What is a Mobile Bitcoin Wallet and How to Secure it?
By Space Coast Daily // April 15, 2021
The most asked question – what mobile wallet is and how to secure our mobile wallet. So in this article, we will talk about the mobile wallets, how it works and how to secure them.
By increasing the internet boom, not the internet boom, cryptocurrency boom. Yes, cryptocurrency boom, people are trading on bitcoin exchanges, buying and selling are rapidly increasing.
There may be the different purpose of using bitcoin, some people want to earn money through bitcoin trading, some people want long term investment, some people want to use bitcoin as a payment gateway because you do not need to pay government tax for this currency this is the globally accepted currency.
What is a mobile wallet?
A mobile bitcoin wallet is an application that is installed on your mobile phone which is used to spending or receiving bitcoin. It is similar to Paytm wallet where you can access it on a mobile phone, you can send bitcoin to other persons, you can receive bitcoin from others, you can check or view your bitcoin balance.
How to secure your mobile wallet?
Mobile bitcoin wallet is the most convenient wallet because in this digitalization 99.99% of people have a smartphone or mobile phones or tablets for their daily work. Many people use it for cryptocurrency trading.
Many investment and trading apps coming as applications and many people use these apps for investment purposes. But there must be a need for security. We know that before we using applications and software of bitcoins for storing and trading our bitcoins on the bitcoin platforms but now companies are launching bitcoin wallet mobile applications which is more convenient than desktop or laptop.
You can access your wallet anywhere anytime or you can use tips for bitcoin trading anywhere anytime because your wallet is on pocked, which means your digital wallet in your as a mobile application.
There are chances of losing your mobile phone and if your mobile phone is stolen it means you have lost your bitcoin? No, you need proper security and the following are the tips to secure your mobile wallet: –
1. Authenticate your mobile bitcoin wallet with Google authenticator or text SMS but recommended is Google authenticator which is a more secure way. Every time you log in to your account it will automatically authenticate your wallet if the Google Authenticator app is installed on your mobile device. Some mobile wallets provide this Google authentication feature and some applications only provide email or SMS verification which is secure at the mediate level. If you will lose your mobile phone you can remove the google authenticator from your wallet or you can also change it.
2. When you will install a bitcoin wallet on your mobile phone it will automatically create a file of your bitcoin and you can take a copy of your bitcoin wallet file in the external storage device or clouds like Google Drive or Dropbox or in any other cloud where it is safe. It will help you to get your wallet back if you will lose it.
3. Set a passcode for your mobile wallet application. We use passwords in some applications like what’s an app and other banking applications and similarly, bitcoin’s mobile wallet also provides us to set a wallet password that may be 4 digits long or 6 digits long. After setting the password, every time you open the application you will be asked for entering the password before accessing it. Choose a strong pin for your bitcoin wallet which should be easy for you but not guessable.
Why mobile wallet is convenient than a desktop or laptop?
A mobile wallet is convenient than a desktop or laptop because you can access your wallet if you are outside of your city or home and there is no restriction of time, you can use it anytime you want.
If you will meet a person who wants to sell bitcoins or if you want to sell your bitcoin you can easily do it through your mobile. You do not need to keep your laptop with you every time, you do not need to open a browser, you do not need any formality to use bitcoin it will be done in just a few steps.
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