Before we get started, it is important to note that having your cryptocurrencies, e.g., bitcoin stored on a mobile device may not be the best option out there. In cases where you lose the device, or it gets damaged, there is a possibility of you losing your cryptocurrencies forever with no hope of recovering it.
It is therefore advisable to keep so much more than you can afford to lose on the device. If you must use a mobile device to store your bitcoins, ensure you write your word seed out on a piece of paper. This gives you some assurance that incases there’s a loss or damage to the device; you are still able to recover your funds to another device.
In no particular order, you might want to have any of the following installed on your mobile device, whether it’s an Android or IOS to start sending and receiving bitcoins.
The MyCelium mobile application for the Google Android OS devices allows you send and receive bitcoins with ease on your mobile device. What’s great about the app is, unlike other mobile wallets, it’s one of those that gives you 100% control over your private keys. The app does not need to download the blockchain, updating to the current block before your balance is updated. You install and start using your bitcoin addresses in seconds. Another useful feature of the MyCelium application is you get to manage multiple addresses on the app and never get to use one address for every transaction. You can set a secret pin for your wallet which makes it difficult for intruders to perform any transaction on the MyCelium app. Lastly, MyCelium helps connect buyers and sellers of bitcoin with its Local Trader feature; you can easily exchange your bitcoins for fiat or purchase with local currency just by connecting with someone close to you.
The Coinomi application is available for both Android and IOS devices. Coinomi supports bitcoin and other alternative cryptocurrencies as well. The app is open source, meaning anyone can publicly review their codes. Its security feature ensures that your private keys remain on your device. One good thing about the app is its privacy and anonymity feature. It completely disassociates your IP address from your transactions making your transactions untraceable to inquisitive minds. Need to exchange one coin for the other? You don’t need to leave the app to get that done. The Changelly and Shapeshift apps integration into coinomi app makes exchanging a cryptocurrency for another super easy.
The Copay mobile application is available for the Android, Windows 10, and IOS mobile devices. An open source application with a friendly User Interface, the Copay app is a multi-signature wallet from the company called BitPay. Copay app allows you generate multiple wallet addresses for every incoming transaction if you choose. The application allows multiple people approve a transaction before it’s broadcasted on the blockchain. You can see the value of your cryptocurrencies in over 150 currencies, BTC or bits.
The Electrum application is a mobile bitcoin wallet that’s been in existence since 2011. Private keys generated are encrypted and never leaves the device. It is posible to get your wallet recovered with your secret phrase. Electrum has decentralized servers; this assures users that there won’t be any downtime when it comes to you sending and receiving bitcoins on the Electrum application.
The app, though in it’s alpha stage still an excellent choice for storing your bitcoin on the Android mobile devices. The Samourai Wallet is a SegWit activated wallet which means lower transaction fees are charged. The application is also enabled with Tor and VPN support that routes all transactions made via anonymous IP addresses. Like every other secure wallet, Samourai generates a new address every time and never reveals any valuable data about you.
The Bread wallet prides on being the most simple to use wallet out there. It’s so simple; anyone can use it. It offers basic functionalities which are to send and receive bitcoins, those new to cryptocurrencies/bitcoin would be able to figure out its operations. It is available for Android and IOS device owners. The bread wallet connects directly with the Bitcoin blockchain. People just getting started with bitcoin are most likely going to enjoy the bread wallet.
How To Securely Back Up Your Funds On Your Wallet
It is essential that you give optimum attention to this while installing and setting up your wallet on your mobile device. Just in case you’ve been operating your wallet for long without considering this, you don’t have to worry. There is always a settings option for you to do a backup of your seed phrase. This is what gives you access to recovering your cryptocurrencies in case you lose your mobile device or it’s damaged.
On new installations, the application, regardless of what wallet you choose, it walks you through generating your seed. It’s best you write it down in multiple places and make sure you got all words written correctly. Also, keep the paper safe and out of reach because anyone who has access to the seed can steal all your bitcoins in few clicks.