Blockchain phones have begun to appear globally from a few sources. Before long most manufacturers will be offering some form of crypto storage in their devices. What are the points to look for and is it worth purchasing one just for this benefit? We took a look into this exciting new development.
Software wallet installed. (Hot)
No hard information as of yet other than the quote below:
Security: Galaxy S10 is built with defense-grade Samsung Knox, as well as a secure storage backed by hardware, which houses your private keys for blockchain-enabled mobile services.
This device features a cold storage wallet on the back of the phone.
Questions to ask when buying blockchain phones
Is it decentralised?
It is highly doubtful that any blockchain phone will be decentralised for the foreseeable future. Until a phone can be created by an automated process uncontrolled by any singular entity then they will not be decentralised. The currencies you can store on them could be though.
Is a software or hardware wallet installed (hot or cold)?
To date, the only phone that has cold storage seems to be the Finney phone. All other devices seem to be using software wallets which are less secure.
What coins/tokens will the device allow me to store?
There are different types of coins, Generally most wallets will support ETH and BTC. If there are coins/tokens in particular that you wish to store then it may be worth researching first.
What happens if i lose the device?
As long as you have the recovery words or passphrase you should be fine in this respect. Losing these though means nobody will be able to assist you in recovering the wallet.
Can i recover to another device?
Yes, without a doubt you will be able to. The same applies here as for losing your device. As long as you have the recovery words or passphrase this will be fine.
Is this a must have feature in todays world?
This question really relates to who is asking it. Are you are interested in Blockchain, do you already hold some crypto? If both of those are a yes then yes it could be a must for you. You do not have to have a phone with a built in wallet to store your own currency though.
There are also a number of trusted cold storage devices out there. If you do venture into this area then make sure the device is purchased from the manufacturer.
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