Apart from the potential security risks of mobile phones such as theft, breakdown and mislaid, mobile application crypto-wallets are gaining rapid popularity among the users of cryptocurrencies. Holding cryptocurrencies in a mobile wallet requires the private keys to be stored on the device which means the loss of keys in case of the loss of the device. However, the backup can be created by the use of seed phrase of 12-24 words shown on the first installation of the wallet. Unauthorized access to seed phrase can be extremely lethal in this case.
MyCelium holds its significance when it comes to the security and privacy features. The app may not be very user-friendly but it has all the necessary options available. It is an open source application that is regularly updated to improve its features and speed. A hardware wallet can be integrated with the mobile app to add to its security. MyCelium isn’t available on web or desktop as it can only be accessed through the mobile app.
BreadWallet is better known for its simplicity and user-friendliness. It is also open source and contains the most basic operations like send or receive. The wallet lacks advanced security features which increase the risk of coin theft. BreadWallet is only available for Android and iOS platforms.
Apart from the recent controversies, Jaxx is undoubtedly the best featured mobile app wallet available today. Its salient features include:
- The interface is intuitive and easy to use.
- It supports the pairing of multiple devices.
- It can hold multiple cryptocurrencies.
The only problem is that is isn’t open source and recently some developers raised serious safety concerns recently in the community. It is highly recommended not to use it for a huge amount of coins.
Lykke is a multi-currency mobile app wallet that allows the trading of FX currencies, bitcoins, ethers, or tokens. Users can also integrate other wallets to have them all in one place for better organization. It is an open source wallet available on iOS as well as Android platform. The effective leadership of Dr. Demetrios Zamboglou has made Lykke won the FinTech of the Year Award in Digital Championship Cyprus 2016-2017. Zamboglou is using unconventional and innovative ideas to make Lykke able to compete with the giants in the market. He is enforcing all the operations of Lykke to go through blockchain to make the process transparent and eliminate the risks of scams and frauds.
GreenAddress has better features and security options along with strong support for the experienced Bitcoin users. The user interface is not very friendly but still provides all the important options needed in a wallet.
This wallet is somewhat similar to BreadWallet in terms of the simplicity but it contains all the features required for Bitcoin adoption. It is open source and available on Android as well as iOS. It is the first to use Bluetooth Low Energy (BLE) for transactions also introduced one-touch 2-factor authentication.
Copay is a multi-signature wallet that needs the approval of every transaction by a certain amount of before it is executed. It is an open source program and supports multiple platforms. It uses full Bitcoin Payment Protocol (BIP 0070-0073) for the verification of secure payment. Users can connect multiple wallets with multiple signatures or a single signature for all of them. Copay is making wallet sharing easy and secure. It eliminates the role of third-party services and allows multiple users to use the same wallet.
Before downloading any wallet from GooglePlay, it is important to know that there are some unverified wallets are also available on GooglePlay. Using unverified wallet can be extremely dangerous as someone can easily steal your coins. Pin code should be used to protect wallet from unauthorized access and a large number of coins should not be stored in a mobile wallet unless it is unavoidable. There is no mechanism to make recompense for the loss suffered because of spams. The use of paper wallet can help in eliminating the risks of hacking as they generate public and private keys that can be stored physically in a secure place. It isn’t necessary to take lots of protective measures before using a mobile wallet but awareness of potential risks makes it easy to tackle them.
Guest post by Philip Barbour