Why we don't have better wallets for altcoins?

[Asiska02]

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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.

[albon]

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.

[Azharul]

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.

[KryptoBull]

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.

[joniboini]

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.

[Husna QA]

-snip-
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.

[Baofeng]

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.
 

[yhiaali3]

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.

[dkbit98]

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/

[bayu7adi]

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.

[Z-tight]

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.

[Mr. Magkaisa]

      -      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.

[Z-tight]

      -      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.

[PX-Z]

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.

[Mr. Magkaisa]

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.