Web-Browser Based Wallets Versus Moble App Based Wallets

⸺ by Charles Iliya Krempeaux

⸺ published 2024-05-08T14:37:39-07:00

I asked AC a question relevant to :

Do you have an opinion of why most crypto people are more likely to trust or use a web-browser extension wallet rather than a mobile app wallet?

The response from AC was:

DeFi apps require a higher level of attention than payment apps do.

Take a bank app or payment app as an example.
I use Venmo to send money.
I use the BOA app to send money.
I use my mobile MM to send USDC (a form of money).

They all do 1 thing, send money. I can be distracted and it'll be ok.

BUT if I'm aping into a 5,000% APY farm that'll last a couple hours. Or I'm working with larger amounts. There's a certain level of due dilligence that I do in that moment
: - I manually look for SC addresses
- I check if they're verified on Etherscan
- I google the team members, if they're legit or some anons
- I check their Discord, TG for rug signals

You can't do all that on the phone, I mean you could but its easier if you have TG, discord, chrome all open at the same time

❦

Then there's accounting, I typically use a spreadsheet or my system calculator to calculate the APR and determine ROI. I also need to record all that for tax reasons.

TLDR, investing in DeFi is an active effort, more active than applying for a traditional bank loan.