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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Its great to know that we can store our cryptocurrencies on our smartphones, but is it really safe? Like, how and what will happen if our smartphones lost. Can we restore our lost data of crypto in our new phones. Or if its stolen are we sure that it will not be hacked. Questions like that follows on our mind if we hear topics like this.