Samsung says that smartphones are the safest way to store cryptocurrencies

[Mhd-Bobbi]

Samsung Electronics, a giant of the Smartphone manufacturing industry, recently commented through its official blog that cryptocurrency wallets based on mobile phones are the safest option for the short and medium term storage of cryptocurrencies.

The post explains that smartphone-based cryptocurrency wallets are a very safe place to store digital money, at least the equivalent of the amount we could store in our physical wallet. To save long-term cryptocurrencies, Samsung recommends creating multiple backups of the private key associated with the wallets.

The Smartphones producer commented that private keys should be stored offline to maximize their security, which means that they should not reside on a mobile phone or any device that connects to the internet regularly.

The blog post comments that mobile phone cryptocurrency wallets are the best place to store "spendable" money due to the phone feature called Trusted Execution Environment (TEE).

The TEE runs its own execution independently, which means that the RAM and storage of the phone are separated from the main operating system of smartphones.

Because of this, the Android operating system can not directly access the TEE, even if the operating system is hacked. In this sense, you can only access the TEE through an application programming interface (API).

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It could be useful that smartphones can be use to store cryptocurrencies. But what about if we lose that phone what will happen? And are we safe with the hackers trying to hack our phones?

Yes, you are right. What if the phone is lost. They should have a backup of documents or files that are on the hardware. In order for those who lost the phone can return all their data.

[princesspoppy]

It is a great news, smartphones are now open to accept cryptos. Using smartphones as a cryptowallet will be very useful and easy t o use. Wallets will be easy to access without the use of internet and surely they have something on their mind to retrieve our Cryptos in case we lose our phone.

[kryptqnick]

The post explains that smartphone-based cryptocurrency wallets are a very safe place to store digital money, at least the equivalent of the amount we could store in our physical wallet. To save long-term cryptocurrencies, Samsung recommends creating multiple backups of the private key associated with the wallets.

The Smartphones producer commented that private keys should be stored offline to maximize their security, which means that they should not reside on a mobile phone or any device that connects to the internet regularly.

First Opera says people can store coins inside of their browser, then Samsung says smartphones are great for storing cryptos... There are some serious problems with this statement. The first problem is that while flash drivers don't usually break, so the wallet is probably safe if you make sure you know where it is, a smartphone can break by simply falling down to hard from a table. The second problem is that people lose their phones quite often. Surely if you stored your keys not on the phone, the wallet will probably not be accessed, you won't be able to get to your coins as well. Another issue is that it is weird to recommend storing coins on a smartphone that doesn't connect to the Internet regularly. Who on Earth would use a smartphone without the Internet?

[Frances_McGlothlin]

Samsung Electronics, a giant of the Smartphone manufacturing industry, recently commented through its official blog that cryptocurrency wallets based on mobile phones are the safest option for the short and medium term storage of cryptocurrencies.

The post explains that smartphone-based cryptocurrency wallets are a very safe place to store digital money, at least the equivalent of the amount we could store in our physical wallet. To save long-term cryptocurrencies, Samsung recommends creating multiple backups of the private key associated with the wallets.

The Smartphones producer commented that private keys should be stored offline to maximize their security, which means that they should not reside on a mobile phone or any device that connects to the internet regularly.

The blog post comments that mobile phone cryptocurrency wallets are the best place to store "spendable" money due to the phone feature called Trusted Execution Environment (TEE).

The TEE runs its own execution independently, which means that the RAM and storage of the phone are separated from the main operating system of smartphones.

Because of this, the Android operating system can not directly access the TEE, even if the operating system is hacked. In this sense, you can only access the TEE through an application programming interface (API).

Did you like this article? Don’t forget to follow @Braziocoin on instagram to stay up to date with all the news of the cryptoworld.

Want to BUY BRAZIO COIN? Check out Braz.io for more info.

It could be useful that smartphones can be use to store cryptocurrencies. But what about if we lose that phone what will happen? And are we safe with the hackers trying to hack our phones?

Yes, you are right. What if the phone is lost. They should have a backup of documents or files that are on the hardware. In order for those who lost the phone can return all their data.

It's the most secure in terms of what exactly? It cannot be hacked? I don't think it's very difficult for a hacker to get into a mobile phone, but I'm not one myself so cannot comment accurately on that. Is it stored in a cold environment on the phone that cannot be accessed unless the user opens it with the key?

And of course, the question of loss. I think that if you lose it, it would be the same as losing your wallet. This might also make phones a new target for theft, as hard drives have become. You never know how many crypto coins could be hiding on a hard drive these days. Imagine if you told someone 10 years ago that they could keep a million dollars worth of money on a hard drive. They'd call you crazy!

[moonami]

Samsung Electronics, a giant of the Smartphone manufacturing industry, recently commented through its official blog that cryptocurrency wallets based on mobile phones are the safest option for the short and medium term storage of cryptocurrencies.

The post explains that smartphone-based cryptocurrency wallets are a very safe place to store digital money, at least the equivalent of the amount we could store in our physical wallet. To save long-term cryptocurrencies, Samsung recommends creating multiple backups of the private key associated with the wallets.

The Smartphones producer commented that private keys should be stored offline to maximize their security, which means that they should not reside on a mobile phone or any device that connects to the internet regularly.

The blog post comments that mobile phone cryptocurrency wallets are the best place to store "spendable" money due to the phone feature called Trusted Execution Environment (TEE).

