Topic: A simple question about wallets. (Read 546 times)

I use coins.ph an online wallet that you have to take a picture of your government id, where you can put a digital cryptocurrencies and even your salary from your work, and others.

Developer gets? maybe its from the ads and partnership from the banks, its a non hassle wallet where you can pay bills and even give your mobile phone a credit.

Actually I think you missed the entire point of my post and this thread. Please let me reiterate. I start thus:

Much of crypto currency was done by dedicated visionaries, often without a goal of personal gain.

This is true of bitcoin. To the benefit of the world.

But what's with all the wallets?

I certainly didn't miss the "open source part." And I didn't miss the need to respect and use Bitcoins Core. The issue here is not full or limited access, but what the business model of these hundreds of wallets is and whether many can defacto not be trusted.

Do you know some wallet to use USDt ? Trustable wallet ?

humm.. you are correct..

But how can i store my USDTs? i just found this wallet , with simple way ( my wife store usdt)

Do you have some advice to use usdt ?

Well... you are missing the Open Source part. Those developers who make the code just as you say
But let me explain how this thing work, if you see the soul of bitcoin you will understand why there are lot of wallets. When bitcoin born it wasn't a coin, it was a white paper and a piece of code called bitcoin core. The white paper explain how it works and the code does the magic (even you can see the download link from the core on the top of this sit.), now the network run the core version 0.16.0 and the question here is; what can i do with the core? or with that program called bitcoin? The answer is data manipulation. Bitcoin core have a lot of tools to obtain network data, and others to manage transaction.  If you take a look to this site, you will understand better the options you have https://github.com/ChristopherA/Learning-Bitcoin-from-the-Command-Line/blob/master/bitcoin-cli-commands-help.md

I will not give you a full lesson about bitcoin, but what you have to learn is that bitcoin works in a network, so if you run that network as a server, you can let other people run commands from bitcoin core, and that's how wallets work, is just a server in which you can install the bitcoin core and make a nice user interface to let the users manipulate their coins. some wallets give you limited access, other ones give you better access, but if you want to have a full access and build your own transactions by using commands you will need to install bitcoin core, at end that's the only way to guarantee no one will have access to your coins.

It's not, it is simply an effort to DEFINE and enumerate the business models.

IF the business model is public service, like Bitcoin Core, let's get those addresses and donate.

IF the business model of a wallet is to sell user data, let's get it right out in the open that's what it is.

If the business model is to profit on coin swaps, purchases and sales, let's state that.

If the business model is not evident...that bothers me and it should bother you.

I believed what the OP said concern wallet developers is true but with my own research every old wallet developers (I mean wallet created before 2017 high traffic) are not into selling their users data. However, I also believe the whole idea and question was ask due to the Facebook accusation.

I'll give them the benefit of the doubt and assume they have a viable business model.

Next, let me elaborate a bit on your critique. By design a wallet casts a net, which may or may not be in line with accepted "best practices for crypto coin management."

Yes I just made that phrase up. Seems reasonable phrase and point of view, but it would be something that newbies were very, very clueless about.

SO....as one example, let's look at the consequences of a wallet not allowing you your private keys. This means exactly, that you don't have those funds and you don't own crypto, but you have a "promise to pay" from the wallet company. Neither can you of your own volition remove those funds from that wallet. You make a request to the wallet company that they move some of the funds they hold on your behalf.

Pulling out a forgotten phrase, "Can you get Goxxed?!"

https://www.youtube.com/watch?v=y8vCj4DOsHc

I think they earn money by offering exchanges between assets and charging a fee. (Or maybe by scamming users in the future)

Still, Freewallet goes against everything about crypto and the idea of being your own bank.

Hmm,,, looking at the wikipedia entry,

https://en.wikipedia.org/wiki/Freewallet

I don't find any of the developers or business names or locations.

There is an extremely brief entry in Github, almost just a placeholder. This notes that source code for the mobile versions is available via a link, and source code for the PC and MAC versions is not publicly available.

