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A73841
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February 11, 2016, 02:03:30 PM
 #1

Hello Community

I have some important question i plan to store some "high" ammount of bitcoins on my Samsung Phone

Is this safe or should i avoid it? by "high"  i mean 320+ coins simply because for me it is much more easy when i trade abroad or when i have no access to blockchain
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February 11, 2016, 02:05:47 PM
 #2

Nope , my advice is don't. Its very easy for someone else to insert a malware and with your wallet files unencrypted, poof there goes your bitcoins. FOr such a significant amount of bitcoins I'd recommend either a bitcoin vault or a paper wallet to carry it around with you.
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February 11, 2016, 02:11:03 PM
 #3

Whats about this so called hardware wallets or trezor?

being myself not a newbie in bitcoins but for security and safety of my coins i need to be sure

Please tell me more about the paper wallet?

For me the most important factor is security and easy access for now i did try blockchain on android and it does work very well.

can i not crypt the wallet on phone?
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February 11, 2016, 02:15:00 PM
 #4

It should be safe since most Android wallets are decently secure. Just make sure you have backups in case your phone is damaged, stolen, or lost. I recommend that you use Mycelium as your wallet.

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February 11, 2016, 05:11:30 PM
 #5

If you do not download malicious applications will all be fine I mean simply using a standard application in your phone, so far I use Blockchain and Coinbase on my cell phone and was never in trouble. I also use the Samsung TAB 4  Smiley

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February 11, 2016, 06:18:19 PM
 #6

You can use Mycelium as it is so secure. and backup your passphrase in a safe place for more security
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February 11, 2016, 06:57:38 PM
 #7

Nope , my advice is don't.
Agree, its really bad idea. Android wallets are not secure, phone alone is not secure, you can lost it, forgot it, get it stolen etc. Not to mention other phone applications could stole your bitcoins.

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February 11, 2016, 07:24:23 PM
 #8

I wouldn't do that.
You should only store as much money on your phone as you would put in your normal purse.
Do you carry several thousand dollars with you  around each day?
If not don't do so with Bitcoin on your phone!
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February 11, 2016, 07:56:54 PM
 #9

You could use mycelium, but I'd highly discourage that. 


I currently use a Ledger HW.1 cold wallet instead of a trezor, because it's practically the same thing and 10x cheaper. If you have the funds, go for a trezor. I don't like how you need to always plug it in using a cable, though.
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February 11, 2016, 09:43:24 PM
 #10

You could use mycelium, but I'd highly discourage that. 


I currently use a Ledger HW.1 cold wallet instead of a trezor, because it's practically the same thing and 10x cheaper. If you have the funds, go for a trezor. I don't like how you need to always plug it in using a cable, though.

Where can you get these wallets and how much are thye I currently use my phone to store my bitcoins but im so scared I might lose them one day.
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February 11, 2016, 09:46:57 PM
 #11

Phone wallets are for small amounts. You wouldn't walk around with that much cash on you...

Like stated before get a hardware wallet and use that to store it.

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February 11, 2016, 09:57:32 PM
 #12

I never used an android wallet myself, but i feel it isn't safe enough to store a that big amount of coins in it.
Better use some hardware wallet or paper wallet as suggested above.


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February 12, 2016, 03:50:36 AM
 #13

You can keep them on different paper wallets and since Mycelium has an import paper wallet function, you can load them up whenever you feel the need to spend them.

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February 12, 2016, 07:27:35 AM
 #14

There are various wallets in the store, from most posts you could have understood should have little amount in the phone wallet. Better option is to save those in the offline wallets as the value is too high. Can use by transferring as it won't charge much for transfer of bitcoins.


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February 12, 2016, 07:32:35 AM
 #15

You have 320+ coins and you don't know what a hardware wallet or a paper wallet is, sure i believe that  Roll Eyes
Where do you store these coins currently, under the mattres?

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February 12, 2016, 10:19:41 AM
 #16

Never use a smart phone ifyou are planning to store big amount of coins as this may lead to a disaster and you can loose access to your coins. I you want a secure wallet I suggest just use a hardware wallet or a desktop.

Your phone can be broke or reformat any minute and also the provability of loosing it. So it is not safe. You can use a mobile for daily coins you spend just don't store big amounts.

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February 12, 2016, 10:24:37 AM
 #17

I'd recommend you to store large amount of Bitcoin in a hardware wallet instead. Android wallet is mostly created for ease of access and use. It is not designed to store huge amount of Bitcoin. I'd suggest you using Trezor to store a huge amount of Bitcoin. Also, never ever store a lot of Bitcoin in a single wallet. Spread them out. The reason being that if someone got one of your private key, you will not lose all your Bitcoin. Smiley.

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February 12, 2016, 10:38:07 AM
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I'd recommend you to store large amount of Bitcoin in a hardware wallet instead. Android wallet is mostly created for ease of access and use. It is not designed to store huge amount of Bitcoin. I'd suggest you using Trezor to store a huge amount of Bitcoin. Also, never ever store a lot of Bitcoin in a single wallet. Spread them out. The reason being that if someone got one of your private key, you will not lose all your Bitcoin. Smiley.

Yea, I'd go the same way. Thus the saying, never put all your eggs in a single wallet. Anyhow, a hardware wallet really is a good way to go.
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February 12, 2016, 11:53:56 AM
 #19

Hello Community

I have some important question i plan to store some "high" ammount of bitcoins on my Samsung Phone

Is this safe or should i avoid it? by "high"  i mean 320+ coins simply because for me it is much more easy when i trade abroad or when i have no access to blockchain

Mope its not safe dude. Check your phone settings whether you check the accepting untrusted market applications. If you would allowed already. Its very easy to hack your account. Not only Bitcoin wallet If you saved bank details means also. IT hacker can hack that easily. If you would the share IP...Lol;)
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February 12, 2016, 11:56:03 AM
 #20

You have 320+ coins and you don't know what a hardware wallet or a paper wallet is, sure i believe that  Roll Eyes
Where do you store these coins currently, under the mattres?
Now that I think about it, and just had a look at OP's last posts. OP being a millionaire who can afford risking buying BTC, seem quite unlikely.
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