Samsung says that smartphones are the safest way to store cryptocurrencies

[jack.anroid]

I totally agree with this post. First of all thank you for sharing this news. I also think that smartphone based crypto currency is more save. It store digital money with several types of security. Samsung also want to create private associated key with wallet.

[larkscrypto]

It’s really demotivate newbie’s to invest on crypto world. So, if newbie get positive comment and positive post from expert they will more interested about cryptoworld.

[SheldonLang]

I absolutely agree with what they said. Hardware wallets are accessed through mobile phones and laptops usually. But, the advantage of smartphones are that they are less prone to getting affected by malware and virus. Moreover, 2FA that helps keeping your wallet secure, uses mobile phones as authorizing permission to its users.

[HarryBrace]

If you consider a smartphone's capability of saving itself from malicious softwares and trojans you would understand that why Samsung has made such statement. Laptops tend to get attacked by virus and malwares more often than smartphones which may cause the user with a hardware wallet installed on laptop to panic for no reason, whereas smartphones don't have any such issues.

[CharlesCorley]

I agree that smartphones are very secured because they hardly gets targeted by the hackers and viruses. Moreover even if phone gets lost, you can remotely control it. There is also 2FA which uses the phone as a medium to confirm user access. The same cannot be said about other devices which are used for installing hardware wallets.

[InboundMercury]

It's a great initiative taken by SAMSUNG. They are becoming more crypto friendly. It will be much easier for us if we get smartphones as hard wallets. I hope it will make more people interested in crypto.

[JohnLowry]

I hope samsung will provide better security with this facility. Then it will be the perfect combo for crypto people. I think it will create a massive positive impact on crypto world.

[marcbitcoins]

I think the features is the same with the hardware wallet of Ledger Nano S but this is much convenience and a user friendly too because you are using your cellphone other features and at the same time the feature of a USB as offline or hardware wallet.The only problem i see is when you lose this phone and you will lost your hardware wallet easily too because you will always to bring this phone for your other personal use unlike the USB Ledger Nano S which is mostly will stay safe at home.

[BennieMartin]

Well this is a good news. We all have smart phones and if we can use it as wallet then it would be easier to keep the coins close to us and it would be portable too.

[Lexurdania]

I think the most safest wallet to store our coin/token is using cold wallet or hard wallet. Using smart phone to store our coin is very risky because our phone can be lost or damage. Many application on phone that not safe to store our coin/token. The best option to store our coin/token is hard wallet but if we decide to use web wallet or desktop wallet, we should keep private key more safe

[MarieMoore12]

I think it is by users and service providers are protected. Hackers often clutter the back door to gain access to your phone system.

[dewildance]

Actually, that might be true. Mobile devices are more convenient to transfer and use. For safety reasons it can be very useful with a little help.

[Phan Long]

Smartphones are used to store information, this is a dream come true. We can carry Bitcoin wallets everywhere. Nowadays, there are some phone companies that have spyware, they can steal information, bank accounts, even your Bitcoin wallet, that's a downside. Also, what happens if we lose our phone, we will get in trouble.

[pat4cryptoreal]

I don't agree with this suggestion, I fine it very difficult to use my phone for any important thing because I can loose the phone at anytime. Be it long or short term storage normal hardware wallet is the best.

[talkbitcoin]

these days it seems like these big companies like Samsung are "quoted" to say all kinds of crazy things. and that is mainly because the journalism is dead when it comes to cryptocurrency space thanks to hundreds of shitty news sites creating articles out of their asses and others copying them to post the same exact thing with different wording.

[mmo4me.2016]

Phone is a personal device, if it can do good coin management application, the security is better than the computer,
Mobile will be the platform for online payments!

[Gururapyco]

I don't agree with this. I would not store my holdings on a device that is constantly connected to the internet. Best place to keep your coins is on things like ledger nano s or a computer.

[BlakeMye]

I must say it is their selling policy because a phone constantly connected to internet and it is very easy to steal a phone so, i think it is totally a bad idea.

[pawanjain]

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?

If you read the post carefully you can find out that the OP mentions that the private key should be kept as a backup in an offline place.
It's funny reading this that a smartphone company tells the people to use smartphones to store their money. Good promotion eh?
It's not the first time that a smartphone company is integrating a cryptocurrency wallet into their phones and branding it as a blockchain powered phone.
HTC had previously introduced a phone which had Exodus wallet integrated within it. We can't say it as a safest way to stroe crypto but yeah it sure is a convenient and efficient way to store cryptocurrencies.

[xysheeh03]

yes i agree with this statement,  smartphones can handle and accomodate transactions to cryptocurrency and bitcoin business. Smartphones has enough perspective to catch up details and transactions upon buy and sell and trading of bitcoins and some other cryptocurrency.