Why still keep the money on phone?

[Not your key not your BTC]

Android is one the biggest operating system used by people in the world. Many hacker and cheater try a million way to hack that OS from user to steal his money, many hacker have succeeded and many user lost his money in the wallet.

if vulnerable why people still keep his bitcoin on wallet phone?, are they rich? Why they give his bitcoin to the hacker?

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[Hispo]

Because even though those hot wallets are not as secure as some cold storage the have some properties which are appealing, like the fact you can carry some satoshis with you wherever you go, they are free, they are lightweight, etc.

I think those wallets had the peek of their utility during the first years of Bitcoin, nowadays nobody reasonable or well informed would carry the bulk of their coins in an android app. It is just too risky, for the reason you have said.

[Poker Player]

For small day-to-day expenses. There are places where you can pay with Bitcoin, or you can exchange Bitcoin for cash in Bitcoin ATMs and certain stores. So, to make these operations you are not going to carry a laptop and your HW all the time. Carrying 0.01 BTC on your mobile is not crazy. I have been carrying small amounts for a long time and nothing has ever happened to me.

[lovesmayfamilis]

It could be the other way around. People are not quite rich enough to buy themselves a computer or laptop, as well as a hardware wallet. A lot of people here on the forum simply cannot purchase a device to calmly read the forum.
Another point is that not all Android devices will let hackers through. Reasonable people understand that if they have any financial means on the phone, they should use it with extreme caution. I don't have a wallet on my phone; however, I am sure that my information is not available to hackers.
It's simple. You are responsible for your funds. Even with a hardware wallet, if someone lacks sufficient knowledge of storage and use, he can still lose everything.

[ice18]

Phone is portable and easy to transact your crypto when you are outside and you want to spend some of it of course you need your phone to send any crypto, yeah its not advisable to carry all your crypto holdings in your phones but always store small amount to avoid possible hacking, phishing or in case you lost it, its also encourage to backup or keys/phrase in a secured location if you were going to travel to easily recover your assets if anything happens.

[bitzizzix]

It depends on your goals, if you prefer to pay in person instead of online you need a mobile wallet. And if you're going to be making regular payments, it's best to keep your money in a wallet that's easy to use and accessible, mobile wallets and desktop wallets are also viable options.
and mobile phones are easy to carry and become a part of our daily lives, this also means they can be broken, damaged or stolen. If you only store a few assets on your phone in a digital wallet, then you don't need to worry too much. However people who keep all their crypto only in their phone, should be very careful with two things. Phone security and
Hacking towards digital hot wallets.
In conclusion, mobile wallets can be used to store small amounts of crypto but larger amounts of crypto are better stored in cold digital wallets.

[NdaMk]

 

if vulnerable why people still keep his bitcoin on wallet phone?, are they rich? Why they give his bitcoin to the hacker?

Although the Vulnerability of Mobil wallets and hardware wallets varies with the latter been more secured. But security sometimes has to do with how the investor treats both wallets, a mindful investor could keep his mobile wallet secured but a careless investors could still lost his funds on hardware wallets. Another thing about Mobile wallet is its portability and cost saving. Investors saving having just $300 or below worth of funds will see purchasing of hardware wallets a waste of money considering its price.

[slaman29]

It's like asking people why keep fiat money on your phone or in a card or in your wallet when you walk around town? You need to do groceries, pay for your espresso, etc.

What or how else are you going to pay for expenses? You do know that what makes Bitcoin so valuable is the fact that people are spending it every day right?

[m2017]

Android is one the biggest operating system used by people in the world. Many hacker and cheater try a million way to hack that OS from user to steal his money, many hacker have succeeded and many user lost his money in the wallet.

if vulnerable why people still keep his bitcoin on wallet phone?, are they rich? Why they give his bitcoin to the hacker?

Actually, the idea of storing crypto on phones is a very good idea. These devices are always at hand of users, almost everyone has it. The potential in this is huge and most likely, the industry will develop in this direction. Undoubtedly, there are vulnerabilities that will need to be addressed. Therefore, keeping money on phone wallets is acceptable, if it is not large amounts for everyday expenses. Of course, these devices are not intended for long-term storage and are not suitable.

You ask why people keep money on their phones. The answer is very simple - it's convenient. Often people are willing to give up security for the sake of it. I believe that the use of crypto currencies should be simple and convenient, and mobile wallets fulfill this function. By solving the security problem, this crypto storage method will win the consumer market.

[Rruchi man]

if vulnerable why people still keep his bitcoin on wallet phone?, are they rich? Why they give his bitcoin to the hacker?

People who don't consider an extra level of security or to go an extra mile to ensure the security of their coins, can still possess the mentality that the coins they have currently are not up to an amount what's going on extra mile for in seeking security or up to an amount that a hacker would be targeting.

Hackers usually target huge amounts of bitcoins, anyone with a very huge amount of bitcoins and decides to keep them on his mobile phone that he walks around with cannot be considered to be very wise.

[yudi09]

What Poker Player and lovesmayfamilis explained really represents what I think about why people still keep valuable assets on their phones.

