Crypto wallets will be incorporated in smartphones, like it or not

Crypto wallets will be incorporated in smartphones, like it or not

Security experts disagree with Samsung which says that smartphone-based crypto wallets are better than the usual hardware wallets.

Matthew Green, a cryptography professor, points out that the underlying technology of the Trusted Execution Environments, used in smartphones, is good, but it can be compromised when the phone sends the request for crypto transaction, that’s the stage where the final address can be changed to an attacker’s address.

There are two sides of this coin. First of all first of all those experts who criticize the opinion of Samsung have the point here. Every system that has an input and the possibility to upgrade the software is vulnerable. You can upload injection with the new software and send a wrong data, a wrong wallet, voilà, crypto stolen. But eventually, crypto wallets will be incorporated in smartphones, like it or not.

The long history of smartphones development shows us how smartphones absorbed all technologies that were used separately before. We don't carry around a calculator, a flashlight, a radio receiver, a watch, a book, isn't it? Technologies are always trying to merge. Even if we would be using crypto actively in our everyday life in a few years, we won't be carrying around the hardware wallet, we'll have it in our phone, like many people don't use plastic cards, they pay with Apple Pay. The same thing is with crypto. Thus both sides, security experts and Samsung, are right. The only problem is to make smartphone crypto wallet as secure as possible — and it's ready to be used.

DISCLAIMER: all the articles are based on personal opinions of their authors and shouldn't be considered as investment recommendations. Finrazor.com neither supports nor opposes any project or strategy, users must consider all relevant risk factors including their own personal financial situation.

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