Is Samsung blockchain wallet safe?

[aylabadia05]

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.

If you have transferred Bitcoin with the amount OP mentioned, it means OP has made a decision and OP thinks it is a good wallet.
OP is late. It should be before transferring Bitcoin 0.00399 to the Samsung wallet, if the OP wants to find advice from users who are considered experts in this section, this topic was created before not after transferring.

Trust your Bitcoin storage wallet to truly tested wallet types such as Electrum, Bluewallet, and hardware wallets.
I'm a samsung user, but I don't really believe in samsung blockchain wallet.
When it's like this, I hope OP's assets are safe and nothing happens.

[promise444c5]

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.

Bro! I hope this is not a paid advert , are you asking us if it's secure and worth all your coin approval. The contents are persuasive and not a question  but I will add this , if you are completely sure it's safe for you then keep it hoping you made alot of research that suit you to the perfect taste, if not do so to understand more but if you're still sure then go ahead

[pooya87]

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.

Apart from this being a hot wallet and insecure, you are also storing your coins in a portable device which is not a good idea because it could be lost, stolen or even damaged (for example if it falls from your hand) and that could lead to loss too.

[Saint-loup]

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.

Accidental drops, damages, software/hardware issues and physical loss are not critical if you have safely stored your seed elsewhere, especially onto a non-digital medium like a simple sheet of paper for example. Only a theft could put your funds at risk, if you have no mean to access your back-up seed quickly. So I wonder why people are so scared they try to dissuade a random Korean(we are not talking about a poor guy from a poor third world country) to store 4 mbtc on a smartphone into a Smasung wallet. Bitcoin has no chance to be adopted one day if people need to be computer scientists and to have an airgapped computer along with another one in order to use it, sadly. Losing 3.9mbtc is sad but it's not the end of the world if it happens(which is very unlikely btw). Most of common bank apps are certainly way less safe than this app, and nobody cares about it. Unless you use it to store amounts of money you can't afford to lose, the only real concern I see for this kind of wallet is the privacy since Samsung company could be aware of the transactions one day.

[Fivestar4everMVP]

To be honest, i think nothing beats owning and using a hardware wallet, something that is completely offline when not in use, since I am not using a Samsung device anymore, I've not used the Samsung blockchain wallet, and even though I believe that Samsung is a reputable company, it is still possible for such a wallet to be hacked and all your fund stolen, and this Samsung themselves doesn't have to necessarily do this, any body can gain access into your device, or could be that you download a malware app that infects your device and that begins to monitor every move you make on the device, when you open your Samsung blockchain wallet, they could capture all the details and later on, use that to hack the wallet and steal your money.

The above can also apply to or for any software wallet which includes Electrum and the rest, so, if you know that you will be hodling a really large amount of bitcoin, then better spend a few bucks and get yourself a hardware wallet.

[NotATether]

To be honest, i think nothing beats owning and using a hardware wallet, something that is completely offline when not in use, since I am not using a Samsung device anymore, I've not used the Samsung blockchain wallet, and even though I believe that Samsung is a reputable company, it is still possible for such a wallet to be hacked and all your fund stolen, and this Samsung themselves doesn't have to necessarily do this, any body can gain access into your device, or could be that you download a malware app that infects your device and that begins to monitor every move you make on the device, when you open your Samsung blockchain wallet, they could capture all the details and later on, use that to hack the wallet and steal your money.

Samsung are not exactly blockchain or cryptography experts and they just pump out silicon product after silicon product - think phones, TVs, air conditioners, washers, fridges. so that is pretty much the last company you'd want to get a wallet from because they don't know anything about how to make a safe wallet. Whether it be software or hardware wallet.

[Bureau]

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.

As per my understanding the wallet is available on Samsung mobile phone. Considering the status  of your wallet, I mean you handset is always connected to the internet then it is risky.

What you are tmasking about is a hot wallet and these kinds of wallets are prone to get hacked and thefts. Why? They get hacked because of the owners negligence, same applies for theft. I have nothing negative in my mind about the brand but it is risky

I feel that it is best to use a hardware or a software wallet that is non custodial and it not always connected to the internet. Hardware wallets are best if not then store your coins on a software wallet that is not connected to the internet.

