But security experts disagree.
This isn’t the first time that security experts have said that the existing smartphones are not secure enough to store Bitcoin or other cryptocurrencies on them. That’s because they really aren’t that secure at all. But if you use something like the HTC Exodus 1, that is made for storing cryptocurrency, then it is a lot safer and secure.
Samsung has said in a blog post that, “smartphones have the best security for blockchain and cryptocurrency.” This is from research that Samsung has been doing on the matter.
So why does Samsung think smartphones are great for bitcoin? Well it believes that its own phones are safer, because it comes with Trusted Execution Environments or TEE for short. This is particularly suitable for storing blockchain-powered assets.
TEE is a section of the phone’s hardware that is separate from the main processor and storage. And the only way that you can access information stored on a TEE is through a “Trustlet”. This is a small app programmed to access specific information stored in TEEs through a dedicated and secure API.
This is exactly what we need for Bitcoin to be stored on a smartphone. That’s because Bitcoin can easily be hacked and stolen from a regular smartphone, like a Galaxy S10. And that means that you could be robbed very easily.
However, if that Bitcoin is stored on a TEE in a secure part of the phone, using a secure API, it means that it is less likely to happen. And it makes it much harder to access that Bitcoin.
Why is this important? Well because Bitcoin is digital. So getting your hands on that phone means that you also get your hands on Bitcoin. And getting a few bucks is much different from a few Bitcoins. Considering the fact that Bitcoin is actually worth over $7,000 right now.
Now, security experts argue that while TEE is included in almost every smartphone these days, that doesn’t make smartphones immune to attacks. This is something we see quite often, with smartphones getting new patches to prevent different attacks. There are still a ton of loopholes available for attackers to use to get into your phone, and possibly take that Bitcoin.
Smartphones are safe, but regular smartphones are not. Basically, what we need are smartphones that are built specifically for handling cryptocurrency. Similar to the HTC Exodus 1.