Altcoins Talks - Cryptocurrency Forum
Cryptocurrency Ecosystem => Crypto Wallets => Topic started by: The transformer on September 23, 2024, 05:52:57 PM
-
Learning little about crypto and crypto related, I had come across some terms which I don't know the state of trust wallet in all that. To note, before trying to pay attention to crypto, I have been hearing about trust wallet. This makes trust wallet trustworthy by implication.
Which category is trust in terms of cex, dex, custodial and non custodial. Please add any others info relating to the category of trust wallet based on wallet differences and so on.
Thanks
-
Learning little about crypto and crypto related, I had come across some terms which I don't know the state of trust wallet in all that. To note, before trying to pay attention to crypto, I have been hearing about trust wallet. This makes trust wallet trustworthy by implication.
Which category is trust in terms of cex, dex, custodial and non custodial. Please add any others info relating to the category of trust wallet based on wallet differences and so on.
Thanks
TrustWallet is a crypto wallet app that offers users a more user-friendly and intuitive interface to interact with blockchains. It belongs to the Crypto Wallet category in the crypto market.
You can use TrustWallet to create numerous accounts on major blockchains in the market, get addresses to receive tokens, and transfer tokens at will, as long as you have the native token to pay transaction fees. TrustWallet has some issues related to being closed-source, but I think it's still okay to use. I have been using TrustWallet and haven't encountered any problems :)
-
Which category is trust in terms of cex, dex, custodial and non custodial. Please add any others info relating to the category of trust wallet based on wallet differences and so on.
CEX and DEX are not related to wallet categorization unless you want to stretch your definition of a wallet as something that you can use to 'store' cryptocurrency. Have you tried to read the wikis about cryptocurrency wallets before? Stuff like a hardware wallet, mobile wallet, SPV client, etc are ones that you should read if you want to know the general categorization of cryptocurrency wallets IMO.
-
Which category is trust in terms of cex, dex, custodial and non custodial. Please add any others info relating to the category of trust wallet based on wallet differences and so on.
CEX and DEX are not related to wallet categorization unless you want to stretch your definition of a wallet as something that you can use to 'store' cryptocurrency.
Okay
Which category is trust in terms of cex, dex, custodial and non custodial. Please add any others info relating to the category of trust wallet based on wallet differences and so on.
. Have you tried to read the wikis about cryptocurrency wallets before?
No, I haven't read wikis or can't remember doing so.
Which category is trust in terms of cex, dex, custodial and non custodial. Please add any others info relating to the category of trust wallet based on wallet differences and so on.
Stuff like a hardware wallet, mobile wallet, SPV client, etc are ones that you should read if you want to know the general categorization of cryptocurrency wallets IMO.
Okay
-
Which category is trust in terms of cex, dex, custodial and non custodial. Please add any others info relating to the category of trust wallet based on wallet differences and so on.
I'm not sure what kind of answer you expect. But i could put TrustWallet in following category,
1. Software wallet.
2. Mobile wallet.
3. Multi-currency/token wallet.
4. Closed source wallet.
5. Self-custodial wallet.
-
The classification of wallets is custodial and non-custodial wallets, open source or closed source, and since Trust Wallet is a closed source wallet, it is difficult to confirm the claims that it is a non-custodial wallet.
In short, the logical classification of Trust Wallet is that it is a closed source multi-cryptocurrency wallet.
When compared to other lesser-known closed source wallets, it is the best, and since there are reliable and open source options, it is better to use these options.
-
The classification of wallets is custodial and non-custodial wallets, open source or closed source, and since Trust Wallet is a closed source wallet, it is difficult to confirm the claims that it is a non-custodial wallet.
That's great point. At best, we only can verify the recovery words generate same address on different wallet software.
-
Which category is trust in terms of cex, dex, custodial and non custodial. Please add any others info relating to the category of trust wallet based on wallet differences and so on.
