Samsung says that smartphones are the safest way to store cryptocurrencies

[Brazio]

Samsung Electronics, a giant of the Smartphone manufacturing industry, recently commented through its official blog that cryptocurrency wallets based on mobile phones are the safest option for the short and medium term storage of cryptocurrencies.

The post explains that smartphone-based cryptocurrency wallets are a very safe place to store digital money, at least the equivalent of the amount we could store in our physical wallet. To save long-term cryptocurrencies, Samsung recommends creating multiple backups of the private key associated with the wallets.

The Smartphones producer commented that private keys should be stored offline to maximize their security, which means that they should not reside on a mobile phone or any device that connects to the internet regularly.

The blog post comments that mobile phone cryptocurrency wallets are the best place to store "spendable" money due to the phone feature called Trusted Execution Environment (TEE).

The TEE runs its own execution independently, which means that the RAM and storage of the phone are separated from the main operating system of smartphones.

Because of this, the Android operating system can not directly access the TEE, even if the operating system is hacked. In this sense, you can only access the TEE through an application programming interface (API).

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[aiviaa485]

But if your smartphone is stolen or hacked through an application it might not be safe.
Furthermore Samsung is great for supporting cryptocurrency and that is NEWS for all cryptocurrency so that it can rise in price.

[paolobaltimori]

I don't agree with that... actually the best way to store your coins is an hardware wallet where you don't know the private key so that no one can stole it...

[zenbook]

This is great! Smartphones can now function as hard wallets? Wow! Just wow! It will be more convenient for us because we can now bring our hard wallets anywhere because we always have our smart phones. We can easily access our coins if ever we need to do some withdrawals or deposits because the wallets are already installed in it. Kuddos to Samsung for making this innovation!

[owmivmen]

I'm not sure smart phones are safer to store crypto. seen from the use of smartphones has been different and is at risk for data theft due to the weak security system of a smartphone.

[Lukasz]

The safest way to store ur currency is through private key and mnemonic 12 word password . Even if u loose ur storage device u can retrieve the wallet on any device that supports given wallet through providing the 12 word verification

[mar]

I don't think so about this.As a one of the top grossing brands of technologies in the whole world Samsung is way better for me than other phone because of its capacity to adopt technologies and upgrades happening in the market.As the time comes maybe Samsung will be one of the leading partners of crypto currencies in the whole world but it is business though we don't want to loss money by hacking.

[Gastonic]

I dont think smartphones are the safest. Smartphones when exposed to public connections/ wifi are in danger of getting hack. for me still cold storage is a safest way to store crypto.

[MVT$]

That is a funny thing for a company like Samsung to say. It is pretty obvious that this is just another marketing stunt.

[PRIBO247]

Smart phones functioning as a crypto wallet? I don't buy the idea at all. What if the phone is stolen or the owner somehow lost it? What happens to your crypto assets then? I think the hardware wallet is the best.

[alfatih99]

it is very good if it really happens, and I think it will be very helpful in storing the crypto wallet that we have, because my smartphone feels simpler.

[sixexgames]

So what if your phone gets lost, stolen or broken? I think a phone makes sense for crypto if you're going to be using it at stores... but a secure crypto vault, it's not someplace I would stash a bunch.