Altcoins Talks - Cryptocurrency Forum
Cryptocurrency Ecosystem => Crypto Wallets => Topic started by: Findingnemo on October 28, 2024, 07:02:32 AM
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I am talking about the wallets for altcoins, we only have very few in numbers which are considered to be a secured wallet to store altcoins such as MEW, Unstoppable wallet but many others were closed source or it has to be hardware wallet so just looking to find the reasons why developers are not interested in building a wallet like electrum for altcoins?
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Bitcoin is decentralized and not centralized like most altcoins. Bitcoin developers like that. They are not really interested in money making that is why you will not see anything like swap or third party means of exchanging on bitcoin wallets.
But altcoins wallets developers are different. If you noticed, they create the wallet to make money. They are competing to have the highest people that download their wallet to make more money from them. So they do not want rivals or a developer that will easily copy their code.
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+1 Findingnemo , this is a nice question. Also +1 _act_ you have made quite some nice points here. Bitcoin is the biggest and most decentralised network aside from other privacy coins like monero. The idea like you said , is bitcoin developers are actually core enthusiasts of the network and as such they see no problems with creating safe and secure wallets. One most important things which bitcoin only wallets have issn open source code which shows transparency just like the bitcoin network does.
Many altcoins were created for the purpose of profit and as such they literally wouldn't want to risk much competition from other networks.
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Good, open source and well-reviewed Bitcoin wallets are limited but given the nature of altcoins most of them are tokens and duplicates so if there is a wallet for the first 20 cryptocurrencies it will be a wallet for 99% of projects and some crypto projects come with wallets or forks of popular wallets. What you are looking for is a multi-currency crypto wallet, continuing to develop such wallets is expensive so most of them are closed source.
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Fault lies in altcoin itself — more popular the alt, more chances that it'll get wallet created by quality devs or will be integrated in already established wallet apps.
Have your alt in top 10 by marketcap list and even if coin had no wallet's before, you'll see few pop-up in a short time.
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Competing with an already popular multicurrency wallet is not really a good idea if they want to make a profit from it. That being said, I do know one or two open-source projects dedicated to one altcoin being developed a while back. Most of them are no longer maintained, which is another proof that the effort to manage one is probably not worth it. Even the developer of an altcoin doesn't give enough support, I doubt the users care about it either. The market for open-source alternatives is quite niche from their POV at the end of the day. CMIIW.
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Even the developer of an altcoin doesn't give enough support, I doubt the users care about it either. The market for open-source alternatives is quite niche from their POV at the end of the day. CMIIW.
If good projects like Litecoin don't have an active wallet #DevelopmentTeam , what would make developing wallets for unknown tokens and coins active or even trustworthy? I don't think I would download an anonymous wallet with limited downloads because it's open source.
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I am talking about the wallets for altcoins, we only have very few in numbers which are considered to be a secured wallet to store altcoins such as MEW, Unstoppable wallet but many others were closed source or it has to be hardware wallet so just looking to find the reasons why developers are not interested in building a wallet like electrum for altcoins?
I'm not quite following your question. Are you suggesting that we don't have good wallet apps for altcoins? I know Anchor for Antelope (Eos, Telos, Wax...), Metamask for EVM (Bsc, Thorchain, Polygon, Celo...), and Phantom and Safepal... I think they're pretty secure and reliable. Only a few wallets are closed-source like TrustWallet, but even they've had a good track record for years.
Electrum is a good wallet for BTC, but I don't see my friends using it much. They prefer multichain crypto wallets to manage assets across different blockchains.
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so just looking to find the reasons why developers are not interested in building a wallet like electrum for altcoins?
FWIW, some developer already fork Electrum in order to support altcoin. Although the supported altcoin usually limited to fork of Bitcoin (such as BCH) or works in similar way with Bitcoin (such as LTC).
I am talking about the wallets for altcoins, we only have very few in numbers which are considered to be a secured wallet to store altcoins such as MEW, Unstoppable wallet but many others were closed source or it has to be hardware wallet so just looking to find the reasons why developers are not interested in building a wallet like electrum for altcoins?
I'm not quite following your question. Are you suggesting that we don't have good wallet apps for altcoins? I know Anchor for Antelope (Eos, Telos, Wax...), Metamask for EVM (Bsc, Thorchain, Polygon, Celo...), and Phantom and Safepal... I think they're pretty secure and reliable. Only a few wallets are closed-source like TrustWallet, but even they've had a good track record for years.
