I have been trying to find cheaper secure wallets and think I have come upon a solution.
Now there are two types of wallets, there are Hot wallets (for spending) and Cold Wallets (offline no spend and secure).
So here are the steps to a 30$ cold storage or secure wallet!
1. Go to the store and pick up the cheapest prepaid android phone (or use this amazon link for a cheap one :http://amzn.to/1UijdIj)
2. Try to use the phone without a simcard (this should work for most phones but if it doesn’t you will need to pay around 5$ for an unlock code or check online for software)
3. Use a micro sd or usb cable to transfer the Electrum Bitcoin Wallet APK
4. Create a wallet offline
There you go! A secure offline wallet that you can turn into a hot wallet anytime or use a hotspot as the only wifi on the device and use it as a more secure wallet!
hey, this is a nice idea although using an android phone without fully cleaning it can leave an open door for old backdoors; perhaps buying a hardware wallet with 30 USD would be better 🙂
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Yeah you don’t want to download any other software or let it online if you are doing a cold storage but any prepaid major brand should be fine and especially if you never bring it online with only a sideload of the apk.
Using a second hand device it needs to be thoroughly cleaned for sure. Thanks for reading and replying!
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