How to use an old mobile phone as an encrypted asset wallet? Only need 3min

Many times the facts we see are not true. It is better to retreat and sharpen the gun than the blind man feeling the elephant. Come sharpen your wallet today.

Recently, exchanges have withdrawn and transferred coins more frequently than before, and friends who want to hold encrypted assets for a long time can transfer some assets to their wallets.

The picture above is one of my hardware wallets, taken on October 20, 2020 AD

Of course, hardware wallets are also available, but they are not very convenient. Seeing the recent release of iphone12, many people must change their mobile phones. Even if there is no fruit machine released, readers may have old smartphones at home—iOS or Android will do. Today we will introduce in detail how to build your own wallet, which is safe and efficient in only 3 minutes.

The Korean National Assembly will discuss how to improve the transparency of cryptocurrency transactions: Jinse Finance reported that the Korean National Assembly will hold a seminar entitled "How to Improve the Transparency of Cryptocurrency Transactions" today. The workshop will discuss issues related to preventing money laundering and creating a system to regulate crypto transactions. According to reports, the plenary session of Congress has previously passed a special bill aimed at introducing a digital asset business reporting system, including customer identification and establishing anti-money laundering obligations. If the government signs the law, the new anti-money laundering bill could start blocking crypto transactions related to the illicit dark web as early as March 2021. Congressman Lee Soo-jin said that blockchain is the foundation of the digital economy, and transparency is the key, but as cryptocurrencies are used in criminal activities, negative images begin to accumulate, and money laundering needs to be prevented through technical cooperation with investigative agencies. [2020/7/10]

Getting started:

First find an old mobile phone and download wallet apps, such as imToken, TokenPocket, Bitkeep, MetaMask, TronLink, Cobo, etc.

Voice | Zhang Rui, director of the China Marketing Society: Regardless of the fate of Libra, Facebook is a big winner: On July 18, Zhang Rui, director of the China Marketing Society and professor of economics, published an article "No matter what the fate of Libra is, Facebook is a big winner." The article pointed out that because Libra anchors bank deposits, government bonds, and a basket of currencies, it can completely measure the value of commodities, and at the same time, it can serve as a medium for commodity exchange and enter the storage category of public wealth as a target. Therefore, even if Libra cannot obtain the status of a global legal currency, it can fully use its identity as a digital currency to perform well in the circulation of goods and services like Bitcoin, and the value space created by its huge user group must be greater than that of any other currency. A digital currency is much broader and broader. Not only that, Libra can also open the entrance to digital finance and digital society like WeChat and Alipay, thus bringing Facebook into a new business model. [2019/7/18]

News | South African Revenue Service is studying how to identify tax evading cryptocurrency traders: According to CCN, the South African tax authority, the South African Revenue Service (SARS), is investigating methods of identifying tax evading cryptocurrency traders. The agency’s commissioner, Mark Kingon, recently told the Institute of Internal Auditors conference in Johannesburg that the agency is looking at how it can detect non-compliant cryptocurrency traders to investigate any failure to declare profits from investments. [2018/8/21]

The picture above is an example, there is no need to download so many wallets. Assets are relatively large, and those who want decentralized management can download them all.

Note: MetaMask is an ETH wallet that supports tokens on the ETH Ethereum public chain, such as ETH, ERC20 tokens, ERC721 tokens, etc.; Tronlink is a token on the Trx public chain, such as Trx, Trc20 tokens, etc. Other wallets are all-in-one wallets that store multiple assets.

Bank of America analysts explain how Bitcoin is like regular money: As reported by CCN, St. Louis Federal Reserve Bank content-zce strategist Christine Smith believes that Bitcoin is not as exotic as people think. The two use cases of Bitcoin are as value and currency Stored, Smith argues for three reasons why Bitcoin is indistinguishable from regular money:

1. Neither Bitcoin nor USD is backed by physical assets;

2. "Scarcity" is at the core of the Federal Reserve's monetary system stabilization strategy, because "in order to maintain its value, money must have a limited supply", and the number of Bitcoins is also limited.

3. Bitcoin is "a purely peer-to-peer version of electronic cash that allows online payments to be sent directly from one party to another without going through a financial institution", which is similar to the way cash is spent, that is, "no middleman is required to process transactions". [2018/5/1]

Let's take imToken as an example to explain how to make a relatively safe wallet.

Step 1: Turn on airplane mode and disconnect wifi.

Let the mobile phone become a stand-alone non-networked state. From then on, this old mobile phone will no longer be connected to the Internet, and it will be a hardware wallet.

Step 2: Open the App, such as imToken, click Manage Wallet

Step 3: Click Add Wallet, find the corresponding asset, and create a wallet.

Choose BTC to create a BTC wallet, choose ETH to create an ETH wallet, and just find the corresponding currency or the corresponding chain. Generally speaking, what I store with such care are the mainstream assets that I think are important, and there are some in the list.

Step 4: Fill in the password, and then see the mnemonic.

(This is an experimental wallet, so I released it, and I have to copy my own, so as not to lose it, copy a few more copies and put them in different places)

Fill in the mnemonics in order. Some wallets ask you what the second word or the fourth word is and then go to the next step.

Step 5: Withdraw coins to the address.

See the wallet at the bottom left, and then click the arrow pointing, the receipt page will appear, and you can withdraw the BTC from the exchange or other wallets to this wallet address.

Step 6: Keep your phone off the internet.

That is to say, from the moment the wallet is created, the mobile phone is no longer connected to the Internet and has other uses, and has since turned into a hardware wallet, which is commonly known as a "brick".

If you need to add wallets such as ETH, Trx, EOS, etc., just go through the same process. Note that if you want to be safe, don’t touch the Internet.

The mnemonic is well recorded, so don’t worry about what to do if the app crashes. The same protocol (such as BIP39) is used when the app hangs up. If you enter the mnemonic in another wallet app, you can continue to use the assets in the wallet. A wallet is just a tool.

Key takeaway: From the moment you open your wallet, this phone is no longer connected to the Internet, an old smartphone will do. It is not necessary to connect to the Internet until one day you want to withdraw the currency.

The six steps written above are to pay attention to some details. The actual operation will be done in three minutes. The most time-consuming is to record and check the mnemonic words.

These are the steps to turn your old phone into a safe cold wallet. Don't care about the concept of brain wallet, paper wallet, cold wallet, hot wallet, hardware wallet, etc., just using an old mobile phone to make a wallet is enough for us.

This article is a popular science post, and has no relevant cooperation with the wallet team mentioned in the article.

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