Bitcoin is the cryptocurrency that is used for carrying out online trading today. Many people have become a billionaire by trading bitcoins. The bitcoin trading bug has bitten many investors today. Though you are using bitcoins but should know how to store the bitcoins safely. The bitcoin holders will know about the bitcoin wallets. There are different types of wallets available to store the bitcoins, such as online wallets, mobile wallets, paper wallets, desktop wallets, and hardware wallets. However, out of all these wallets, many are showing interest in using the mobile wallet. This wallet will be stored on the mobile so you can carry out the transactions on the go. These are portable and allow you to pay for the services or products you have purchased on the go, like credit and debit cards.
Bitcoins can be stored online and offline. However, each one will have a set of pros and cons. Yet, an online wallet is best for the users who have started trading with bitcoins. The mobile app wallets will allow you to access the wallet on the go provided you have an internet connection. The worst thing about the mobile wallet is that it gets corrupted with ease. Though it has its share of drawbacks, the advantages will overshadow those drawbacks
As per the website, few benefits of using mobile wallets
Many people get intimidated by using mobile wallets as it is prone to many security risks. The concerning part of the mobile part is that the mobile application would be keeping the private keys. When the software is corrupted or has bugs, there are chances of the private keys going into hackers’ hands.
However, a few of the advantages you can reap are
1. Quick transactions
Many businesses accept bitcoin as one of the payment methods on their sites, and even offline stores allow people to pay through bitcoins by scanning the QR code. The places where you can use the bitcoins are – food chains, restaurants, coffee shops, and other places. It becomes easier for you to pay for the coffee you have sipped in the local store with the bitcoin wallet. It is highly convenient. You no more have to look for the coins by tossing in the pockets. This also lets you make the payment briskly.
2. Easy to access
The mobile wallets are perfect to be used by the people who are on the move always. If you travel to different countries, then you can use a bitcoin wallet with you. It is accepted globally. You can also use the mobile wallets to send and receive funds in a jiffy. If ATMs are for bitcoins, you can add some bitcoins into the wallet and use them for shopping. The mobile wallet is ideal for the ones who want to keep a close watch on the number of bitcoins they are holding.
It becomes easier for you to gain access to the mobile wallet by entering the password or two-factor authentication. You can use mobile wallets to make the payments, such as for coffee, utility bills, and buying movie tickets. You can also carry out the transactions quickly on the mobile. It is quick compared to the hardware wallet where you must put the flash drive to perform transactions. You can also buy the bitcoins using debit and credit cards
3. Transfer funds to bitcoin debit card
Not many are aware that you can use the mobile wallet to transfer the funds to the pre-paid debit cards for bitcoins. You can swipe the debit card in the merchant stores to pay for the purchases you have made.
4. Latest technology
When you have a mobile wallet with you, it becomes easier for you to show the bitcoins to your friends and family. By paying tips to the restaurant waiters, you can flaunt how well you are utilizing the technology.
5. Highly secure
The mobile wallets are highly secure when compared to storing the bitcoins on the laptop or the desktop. When the laptop or desktop is prone to the virus, your bitcoins’ chances are stored on those devices getting corrupted or lost. The hackers may also steal the bitcoins. The mobile wallet will work in the TEE environment, which becomes difficult for hackers to intrude and steal private keys. Even when the phone is hacked, the hacker cannot steal private key information.