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> The downsides are that my phone effectively has a bundle of cash strapped to it, and when I lose the phone my cash is gone too. you should have the root mnem
by exit 8y ago
> The downsides are that my phone effectively has a bundle of cash strapped to it, and when I lose the phone my cash is gone too.
you should have the root mnemonic of the wallet stored separately, in which case you would be able to regenerate the private keys and access your funds again.
i can recommend the eclair wallet, by acinq, for android. as well as traditional on-chain transactions, it also supports spend-only lightning channels. receive functionality is being tested on testnet and should arrive on mainnet soon.
- Ruphin 8y agoIt's exactly narratives like that, "you have to store this passphrase somewhere secure or you risk losing all your money", that makes anything in this space so much less accessible to normal people. You can choose to ignore those complexities and just treat a wallet like a simple app that just sends and recieves money without understanding anything about how it works, and the UX is way better. You just have to live with the consequence that your money is gone if you lose the phone (which is the same as losing the cash in your physical wallet when you lose that). In my experience that narrative works much better for onboarding people, because it doesn't place any burden on them to do anything. They just have to choose their level of acceptable risk, which is something they are familiar with (carrying cash in their physical wallet).