Crypto 101 : Mobile Wallet

17 days ago

Crypto 101: Mobile Wallets

Most people prefer to use their smartphones over desktop computers, tablets and notebooks. This makes mobile wallets even more interesting. Let’s take a look at the advantages, but also at the downsides using these solutions.

Enable crypto payments

The biggest advantage of mobile wallets are crypto payments. By scanning a QR code you can send Bitcoin or other crypto as easy as paying with a credit card. So, if you are looking forward to pay with Bitcoin on the next convention you will most likely need a mobile wallet.

Another plus is the immediate control over your crypto. You can send and receive them at any time you want without switching to a desktop wallet first.

Security is tricky

It is more likely that you will lose access over your smartphone then over any other device. In many cases it doesn’t get lost, but stolen or it simply shatters on the floor. Therefore, you don’t want to store large amounts of crypto on it.

Best practice suggests that you only store those amounts that you’ll like to spend while being on the road. Most mobile wallets are thin clients, which is not a threat, but comes with certain trade-offs. If you chose to use mobile wallets you want convenience, while adding a little bit more risk using them.

It is basically the same as carrying cash with you. Except that the mobile wallet is password protected.

Only basic function

While a mobile wallet will offer you a great user experience sending and receiving crypto, there is not much that you can do with it. Everything that goes beyond this use case is only available with a full client on a desktop computer.

You also want to read on to our guide about securing your seed, since a mobile wallet will not allow you to export a “wallet.dat” in order to have a backup.

Consider LiteBit wallet

LiteBit wallet is available over our app and enables you to use one service on different devices. This way you can switch between desktop and mobile devices and enjoy the same high standards of security and reliability. Our app is available on Android and iOS. If you like to get more information, please read this article.

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