphones is:

  1. Your smartphone may be lost or very easily stolen from your pocket, because it has a small size and always with you outside.
  2. Your smartphone can be easily intentionally hacked remotely with its rich communication capabilities (LTE, WiFi, BT) and hypothetical backdoor or loaded from store under the guise of programs (games) trojans.
2
  • Hi awoland, what you said is generally true for all devices. Could you please elaborate how smartphones are generally at a higher risk than other devices?
    – Murch
    Aug 26 at 13:57
  • Hi, @Murch! The higher risk than other devices fo smartphones is: 1. Your smartphone may be lost or very easily stolen from your pocket, because it has a small size and always with you outside. 2. Your smartphone can be easily intentionally hacked remotely with its rich communication capabilities (LTE, WiFi, BT) and hypothetical backdoor or loaded from store under the guise of programs (games) trojans.
    – awoland
    Aug 28 at 12:18

Your Answer

By clicking “Post Your Answer”, you agree to our terms of service, privacy policy and cookie policy