16th January 2022 – Android-based wallets facilitate the convenient and safe storage of virtual assets. Find out why you should choose an Android Bitcoin wallet.
The increasing crypto adoption has significantly heightened the demand for crypto storage solutions by investors, businesses, and individuals worldwide. Mobile developers were among the first to notice that opportunity, prompting the proliferation of Android-based Bitcoin wallets. Thanks to their efforts, Crypto users can now store and manage their funds with the utmost convenience and safety.
While an increasing number of businesses and individuals use mobile Bitcoin wallets to store their funds, concerns about their safety still exist. So, is it safe to keep Bitcoin on your Android device? Find the answers below.
The Security of Android Wallets
Android wallets are increasingly gaining popularity among many crypto users. There are several types of Android wallets from which Bitcoin users can choose. However, each wallet has unique features that distinguish them from the other. Nevertheless, standard security features give them an upper hand in the market.
One of the security features of Android wallets is their isolation from other mobile apps. That creates a more secure environment, ensuring better protection from malware and other cyber threats. Besides, the wallets also allow you to back up the data for easy retrieval if you lose them.
Most Android wallets also have an additional layer of protection via two-step or three-step verification. The two-factor authentication process makes it extremely difficult for bad actors to infiltrate your digital wallet. It asks for your username and password to log in and sends instant notifications to your device whenever someone tries to access the wallet.
Safety Tips for Android Wallets
Despite their unique and enhanced security provisions, android-based Bitcoin wallets are still vulnerable to various threats. Here are the top tips to help you boost your funds’ security when using an Android wallet.
PIN Setup
Android wallets are password-protected and require you to generate a PIN for authenticating transactions. However, you must be keen to create a unique PIN that hackers and other bad actors cannot easily crack or use to reveal your identity. As Application bitcoin profit warns, the PIN should never include your real names, date of birth, or other easily identifiable personal details.
The mobile PIN usually comprises four to six-digit random numbers and letters. So, choose a strong PIN with digits that do not reveal specific information about you. However, it should be something that you can easily remember.
Recovery Phrase
The recovery key of your Bitcoin wallet is another essential safety protocol to observe. Android mobile wallets provide a recovery phrase to enable you to access the stored funds if you lose the phone. So, take time to choose the key carefully when creating your wallet. Like the PIN, your recovery phrase should also be unique, without direct links to your personal information. Consider writing the recovery phrase on a document and keeping it in a separate location, preferably offline.
Use Multiple Wallets
Keeping all your Bitcoin funds on a single platform could be very risky since you could lose it all in case of a hack or other cyber threats. Thus, it is advisable to diversify your Bitcoin wallet storage. Perhaps, you can do this by distributing the funds across multiple mobile wallets. You could also split and store funds in a hardware or desktop wallet. Keeping your funds in numerous wallets reduces the risk of exposure to hackers and spammers, enabling you to retain some funds if one wallet is compromised.
Thanks to mobile wallets’ unique security features, keeping Bitcoin in your Android device is safe. However, observe the additional precautions discussed above for secure Bitcoin storage. Is Storing Bitcoin in Your Android Device Safe?