Topic: Backing Trust Wallet! (Read 294 times)

For what it's worth, I use a Ledger hardware wallet and Ledger Live. When you sign in to Ledger Live, you get notified of any problems with the system like issues with nodes and synchronization. I am certain that I have seen problems related to Polkadot mentioned in the notifications area in the past. And after a while, they were fixed and disappeared. Not sure what causes it, but since they have appeared on at least two different wallets (that we know of now), something is not working at its best. 

For two multi-cryptocurrency wallet applications to be compatible, they both should follow the same standard of key derivation, and also, which is equally important, they both should use the same derivation paths for all coins or blockchains. The first step is to determine whether Trust Wallet follows the standard specifications described in BIP32, BIP39, BIP44, BIP49, and BIP84. Also, don't forget that all standard coin types are described in https://github.com/satoshilabs/slips/blob/master/slip-0044.md. According to https://walletsrecovery.org/ and particularly according to the documentation mentioned there https://github.com/trustwallet/wallet-core/blob/master/registry.json#L9, Trust Wallet does use standard derivation paths when generating addresses and private keys for specific coins. For example, for Polkadot, the derivation path will be the following:


which is a standard path that uses coin_type defined in SLIP44. The second step is to look for a compatible multicurrency wallet using the same methods described above. Ideally, both wallets should be fully open-source so that you can know with a high degree of confidence that you're not being lied to by malicious developers about what their wallet actually does with the keys.

If it's a non-custodial wallet, you should be able to prove you're the only person who has the custody. But, you can't prove this on Trust Wallet since it's closed-source. Binance, for instance, may have access to your money.

---

OP, please consider using another wallet software, preferably Electrum. It's a pity to use closed-source software at the same time that an open-source and more efficient alternative exists.

I liked it until this thing happened last week where I sent some Dot there, transaction was showing in wallet but balance was showing 0 so couldn't transfer. Message was,

"there is issue with polkadot nodes, team is working on it. We’ll be available soon. Sorry for inconvenience." - didn't find this issue mentioned elsewhere except in trust wallet, so it appeared only Trust wallet had that issue.

Tried other wallets by importing mnemonic of trust wallet into them, the address was different. Searched online for solution, it asked to use some commands to execute to find proper address but I don't have pc so couldn't do that either. After around a day, it was resolved.

Not exactly their fault, pissed nonetheless.

Trust wallet is owned by Binance, and I think it's one of the best non-custodial wallets on mobile devices, trust wallet security on the part of trust wallet itself is good enough, atleast, I've used trust wallet since its inception and never had issues.
But it must be told to you that the security of your non-custodial wallet, be it trust wallet or any other wallet is largely in your hands, it is your responsibility to make sure your private keys or seed phrases are written down properly and kept in a very secure place where no one can access it  except you.


By "back", I am guessing you mean, backing up your seed phrase or private keys issued to you by trust wallet, if this be the case, then I think the best way to back up your seed phrase is to write it down and keep it somewhere very secure, this is what I already said above, there is no other way I can think of right now that is safer than writing down your seed phrase or private key, (you have to be very careful when writing it down in order not to make any mistake) and keeping it somewhere that is very secure and away from preying eyes.

Hardware wallets, otherwise known as Offline wallets I think are the best in terms of security, since like it's called "offline wallet" means it's offline when not in use and can not be hacked by scammers and you don't have to worry about how to keep your private keys or seed phrases safe.

And to add, aside trust wallet, if you own your own desktop computer, you can try out Wasabi wallet, it's also one of the coolest Bitcoin wallet in the space.

All the questions have been answered sufficiently, but since these threads pop up every now and then, I'd like to use the opportunity to recommend https://walletscrutiny.com/ yet again.
Most wallets are listed there and you can see whether they are open-source or not and verifiable or not. A wallet being closed-source should always be a no-go, so you can get your answer very quickly.

https://walletscrutiny.com/android/com.wallet.crypto.trustapp/
By the way: they have a ton of downloads, call themselves 'Trust' and 'Best Wallet', but especially when someone praises themselves like that, you should have some doubt and double-check everything.

During the creation of the wallet, you'll be given seed phrases that you're to keep in a safe but private place and you can generate your private keys after successful creation of the wallet. Both the seed phrases and private keys can be used to recover the wallet in case of phone lost or change of device.
For security reason, I would advise you attached password before accessing the wallet and for transaction approval.

hosseinimr93 already mentioned that this wallet is closed-source, which means there is no credible way to verify their trustworthiness, but at least we can visit their website and check for ourselves that the wallet developers or company behind the development are outright liars because they claim the opposite, namely that their wallet is "a community-driven, open-source, multi-coin crypto wallet." Don't trust me? Here is the link: https://trustwallet.com/developer/ Can we trust outright liars? I wouldn't trust them with a satoshi, especially if we take into account the fact there is a whole bunch of good open-source alternatives that are fully transparent about what they are doing.


You don't need to back up your Trust Wallet because all the backups are already on their servers, where they are being kept safely so that users and other third parties can always conveniently access funds. Just kidding. You simply don't use Trust Wallet, and you don't back it up because, as a smart person, you have already shifted to more reliable alternatives that won't be lying to you about them being open-source while in reality, they aren't.

Instead of software wallets (even honest open-source ones), which are inherently insecure due to the necessity to be connected to the online environment, use hardware wallets, offline devices specifically designed to store cryptocurrencies in a secure manner.

Just to complement what you said and to make it clear to OP so he doesn't leave confused: you can only recover your Bitcoin on Electrum because that's the only supported coin. Any other altcoins OP might have won't be recoverable with Electrum. But other wallets can be used for that purpose. So if Trust Wallet ceases to exist one day, there are other options.

The 12-word seed phrase from trustwallet is BIP39 which means you can able to import it to other wallets that support BIP39 like Electrum.
But the problem trust wallet supports multiple cryptocurrencies so you can only recover Bitcoin unless other crypto wallets support BIP39.

Yes, they do.
They show the 12 words in incorrect order and you have to put them in the correct order to create the wallet. They also display a warning about importance of keeping the seed phrase.

Make sure the seed phrase was written down correctly before you send any coins to an address generated from it. I have never used Trust Wallet, but they probably have some sort of safety mechanism where you have to enter your seed to verify it was written down correctly during the onboarding process. If not, it's a good idea to copy and save the first address your Trust Wallet generates and then recover the wallet from seed to ensure that the same receiving addresses are displayed after successful recovery. Some people even send a few satoshis just to see if they are recoverable. After that, you know you have the essentials to regain access to your coins if something happens.

Don't take any shortcuts and opt to store your seed digitally somewhere on your computer, phone, cloud, email, or similar environments. 

If I may ask, what is the reason you decided to use Trust Wallet? Are you planning to store Bitcoin in it, altcoins, or a combination of both? Depending on your needs, we might suggest some better alternatives. 

Right.
All your keys (private keys, public keys, addresses) can be derived from your seed phrase (a series of 12 words).
In the case you lose your phone for any reason, you can import your seed phrase into a new wallet and access your fund.

Writing those 12 twelve seed phase down hmm ? And, also placing them somewhere safe right ?
Thank You for the quick response.

Trustwallet is close-source and there is no way to know how keys are generated and whether they are stored in their server or not.

Your seed phrase is all you need for backing up your wallet.

I do not know if I'm in the right place to talk about Wallet's but I have a burning question to ask. How Trustworthy is Trust Wallet ?
Also, how can I back Trust Wallet Address? Just if Someone misplaced his/her mobile.

What advice would you give any ( usage of wallet ).