Bitcoin, Ethereum, Litecoin, and even Dogecoin are just some of the cryptocurrencies that have seen their valuations go through the roof in recent years. As a result, we’ve seen a flood of new investors in the market, all looking to get a taste of that sweet, sweet crypto. Because they are convenient and easy to use, crypto wallet apps or hot wallets are a popular choice for crypto enthusiasts. Hot wallets can be accessed anywhere by anyone, and the only thing you need is a smart device and an internet connection.
- The flexible nature of the Android OS
Android is an OS owned by Google that allows for a larger degree of customization than Apple’s iOS.
This quantity over quality approach means that it’s extremely easy to find crypto wallet apps supported by Android. In contrast, an iOS user will probably have to do with a limited number of apps.
If you are an Apple iOS user however, you can still find the 10 best crypto wallets for iOS in 2022 that are fully safe and recommended.
- Android devices are common (and affordable)
There is no doubt that Apple makes some very impressive but usually pricey devices. For example, while the iPhone SE is a great phone, you can get yourself a Samsung Galaxy S10e or Google Pixel 3a for the same price.
Even if you’re not in the market for a mid-range phone, there are literally hundreds of affordable smartphones on the market running Android OSs. That way, you won’t have to break the bank if you’re looking for a phone that can run crypto wallet apps.
So if you’re looking for a smartphone that supports crypto wallet apps, you’d be pretty satisfied with an Android. And as Android is the most popular OS on the market, support for crypto wallet apps will definitely be more comprehensive than iOS.
- Google is tightening security on its app store
While the Android OS is flexible, it suffers from a variety of security vulnerabilities. One of these is that Android devices are open-sourced, which can be easily hacked.
Besides that, the lack of quality control has allowed cybercriminals to list fraudulent crypto apps on Google Play. These include phony wallet apps that trick users into sending their cryptos to a fake address and disappearing with said funds.
However, Google has taken steps to rectify this and has begun implementing new safety requirements that make it more difficult for cybercriminals to take advantage of loopholes.
Points to keep in mind
But before you dive in headfirst, you should ensure that you have a secure and trusted method for keeping your cryptos safe. While convenient, digital wallets are not exactly the safest way for storing your cryptocurrencies.
First of all, hot wallets are online 100% of the time, exposing them to various security vulnerabilities such as cyberattacks. One example of this can be seen from the BadgerDAO heist, which saw hackers emptying dozens of wallets of crypto before anything could be done.
And if your wallet app is installed on your mobile device, you need to be extra careful to ensure that your phone doesn’t get lost or stolen.
So, if you have extensive holdings of cryptocurrency, you may want to consider investing in a cold wallet. Hardware or cold wallets store your crypto keys offline on an external device such as a hard drive or pen drive.
These wallets can be physically secured to provide additional security, making them worth the investment. Also, they are virtually impossible to hack into unless they are connected to a device with an internet connection.To conclude, as cryptocurrencies become ever more popular, Android users will likely come to rely more and more on their devices.
Nonetheless, always remember to make safety a priority at all times.