There are many wallet options available for the secure storage of your Bitcoin investment. Those looking to access their funds easily and easily complete transactions anywhere, anytime can benefit from using a mobile Bitcoin wallet, rather than a desktop or hardware wallet.
Let’s take a look at how Bitcoin mobile wallets work, their advantages and disadvantages and mobile wallet options to consider.
What Is A Mobile Wallet?
Mobile wallets allow you to store and manage your Bitcoin on your mobile devices. Software is installed on your phone as an app and QR codes are used to complete transactions.
Bitcoin Mobile Wallet Pros
Those looking to complete multiple daily operations will find Mobile wallets to be the most convenient choice. With quick and easy access to your Bitcoin and crypto investments on your phone, mobile wallets provide users the highest accessibility and convenience for completing transactions, exchanges and spending Bitcoin on-the-go.
Bitcoin Mobile Wallet Cons
While mobile wallets are great for daily Bitcoin operations, there are some downsides to using them. Considered “hot wallets”, mobile wallets store your Bitcoin online, exposing your currency viruses, malware and hackers. Additionally, phones are often lost or stolen, which can put your Bitcoin investments at additional risk. To increase security, it is always advisable to enable two-factor authentication and password protection when using this kind of wallet.
Best Bitcoin Mobile Wallets
If you are looking for the best wallet to store and manage your Bitcoin on your mobile device, check out these options.
Exodus has a mobile app available for iOS and android users, supporting Bitcoin and over 150 different crypto assets. The Exodus app allows you to buy and sell crypto conveniently from your home, sending and receiving crypto using QR codes.
To increase security the Exodus app provides encryption for private keys and other transaction data. Additionally, you get a personal 12-word backup phrase for syncing your mobile wallet to a desktop.
Mycelium is one of the first mobile wallets and is considered by many the best Bitcoin wallet in this category. It is available for both android and iOS users and allows you to store and trade Bitcoin directly from your mobile device. Mycelium supports multiple accounts and payment addresses.
For security, Mycelium allows you to set a personal code to unlock the wallet and its features and also has a 12-word backup phrase.
One of the best features of Mycelium wallet is that it allows you to use hardware wallets, like the popular Trezor and Ledger wallets, to securely store your Bitcoin offline, while using the mobile wallet to complete on the go transactions.
Despite being a hot wallet, Gemini offers users very valuable security features. Gemini has a cold storage system to store the bulk of your crypto, while keeping a smaller portion on the mobile wallet app. The mobile wallet is further protected with standard protection measures including two-factor authentication and has the additional benefit of being insured. The mobile wallet allows you to complete Bitcoin transactions anywhere, anytime and receive real time price notifications.
Bitcoin Mobile Wallet
Bitcoin mobile wallets might not be as secure as cold storage wallets, but they are definitely the most convenient and accessible Bitcoin wallet available. Mobile wallets support a wide range of cryptocurrencies, allow you to buy and send Bitcoin directly from your phone and give you the quickest access to your funds. Two factor authentication, backup phrases and even insurance can help you keep your mobile wallet safe, however your investment can be vulnerable if your phone is stolen, lost or hacked.