The technological innovations that have been incorporated into smartphones have turned them into an innovative means of payment. More recently they have become platforms for the use of Bitcoin and other cryptocurrencies as a payment method.
The acceptance of cryptocurrencies as a payment instrument has grown exponentially. The development of mobile wallets or wallets has been undertaken by a large number of developers and companies. These types of wallets allow mobile users to carry out bitcoin transactions easily.
Most of the currently available mobile wallets have been developed for the two most important operating systems on the market: Google Android and Apple iOS.
Best wallets for Android and iOS
The following are the best wallets to store and operate bitcoins for iOS and Android:
Mycelium
Total control of funds is one of the benefits that the Mycelium wallet offers to its users, who will be able to make payments without having to go to third parties. They also have the option to buy and sell cryptocurrencies through the application, also offering support for hardware wallets.
It is based on blockchain technology and uses public and private addresses to allow users to fully manage their funds. The Mycelium private keys are stored on the user's device, thereby guaranteeing the security of the funds as they are not transmitted to any server.
Electrum
Electrum stands out for being a “light” or “SPV” wallet. This rating is due to the fact that to verify your transactions, you do not need to fully download the Bitcoin blockchain. To perform such a check for the user, it obtains the missing information from other nodes in the network.
This allows it to be faster and lighter than other Bitcoin wallets, not needing to wait hours or days to achieve the corresponding synchronization. On the other hand, it makes Electrum provide greater security, since, since it does not have the entire chain of blocks, it is impossible for it to be attacked by 51%.
Exodus
It is a very intuitive and easy-to-use portfolio, which can be seen in the simple design of its interface. This makes her ideal for those who start in the world of cryptocurrencies.
Making cryptocurrencies easier to use so that everyone can access them is the goal of Exodus. By supporting more than a hundred different cryptocurrencies, it is an excellent alternative if you want to store a large number of them. It also has a function to convert currencies.
Trust wallet
The Trust Wallet is a highly secure wallet that employs advanced encryption technology for fund protection. It is backed by one of the most recognized and trusted cryptocurrency exchanges in the world. Its operation is similar to that of other cryptocurrency wallets.
A unique wallet address is generated when the application is downloaded, which can be used to send and receive cryptocurrencies. One of the advantages of mobile wallets is that the user always carries their cryptocurrencies with them and can make transactions whenever they want.
eToro
It is considered one of the best cryptocurrency portfolios. It offers great security both in sending and receiving and storing the most popular currencies: Bitcoin, Ethereum, Litecoin, among others.
Many of its advantages come from its integration with the leading trading platform eToro. Its multi-signature technology provides enormous security, since it has several layers of protection for assets and the approval of multiple devices is essential for the authorization of transactions.
Coinbase
In the buying and selling of cryptocurrencies, Coinbase enjoys great popularity. Easy to use, although with advanced options for expert users. It is possible to buy and send cryptocurrency from the mobile application, even to users using cryptocurrency addresses and QR addresses.
Two-factor authentication, backups, and cloud backup for fund protection are some of the advanced security features offered by this wallet. Cryptocurrencies can be stored in a secure offline location thanks to a feature called “offline escrow”.
Bitpay
Bitpay Wallet users can easily send and receive bitcoins, as well as buy and sell bitcoins from the same application. It allows operating with Bitpay debit cards, which means that the user can make use of his funds in bitcoins in any establishment that accepts Visa.
By being compatible with the BIP70 protocol, it is possible to make secure and reliable payments through encrypted invoices. It provides support to recognized cryptocurrencies such as Bitcoin, Bitcoin Cash, among others.
Atomic Wallet
This cryptocurrency wallet offers great security in the storage, exchange and management of blockchain assets. Its users can purchase cryptocurrencies with a credit card directly from the wallet. It incorporates security options such as data encryption and two-factor authentication.
Facilitates the exchange of cryptocurrencies without the intermediation of third parties, such as centralized exchanges. Atomic Wallet offers support for more than 300 cryptocurrencies and ERC20 tokens. Additionally, it allows unlimited transactions.
Coinomi
Coinomi's popularity is based on the fact that it is one of the most secure wallets on the market. In addition, Its fame is due to the fact that it is recognized as one of the options with the largest number of Blockchain networks available..
It is one of the most widely used wallets among cryptocurrency holders. There are more than 1770 blockchain assets, tokens, including exclusive coins and fiat currencies that are supported by Coinomi.
How safe are mobile wallets?
In the security structure of all wallets of cryptocurrencies the feature that should be valued the most is protection against external agents. Although people other than the owner of the wallet or an authorized third party can access the device, access to the funds must be restricted.
This is true for both hardware and software Bitcoin wallets. The ultimate purpose of these is to offer a secure ecosystem based on the different security tools available in the iOS and Android operating systems.
Almost 100% of the security of a software wallet is provided by the protection systems of both operating systems.. Despite the above, the development of specialized hardware security tools has been undertaken by well-known manufacturers.
Security recommendations for mobile wallets
It is very convenient to have a mobile wallet, but Its use would be prevented if the device is lost or if it suffers any damage that renders it useless.. For this reason, it is recommended that owners adopt certain security measures to minimize damage.
Although the most advanced security measures have been taken, they could be useless if not configured correctly. Learn about some of the most important recommendations to protect your mobile wallet:
- Take care of managing your own keys.
- Do not carry large amounts on your mobile.
- Keep the device updated, as well as free of viruses and malware.
- Make sure your email is secure.
- Encrypt your private keys.
- It uses double authentication.
- Back up regularly.
- Use multisignature addresses.
- Keep your keys off the network.
Alternatives to mobile wallets
So far, outside of iOS and Android, there seems to be no other option when it comes to digital wallets. This could change in the short term, as the Linux Foundation announced the creation of the OpenWallet Foundation.
The purpose of this foundation is create a new open standard for digital wallets, through which you can make mobile payments, buy tickets and even manage cryptocurrencies or passwords.
This project is an alternative would allow independence from large corporations for matters as important as those mentioned in the previous paragraph.
A digital wallet is nothing more than an application from which tickets such as plane tickets, concert tickets or even public transport cards are managed. They also allow you to manage digital payments.
Carrying out any of the above transactions in the same place, without having to access each of these services separately, is advantageous. The disadvantage is that they are not interoperable with each other.
The OpenWallet Foundation's proposal is an open system that other companies can trust, without being forced to accept the conditions imposed by Apple or Google. Open software is the key to interoperability and security. Certainly this foundation does not have plans to create its own application, but create an open standard to be freely used by organizations and companies in digital wallets under their own brand.