Electrum is a good wallet for BTC, but I don't see my friends using it much. They prefer multichain crypto wallets to manage assets across different blockchains.
From quick search, it seems Phantom and Safepal are closed-source wallet which isn't favored by OP. But otherwise i agree it's still possible to find fairly good altcoin wallet.
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What about the TRUST wallet?
With the word TRUST on it, it seems trustworthy already alter and it's owned by the most trusted binance exchange.
There are lots of these wallets such as mycelium apart from electrum. They are however not very trusted unlike MEW.
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FWIW, some developer already fork Electrum in order to support altcoin. Although the supported altcoin usually limited to fork of Bitcoin (such as BCH) or works in similar way with Bitcoin (such as LTC).
Many wallets are forks of Electrum, there is a version for Ethereum and Dash. The only drawback is that it does not support multiple coins, which makes it less popular than altcoins, in addition to the limited updates.
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What about the TRUST wallet?
With the word TRUST on it, it seems trustworthy already alter and it's owned by the most trusted binance exchange.
I wouldn't trust with anything that is controlled by Binance for any other thing other than short term hodl of few hundreds of dollars worth of crypto.
regarding the "trust" in the name of the wallet, all i have to say is "don't trust, verify". :)
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Some altcoins have relatively very short lifespan. Imagine developing a wallet for a particular altcoin and tomorrow the altcoin vanishes from the market. The fact that we cannot really tell how long an altcoin will last is the major reason developers are cautious about creating wallets for altcoins. If a developer puts in efforts to create a wallet for altcoins that are highly unpredictable, all his efforts will be a waste at the end if people don't demand for that wallet.
Again, the demand for an individual altcoin is too low compared to Bitcoins. Most wallet developers are interested in what they will gain financially from the wallets they've created. The poor demand they will get from an individual altcoin is not enough incentive that will motivate them to create wallets for altcoins.
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I am talking about the wallets for altcoins, we only have very few in numbers which are considered to be a secured wallet to store altcoins such as MEW, Unstoppable wallet but many others were closed source or it has to be hardware wallet so just looking to find the reasons why developers are not interested in building a wallet like electrum for altcoins?
I don't also know the reasons behind the use of few wallet for altcoins, maybe some of them were mostly expected to be on custodial exchanges since most traders and holders used such platforms for their p2p and we can only discover that few people are the ones holding altcoins, maybe due to the fact that they are afraid of getting hurt by scam or other things common to that.
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we can only discover that few people are the ones holding altcoins, maybe due to the fact that they are afraid of getting hurt by scam or other things common to that.
Few altcoins has certain communities just like bitcoin for example XMR and also this is trillion dollar market so even if the altcoins are 40% that's still big in numbers so there's room for development but like said being open source doesn't generate revenue to them which is why not really much people building their interest towards building such wallets for their altcoins.
Even for the closed source, the numbers are really small and even for desktop their's not much option apart from coinomi.
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Again, the demand for an individual altcoin is too low compared to Bitcoins. Most wallet developers are interested in what they will gain financially from the wallets they've created. The poor demand they will get from an individual altcoin is not enough incentive that will motivate them to create wallets for altcoins.
This reasons are quite understandable and anyone that gets the chance to develop such a wallet will definitely have a deep thought about it and will have to just let it be with this reasons hovering in their minds. A developer always looks at the future prospects of what they want to design and if it doesn’t look usable and will have a long time financial incentives, they’ll let them be and focus on how to make the existing ones more sustainable and accessible to existing users and serve as a more competitive platform for them to take an edge over their counterparts that already developed something similar.
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Overall, while custodial wallets may be suitable for a subset of digital asset users so we recommend that everyone consider non-custodial wallets before anything else. Although the learning curve can be a bit steep and using them means your assets are always under your control. I have used mew wallet a lot especially in 2017 and 2018 when i was working on a lot of airdrops/bounties. However, due to the increase in ethereum network fees then i constantly avoid these wallets. Because they only make wallets to make money.
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What about the TRUST wallet?
With the word TRUST on it, it seems trustworthy already alter and it's owned by the most trusted binance exchange.
