What Are Mobile Wallets

Introduction To Mobile Wallets (Updated 2019)

in News/Use Crypto by

Every day the number of people using cryptocurrencies is growing, this is facilitated by the fact that managing your funds has become very easy and convenient when all transactions and even the center of storage is in your phones. In a word, mobile wallets allow you to feel all the innovation and usability of cryptocurrency. Mobile wallets, as you can understand by the name of is a mobile app where you get access to your crypto-storage. These mobile applications provide a convenient ability to store cryptocurrencies and conduct transactions, and almost all applications support the most popular operating systems like Android and iOS. These wallets use virtual copies of the blockchain with the support of simplified payment verification (SPV) and you do not need to download the entire blockchain to your phone, which saves disk space on your device.

What are main functions of mobile wallets?

There are two main functions of mobile wallets for consumer use. It is mainly used either to store your funds in coins or\and as an transaction tool. If you choose to store your coins in an app on your mobile device you will be able to use phone as payment method in places where cryptocurrency is accepted. There are several methods to make payment with your mobile wallet but the most popular one is QR codes. You just need to scan it to get all information where to transfer coins. On the other hand you can use you wallet app to track all your transactions and analyze balance.

What are the pros and cons of mobile wallets?

The main advantage of mobile wallet is that it provides you a mobility and rescues you from being attached to some place or exact PC with wallet.  In simple words it gives that freedom which cannot give any other wallet platform so you can do your transactions or manage the balance anywhere on even on street. Also it simplifies the whole transaction process down to just scanning QR code with mobile device to send or receive funds. It makes small in store payments  very ease and possible to use in everyday life.

The main disadvantage of app wallet is related to security but it is a always a case with mobile stuff. Almost all app wallets use your keys to operate it is risky if your device gets stolen or somebody will have and access to the app. In that cases you may lose all of your funds if thieves will gain access to phone or the key. But it is very easy to prevent such case by just taking safety measures such as installing an app pin code and one of blocking systems to phone.

How to choose the best mobile wallet just for you?

As in case with a lot of alternatives you need to determine criteria and one of the main and important factor is security of wallet as mentioned before. So you should look for a wallet with high focus on securing your funds form the thieves. Another criteria is obviously the variety of supported coins because you do not want to have separate wallets for different coins. So you have to look for wallets where you can store and manage different types of coins.

And last but not least point is fee for the wallet app, most of the wallets on market are free but some developers charge for it. Well it is completely up to you because if wallet is free it just means that developers have different profit model so maybe paying some money directly might be easier. But you definitively want wallet that costs less and allows more and provides wide range of functions. Usability, interface design and customer support are also important factors to consider.

I’m a freelance writer and full-time curious person. My main interests are philosophy, politics, art, culture, science, and how they’re all interlinked. When I’m not writing, I’m fronting a band, producing records, and making videos. I’m also currently working on launching a YouTube channel that will focus on culture and politics. I think blockchain technology is fascinating because of the huge potential it has to revolutionise not only the financial sector, but society as a whole.