NEW! Bitcoin Smartphone Coming Soon

[Marko Vidrih]

The start-up Sirin and the electronics giant Foxconn are planning a smartphone with a built-in digital wallet. This should be much easier - but the mobile phone will not be cheap.


Virtual money like Bitcoin and the smartphone - this is not a real love, on the contrary. Recently, there have been increasing warnings that cybercriminals are not only attacking PCs to illegally dig cryptocurrencies, but also mobile phones. Now a start-up and a large contract manufacturer want to make it clear to the consumer that the combination of Bitcoin and smartphone can also have their good and safe sides.


The Swiss-Israel company Sirin Labs and the Taiwanese electronics giant Foxconn, which among other things manufactures iPhones for Apple, are planning the first smartphone with blockchain technology. So with the technology that forms the basis of all virtual currencies. Thus, the crypto will finally mass market suitable, says Sirin founder and co-CEO Moshe Hogeg. The device, jointly developed by Sirin and Foxconn called Finney is said to facilitate transactions with digital money and provide protection against hacker attacks.

Use physical switches to access the wallet
The two companies are counting on the fact that there are currently millions of Bitcoin owners, but only a few use Bitcoin for day-to-day business. The complicated technology makes this unattractive. To prevent theft, Bitcoin payers must keep their assets on special memory sticks until needed. Then remember to remember complicated usernames and passwords that can be many characters long. An uncomfortable thing that gets in the way of a really big spread. "No chance my mother will find out how to use Bitcoin. And my mother is smart, "says Sirin boss Hogeg.

MORE ON THE SUBJECT
With a smartphone that basically everyone can carry in their pocket, everything should be much easier. With the Blockchain mobile phone, for example, users should be able to shop on crypto-friendly websites. This promises a high level of security. Finney devices - under this brand, smartphones and PCs are planned - are the first to rely on the applicable as uncrackable Blockchain Technik. They run under the widespread mobile operating system Android, in conjunction with special cybersecurity technologies. With the help of its own physical switch, the owners should be able to cut off online access to the built-in digital purse ("wallet") and thus hinder hacker attacks. This so-called "cold wallet" is considered safer than a "hot wallet" that can be accessed anytime via the internet.

Competitors are also involved
Sirin has already raised hundreds of millions of dollars in project development from investors:  158 million USD in December, and another 70 million USD recently. The Bitcoin smartphone is expected to hit the market in October 2018. First, it wants to market it through its own stores, later on via telecommunications companies. The device is not cheap. Initially,  999 USD are targeted; Later, license agreements with other cell phone producers should push this price down to 200 USD. Among other things, Sirin is in talks with Huawei.

Meanwhile, others have discovered the charm of a blockchain phone - competitors like Zippie and Bitvault. Nevertheless, analysts rate the prospects of success quite ambiguous. On the one hand, the use of Bitcoin is still very limited, on the other hand, there is a danger of constantly carrying its virtual money with it. Criminals could kidnap Finney owners and forcibly gain access to the virtual wallets, so the fear.

Author: Marko Vidrih

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[bitart]

Nice idea, but I don't really catch the point...
I do have an android phone now, and I can use Mycelium on it, which is a bitcoin wallet. It can be used as a hot wallet (storing a small amount of bitcoin in that wallet) and as a cold wallet as well, because I can attach a Trezor or a Ledger Nano S to the android phone and Mycelium can handle both hardware (cold) wallets.
So it's already possible to do all these things which is written in the article. My only idea is that they don't really want to use bitcoin as the currency on the blockchain, but they want to set up their own currency and 'force' people to use it instead of bitcoin, which is a really smart move from them.
I'm interested in the outcome of this...

[AVAMONEY]

It is Taiwan manufacture Foxconn, i found similar news from cnn Electronics Giant Foxconn Signs on to Manufacture $1000 Blockchain Phone
In my view, the Smartphone will be built into it already integrated wallet in the form of Bitcoin and Altcoin, in the future the tokens / coins in the wallet can be used for functional transactions in various merchant partners. The idea is good '‘It will let owners shop on crypto friendly sites like Overstock.com and Expedia, converting cash into specialized tokens if needed,’ an excerpt from the report read. ‘Users may also activate their phone’s Wi-Fi while commuting and get paid in tokens by fellow bus riders looking for access to a wireless network.’' , but i think it need big co-operation with many company to makes this happen.

[Kikir leutik]

this is an amazing design. I expect this to actually happen. to develop and facilitate transactions. it is likely to expand the market.

[The Alchemlst]

it is a good idea it would be like a portable ledger with a much more diverse functions and utilities with security measure for our cryptocurrencies. I would love to have one since I am always on the go and I think it would be very useful for me plus this smart phone idea will surely improve bitcoin's accessibility and acceptability to more people across the globe.

[romandos86]

This smartphone criminals will steal and demand a ransom for it. Not the most successful venture, as I think)

[squatter]

The start-up Sirin and the electronics giant Foxconn are planning a smartphone with a built-in digital wallet. This should be much easier - but the mobile phone will not be cheap.