However, there is a person with a Github account,

https://github.com/jdogresorg, who maintains this low activity program set. For what that's worth.

Is there a decent business model behind this wallet? I ask this separate from a discussion of the technical merits of the wallet, many flaws of which were above described.

Please don't...

With FreeWallet, you are basically handling your coins to an unknown third-party. They don't even let you "export" your private-keys, so they are literally the only ones in control of your coins. Instead, you access your wallet with a login and password. Basically the same as using Paypal (they can block your account, freeze your funds, run with all the coins or anything else they want to do).

Using some wallets i got some experiences inside , with product expertise i think is based on fee when coins arrive and out.

i used FreeWallet.org , Have some "whitelabels" service wallet  ( android) , DogeCoin , USDT ( i cannot found many usdt wallets ), bitcoin and others. High Fees.

And probably that is really profitable, because the base fee is calculated using your money, so if you have a lot of money lot of fee inside.

These are really good discussions. I am going to merit you for each of them, thanks.

I have no idea what you said there. I don't care what people are talking about or what topics are trending.

This is a very simple question. There are hundreds of crypto currency wallets available for the various platforms. In many cases they do not show a clear business model.

The lack of a clear business model creates a curiosity.

Why does this exist? Is there a business model that we don't see? What can it be?

For example, one business model could be to gather (for sale) an information list of people with holdings in crypto.

Is the product for sale You?

Is the product for sale the count of your coins?

Or is it undefined what the product might be, such that after development and deployment of a wallet, the start up can be sold to a third party. And what is his motivation?

You are not sure where I am going with this?

It's a simple question, to show the blockchain transactions.

Otherwise you give value to someone running a click link in an app with zero audit or traceability.

That is the problem, many users are mixing exchanges for wallets and keep there their coins. But that is not their purpose.
And why are wallets for free? I think it's the similar situation like with many mobile applications, a great deal of them are also for free. And the creators have the use of it on other ways.
The whole story with Bitcoin and other cryptocurrencies begun with enthusiasts and with wallets is no different.

mostly they earn profit from ads, (exchange) affiliate commisions and value added service
Electrum with TrustedCoin charges 0.001BTC/20tx for 2FA feature, I'm not sure if Electrum gets a share of it
the rest, "a fair number of them" as you said, probably still in early phase of development created by bitcoin supporters
once they earn trust and built well-develop wallet, then they would start thinking of a business model

I'm not sure where you going with this, can you explain more?
afaik, using shapeshift doesn't require any identifiable personal data and only from/to addresses for asset exchange
although they are also not protecting (privacy of) their user's transactions and any related data

When I look at a company like Blockchain, their approach seems obviously about market share, and more precisely as you point out, customer data. They already monetize advertisement within the wallet, but I think it's more about the long game -- creating a massive database of potential customers with personalized data. They're probably sniffing all the PII they can, too.


I assume you're referring to privacy issues? Because the customer has given a Shapeshift/Changelly useful starting points for de-anonymization via blockchain analysis. The company now knows your inputs and outputs on various blockchain -- and can now analyze your activity in both directions, past and future.

But these are just private companies, so unless they are honeypots, using this data to deanonymize you should theoretically require warrants.

I'm good with your distinction. At the same time, we could say, "It's clear what Coinbase's business model is."

Now let's go back to various wallets.

It's NOT CLEAR with a fair number of them what their business model is.

Here's the test. Do a transaction from your app which incorporates shapeshift/changelly.

Now tell me the transactions which occurred on the blockchains.

Better, just link and put them here for discussion.

If you're looking for security, a hardware wallet or a wallet that is on an airgapped computer is still the best option. I would only store funds you are okay with losing on web wallets, and using them as hot wallets for everyday use- there's many costs to using web and free wallets, and those that aren't official wallets will be blatantly trying to make a profit off of you. People don't just design wallets not-for-profit most of the time, they make wallets to earn money.