Thanks
Trust wallet is not an exchange, so it can't be a cex or a dex, trust wallet is a non-custodial wallet because people who use the wallet have their own seed phrase. However, trust wallet is a closed source wallet and so we cannot verify the code or check for vulnerabilities in it. I would not recommend trust wallet to store BTC, though it may be okay for altcoins.
-
That's great point. At best, we only can verify the recovery words generate same address on different wallet software.
Yes, but it cannot be guaranteed that you are the only one who has access to these private keys and thus the custodial wallet.
-
That's great point. At best, we only can verify the recovery words generate same address on different wallet software.
Yes, but it cannot be guaranteed that you are the only one who has access to these private keys and thus the custodial wallet.
That's true. In theory, they could send generated private key/recovery words to their server or use weak RNG where they know the weakness.
Trust wallet is not an exchange, so it can't be a cex or a dex, trust wallet is a non-custodial wallet because people who use the wallet have their own seed phrase.
It's true, depending on your exact definition of exchange. But it's worth to mention their wallet offer feature to buy/sell cryptocurrency where they work together with Ramp and Moonpay.
Buy crypto the way you want
Choose from 110+ fiat currencies, and buy the crypto you want, effortlessly
Does Trust wallet support crypto withdrawals or crypto-to-fiat solutions?
Yes, our partners Ramp and MoonPay allow you to sell cryptocurrencies, ensuring a smooth and secure conversion experience directly within Trust Wallet.
-
Yes, but it cannot be guaranteed that you are the only one who has access to these private keys and thus the custodial wallet.
Yeah, that is the danger of using a closed source wallet, you cannot be sure of anything. So many Atomic wallet customers were screwed because the wallet is closed source and up until today we do not know what exactly happened and the wallet devs and team is yet to give any information as to what actually happened. Closed source wallets are not recommended.
-
Yeah, that is the danger of using a closed source wallet, you cannot be sure of anything. So many Atomic wallet customers were screwed because the wallet is closed source and up until today we do not know what exactly happened and the wallet devs and team is yet to give any information as to what actually happened. Closed source wallets are not recommended.
Most users don't read the code of open-source crypto wallet apps; they simply trust the project behind it and use the wallet app to participate in the market. I think TrustWallet enjoys credibility from Binance, and Binance also has Binance Web3 Wallet based on TrustWallet's technology.
If an investor is already a Binance user, they can continue to trust TrustWallet for storing their crypto assets without too much worry. Of course, diversifying and decentralizing crypto asset self-custody methods is also valuable, so investors might not need to worry when using TrustWallet but should also consider using other crypto wallet apps like MetaMask or SafePal.
-
Trust wallet is non custodial but closed source as others pointed out which means their code is not verifiable but it's one of the best choice for beginners who don't have more than thousand dollars worth of cryptos. And it supports wide range also easy to use but it should not be preferred for long term storage or to store huge amount of crypto.
-
Learning little about crypto and crypto related, I had come across some terms which I don't know the state of trust wallet in all that. To note, before trying to pay attention to crypto, I have been hearing about trust wallet. This makes trust wallet trustworthy by implication.
Which category is trust in terms of cex, dex, custodial and non custodial. Please add any others info relating to the category of trust wallet based on wallet differences and so on.
Thanks
All you've said shows you have very little knowledge about wallets. It will be good if you go back to understand what a wallet truly is and the different options you can go for which suits your needs and personality. This will help you take better security measures to protect your coins from being stolen. A wallet is not an exchange, so concepts like CEX and DEX are not relevant in this context. Take some time to learn more
-
Learning little about crypto and crypto related, I had come across some terms which I don't know the state of trust wallet in all that. To note, before trying to pay attention to crypto, I have been hearing about trust wallet. This makes trust wallet trustworthy by implication.
Which category is trust in terms of cex, dex, custodial and non custodial. Please add any others info relating to the category of trust wallet based on wallet differences and so on.
