Is Samsung blockchain wallet safe?

[puradak]

I am 19 years old and I am living in south korea. I transfered all of my bitcoin from electrum to Samsung blockchain wallet.
They provide restore phrase and wallet. It is an app that you can download through galaxy store.
I think this is quite safe because Samsung is very legit company.
They also say that they can't see my restore phrase.
I am curious about your opinion.

Currently, I transfered 0.00399 btc to Samsung blockchain wallet, and I will buy about 100 dollar worth of btc excluding binance network fee every month and transfer to Samsung blockchain wallet.

[Gormicsta]

I am 19 years old and I am living in south korea. I transfered all of my bitcoin from electrum to Samsung blockchain wallet.
They provide restore phrase and wallet. It is an app that you can download through galaxy store.
I think this is quite safe because Samsung is very legit company.
They also say that they can't see my restore phrase.
I am curious about your opinion.

Currently, I transfered 0.00399 because to Samsung blockchain wallet, and I will buy about 100 dollar worth of btc excluding binance network fee and transfer to Samsung blockchain wallet.

Well I can't say whether you made the right decision or not, Samsung may be a reputable tech company, but they don't have any history with crypto, if they do, then I'm not aware of it.

There are wallets that come highly recommended here on this forum and electrum happens to be one of those wallets, so moving your Bitcoin from your electrum wallet to your Samsung Wallet, whatever that is. I literally don't know what to say to that, but what I can tell you is that your funds are better off in your previous wallet. I've never used a Samsung Wallet before and I believe not everyone here has even heard of it before. But if you feel safe with your Bitcoin there, then it's your choice.

[hd49728]

I am 19 years old and I am living in south korea. I transfered all of my bitcoin from electrum to Samsung blockchain wallet.
They provide restore phrase and wallet. It is an app that you can download through galaxy store.
I think this is quite safe because Samsung is very legit company.
They also say that they can't see my restore phrase.
I am curious about your opinion.

I don't know but a rule is if you are using a Samsung phone and use built-in applications from Samsung, do you think it is safe?

You are like using all in one from a same producer from hardware to software, it is very centralized and it means risky.

I don't know about Samsung blockchain wallet and never used it but I believe it is a custodial wallet, close source too. In cryptocurrency, to be safe you must use open source, non custodial wallet.

[DeathAngel]

I don’t know much about Samsung Wallet but what I can tell you is no third party wallet that has access to the internet is safe. I doubt it is a cold storage wallet, if it isn’t then no it’s not safe to use. Buy a Ledger or a Trezor from their official online stores. So many people get scammed using wallets that do not have high enough security.

[Plaguedeath]

I check they're a non custodial wallet, but it's an online wallet, so it's not safe enough if you trying to save for long term as it's prone to get hacked. "Brands" in Bitcoin space is useless, here we need to learn "don't trust, verify", so have you verify the source code or signature? I doubt you can because they're closed source wallet.

Get your hardware wallet if you want to hold Bitcoin for long term, you can use trezor.

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* Device and screen images simulated for illustrative purposes.

[Charles-Tim]

It is a mobile wallet and it is online.

Use cold wallet for savings or for the amount of money that you can not afford to lose.

You can use Electrum as a cold storage: https://electrum.readthedocs.io/en/latest/coldstorage.html

Or you can buy a hardware wallet like Passport: https://foundationdevices.com/passport/

Or you can go for a multisig wallet:
https://electrum.readthedocs.io/en/latest/multisig.html
https://bitcoinelectrum.com/creating-a-multisig-wallet/

[BABY SHOES]

I have never used Samsung wallets like this, it is not familiar except for mobile users who use this wallet because in general, if they want to store btc in wallets with them, they are already well-known, namely Electrum, Bluewallet, etc. as hot wallets, while for hardware it can be Trezor, Ledger and many others.

I don't have much opinion about this wallet because I have never had experience for its usefulness, but if you believe in the wallet provided by the Samsung brand, go ahead as long as you can seed phrase well, your assets will remain safe.

Because maybe the majority of South Koreans are Samsung users so you switch to that wallet?

[sokani]

I am 19 years old and I am living in south korea. I transfered all of my bitcoin from electrum to Samsung blockchain wallet.
They provide restore phrase and wallet. It is an app that you can download through galaxy store.
I think this is quite safe because Samsung is very legit company.
They also say that they can't see my restore phrase.
I am curious about your opinion.

For you to transfer your Bitcoin from an electrum wallet to a Samsung wallet because it's a big brand was a very dumb decision. A scammer could easily create and dump a Samsung mobile wallet on playstore to deceive unsuspecting users like you and if this is the case, it means you've kissed your Bitcoin goodbye and never to be seen again. Electrum wallet is an open source wallet, the code is under public scrutiny and it comes highly recommended. If you're not too late, I'd advise you move your funds quickly out of the Samsung wallet.

