Mobile wallets are very similar to online wallets, but are supported by mobile devices. Full BTC client can’t be run on the mobile device, so Simplified Payment Verification is utilized instead. This brings the security of the funds in question.

In order to be considered safe the mobile wallet needs to meet these requirements:

1. Encrypted Backup – The ability to generate an encrypted backup, enough said.

2. Decentralization – Must use the Bitcoin Network, and not a third-party server that directs traffic to the aforementioned network.

3. Security – Must offer security measures such as PIN and TFA to spend money. In case the phone gets stolen, these measures would allow you to take your coins out via encrypted backup.

Recommended mobile wallets

1. Mycelium

Easy to use, has innovative (but effective) security techniques, offers the trading feature.

2. Copay

Easy to use and relatively secure, but relies on a central server. In case that the server goes down, users wouldn’t be able to spend their Bitcoins.

3. Schildback Bitcoin wallet

The oldest and most popular wallet for mobile devices. Excellent security, simple interface and can transfer BTC to other devices via Bluetooth or NFC.

You can find the entire list of mobile wallets here.


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Posted by Min Park

Blockchain Marketing Specialist (https://krown.io)

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