The TEE runs its own execution independently, which means that the RAM and storage of the phone are separated from the main operating system of smartphones.

Because of this, the Android operating system can not directly access the TEE, even if the operating system is hacked. In this sense, you can only access the TEE through an application programming interface (API).

Did you like this article? Don’t forget to follow @Braziocoin on instagram to stay up to date with all the news of the cryptoworld.

Want to BUY BRAZIO COIN? Check out Braz.io for more info.

I think it's good to store cryptocurrencies on smartphones. It is convenient, easy for newbies on crypto world and all the current people using bitcoin. But do this smartphones can protect our coins? Is this smartphones not prone to hackers. If this is smartphones can do this then it's very good.

[cosmicart]

Samsung Phones would now have the capacity to fill in as hard wallets? This is inconceivable!  It will be more worthwhile for us since we would now have the capacity to bring our hard wallets wherever we go?

[meerkatoken]

Mobile app wallets are basically optimized for retail transactions to paying for stuff with bitcoin or another cryptocurrency.

But because your encryption keys are stored on the phone, you lose your coins if you lose your device. Personally I  think it is not an option for the masses to store their coins on their phone. People loose or break their phones all the time. Also imagine what would happen if your fingerprint scanner malfunctions. You wont be able to reach your find until you fix your phone in a service center.... not a good idea.

Damns samsung is just trying to get into the market first. It is not serious from their side. All they want is to convince crypto holders that they should switch to samsung because soon it will be the no1 crypto-compatible phone company...

[tncbitcoin]

If that is true may crypto holders will switch to SAMSUNG smartphones because of its security and compatibility of crypto wallets to users. I think that would be useful too because many transaction is done by only by the use of smartphones.

[AdoboCandies]

Wow that's nice even smartphones are adapting cryptocurrency maybe in the near future we can see some smartphones that can be used in mining they will create their own exchange, the smartphones adaptation of cryptocurrency will help the cryptocurrency and will also help the smartphone manufacturers as well maybe in the near future they will create their own COIN because of the cryptocurrency trend and maybe they see its potential and its demand in these days they will get many users by adapting it.

[Aleshia696]

Well this news sounds so great to me! We all use smart phones. If it can be used as wallet then that would be much more simple to keep the coins close to us and it would be portable too.

[Sbdip]

Sounds interesting...  But the question is remaining... How much security can a smartphone give better than other harware wallets. While i would suggest nano ledgers..  Better than smartphones..

[MilfordGannon]

This innovation of Samsung is highly commendable and useful as well for all the crypto users out there. So in the time of urgent deposit or withdrawals access to coins is now much more easier

[zero3]

Yes I agree that smarphones are the easiest ways but not safest to store your coins because at the same time its a very risky what if you lost your phone and you have no backup of your wallets? or someone snatch your phone in the middle of the street?

[arthotdog]

This is great! Smartphones can now function as hard wallets? Wow! Just wow! It will be more convenient for us because we can now bring our hard wallets anywhere because we always have our smart phones. We can easily access our coins if ever we need to do some withdrawals or deposits because the wallets are already installed in it. Kuddos to Samsung for making this innovation!

Yeah this is a great innovation for the wallets since now smartphones will stand as hard wallets thats cool.

But how can we assured the security since smartphones are not that secured compare to IOS(apple)?

Maybe this is the most important question to be answered as the community are tired from scamming and hacking all we need is security because our funds keeps for future,

[rickyNmorty]

This is great! Smartphones can now function as hard wallets? Wow! Just wow! It will be more convenient for us because we can now bring our hard wallets anywhere because we always have our smart phones. We can easily access our coins if ever we need to do some withdrawals or deposits because the wallets are already installed in it. Kuddos to Samsung for making this innovation!

Because Samsung is proud that they are part of cryto world and with that, they re helping the bitcoin to boost its popularity. The help of huge company is very helpful to the bitcoin or lets say to the bitcoin community because with this more individuals wpuld love to start using bitcoin amd therefore the market value will rise. As per the smartphone it is not only the safest but at the same time the easiest way to do transactions.

[taylorsara]

Good to know that a renowned company like Samsung paying attention to blockchain. It is much convenient for crypto folks to use their smart phones to store crypto currency and it is safest too

[lungu113]

Well for me, the safest way to store cryptocurrencies is your wallet which you are the only one that knows it. Unlike smartphones if accidentally someone borrow your smartphones and explore it, it may cause that your crypto will know by others.

[dablatair]

Hello, it seems a really nice idea and it could very more convenient way to store and access ou crypto but my main concern is that if you loose or break your phone, you loose everything... If you need to save them on data center of phone supplier it is not secure, if you store or save the data somewhere lese you have exactly the same danger than wht we have today...

[eternalgloom]

I'm not too sure about that, security largely depends on the users. If they're going to install potentially harmful apps, then there's not much you can do against them getting malware from that.
I would think that some malware can easily record key input and send screen-grabs back to the creator of said malware.

I don't think smartphones are ideal for storing crypto, even not short term. There are tons of apps that get into the Google Play store, while they have malware.

[juragane]

I think it's good news that samsung has started using cryptocurrency and blockchain technology so that making some other platforms will follow as well and make cryptocurrency become very tekenal and its price becomes very expensive.