Samsung: Smartphones are the Most Secure Device When Using Cryptocurrency

[Pan Troglodytes]

(...)
there is some sense in this claim given the amount of viruses in phones is definitely lower than in computers, but it doesn't mean you can't get virus in phone and it's safe in general

What about the 2FA which gives the additional vector attack for phones, compared to computers? I'll explain: phones can be used as 2FA devices what means that the attacker can control the second authentication channell too.

No it cant be done so easily. If you re using the computer or laptop then you are just using it to open or access that website over the IP however if you are having the 2FA activated which will be via your smartphone then you are still very much secured. Because as long as you dont put the authentication code generated you wont be able to gain access.

Tell you what even when the hackers get your passwords then also he wont be able to access the site or account without that 2FA. And 2FA always keeps changing every other 10 seconds and never repeat itself ever.

I guess this combination of both is far more secure rather than just using the phone.

I agree that the scenario you describe is secure. What I was trying to say is that if you use your 2FA smartphone to log into the sites (even if occassionally or only once or twice, and I have seen my friends do that and I admit I do that myself to log into bank accounts) then you may be in trouble if that phone gets compromised.

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[Wexnident]

There is nothing wrong with keeping the amount of bitcoin you are willing to lose in a hot wallet on a smartphone. Nowadays Trezor or Nano S hardware wallets are cheap and can be used with Mycelium on Android with an OTG cable keeping your private keys completely off the phone. That's the safe smart way to use bitcoin with a phone anything else is a distant second best.

This is true. It is very hard to secure things such as bitcoin. It is the apple of the eye of the hackers because of its high potential of growing. In which it is very useful today. With this people should do safety precautions with the security so that it will be safe. It is recommendable to use a cold storage and hard wallets for storing cryptocurrency especially bitcoin.

[ranman09]

Nothing beats a hardware wallet over-all in terms of security+ease of use though.

Agreed. Any phone can be, once installed with a malicious app, can be controlled. I better use focused hardware that has specific operating systems for specific use only.

This way I would not need to be worried if someone or a game will control my phone.

[AniviaBtc]

I agree smartphones are safer than laptop and desktop. Its not 100% secure but if you are using it carefully then these devices are best to keep your digital currencies.

This will also adds the popularity of bitcoin. Thi sis a big help for the cryptocurrency market. This will surely encourage others to enter to cryptocurrency or to used bitcoin because of the huge company such as Samsung engaged into it. Surely there will be a smartphone feature where you can store your cryptocurrency safely and secured in the future.

[krishnaverma]

I am using bitcoin wallets on a brand other than Samsung and there had been no security issue so far. In my opinion, all reputed brands keep their mobile updated or free from these kind of security flaws.

[faceoff97]

I always thought smartphones were a lot safer due to most likely less malware targeted at them(though not 100% sure), unless your phone is rooted and you're giving a lot of special permissions to random scammy apps. Though I've always though up to date iPhones were more "secure" compared to Samsung phones or android phones in general.

Nothing beats a hardware wallet over-all in terms of security+ease of use though.

This is true, I think its not just about what kind of phone or computer you are using. Its about what kind of wallet you have, its better if you have your personal gadget which only you could use. In this way you can keep from anyone to steal the private key you have or the back up. Having an open source wallet would make you feel you have the sovereign control over your funds. Anytime, an application might go on yout phone and have the access to your wallet specially when it is exchange wallet. Better to keep it in a hardware wallet or open source wallet which guves the hacker the hardest time to hack an account. You might want to try HODLER wallet which is an open source multi wallet. https://hodler.tech/?lang=en you can check more of its feature to verify.

[Wall_Streeet]

but you need to make a clarification that not suitable for unlocked smartphones. or make it clear whether they are safe?

[goodluck0319]

honestly, I generally believed that smartphones are the most insecure way to store cryptocurrencies, and they are easier to crack than anything else

[Pan Troglodytes]

(...)

It honestly is not about what device that you have. Others believe that Apple can never have a virus since you can't download just any file from the Web using that phone. Does anyone really know someone who got their Smartphone hacked? I have friends who click every Ads and pop-up prompts but they never got their phone hacked. In a computer, these people have tons of virus what does those virus do? The most troublesome I encountered was a virus that auto-downloads and installs apps without your knowledge. Other than that? Nope.
(...)

I have to disagree. Maybe you were lucky with your viruses
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To those people, I say "What the hell have you been doing with your computer?" and it's mostly the people who likes to post about deep web stuff that gets such virus.
(...)

well, not really, in our forum there is a fresh example of alike thread of a person who lost all his bitcoins due to a trojan: https://bitcointalk.org/index.php?topic=5044019

[goaldigger]

Isnt it smartphones are the riskiest gadget o be used ever in transacting crypto because even though it is the most convinient way to access, it can bethe channel to all your accounts. Im sure all of your electronic belongings are stored there for convinience like emails, passwords and bank accounts all leads to one system.