There are lots of these wallets such as mycelium apart from electrum. They are however not very trusted unlike MEW.
Yes, I think that you could explain a best opinion in your comment. We also believe that trust wallet also a very important for us. Because we could understand it also be a very trusted for everyone. I also believe that MEW is also very helpful for us. But if we follow in cryptomus wallet, I think that it will be very prefer then trust wallet and MEW.
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Yes, I think that you could explain a best opinion in your comment. We also believe that trust wallet also a very important for us. Because we could understand it also be a very trusted for everyone. I also believe that MEW is also very helpful for us. But if we follow in cryptomus wallet, I think that it will be very prefer then trust wallet and MEW.
TrustWallet is really famous, especially after it joined the Binance ecosystem. I'm also using TrustWallet frequently for my on-chain interactions, but I know it's closed-source and that makes many investors worry. Personally, I think it's quite okay, enough for me to trust because I also trust the Binance CEX.
MEW is no longer as famous as it was in 2017. I even think it's been completely replaced by Metamask in the 2021 season. Currently, I rarely see anyone using MEW, they have switched to more modern and user-friendly crypto wallet apps.
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Currently, I rarely see anyone using MEW, they have switched to more modern and user-friendly crypto wallet apps.
Ease of use plays a huge factor there. Relying on one or two apps is never a good choice so alternatives are good. If I'm forced to choose between Trust Wallet and MEW I'd probably choose MEW unless it doesn't support the token I trade. Hopefully, the code will be available forever though, so people can fork and modify it on their own. I'd be a bit sad if open-source apps died and took the source code with them. It's unlikely to happen for MEW IMO, their GitHub is quite active and there are hundreds of forks as of now If I read it correctly.
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MEW is no longer as famous as it was in 2017. I even think it's been completely replaced by Metamask in the 2021 season. Currently, I rarely see anyone using MEW, they have switched to more modern and user-friendly crypto wallet apps.
In the past, I have used MEW and Metamask. I also prefer Metamask over MEW. However, if we talk about modern crypto wallets, MEW also has an application on the Play Store and App Store, even though it is Web3-based, also known as a DApp wallet.
Since having a hardware wallet, I rarely use software wallets. Only a few altcoins are stored in other wallets because hardware wallets do not yet support these coins.
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It's perhaps developer of altcoin wallet wanted to make money simply as that. So most of them are closed source and you don't have total control of the fees because that's where they are going to make money from us.
Unlike Bitcoin like Electrum, which is open source and it has built it's reputation already.
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I expect the main reason is that most investors are interested in holding Bitcoin in their wallets for the long term while most are not interested in holding Altcoin for the long term except perhaps Ethereum.
Most people I know store Altcoin on centralized exchanges and are not very interested in owning Altcoin wallets, however there are good multi-purpose non-custodial Altcoin wallets like Trust Wallet, FafePal, Exodus and many others.
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There are several good wallets that can be used for Bitcoin and Altcoins, and I would only suggest using them if they are open source.
You can also use hardware wallets like Trezor if you want to have coins stored more securely.
Here are some of them I would recommend everyone checking out:
- Cake wallet (dekstop and mobile)
https://cakewallet.com/
- Stack wallet (desktop and wallet)
https://stackwallet.com/
- Unstoppable wallet (mobile only)
https://unstoppable.money/
- Komodo wallet (desktop and mobile)
https://komodoplatform.com/en/wallet/
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It's perhaps developer of altcoin wallet wanted to make money simply as that. So most of them are closed source and you don't have total control of the fees because that's where they are going to make money from us.
Unlike Bitcoin like Electrum, which is open source and it has built it's reputation already.
OMG... wallets with closed source code usually raise a lot of suspicion, but that doesn't mean they openly have bad intentions to take advantage of their users through illegal things... we can't judge that directly....
I don't like and am not interested in using wallets with closed source code, but I've used them for some time and there were no problems at all... I've never lost my balance when storing in a closed source wallet... but in an open source wallet, I actually experienced hacking...
And for Electrum which doesn't make an altcoin wallet, the first thing that comes to my mind is the complexity of the altcoin wallet which makes it no longer simple... I still love Electrum which can only store BTC like it is now.
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but in an open source wallet, I actually experienced hacking...
