Can making a wallet make you rich? - page 2.

SFR10

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Quote from: hack3rcon on August 15, 2022, 02:38:34 AM

Can making a wallet make you rich?

In the majority of cases, the answer to that it's going to be a big fat "NO", but if your wallet becomes a well-known brand in the community, then perhaps you can earn a decent amount by charging consultation fees ^{[e.g. Electrum does it]}.
^{- Refer to "this post" for more information.}

m2017

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Quote from: NeuroticFish on August 15, 2022, 03:05:44 AM

Quote from: hack3rcon on August 15, 2022, 02:38:34 AM

Can making a wallet make you rich?

Some things that come into my mind is:
- put ads on the wallet, especially on smartphones
- strike deals with other companies, like for selling/buying crypto directly from inside the wallet
- sell user and chain analysis data (especially, since one can buy/sell crypto, you may need to ask for KYC)

What if go the other way? Offer a crypto wallet to the community for a one-time payment or a subscription model. In this case, the creator will not need to collect user data for subsequent sale, and users will be spared from "spying" on their data. I think it's a win-win situation. Personally, I have not heard of such wallets for which you would have to pay, as for the purchase of any software. In this case, developers will need to have an impeccable reputation so that users can fully trust them, especially for their money.

Beparanf

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They are making most of there money from there tokens allocated to the team. Trust wallet tokens valuation depends on the demand of there wallet since they are charging fees in TWT tokens to those tokens that want to list tokens on the wallet database. A certain token can only display logo on the trustwallet balance if the team will pay a fee to list there token so that token holders will not need to add manually the token contract in able to see the tokens in there wallet.

jackg

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https://bit.ly/387FXHi lightning theory

I think the main ways money is made from software development (chronologically) has been'
1. Donations
2. Adverts
3. Token airdrops (like uni and the one you mentioned op - these definitely benefit developers).
4. Fees (like electrum's 2fa or metamask's swap fees)

OmegaStarScream

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The main source of income for these wallets is probably the built-in exchanges they have where they earn a commission for every trade.

What you should really be focusing on (if you're planning to build a wallet) is how you're going to attract the users. Since there are many wallets to choose from (which have been around for quite some time) your product has to be better in every aspect (more features, better UI/UX, supports multiple platforms, etc.).

Maus0728

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Besides putting advertisement either on their website or the GUI itself, as far as I know, most of the wallet developers which are open source or FOSS earn a few bucks by people's(their user) donation.

But maybe you really can't expect to earn a decent amount from there unless you do not care about other people's privacy.

NeuroticFish

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Quote from: hack3rcon on August 15, 2022, 02:38:34 AM

Can making a wallet make you rich?

It will most probably not make you rich, unless you make a malicious wallet that steals people money, but it can earn nice bucks.

Some things that come into my mind is:
- put ads on the wallet, especially on smartphones
- strike deals with other companies, like for selling/buying crypto directly from inside the wallet
- sell user and chain analysis data (especially, since one can buy/sell crypto, you may need to ask for KYC)

Also sometimes, but rather seldom, wallets or programmers get into financing programs from the richer companies (sometimes this also asks for some specific features though).

However, if you start all this from the idea to get rich, your mindset may not be OK and I expect you'll do, sooner or later, something fishy (like selling user data) just for the sake of money, ruining your and your wallet's reputation completely and throwing to the bin a great amount of work.

_act_

legendary

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That is Trustwallet token, it was a token given as an airdrop to Binance users like a year or two years ago. The token increased significantly in price during bull market in the past, that is another profit for the developers, I mean Binance CEO, CZ.

hack3rcon

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Hello,
Can making a wallet make you rich? How Trust Wallet make money for their programmers? Please look at the Fully Diluted Market Cap: https://coinmarketcap.com/currencies/trust-wallet-token/

Any idea welcomed.

Thank you.

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