I'm not a fan of specialized devices like these. They basically announce you own bitcoins. I only use generalized hardware because of supply-chain attacks -- and for discretion.

Keep in mind, these kinds of specialized hardwares (like hardware wallets) generally involve closed-source code and centrally-updated firmware. That's a security hole. The physical switch sounds like a novel way to imitate an air-gap, but it's not what I would consider cold storage.

Not a fan of Foxconn, either....

[LTU_btc]

I'm sceptical and I think that this project will fail. Do they really think that people will buy this phone just because it has Bitcoin wallet integrated, instead of iPhone or Samsung devices. Especially when price of this coin will be $1000 which is really expensive. And basically, smartphones aren't best place to keep BTC, so I don't that specialized Bitcoin phone are needed. Personally, I have installed Bitcoin wallet on my Android phone where I keep small amount of BTC and I don't need for something more fancy.

[darkangel11]

Definitely not a gadget for me with this price range. I tend to abuse my phones since I'm working a lot and spending a lot of time outside, so I never buy anything expensive. Also, I don't want to worry with it getting stolen. My phones are always in the <300 USD price range so that I'm not worried if they get a little wet or covered in dust. a 1000 USD phone would be a pain to use. I like the idea though.

[Marlo0619]

Well this is a great news. Since many people are using Bitcoin. The company will bring new idea and that is the smartphones. I am so happy that they thought of that. Smart phones of bitcoin will be the great way to use Bitcoin.

[Chirs]

The price will surely exceed Iphone X, and of course the owner of the smartphone must take care of his phone with more caution again, if the smartphone is stolen, then it could be all the assets owned by the owner will disappear as well.

[jseverson]

...wait so it's not necessarily a Bitcoin smartphone, it's a blockchain smartphone? How exactly would that be better than a regular smartphone? It looks like they basically threw in the blockchain aspect to attract buyers with no real improvement in other areas. I also fail to see why it would be more secure and better suited for crypto activities...unless it hosts its own Bitcoin blockchain? Even then I find the concept to be rather iffy. It's also going to be online a lot, so I'm not sure whether I want to trust it.

But yeah, to each his own I guess. I personally don't engage in crypto activities with my smartphone because I feel like PCs are much more secure (being much more customizable), and I don't think a mobile device fine tuned for crypto is likely to change that.

[TuanThanh3123]

This is an amazing design. I expect this to actually happen. 

[btc-facebook]

So what's the different when I download mycelium from google play and install on it ?
After got install, my phone turn into bitcoin wallet smartphone.

,,,
But yeah, to each his own I guess. I personally don't engage in crypto activities with my smartphone because I feel like PCs are much more secure (being much more customizable), and I don't think a mobile device fine tuned for crypto is likely to change that.

Imagine that your phone got stolen or got crash because of any major disaster so yeah PC much safer !

[bob123]

,,,
But yeah, to each his own I guess. I personally don't engage in crypto activities with my smartphone because I feel like PCs are much more secure (being much more customizable), and I don't think a mobile device fine tuned for crypto is likely to change that.

Imagine that your phone got stolen or got crash because of any major disaster so yeah PC much safer !

There is a difference between safety and security.
Regarding crashes, stolen phone, etc. this is a reason for the PC being safer to use.
But i would not call a PC more secure than a mobile.

Android is utilizing a linux kernel. With proper settings a mobile can be just as secured (and even more secure) than a windows pc.
The security mostly depends on the hardware/software used and on the configuration.

[nazaididuan1]

Block chain mobile phone users, will block chain technology for effective promotion!

Block chain mobile phone's booming development of digital encryption currency and block chain technology to daily life!

The combination of cell phone and block chain will produce a new ecological chain!

[SuperD007]

My biggest issue with this that currently smartphones are being used by government agencies to spy on their people (if you think I'm smoking my socks then watch the Snowden movie)

I think using a blockchain based mobile phone to conduct crypto transactions might be giving away too much information to the government. I don't trust them, I believe the biggest criminals are not the ones sitting in Jail nor are they they ones standing trial. The biggest criminals  wear suits and tie's and are sitting in parliaments and corporations around the world.

I'm actually considering getting a DUMB Phone.. the dumber the better..  Smart user with a dumbphone is better than a smartphone with a dumb user  

[bigdude]

I heard that will have the first blockchain mobile very soon name FINNEY™ Smartphone
I'm still not sure what's blockchain mobile will have any unique features to make it special.
if they can do this good that will be great for Sirin

[Vladv26]

Honestly I wouldn't keep my bitcoins on a phone wallet since my phone can be stolen without even knowing it. On the other hand thiefs can follow the persons that bought a phone and steale it from him. That's not the only reason. I also dont see why you wouldn't want to keep your bitcoins on a mobile hardware. You can keep you bitcoins into a wallet that can be downloanded on any android or ios smartphone.

[daarul50]

Very good idea. The more people who use blockchain technology to transact, the more people recognize and curious about blockchain technology. However, it should also be accompanied by government support in their respective countries because if a country does not accept blockchain technology then it is likely that citizens in that country will not be able to enjoy or get the smartphone based on the blockchain technology they created.