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Crypto Terms:  Letter M

What is Mobile Wallet?

Mobile Wallet - a mobile app that acts as a crypto wallet on a mobile device.
2 minutes

Let's find out Mobile Wallet meaning, definition in crypto, what is Mobile Wallet, and all other detailed facts.

A mobile wallet is a crypto wallet that is installed on a mobile device as an app (available on Android and iOS devices). It stores private keys that give access to a user’s payment data, including crypto and financial accounts. Apart from that, it also allows users to receive and transmit virtual currencies. The main advantages of mobile wallets are ease of use, easy accessibility, and quick transaction processing time.

Therefore, if you have, let’s say, Ethereum (ETH) in your mobile wallet, your private keys will allow you to access and send ETH to any address on the blockchain. A similar situation is with centralized mobile wallets that hold fiat money, there’s just the difference that your funds are then held by a custodian or a bank rather than on a blockchain.

To gain access, most traditional mobile wallets require a username and password combination. Besides, you’ll be provided with a seed phrase for instances when you forget the password of your crypto-based mobile wallet and you want to reset it. Abra, Jaxx Liberty, Exodus, Coinomi, Electrum, and Mycelium are some of the most popular crypto mobile wallets.

Though note that mobile wallets are hot wallets because they work only when connected to the internet. This means that they are less secure than cold wallets that function without an internet connection.

Keep in mind that you always have to consider security, seed phrase, storage options, supported assets, and ease of use when choosing a mobile wallet. Besides, you should always look for two-factor authentication for more advanced security.