[Jawhead999]

while for hardware it can be Trezor, Ledger and many others.

Because maybe the majority of South Koreans are Samsung users so you switch to that wallet?

Although I still see many users suggest to use Ledger, but I think we should learn to exclude Ledger from recommendation Ledger Recovery - Send your (encrypted) recovery phrase to 3rd parties entities.

Yeah Samsung's headquarter is operated in South Korea, so that's why he's using Samsung and use the wallet as it's looks more convenience when you can use many thing in one place.

[Bananington]

These days, we have seen several Blockchain wallets being launched from various companies that normally don't do such, but it goes to show that the the idea of Blockchain and cryptocurrencies is here to stay till the future.
Operamini launched its own wallet, I think techno is developing same tech on the Blockchain as well and there's no limit the kind of wallets soon to exist from various tech companies that normally wouldn't.

The Samsung wallet might be safe in that it could easily be recovered incase the key phrases get missing, but for hackers, this might just be a farm to get unsuspecting victims with crypto holdings inherent.

[Agbe]

You make the wrong decision of leaving Electrum wallet to a Centralized Wallet. Electrum is the best in the cryptocurrency Ecosystem Blockchain. Well nobody will crucify you because it is your decision which you have chosen to use. In Electrum everything is very simple to use, and the only thing you need is to keep your seed phrase and the login password. Samsung is not a legit company and it has fake products in the market and if they have then they are not truthful. Therefore your coins are not save. I believed, I have seen them accepting Bitcoin in one of their Head Quarters but I not heard of them having a wallet. Anything Centralized is not advisable to use because the authorities can close or stop them at any moment if they violate the law.

[Zaguru12]

For you to transfer your Bitcoin from an electrum wallet to a Samsung wallet because it's a big brand was a very dumb decision. A scammer could easily create and dump a Samsung mobile wallet on playstore to deceive unsuspecting users like you and if this is the case, it means you've kissed your Bitcoin goodbye and never to be seen again. Electrum wallet is an open source wallet, the code is under public scrutiny and it comes highly recommended. If you're not too late, I'd advise you move your funds quickly out of the Samsung wallet.

Using the word dump seems harsh to me, there are many ways to tell OP that electrum is the best software wallet. Also the issue of creating just any fake wallet can happen to any wallet even open source but just as you said open source can be verified by Tech savvy people to check for bugs.

As for OP I found out that the Samsung wallet seems to be a multicoin wallet if that’s the reason you opted for it I would say there are other better alternatives like unstoppable which is proven, also the best wallet for bitcoin is bitcoin only wallets and it’s should be open source and cold storage if the amount is much. So I will advice you have a rethink and choose again.

Although I still see many users suggest to use Ledger, but I think we should learn to exclude Ledger from recommendation Ledger Recovery - Send your (encrypted) recovery phrase to 3rd parties entities.

I also see people still recommending the ledger wallet too maybe because they haven’t even paid attention to what’s surrounding it or because of its past glory I don’t get. There other alternatives apart from even Tezors like Passport, Keystore and Coldcard

[LogitechMouse]

Samsung wallet? Never heard that Samsung was into creating wallets already. What a surprise by them I guess?
Anyway, storing your Bitcoin there just because they're a "very legit company" is dumb in my opinion. I mean you forget about the security of your Bitcoins and put it on a centralized company like Samsung.

I guess just saying that you need to be ready if things do not go the way you want them. What I mean is that I don't consider it safe even though it's a non-custodial wallet just because it's still owned by a centralized company. Go follow what everyone is saying, and return all of your Bitcoins to your Electrum account. I can just imagine somebody creating his own Samsung Wallet, listing the seed phrase then selling that phone to an ignorant one who just wants a Samsung phone, and because he's involved in crypto as well, he decided to put all of his Bitcoins on his Samsung Wallet without knowing that somebody also has access to it.

I'm not a Samsung phone user, and even if I do, I will not put my Bitcoins in their wallet.

[leonair]

I am 19 years old and I am living in south korea. I transfered all of my bitcoin from electrum to Samsung blockchain wallet.
They provide restore phrase and wallet. It is an app that you can download through galaxy store.
I think this is quite safe because Samsung is very legit company.
They also say that they can't see my restore phrase.
I am curious about your opinion.

Currently, I transfered 0.00399 btc to Samsung blockchain wallet, and I will buy about 100 dollar worth of btc excluding binance network fee every month and transfer to Samsung blockchain wallet.

I am not familiar with this Samsung wallet. And today I first learned that Samsung launched their blockchain toilet.  So I couldn't tell you how safe it is. But I think electrum wallet is better for you. Because it is very popular and safe and it is a decentralized wallet so you can fund manage your funds here. So here you had enough freedom.

