Categories: Gadgets

No, buying a smartphone to store cryptocurrencies is not recommended

Although the Bitcoin does not go through its best , he boom and popularization of cryptocurrencies is a reality. More…

No, buying a smartphone to store cryptocurrencies is not recommended

Although the Bitcoin does not go through its best , he boom and popularization of cryptocurrencies is a reality. More and more people are familiar with this world of virtual currencies and the Blockchain, which is causing some companies to want take a slice of this trend that , for some, it is one more bubble. We have already talked about Sugar S11 Blockchain Creation Edition a copy of the ZTE nubia Z17s that is configured as a “smartphone to mine cryptocurrencies”. Today we will talk about Finney , a device 100% focused on the user of cryptocurrencies that, possibly, is not as good an idea as it seems.

Apparently, a subsidiary of Foxconn (one of the world’s leading electronics manufacturers, whose products include the iPhone or the Kindles) will help develop a “Blockchain smartphone” for Sirin Labs (a pretty peculiar startup). This device, according to Bloomberg, is designed to “Help owners securely store and use cryptocurrencies such as Bitcoin, as well as related services.”

One way or another, the device will act like a wallet -monedero- in which to store the cryptocurrencies and access codes. This is what is called a “physical wallet”, a device that saves Bitcoin (or other cryptocurrencies) in a place outside the network, waiting for the user to need them. Like a lifelong piggy bank, but with much more security . The positive part is that the cryptocurrency services (those services needed to be able to take out the tokens and pay with them) are activate with a physical switch . The negative is that lost the mobile, lost the cryptocurrencies.

Lost the mobile, lost of the cryptocurrencies

No, buying a smartphone to store cryptocurrencies is not recommended

No, buying a smartphone to store cryptocurrencies is not recommended

“While the phone’s architecture seems secure, there is a risk that the thieves can kidnap the owners of a Finney and access the wallets by force” says Matt Suiche, founder of security provider Comae Technologies, to Bloomberg. The issue is that physical moneylenders like Trezor are always at home, safe, while the smartphone you carry over all day . There are risks that you steal it, you lose it, it breaks … There are thousands of risks, and they all involve the loss of the coins.

The operating system is Sirin OS , a fork of AOSP – in fact, it is nailed to Android Pure -. Account with 6 GB of RAM, 64 GB of storage and double camera , in addition to a price of $ 999 . Its launch date goes until October and will be aimed at the Turkish and Taiwanese market (the two main markets of critpomonedas in the world). They already have 25,000 pre-reservations , and hope to sell it at some point through operators. At the moment, it can only be purchased in eight physical stores.

Finally, and as a curious fact, according to CoinTelegraph, Huawei would be behind a license of Sirin OS to launch its own smartphone focused on Blockchain technology and cryptocurrencies. We’ll have to see where that comes from. In short, if you have virtual currencies do not trust your mobile to keep them , and less if it is from Sirin. Moshe Hogeg, CEO of the startup, is an old man known for his absurd projects like Solarin, a mid-range Android mobile whose price was 14,000 euros and that was a failure, which caused the dismissal of 30 people.

Sources : CoinDesk , Bloomberg

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