Blockchain & Cryptocurrency Glossary

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Mobile Wallet

1 min read
Pronunciation
[moh-buhl woll-it]
Analogy
A mobile wallet is like a payment app on your phone—it’s always with you, enabling quick payments but at higher risk if your phone is compromised.
Definition
A smartphone application that stores private keys on the device and facilitates on‑the‑go crypto transactions, often with QR‑code support.
Key Points Intro
Mobile wallets combine convenience and security features including:
Key Points

In‑app key storage: Keys kept in secure enclave or keystore.

Touch/Face ID: Biometric unlocking for ease of use.

QR code scanning: Simplifies address entry.

Push notifications: Alerts for incoming transactions.

Example
Trust Wallet lets users manage multiple blockchains on their mobile, scan QR codes, and stake tokens within the app.
Technical Deep Dive
Mobile wallets leverage OS security: iOS Secure Enclave or Android Keystore. They derive keys from BIP‑39 seeds and sign transactions in isolated processes. Wallet UI interacts with DApp browsers via WalletConnect.
Security Warning
Lost or stolen phones can expose wallets; enable biometric lock, remote wipe, and backup seed phrase off‑device.
Caveat
Mobile OS vulnerabilities can compromise keys; keep OS and apps updated.
Related Terms
Software Wallet
Web Wallet
Hardware Wallet
Seed Phrase
Hot Wallet

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