No. Cold wallets are just keys to the blockchain which is always online
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You'd be surprised how many Bitcoin experts here think their coins are actually on their phone or laptop.
I have a spare smartphone that runs on Android 9.
Will it be safe to store Bitcoins on it by following the below steps:
Format the phone
Install nothing but a Self-Custodial Bitcoin wallet app on the phone
Transfer Bitcoins to the wallet
Turn off the internet
Keep the phone switched off until needed.
No. Cold wallets are just keys to the blockchain which is always online
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You'd be surprised how many Bitcoin experts here think their coins are actually on their phone or laptop.
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Smartphone apps are not suited for this purpose.
You can:
Better and cheaper version would be to install Tails OS on a usb key and store bitcoins there using electrum wallet.
Just buy a coldcard they are the best in the industry. /s
Recent events…?
There's a bit of a misconception that crypto is somehow moved when sending and receiving. It's not exactly the case. Rather, what is happening is that permissions are changed using your unique cryptographic key which authorize the state change in the wallet balance. This distinction matters. Because what you are really storing is the recovery phrase, that's your key. That's why you can memorize your recovery phrase and later access your wallet. The coins never move, the permissions do.
All you need is a seed phrase. You don't even need a wallet. If you want to keep it offline, delete all your wallets and put the seed phrase on paper or metal in a safe.