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Is bitcoin wallet installed on the phone safe?

Installing a bitcoin wallet on your phone is easy to carry with you wherever you go, saves costs and has high security thanks to fingerprint and Face ID security features… have you heard a lot of “advertising” words which sound promising like that? But is it true that bitcoin wallets on phones are 100% safe? Is there a security hole that can let hackers in?

Let’s find out details with BitcoinShopVN experts!

1. The unexpected advantages of bitcoin wallets on phones

Simple manipulation, easy to use

The phone is considered an “inseparable object” of the owner. Wherever you go, anywhere you can take it with you to easily track your account balance and make transactions.

Moreover, the bitcoin management applications on the phone are also designed to be very simple. The operations are optimized for you to easily transfer and receive coins quickly and accurately.

Storing bitcoins on your phone makes it easy to transfer money at anytime, anywhere
Picture 1. Storing bitcoins on your phone makes it easy to transfer money at anytime, anywhere.

Integrate many comprehensive security features

– Up to the present time, all kind of smartphones use multi-layer security features such as fingerprint, face ID. Thus, only the owner can open the device to check the information, so the security is quite good.

– Every bitcoin transaction needs to use OTP cryptography. Without your phone number in hand, it is difficult for hackers to break in.

– Compared to Windows, the security firewall of iOS and Android is many times more durable and solid. As a result, your coins will also be better secured.

Free wallet creation and private key storage

Another advantage that makes bitcoin wallets on phones popular with coin players is that it is free to install. You can store keys, secure coins for decades without any fees.

But you know what? Life does not “give” anyone anything for free, free is just a form of “bait”. And free stuff is not necessarily good stuff. Well, if it’s good then it can’t be free.

In fact, the bitcoin wallet on the phone being 100% secure is just an advertisement for the app provider to lure customers to install the wallet. From there they can collect advertising money from 3rd parties. More specifically, the bitcoin wallet you are using on your smartphone is not as secure as you think.

Using a bitcoin wallet on your phone is not as secure as you think
Picture 2. Using a bitcoin wallet on your phone is not as secure as you think.

2. “The price” of free

According to the “veteran coin players”, hacking bitcoin wallets on phones is not uncommon. Hackers can infiltrate and take over your bitcoin “assets” in a variety of ways:

Hack wallet via online software

The online software you install on your smartphone is downloaded on the internet. And hackers can cleverly “disguise” and install malicious code in it.

Thus, when you accidentally install these software on your phone, the important passwords in the bitcoin wallet are extracted and backed up. And accidentally, you will easily “lose” money unjustly.

Send impersonation URL

It is easy for hackers to create SMS or GMAIL messages that accurately simulate the actual message content of the transaction. In these messages all contain Intrusive Virus.

If you accidentally click on these links, the virus will quickly take over your account information. And the money in a bitcoin wallet can “evaporate” without your control.

Hack by internet connection or bluetooth

Every time you use your phone to trade bitcoin in public places that using the same wifi, you will become a “fragrant bait” for hackers. Through a public connection, hackers can easily detect your passwords and transfer methods without your knowledge.

Another common way of hacking bitcoin wallets is that hackers can infiltrate using a bluetooth connection. Based on the security holes from this connection, hackers will quickly detect the Private Key. And finally, your money will “fly without wings”.

Bluetooth connection is also a way for hackers to attack bitcoin wallets
Picture 3. Bluetooth connection is also a way for hackers to attack bitcoin wallets.

Right now, the safest solution for bitcoin wallet storage is to use an isolated device to store bitcoins. And cold wallets are a wise choice:

– Cold wallet is a specialized device to store bitcoins without using third-party apps and without using the internet. Thus, no matter how “top” hackers are, they must “give up” because the path to accessing Private Key via the internet has been “cut off”.

– Cold wallet can automatically reset data if someone tries to access it. As a result, your funds will always be optimally protected.

– Cold wallet can be restored easily even if you accidentally drop it.

And there are many other preeminent features, you can contact hotline 098 345 8907 for advice!

Conclusion

You see, the bitcoin wallet on your phone is not as secure as you think. And hackers always have many different ways to penetrate at any time.

If you want to secure bitcoin money with multi-layer security barriers, help prevent hackers from accessing. At the same time, this wallet also helps you to store virtual currencies for decades without spending too much. Take a look at the top of the cheapest bitcoin cold wallets on the market that are most sought after!

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