Why we don't have better wallets for altcoins?

[dkbit98]

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 

[albon]

      -      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.

[examplens]

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

[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?

       -      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.

[MrSpasybo]

- 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 ^^

[Findingnemo]

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,...

[philipma1957]

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

[PX-Z]

... 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.

[dkbit98]

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.

[philipma1957]

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.

[Findingnemo]

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.

[philipma1957]

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.

[examplens]

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

[dkbit98]

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.

[PX-Z]

...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.