Of course I like to HODL my crypto, but it's really meant as a payment system. After being an avid HODLer of crypto since 2013, I realize I've never actually ever spent any of my crypto. Have you? Let's start actually spending crypto and help grow the eco-system!
BITCOIN
When I talk about spending crypto, I don't mean spending it online but actually using it as a form of digital cash in the real world. Bitcoin is obviously still the most widely accepted cryptocurrency in the regular world, so I'm really mainly talking about spending Bitcoin.My plan is the following: I want to set up a mobile device with a Bitcoin wallet and load it up with about $15 worth of Bitcoin, to carry around with me and use for spending in case I ever come across an opportunity where I can pay with Bitcoin instead of regular money. As I spend my Bitcoin, I will later go and manually replace it by purchasing more with FIAT money. In the end, I will buy about as much as I spent and while I pay a little in fees, I should more or less break-even.
SECURITY & WALLET CHOICE
Since I'm a paranoid when it comes to cryptocurrency storage and security, I've never actually dared to load up a so-called 'hot wallet'. I get anxious when I think of how insecure my Android phone is, how many apps I already have installed on it (with all the spyware that comes with it) and how much risk I would generally run with regards to hackers. I don't pay much, if any, attention to mobile phone security at all to be honest. And while $15 isn't much.. well, I'd rather just not lose it.I know about the possibility of pairing up a Ledger Nano S (I have several) to my mobile phone but Ledgers are pretty pricey and don't feel durable enough to be carrying around 24/7 in a bag or pocket.
So I am wondering, do any of you have any experience or knowledge when it comes to setting up a mobile hot wallet? Are my concerns regarding security well-founded or am I overly paranoid? Do you know of any additional steps I can take with regards to setting up mobile phone security?
I'm also interested in hearing wallet suggestions. I know of Bread wallet, which is popular, but last year Mycelium was all the range. What wallet would you recommend for my mobile hot wallet, and why?
I'm using the enjin wallet for android: https://enjinwallet.io/
It is really secure and I'm happy.
OH! That's a good suggestion! I've heard it mentioned before but kind of forgot about it. I will check it out, thanks!!
I'm reading up about it now and this looks to be a really good suggestion actually. This may be something I will be using !
You can use GreenBits, and it supports the Segwit address format!
I've never heard of that one before, so I checked it out and it sounds interesting. But I also got the impression that it hadn't had much development for a while. I do like that it supports Segwit though
this is probably a huge problem with the cryptocurrencies, not many people are really spending it, but rather hold and hope for big gains... if more will follow your path the adoption rate will be much higher :) so thanks!!
in my country i never crossed a place that you can buy with bitcoin...
@holger80 made a great recommendation for Enjin wallet, it looks to be exactly what I am looking for - a wallet that takes security seriously.
I sometimes see a Bitcoin Accepted sticker on storefronts, but not often. But I figure with some actual BTC in my mobile wallet, I may be more on the lookout for places I can spend it than before.
Since you said you never saw a place where you can buy with bitcoin, I'm curious to know, what country are you from? I myself am from the Netherlands - in total I think I have seen dozens of shops accepting Bitcoin over the years, but have not kept track.
I am from Israel :) we have a growing community of people investing and working on the crypto field but i didn't see any stores for some reason....
Awesome! I love how global crypto is, it's like the early days of the internet when you met people from all over easily too!
Interesting that there is little adoption in shops there - I thought Israel would be pretty tech savvy and into futuristic things! Maybe in the more touristy areas? Amsterdam has a lot more Bitcoin shops/atms than the rest of the country too.
I've also heard it say that it's a good thing for crypto enthusiasts to ask everywhere they go if crypto is accepted as a payment, with the underlying thought that if shopkeepers get asked often enough they will be incentivized to setup a Bitcoin payment option
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