Can you use an old iPhone as a crypto wallet?

Between the general anxiety about the potential encryption-breaking capabilities of quantum computers and late July’s Coldcard hardware wallet exploit, cryptocurrency security is again at the forefront in the sector, and one popular blockchain investigator recently proposed an unorthodox solution.

Specifically, writing in his Investigations channel on Telegram, ZachXBT voiced his disdain for dedicated hardware wallets and claimed that an old iPhone could serve the purpose better:

All hardware wallets are complete garbage and l do not advise using them for important tasks like signing transactions or storing funds. Much better to have a separate iPhone with its only purpose being to use as your hardware wallet.

The blockchain investigator also voiced particular contempt for Ledger’s products but also warned that his smartphone idea is not for ‘low IQ’ individuals.

Top blockchain developer weighs in on iPhone-as-Bitcoin-storage idea

Elsewhere, several prominent individuals and companies within the cryptocurrency sector weighed in on ZachXBT’s ‘hot take.’

Roman Storm, a key Tornado Cash developer, was positive toward the overall idea but warned of one critical flaw: the lack of a single mobile app with BIP39 passphrase support.

The BIP39 passphrase is an additional, optional layer of security that enables the user to add a word or string to their standard seed phrase to effectively create a hidden cryptocurrency wallet.

In his X post, Storm emphasized that the actual security issue ‘is someone in your house’ and that switching to a dedicated iPhone does not solve that particular issue. At the end of his text, the Tornado Cash developer urged mobile wallet providers to implement BIP39 support.

Are dedicated hardware wallets still superior to iPhones for Bitcoin storage?

Simultaneously, Roman Storm voiced an apparent preference for dedicated cryptocurrency wallets, despite being positive toward ZachXBT’s idea.

Indeed, he explained that most specialized storage devices in the industry – he explicitly named Trezor, Keystone, BitBox, Ledger, and even Coldcard – do support the added layer of security provided by BIP39, making them, under the current setup, generally superior.

Other commentators, including the Keystone official X account and Trezor’s Danny Sanders, also pointed out that iPhones, as more general devices, have various additional functions and quirks that ensure that using them as wallets requires significant technical know-how and ironclad discipline when it comes to maintaining security.

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