There are tons of different bitcoin wallets out there. Each serves a specific purpose and trading strategy. For example, hardware wallets are more ideal for people holding a significant amount of bitcoins as they are the most secure but they can be a bit pricey.
Online wallets, usually provided by bitcoin exchanges, are ideal for people who are new to cryptocurrency. These are the people who’d like to try out a new exchange or figure out how to trade by investing in small amounts. Using online wallets allows them to buy bitcoin instantly and delve into the world to figure it out. They’re “testing the waters” before they completely dive in.
Mobile wallets, on the other hand, are for the people who are on-the-go. With Bitcoin mobile apps, people are able to access their wallet anytime and anywhere, provided that they have a stable internet connection.
The common knock on mobile wallets is that they’re easily corruptible (if something were to happen to your smartphone, you could lose control of your funds) and hackable (if people gain access to your smartphone or if it gets attacked by harmful viruses). Despite that, there are still a lot of advantages to using a mobile bitcoin wallet.
Benefits Of Mobile Bitcoin Wallets
A lot of people are often scared of using mobile wallets because a lot of articles and blogs warn users about their risks. Basically, the main problem of mobile wallets is that in most cases, the wallet application stores your private keys.
This means that if your software is buggy or easily hackable, your private keys can be jeopardized. This is something that has already happened in the past so beware of this so it doesn’t happen to you.
People are usually more aware of these disadvantages which is a bit unfair since people don’t usually get to know the advantages of mobile wallets.
Who knows? Maybe using a mobile bitcoin wallet will work well with one of your bitcoin trading strategies. To even the playing field, here are a few advantages to using mobile bitcoin wallets:
1. Transactions are quick
A lot of businesses are now starting to accept bitcoin as a payment method. This includes restaurants, coffee shops, and even some big fast-food chains. In the instance of making payments at a local coffee shop, having a mobile bitcoin wallet is very convenient. It will allow you to make your payment instantly.
2. Easily Accessible
As mentioned earlier, mobile wallets are perfect for people who are always on-the-go. Let’s say that you’re traveling out of the country for a while and you want to keep an eye on your bitcoin. Mobile wallets will allow you to do that as well as send and receive funds.
If there are bitcoin ATMs in the place you’re traveling to, it can be useful to have a wallet ready to go. In this sense, mobile wallets are also perfect for people who are paranoid (a.k.a. People who always want to check the current status of their bitcoins).
3. Can fund your bitcoin debit card
Not a lot of people know this but you can actually use your mobile wallet to fund your bitcoin pre-paid Visa/MasterCard debit card. You can then use this debit card to swipe at a Visa/MasterCard merchant.
4. An Advanced technology
With your wallet wherever you go, you can show off your bitcoins to your friends and family. You could even pay tips in bitcoin to show how innovative and forward-thinking you are. Who knows? Maybe it could convert a bitcoin muggle into a bitcoin enthusiast.
What’s Else In Mobile-Based Bitcoin Wallet
Ultimately, it’s all really up to you to think if mobile wallets are worth using or not because even if we’ve been talking about the advantages throughout this article, you still have to be aware of the disadvantages.
The risks of using mobile wallets are real and if you do decide to stick with a mobile wallet, you’ll have to be very careful. Make sure that you do your research on which mobile wallets are best and study each of them individually.
What do you think about mobile wallets now that you know their disadvantages? Do you think you’re going to end up using one? It might be worth looking into.
And if you like reading more articles on such interesting topics then feel free to follow MobileAppDaily for daily updates from the tech industry. To stay updated, all you need to do is click on that ‘Subscribe’ button.
Sr. Content Strategist
Meet Manish Chandra Srivastava, the Strategic Content Architect & Marketing Guru who turns brands into legends. Armed with a Masters in Mass Communication (2015-17), Manish has dazzled giants like Collegedunia, Embibe, and Archies. His work is spotlighted on Hackernoon, Gamasutra, and Elearning Industry.
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