Quote from: Mhd-Bobbi on July 29, 2018, 08:14:39 AM

Quote from: nicster551 on July 29, 2018, 05:16:17 AM

Quote from: Brazio on July 29, 2018, 05:10:06 AM

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?

Yes, you are right. What if the phone is lost. They should have a backup of documents or files that are on the hardware. In order for those who lost the phone can return all their data.

It's the most secure in terms of what exactly? It cannot be hacked? I don't think it's very difficult for a hacker to get into a mobile phone, but I'm not one myself so cannot comment accurately on that. Is it stored in a cold environment on the phone that cannot be accessed unless the user opens it with the key?

And of course, the question of loss. I think that if you lose it, it would be the same as losing your wallet. This might also make phones a new target for theft, as hard drives have become. You never know how many crypto coins could be hiding on a hard drive these days. Imagine if you told someone 10 years ago that they could keep a million dollars worth of money on a hard drive. They'd call you crazy!