Take note that your funds is only as safe as the device your store it, so if you use any wallet in a malware infected device, you will probably lose your funds, if you use any wallet and go ahead to expose your seed phrase you will also lose your funds.
Open source wallets are recommended because you can verify their codes and even if you don't have the knowledge to do so, a large portion of the community with the knowledge regularly verifies the code for bugs and vulnerabilities.
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- Actually there are several options for altcoins in terms of wallet to use for this, and I think it depends on the trust that a crypto user will feel especially if they have done their own research on wallet apps.
Because if it's only for Bitcoin, electrum is proven and trusted in the desktop wallet and even in the electrum wallet app on mobile devices, they are also good according to my experience.
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- Actually there are several options for altcoins in terms of wallet to use for this, and I think it depends on the trust that a crypto user will feel especially if they have done their own research on wallet apps.
I think op is also talking about open source options, and they are actually few, as a matter of fact, i have only used Unstoppable wallet, it is the only open source multi cryptocurrency wallet i have used asides hardware wallets of course. So i guess the options are actually limited.
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Why? Maybe it's too many altcoins out there to be added on such multi wallets. Most secured altcoin wallets are those official wallets of the coins, implementing it on any multi wallet depends on the wallet structure of the official wallet if open source or not and if stable or not. Only few can implement and few multi wallet survives probably because of the first lack of funding/sponsors, maintenance of those wallets to implement as I said if its stable or not, and the doubts and user demands.
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I am talking about the wallets for altcoins, we only have very few in numbers which are considered to be a secured wallet to store altcoins such as MEW, Unstoppable wallet but many others were closed source or it has to be hardware wallet so just looking to find the reasons why developers are not interested in building a wallet like electrum for altcoins?
- Don't you trust Trust wallet op? Or sparrow? I think there are many crypto wallets that can be trusted, we probably don't focus on them but rather focus on those that have been in the crypto space for a long time, right?
But if we just do some research, I think the others are also good, like sparrow wallet, apart from unstoppable wallet.
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I think op is also talking about open source options, and they are actually few, as a matter of fact, i have only used Unstoppable wallet, it is the only open source multi cryptocurrency wallet i have used asides hardware wallets of course. So i guess the options are actually limited.
Unstoppable is not bad as a mobile wallet, but some alternatives are needed for desktop computers, like Cake wallet and Stack wallet.
However, I still prefer hardware wallets over them for increased security, especially for larger amount of coins.
But if we just do some research, I think the others are also good, like sparrow wallet, apart from unstoppable wallet.
We are talking wallets that support altcoins and bitcoin, as the topic title clearly describes... and you obviously never use Sparrow wallet in your life ::)
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- Actually there are several options for altcoins in terms of wallet to use for this, and I think it depends on the trust that a crypto user will feel especially if they have done their own research on wallet apps.
Because if it's only for Bitcoin, electrum is proven and trusted in the desktop wallet and even in the electrum wallet app on mobile devices, they are also good according to my experience.
It is essential to think about how to save your tokens safely. Since cryptocurrency industry is at risk of hacking. So if your funds are large then it should not be stored in exchange wallet because in the past there are many cases where investors were in trouble with exchange hacking. The best cryptocurrency wallets will double as exchanges, allowing you to store your digital currencies safely. Moreover, hardware wallets are best suited for seasoned investors who understand the ins and outs of securing digital assets.
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here is some possible reason by Trezor suite
Trezor Suite will discontinue support for some altcoins (Dash, Bitcoin Gold, DigiByte, Namecoin, and Vertcoin)
Why are we deprecating these coins?
The decision to stop official support for these coins is based on several key factors:
Maintenance cost saving: Reducing the number of supported coins allows us to allocate resources more efficiently, ensuring better performance and security for the widely used cryptocurrencies.
Prevention of future problems: By focusing on the most relevant coins, we minimize the risk of technical complications and potential issues down the line.
Normalizing coin removal: As the cryptocurrency landscape evolves, it's essential to adapt our services. Deprecating less-used coins helps us maintain a high-quality platform.
Low market capitalization and user activity: Metrics such as market cap and the number of non-zero balances indicate decreased relevance and usage of these coins among our users.