[Keyboard PC]

I don't think so and I think you have a mistake about the security of the device, when your device is a smartphone or whatever it is connected to the internet, everything will not be safe, because this internet network can be inserted some descriptions that you don't see and don't feel and Suddenly it has been entered on your device and is lodged there as a virus that is completely invisible, so any device that is still using the internet will not be the safest.

[Dmitry.Vastov]

According to Samsung, the $290 billion behemoth which dominates every major industry in South Korea, smartphones are the safest device to use when transacting using cryptocurrency

Smartphones Over Laptops

Smartphone wallets such as Blockchain and Jaxx are the go-to applications the majority of cryptocurrency users utilize to send and receive payments with digital assets.

Joel Snyder, a senior IT consultant, a contributor to Samsung Insights, explained in a recent paper that smartphones are significantly more secure than laptops and other devices, because of the presence of the Trusted Execution Environment(TEE)

Most smartphones have a native environment called the TEE, which operates as a separate execution environment with its own memory and storage, isolated from the device. Hence, not even the operating system (OS) like Android can reach into the TEE and potentially initiate alterations in its memory.

In an event of a hacking attack or a security breach, attackers cannot possibly break into the TEE and attempt to steal data such as the private keys of cryptocurrency wallets because the TEE exists completely independent of the device.

On laptops or computers that rely on conventional persistent storage units such as a hard disk or an SSD, a hacker can easily break into the storage and steal valuable financial information, including data pertaining to cryptocurrency wallets, that could lead to the loss of funds and holdings stored in digital assets.

Snyder explained:

“This is why smartphones have an edge over laptops and desktops for cryptocurrency wallets: without the benefits of the hardware-based TEE, the keys are more vulnerable. There is a significant caveat: a naïve wallet developer might choose to simply store the keys on the normal internal storage of the phone, in which case there’s little additional protection from using the smartphone platform. Or the wallet itself might be malware, in which case all bets are off. But with the right wallet leveraging the benefits of smartphone TEE, there’s no place safer to store your money.”

There is no doubt that Samsung smartphones are known for their security as it is very difficult to hack and track any details on Samsung smartphones and then every bitcoiner must know that bitcoin promises the most safest and the most confidential transactions as the bitcoin transactions does not involve any third party seizure and no third person has the right to see the transaction between the two so the bitcoin transactions provides user anonymity so if Samsung smartphones use the bitcoin technology, then no doubt Samsung smartphones would be the most safest one.

[clonely]

It's not a very rational approach. Mobile devices in the future can often be used. But in today's circumstances, it's not possible. Energy consumption will be the biggest problem.

[happyme1818]

Smart phone are not prone to attack than PC but a good hacker can still penetrate it. I hope they come up with a smart phone that is very secure like hardware wallet and hoping it is more cheaper because if it is too expensive, I rather buy a hardware wallet than to use my smartphone as a wallet.

[bacxuyen]

I do not think so. Whether you use a phone or a computer. If it is not protected, it will also easily be hacked by hackers. However, using a phone is more convenient than a computer because it is compact. You can take it easily and you can use cryptocurrency anywhere.

[Utuhikan]

I myself rarely use smart phones for crypto currency transactions. I prefer crypto currency transactions using laptops. I am not a Samsung user either because for days I have used Samsung but the system is getting slower and slower. Insofar as I joined the crypto currency, I also did not see other smartphones other than Samsung contributing and joining the crypto currency system so maybe Samsung is the safest device to use for crypto currency transactions. Especially in my country, Samsung's function for crypto currency is not clearly explained.

[shield132]

When it comes to safety, offline wallets are the most safest ones. If we compare smartphones to PC/Laptops, everything depends on OS. Btw simple user may be more secure on smartphones because it will less likely be affected by viruses, usually target is Windows OS. On another hand Linux is the most secure to my mind, it gives an extra layervof protection and anonimity in every aspect, there is a reason why some IT people choose it.

[Ethan Argu]

In my opinion everything will not be safe, because we are internet network can be inserted some descriptions that you don't see and don't feel and Suddenly it has been entered on your device and is lodged there as a virus that is completely invisible, we need to be careful because now adays hacker has advance in technology keep your information secure. Be responsible think before you click.

[Bonheur]

I also did not have a security issue till now.But that is mostly because I don't trade or open wallets.They are like an experiment for me.I just like to know they are there.
The only issue I have is broking the screen of my phone.I could not get some of my files and wallet ids.Luckily I always write in a notebook as a security measure.

[Insufficient]

I do store my assests in various places or gadgets but mostly in my smart fon and i always like always create backups of important info. Also when doing a transaction with an exchange i always feel confident whenever my meta mask is on. I am not fond of apple phones for sure. Been using samsung for i guess a decade now. No issues whatsoever.