Thanks
Trust wallet is a non custodial wallet, which can give you access to having your private keys, but the only spoil to the use of this wallet was the fact that its a close source wallet and not open source, also, if you're looking for more advantages for using this same wallet type, you can find it to be supportive of many kinds of cryptocurrencies, both bitcoin and altcoins and lots of tokens all together.
-
Trust wallet is a non custodial wallet, which can give you access to having your private keys, but the only spoil to the use of this wallet was the fact that its a close source wallet and not open source, also, if you're looking for more advantages for using this same wallet type, you can find it to be supportive of many kinds of cryptocurrencies, both bitcoin and altcoins and lots of tokens all together.
Been a close source doesn't make a wallet any advantage as they team behind that project might be trustworthy and have good intentions but the problem now is that in crypto, you don't have to trust anyone unless you verified and the only way to verify is what Trust wallet has made private, they made the keys close source which means nobody will know how the wallet is built.
Open source and close source has its own advantages and disadvantages in coding space but in crypto, you can't trust anyone unless you verified, no matter the protection trust wallet is given to people, they can't be better than been open source wallet.
-
I have heard about some of these wallets and I've been able to use some of them and they are very good from my observation and satisfaction. But I have heard about this trust wallet but haven't been able to use it but from the way others rate it I think it is interesting and I would try it too to confirm how reliable it is.
-
But I have heard about this trust wallet but haven't been able to use it but from the way others rate it I think it is interesting and I would try it too to confirm how reliable it is.
Trust wallet is a closed source wallet, so if you are someone who uses only open source wallets which is the recommended thing to do, then you cannot use trust wallet. I do not use trust wallet for that reason and because i already have good BTC wallets that i use, and i use Unstoppable wallet for my altcoins.
-
But I have heard about this trust wallet but haven't been able to use it but from the way others rate it I think it is interesting and I would try it too to confirm how reliable it is.
Trust wallet is a closed source wallet, so if you are someone who uses only open source wallets which is the recommended thing to do, then you cannot use trust wallet. I do not use trust wallet for that reason and because i already have good BTC wallets that i use, and i use Unstoppable wallet for my altcoins.
Well, I agree it is a closed-source wallet, but if you don't have other options, if the coin you want to hold in your wallet only supports Trustwallet, you don't have other choice but to use it. However, there are many option to use but the problem is which one? Trust wallet support most of the tokens and mainnet BTC and Ethereum, and I can't seems to find other alternative wallets that support most of these coins and tokens unless you are going to buy a hardware wallet.
The only alternative for trust wallet that I want is the airgap.it which is open-source the only problem is it doesn't support most of the coins and major coins. The good thing with this wallet is that you can do an offline transaction because it does have a separate cold storage wallet on another device if you install it on a different device. other option if you want to support almost all coins and tokens then Trezor wallet is a good option.
-
Well, I agree it is a closed-source wallet, but if you don't have other options, if the coin you want to hold in your wallet only supports Trustwallet, you don't have other choice but to use it.
You made a very valid point, Trust wallet supports a lot of coins, unlike Unstoppable wallet. It is understandable to use Trust wallet to store your altcoins, but where i have a problem is when people use Trust wallet to store their BTC and altcoins together, when there are a lot of recommended BTC wallets, like Electrum and BlueWallet.
-
Trust wallet is a multi currency digital wallet that allows users to send and receive a variety of cryptocurrencies and token deposits. It is an easy to use application that is available on both android and ios platforms. Trust wallet presents an easy way to keep your digital currencies safe and accessible. The wallet is built to provide easy access to manage your cryptocurrency, providing fast transactions, secure storage, and easy access to various digital assets. Moreover, trust wallet allows faster engagement with dApps while maintaining high security standards. Users retain full control over their private keys, which helps them gain extreme authority over their assets. This decentralized approach keeps your digital valuables under your control and making them robust against unauthorized access.