We understand that removing coins is a significant change, but it is necessary to maintain the best possible experience for the majority of our users.
https://trezor.io/learn/a/deprecated-coins
note: let me mention here that the firmware of the hardware devices will still support these coins, but some other application will have to be used
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I am talking about the wallets for altcoins, we only have very few in numbers which are considered to be a secured wallet to store altcoins such as MEW, Unstoppable wallet but many others were closed source or it has to be hardware wallet so just looking to find the reasons why developers are not interested in building a wallet like electrum for altcoins?
- Is there really no better wallet for altcoins? Maybe it's just based on your opinion and assessment op. Because it depends on the individual, for example, I have crypto wallets that I use anyway, because it doesn't seem true that there is no better wallet for cryptocurrency.
For example, Trustwallet, Metamask wallet, Phantom, Ton wallet and others. Aren't these the ones I mentioned better wallets in other crypto communities? So, I hope you don't say that there is no better wallet for crypto or altcoins. I'm saying this in my opinion op, so you don't use phantom, metamask, Trustwallet? I'm just asking, I just answered according to the title you made.
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- Is there really no better wallet for altcoins? Maybe it's just based on your opinion and assessment op. Because it depends on the individual, for example, I have crypto wallets that I use anyway, because it doesn't seem true that there is no better wallet for cryptocurrency.
For example, Trustwallet, Metamask wallet, Phantom, Ton wallet and others. Aren't these the ones I mentioned better wallets in other crypto communities? So, I hope you don't say that there is no better wallet for crypto or altcoins. I'm saying this in my opinion op, so you don't use phantom, metamask, Trustwallet? I'm just asking, I just answered according to the title you made.
Perhaps the topic creator has very high requirements for ALTs wallets, so he only wants an application that is as safe as Electrum. I use Electrum, but I prefer MetaMask, at least in terms of interface and user-friendliness. MetaMask also has plans to support many new blockchains instead of just focusing on the EVM blockchain, which is a major motivation for MetaMask future expansion.
We have dozens of crypto wallet applications to choose from, however, new and inexperienced investors should refer to the blockchains websites to find the suggested crypto wallet application and avoid being scammed. After that, the safety of the account will depend on the user skills in managing and protecting the private key ^^
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I am talking about the wallets for altcoins, we only have very few in numbers which are considered to be a secured wallet to store altcoins such as MEW, Unstoppable wallet but many others were closed source or it has to be hardware wallet so just looking to find the reasons why developers are not interested in building a wallet like electrum for altcoins?
- Is there really no better wallet for altcoins? Maybe it's just based on your opinion and assessment op. Because it depends on the individual, for example, I have crypto wallets that I use anyway, because it doesn't seem true that there is no better wallet for cryptocurrency.
For example, Trustwallet, Metamask wallet, Phantom, Ton wallet and others. Aren't these the ones I mentioned better wallets in other crypto communities? So, I hope you don't say that there is no better wallet for crypto or altcoins. I'm saying this in my opinion op, so you don't use phantom, metamask, Trustwallet? I'm just asking, I just answered according to the title you made.
We have tons of wallets, I am talking about wallets that are open source but trust wallet is closed source while MEW is more of an extension than a wallet so making a cold storage with MEW is not possible. Phantom I never heard about it,...
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Fault lies in altcoin itself — more popular the alt, more chances that it'll get wallet created by quality devs or will be integrated in already established wallet apps.
Have your alt in top 10 by marketcap list and even if coin had no wallet's before, you'll see few pop-up in a short time.
yes and the other side is there are over 10,000 alts last I looked.
https://coinmarketcap.com/?page=108
10788 listed above 1 is BTC
So if I get a software wallet will it have all 10788 listed above.
I don't think so.
What would make a software wallet good if it does 100 or the 10,788?
or 200 or the 10,788
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... MEW is more of an extension than a wallet so making a cold storage with MEW is not possible.
A paper wallet can be considered a cold wallet, so yes, using MEW for generating paper waller is possible as a cold wallet. And idk why its considered as an extension, if you're talking about a browser extension, it doesn't have browser extension.
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here is some possible reason by Trezor suite
Trezor Suite will discontinue support for some altcoins (Dash, Bitcoin Gold, DigiByte, Namecoin, and Vertcoin)
They recently added support for new coins, including some that can be enabled in Experimental settings insider Trezor Suite.
So they basically replaced old shitcoins with new coins that are more popular this day.
I think they are wastiung time with this, but some people are clearly using them and demaning it from Trezor.