[Gaza13]

What made you switch from electrum wallet to Samsung blockchain wallet?
That's all your rights to put your bitcoins in any wallet, What makes you really believe in this Samsung blockchain wallet, is there a sophisticated system in it, which protects all smartphone user data and wallet, this isn't only found in the highest Samsung S products, right? Don't trust too much in what big brands do to create asset wallets, it's best to stay alert.

Personally, I prefer ledger and Trezor wallets to store my assets. It would be better if with the money you have, it would be better if you bought a hardware wallet product that many people already use, as I mentioned above.

[KiaKia]

Frankly speaking OP   its better you go back to Electrum wallet ASAP and create a new wallet and move all your assets from that Samsung wallet into the Electrum wallet, you have made a stupid decision already and I hope it's not too late.

Either it's Samsung store or Iphone very own store, scammers do have quit good numbers of make believe Bitcoin and crypto wallets on there, waiting for someone who is careless to download and import their recovery seed, I just hope it's not too late already.

There is no crypto wallet that's from Samsung mobile company, not a single one, the only one available was made for hardware wallet with galaxy block chain, it's like using OKX wallet or Metamask with your hardware wallet, but it doesn't require you to import your keys.

[dkbit98]

What do you Mean? I downloaded it from galaxy store and it is introduced in samsung's official website too.

So what if something is official?
You asked if it is safe, and no hot wallet is safe enough, especially if it's closed source like Samsung wallet.
It is ok if you want to use it as for buying rice and popcorns, but it should not be used for anything serious, especially when there are better open source alternatives.

[hd49728]

So what if something is official?
You asked if it is safe, and no hot wallet is safe enough, especially if it's closed source like Samsung wallet.
It is ok if you want to use it as for buying rice and popcorns, but it should not be used for anything serious, especially when there are better open source alternatives.

Producers always say their products are good and safe to use because they have to shill their products to potential customers.

Problems only appear with time and customers will be the ones who suffer from those issues. It is unrealistic to believe that those companies will always make compensation for their customers. It can be true with other things but in cryptocurrency industry, it is very hard to execute compensation when all money can be gone with a bug.

Additionally a hot wallet is not safe to store all bitcoin there. It is more vulnerable to hacks than cold wallets or multi sig wallets.

Recommended wallets

Wallet Basics:

Do not use wallets that don't give you recovery data; these wallets are likely controlling your keys.
Do not use paper wallets unless you're an advanced user who understands all the risks.
Do not store large amounts of value in single signature wallets.
Make sure your heirs know how to recover your wallets without you!
Note that it is NOT recommended that novices use the Bitcoin Core wallet. If you want to use a wallet backed by a fully validating node you run, read Securing Your Financial Sovereignty.

[pooya87]

What do you Mean? I downloaded it from galaxy store and it is introduced in samsung's official website too.

The reason why we chose bitcoin was because we wanted to have control over our own money without needing a third party. Otherwise we would stick to banks and never bother with a volatile money that has very little adoption.

To have that full control you need to know what the tool you use to create your keys, store your secrets, create transactions and sign them, sync your wallet, etc. actually does. That requires the tool/wallet to be 100% open source, transparent and popular enough so that it is reviewed and bug free.
You can't say that for Samsung Blockchain Wallet because it is closed source and relies on the centralized company that creates it and the centralized servers it uses to sync up. So not only you may not be completely secure but also you don't know how much access the company has to YOUR money!

Others are suggesting something like Electrum because it fits what I explained above. It is 100% open source so you can verify the code yourself and if you can't do that, you still know that because it is popular and has been around for about a decade it is reviewed by enough people to be considered safe.

[shield132]

I am 19 years old and I am living in south korea. I transfered all of my bitcoin from electrum to Samsung blockchain wallet.
They provide restore phrase and wallet. It is an app that you can download through galaxy store.
I think this is quite safe because Samsung is very legit company.
They also say that they can't see my restore phrase.
I am curious about your opinion.

Currently, I transfered 0.00399 btc to Samsung blockchain wallet, and I will buy about 100 dollar worth of btc excluding binance network fee every month and transfer to Samsung blockchain wallet.

I have successfully stored up to 0.3 BTC for 4 years in my smartphone on Electrum wallet. I know this is not the smartest thing to do but I haven't lost my coins because I don't download any app and I don't visit any strange website.
Since this is only my experience and I know I was probably lucky, I suggest you to use hardware wallet if you are looking for cold storage. Even if you will manage to keep your device secure, you have to consider accidental drops (never happened to me luckily in my life), theft, damage, software/hardware problems and etc... Just buy a good hardware wallet, secure your seed phrases and seriously take care of your security.