For example use an old laptop or an android phone which you don't use. Install a software wallet like Trust wallet or any other and connect it to the internet when you need to do any transaction. Please insure you update the Android phone when needed.

[shield132]

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.

Apart from this being a hot wallet and insecure, you are also storing your coins in a portable device which is not a good idea because it could be lost, stolen or even damaged (for example if it falls from your hand) and that could lead to loss too.

No, that can't lead to loss because I have safely saved my private keys. Even if I lose my smartphone, I have Electrum wallet hidden, I have a very strong password on it and I believe I'm able to recover my wallet quickly once I get home. I even have plan B.

Only a theft could put your funds at risk

That can't put me at risk unless I travel abroad. People rarely know about Bitcoin in my country. Since 2016-2017, nothing bad has happened till this day and I have read many horror stories here how some people lost their coins while they were super caring about it. I don't know if I am lucky or not but I have never had any problem.

[Pmalek]

Using that analogy, Adidas is also a popular company with excellent products, so if they released their crypto wallet, we should use that. Wrong. Adidas is an expert in a completely different industry and so is Samsung. Unless you experienced some difficulties with your Electrum wallet, I see no reason to jump from that to the Samsung wallet. Personally, I am not a fan of Electrum for mobile phones, but there is, for example, Blue Wallet that would be my choice. The Samsung wallet wouldn't even be on the list of considerations. 

[AprilioMP]

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.

Safe?
Samsung is a successful company in the electronics sector and its trademark is well known globally. Samsung also provides a blockchain wallet but what I think is that the blockchain wallet is not the main product that is their focus point so it is famous throughout the world.
You are from Korea. Based on where you live, for me you are the one who knows more about Samsung's actions regarding their blockchain wallet, not me or friends who don't live in Korea or a country close to you.

Analogy something because the level of popularity is not in all aspects. If Samsung is famous for its electronic products, then Electrum is famous for its greatness as a Bitcoin software wallet.
Samsung has tested time for its various electronic products so that it is recognized by the market. Electrum has also been tested as an open source Bitcoin wallet.

Moving Bitcoin from Electrum to Samsung Blockchain, I would not say it will be safe because Samsung does not put its main focus on the blockchain world.

[joniboini]

No, that can't lead to loss because I have safely saved my private keys. Even if I lose my smartphone, I have Electrum wallet hidden, I have a very strong password on it and I believe I'm able to recover my wallet quickly once I get home. I even have plan B.
-snip-
I don't know if I am lucky or not but I have never had any problem.

It is always better to be safe than sorry. I'm not sure what your plan B is, but I feel like being very sure nothing bad can happen because you are never visiting a strange website is a terrible idea. I've been hearing so many stories related to how people lost money even though they use a HW, claiming they never store their seed phrase online, and so on. Heck, who knows maybe you're drunk and accidentally click on a phishing website one day. It is always better to assume the worst thing can happen to you. I believe you're lucky to some extent, which is extremely helpful if you plan on improving your security practices.

[Lakai01]

I've been hearing so many stories related to how people lost money even though they use a HW, claiming they never store their seed phrase online, and so on.

You actually read these stories from time to time. However, I consider it almost impossible that the private key could be extracted by an actual attack without access to the physical device. In this context, it is much more common to read that users have downloaded phishing software such as a fake Ledger Live and were asked to enter their mnemonic code: Ledger live was compromised for me
Even the best hardware wallet won't help if the user falls for such attacks.

In principle, however, I agree with you: you have to be damn careful what you do and should never be lulled into a false sense of security, as this is guaranteed to backfire.

[Z-tight]

I've been hearing so many stories related to how people lost money even though they use a HW, claiming they never store their seed phrase online, and so on.

Take note that there is no method of security that is 100% foolproof, some people think that once they buy a hardware wallet they are 100% secure, but there are other things that's expected of you even if you have a hardware wallet. Some of the people you talk about may have exposed their seed phrase backup or they downloaded a fake wallet software. A hardware wallet truly provides better security than an online software wallet, but the users still have to ensure they have very good opsec and that they buy a recommended hardware wallet from the manufacturers, and not from any other source.