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here is some possible reason by Trezor suite
Trezor Suite will discontinue support for some altcoins (Dash, Bitcoin Gold, DigiByte, Namecoin, and Vertcoin)
They recently added support for new coins, including some that can be enabled in Experimental settings insider Trezor Suite.
So they basically replaced old shitcoins with new coins that are more popular this day.
I think they are wastiung time with this, but some people are clearly using them and demaning it from Trezor.
if you have a couple of model one trezors you can do one for just btc and the other you can fill with junk.
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A paper wallet can be considered a cold wallet, so yes, using MEW for generating paper waller is possible as a cold wallet. And idk why its considered as an extension, if you're talking about a browser extension, it doesn't have browser extension.
It can be but primarily MEW is used on a device that is connected to the internet so it obviously got exposed to potential attacks and MEW is one of the wallets attacked by scammers via phishing links or other malware so why not much of options we have especially the userbase of altcoins are so big but we only have very few for their storage and most of them are closed source in it which is the point I want to address from this discussion.
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I think the issue is simple enough 10,000 plus active altcoins would need a lot of processing.
So I am not sure if any phone could link to the cloud and access 10,000 address on 10,000 coins and do it quickly and efficiently.
So at best you may get wallets doing 100 or so coins on a phone fairly well.
Also the turnover on alt coins is big a lot happens coins come and go all the time.
Finally if you go to coinmarketcap and check the list of 10,000 plus coins many do not have an exchange to trade on.
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if you have a couple of model one trezors you can do one for just btc and the other you can fill with junk.
Why would you do something like that?
I have Trezor One, and in addition to the BTC wallet, I have several ERC20 addresses that are full of some kind of junk. Also, active and some others like LTC, DOGE, ZEC... I don't see any complications or problems at all when using
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if you have a couple of model one trezors you can do one for just btc and the other you can fill with junk.
No need for that and I don't see the problem with using just one trezor and creating multiple separated accounts, they can even be hidden and unhidden manually in Trezor Suite.
Trezor also have the option to choose between loading Bitcoin-only and Multi-coin firmware option.
Smaller code without extra junk usually means less bugs.
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...but primarily MEW is used on a device that is connected to the internet so it obviously got exposed to potential attacks and MEW is one of the wallets attacked by scammers via phishing links or other malware so why not much of options we have especially the userbase of altcoins are so big but we only have very few for their storage and most of them are closed source in it which is the point I want to address from this discussion.
Well, yeah it does make sense. Aside from that MEW uses a website that can be used by scammers using social engineering attacks. While there are lots of multicrypto wallets but only few can be trusted due to the nature of a wallet — open source, getting an update regularly, and supported by many. Aside from having hardware wallet, mobile wallets kinds are the most multiwallet supported by large number of users.
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I am talking about the wallets for altcoins, we only have very few in numbers which are considered to be a secured wallet to store altcoins such as MEW, Unstoppable wallet but many others were closed source or it has to be hardware wallet so just looking to find the reasons why developers are not interested in building a wallet like electrum for altcoins?
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We have tons of wallets, I am talking about wallets that are open source but trust wallet is closed source while MEW is more of an extension than a wallet so making a cold storage with MEW is not possible. Phantom I never heard about it,...
As far as I know, there is also a wallet for Litecoin that is sourced from Electrum and developed by the community. Although not official Electrum wallets, they can be an alternative to Altcoins wallets.
(https://i.imgur.com/nQWhzsC.png)
However, I still advise you to first examine this wallet before using it. DYOR-DWYOR
Here are some references that you might want to consider:
- https://electrum-ltc.org/
- https://github.com/pooler/electrum-ltc/
- https://litecointalk.io/
- https://www.reddit.com/r/litecoin/
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As far as I know, there is also a wallet for Litecoin that is sourced from Electrum and developed by the community. Although not official Electrum wallets, they can be an alternative to Altcoins wallets.
I read a tweet/post of electrum developers that they discourage of using this wallet i mean, because it's not from them especially after the electrum hack incident about the update from malicious servers.
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I read a tweet/post of electrum developers that they discourage of using this wallet i mean, because it's not from them especially after the electrum hack incident about the update from malicious servers.
Electrum is open source and developers can't stop anyone to fork it and use it for any other coins that forked from Bitcoin, and Litecoin is one of them.
