Do You Think Your Future Crypto Wallet Will Be Your Phone?
So I do not have much experience with hardware when it comes to crypto. But I know there are special wallets you can buy to keep your crypto safe and it is possible to put crypto on a usb stick. These are options but what about a phone? This would need to be down at the start of production so you would need to see a partnership between a phone company and a coin. But is that really that crazy? It would give an edge to both companies and people could carry their crypto with them.
On top of that you could use fingerprint tech and voice recognition to access it. It would be a convenient way to carry and spend your coins in different places.
Now the question is would you want it? On the plus side it would be really convenient especially for apps that paid you in crypto. You could just get the coins sent to your phone. And you could spend them on the go. On the other side I would be too nervous to lose my phone. Sure if it is a couple of hundred dollars worth it would not be so bad but what if you had more. If the phones were cheap enough and you used them as a wallet I think it could work.
How would you feel about it?
Considering we all carry our phones with us everywhere, many of us even noticing our phone missing over our own wallets, it would make sense to have the phone as our digital wallet - not only for crypto.
I live in Arkansas and my phone is literally my digital proof of existence. I have a copy of my license saved on it, also my car insurance, dental insurance, and other important documents.
Not technically accepted by law enforcement, I have been able to show police the photo of my driver's license along with a digital copy of my car insurance (which is accepted across the state) and had no problems. No need to pull my wallet out.
I also have crypto on my phone. Not only a Coinbase account but, at one time I had my Bitpay (I will never use them again) account on there. I also have a crypto wallet on that phone - private keys saved elsewhere in case I lose that phone.
So, long story short, I already kind of live the ideal you are talking about. Other than the partnership between my phone maker (Huawei) and a coin.
I would love to see a phone that paid us to use it though. One that basically mined a company coin, or similar, in the background when we were not using it. Maybe it only mined while plugged in so it would not drain the battery? That would indeed be awesome.
I have tried some mobile mining apps but they pay so little it is not worth my time to bother turning them on. We are talking pennies a week, at best.
If a phone maker could work something out to give a better return would be great.
It all depends on the crypt asset value, if we have less, then nothing matters. And if you have a big asset, then hardware wallet would probably the best option, a cold wallet as they say.
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This is already happening somewhere in the part of the world , China or Korea maybe. A refugee camp has decided to cut food laundering act by officials and so it gave all the refuge come sort of crypto currency which could be use to buy things in stores located in several places in the camp. And they scan their eyes and tumb to pay . That’s the future I see, that’s what I see crypto becoming
I don't see it as a single point of failure on the hardware of the phone, but a smart wallet app that will just sit on people's phones. It'll handle all of the logic, transfer and exchange. For the most part, most owners will not even know they are working with digital currencies. In the same way that most people do not realize they are using the TCP/IP protocol when they use the internet.
I’d like to think that as smartphone tech gets further along our devices should be able to shut down usage of a wallet unless fingerprints and facial recognition match, so the possibility of hacking/theft would be very low.
Good information
To the question in your title, my Magic 8-Ball says:
Hi! I'm a bot, and this answer was posted automatically. Check this post out for more information.
There are some cryptocurrency projects out there, particularly those working to bring cryptocurrency debit cards to market on accompanying mobile phone applications that double as wallets and security gateways for controlling your spend, monitoring transactions and the like.
One such project with an app in beta right now is Monaco Card, the application allows you to protect your funds with fingerprint and pin code paired with a debit card that allows you to spend Bitcoin and other cryptocurrencies.
I think it is a good idea to make a phone as a wallet... Because it will be effective, efficient, and simple...
the task of keeping the phone safe is the task of each and up to each person...
Thanks for sharing, dear @whatageek...❤