Can Old iPhones Be Used as Cryptocurrency Wallets? Experts Say 'Possible but Risky'

▲ Bitcoin (BTC), iPhone / ChatGPT generated image ©

Claims have emerged that old iPhones can be used as dedicated cryptocurrency wallets, but due to the lack of BIP39 passphrase support and the complexity of security management, dedicated hardware wallets are generally considered superior at this stage.

According to the cryptocurrency media outlet Finbold on August 3 (local time), blockchain detective ZachXBT argued on the Telegram ‘Investigation’ channel that using a separate iPhone solely for transaction signing and fund storage might be better than a dedicated hardware wallet. This suggestion comes amid growing concerns about cryptocurrency security due to the potential for quantum computers to attack cryptographic systems and the recent Coldcard wallet hack.

ZachXBT stated that he does not recommend hardware wallets for signing important transactions or storing funds, emphasizing that a dedicated iPhone not used for other functions could be an alternative. While strongly criticizing Ledger products, he also warned that the iPhone method requires significant technical knowledge and security management skills, making it unsuitable for general users.

Roman Storm, a core developer for Tornado Cash, generally reacted positively to the idea of a dedicated iPhone but pointed out the lack of a single mobile application supporting BIP39 passphrases as a key weakness. A BIP39 passphrase is an optional security feature that allows users to create a hidden cryptocurrency wallet by adding a word or string to the basic seed phrase.

Storm explained that the real security threat might be someone who can access the user's home, and simply switching to a dedicated iPhone would not solve this problem. He urged mobile wallet providers to support BIP39 and noted that since most dedicated hardware wallets like Trezor, Keystone, BitBox, Ledger, and Coldcard already offer this feature, hardware wallets are generally superior in the current environment.

Officials from Keystone and Trezor also pointed out that iPhones are general-purpose devices, and functions other than the wallet, along with various system characteristics, could create additional attack vectors. They explained that while it is possible to use an old iPhone as a wallet, a high level of technical understanding and strict usage principles are required to keep it secure.

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