Maybe they keep it on their phone because they don't have the ability to buy another device and not all of them keep it on their phone because they also know that saving on their phone is not a good solution. But because for a while there is no other choice before they use a safer device to save.

[Outhue]

Tokens and altcoins have been stolen from me before but not Bitcoin, I've been using Electrum mobile wallet for a few years now, I believe it's more easier for hackers to hack your PC than that of a android phone, but still I won't recommend using an android phone to store your Bitcoin, hardware wallets are the best.

[_act_]

if vulnerable why people still keep his bitcoin on wallet phone?, are they rich? Why they give his bitcoin to the hacker?

Because many people do not care about security of their devices until their wallet has been hacked, this is because many of them do not know that hack can occur on their phone until it happened.

Another reason is the convenience. It is convenient for them to have coins on phone and make transaction easy and on the go at everywhere they are because they always have their mobile phone with themselves. But it is good to only leave the coin that you can afford to lose on phone, the rest on cold wallet.

[Apocollapse]

At least if you hold your coins on non custodial wallet although you use online device, it's much safer than holding in centralized exchange. This can be a good solution for people that doesn't have a lot money to buy hardware wallet, what's the point to buy hardware wallet if you only hold coins that worth for $50? the hardware wallet price is more expensive than all of your coins lol.

However offline device would be more safer if you plan to hold on device.

[worle1bm]

It's normal for people where there are merchants who openly accept bitcoins and users can pay them instantly by scanning it from their phone like in the case of El Salvador because even if you keep it $100-$200 in your mobile it would not be big deal.The risk comes when you are storing your coins on your device in wallets without any safety which could be lost and your funds are gone easily.You need to keep your coins safe even in your non custodial wallets safe with your own responsibility.

[CryptoHeadlineNews]

if vulnerable why people still keep his bitcoin on wallet phone?, are they rich? Why they give his bitcoin to the hacker?

The answer to your question is, because that's the least operating system device most people can afford, it doesn't mean they are very rich, because most of the hacking done is always caused by users mistakes i.e either by clicking an unknown link or visiting a trojan website which gives hackers access to our devices. But that doesn't mean there are ways can't still use this operating system and not yet gets hacked by always doing the needful i.e by always avoiding any unknown link or website, not sharing your phone password with friends and always try not tell people how much you own in your wallet.
Because according to research, I was able to know that the most valuable operating systems are Linux and Android.

https://www.techradar.com/news/windows-10-isnt-the-most-vulnerable-operating-system-its-actually-linux

[_act_]

But that doesn't mean there are ways can't still use this operating system and not yet gets hacked by always doing the needful i.e by always avoiding any unknown link or website, not sharing your phone password with friends and always try not tell people how much you own in your wallet.

Phones are also vulnerable to offline attacks, one example is the use of fingerprint these days which can be used to attack you, your fingerprint can be used to access your phone and your wallet also demand for your fingerprint which can be used to access your wallet, to know your seed phrase and to spend from it. Because you can carry your phone around to anywhere that you are going, it makes it more vulnerable. It is good not to use fingerprint, using password or pin is better.

[aoluain]

if vulnerable why people still keep his bitcoin on wallet phone?, are they rich? Why they give his bitcoin to the hacker?

Because many people do not care about security of their devices until their wallet has been hacked, this is because many of them do not know that hack can occur on their phone until it happened.

Another reason is the convenience. It is convenient for them to have coins on phone and make transaction easy and on the go at everywhere they are because they always have their mobile phone with themselves. But it is good to only leave the coin that you can afford to lose on phone, the rest on cold wallet.

I agree, so many people can be very complacent with their coins  It's the same mentality
as keeping coins on an exchange.

The thing with smartphone wallet apps is that they offer very convenient user experiences
but phones are easily stolen, misplaced or damaged.

I don't see a problem with keeping some Satoshis on the phone in order to make minor
payments but to keep a full wallet on the phone is dangerous.

[rat03gopoh]

What they learn the first time, then that's what they do. There is no need to look up any statistics to prove that mobile users are the most compared to other devices. Features and practicality are the first things they look for besides security, so they look for information relevant to their device without having to get another device especially if it's more expensive.

[Aanuoluwatofunmi]

Android is one the biggest operating system used by people in the world. Many hacker and cheater try a million way to hack that OS from user to steal his money, many hacker have succeeded and many user lost his money in the wallet.

if vulnerable why people still keep his bitcoin on wallet phone?, are they rich? Why they give his bitcoin to the hacker?

Using an Android phone is not the problem here, the type of wallet been used is the main focal point we are concerned about, if you should use a hardware wallet or any open source cold storage and unable to maintain security sanity with caution in handling them then you're still vulnerable to attack, if you are using mobile phone wallet which are centralized like hot wallet, you can also experience difficulty I'm handling your asset one day because they can restrict your access to your asset, regulate you, authorize you and leak your information to any third party and finally they can get hacked and went bankrupt, so with bitcoin it's your decision to how and where you want to have your asset stored, but the best idea is for you to have access to them at anytime under your control.