Instead of using one wallet just for Litecoin I would probably choose to use some multicoin wallet instead, maybe Cake wallet that already supports avdnace privacy for Litecoin with mweb addresses.
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As far as I know, there is also a wallet for Litecoin that is sourced from Electrum and developed by the community. Although not official Electrum wallets, they can be an alternative to Altcoins wallets.
I read a tweet/post of electrum developers that they discourage of using this wallet i mean, because it's not from them especially after the electrum hack incident about the update from malicious servers.
The website https://electrum-ltc.org/ (https://electrum-ltc.org/) also states an essential notice about Electrum that is older than version 3.3.3. I saw a similar notice on the official Electrum website when a malicious server provided a link to download a fake version of Electrum.
As dkbit98 mentioned, Electrum is open source, so anyone can develop an app using the Electrum source code.
For example, HCP modified Electrum in the past and added an early Lightning network feature (Electrum Lightning Demo (https://bitcointalk.org/index.php?topic=5221146.msg54126518#msg54126518) - v4.0.0.a0), which was not even officially released in the Electrum app by default at the time. Electrum officially supports the Lightning Network (experimentally) in version 4.0.1 (https://github.com/spesmilo/electrum/blob/master/RELEASE-NOTES (https://github.com/spesmilo/electrum/blob/master/RELEASE-NOTES)).
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The website https://electrum-ltc.org/ (https://electrum-ltc.org/) also states an essential notice about Electrum that is older than version 3.3.3. I saw a similar notice on the official Electrum website when a malicious server provided a link to download a fake version of Electrum.
As dkbit98 mentioned, Electrum is open source, so anyone can develop an app using the Electrum source code.
That is good news then, also a thing to note that there previous case of electrum fork wallet that might cause malicious attacks since it will copy electrum wallet file to its directory. So having electrum installed and other forks on the same device might be a problem? Or not?
Well, i won't be doing that so yeah, as dkbit98 said its better to have a multiwallet installed instead of having only 1 coin per wallet or so.
https://x.com/ElectrumWallet/status/891935330235973633
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The website https://electrum-ltc.org/ (https://electrum-ltc.org/) also states an essential notice about Electrum that is older than version 3.3.3. I saw a similar notice on the official Electrum website when a malicious server provided a link to download a fake version of Electrum.
As dkbit98 mentioned, Electrum is open source, so anyone can develop an app using the Electrum source code.
That is good news then, also a thing to note that there previous case of electrum fork wallet that might cause malicious attacks since it will copy electrum wallet file to its directory. So having electrum installed and other forks on the same device might be a problem? Or not?
Well, i won't be doing that so yeah, as dkbit98 said its better to have a multiwallet installed instead of having only 1 coin per wallet or so.
https://x.com/ElectrumWallet/status/891935330235973633
Using a multi-wallet is more practical for an altcoin wallet. Of course, if you have a different altcoin, it will be very troublesome if you use one wallet for each type.
As I mentioned above, Electrum-LTC is just an alternative to what the OP asked in the first post of the thread about Electrum for altcoins.
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That is good news then, also a thing to note that there previous case of electrum fork wallet that might cause malicious attacks since it will copy electrum wallet file to its directory. So having electrum installed and other forks on the same device might be a problem? Or not?
Well, i won't be doing that so yeah, as dkbit98 said its better to have a multiwallet installed instead of having only 1 coin per wallet or so.
There is no problem if you use Electrum and other forks of Electrum (for altcoins) on the same device.
They all have different paths and create separate individual folders that are not connected in any way.
If somoeone is using only Lietcoin, that it should be perfectly ok to use ElectrumLTC wallet.
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I am talking about the wallets for altcoins, we only have very few in numbers which are considered to be a secured wallet to store altcoins such as MEW, Unstoppable wallet but many others were closed source or it has to be hardware wallet so just looking to find the reasons why developers are not interested in building a wallet like electrum for altcoins?
Isn't it more better for us to have only few of them than when they are in numbers and the people keep loosing their asset due to falling under the wrong wallet category, the two you have mentioned are the most used of all the altcoins wallet, since you're considering for open source here, except for trust wallet, which is also well recognized but a closed source, we already have a number of scam tokens and coins in altcoins, its more better if we don't have the same pattern with their respective wallets.