Crypto wallets surpassed banks already but you need to know this

Pmalek

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Quote from: jerry0 on March 02, 2022, 05:16:28 PM

I heard few negative things about trust wallet in one of my other threads. But is it still recommended for a software wallet? Obviously electrum is the best software wallet of all. But what about atomic wallet?

Atomic Wallet is the worst among the brands that you mentioned. I wouldn't recommend it. If I was forced to choose one between Trust Wallet and Atomic Wallet, I would take Trust Wallet. They are both closed-source, (then again, that's the case with all multicoin wallets), but at least I can't remember reading negative experiences with the Trust Wallet.

The better question is why would you even consider either of those two options when you have a hardware wallet? If the asset you are holding or are planning to purchase isn't supported by Ledger, that is a totally different matter then.

SFR10

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Quote from: jerry0 on March 02, 2022, 05:16:28 PM

But what about atomic wallet?

This wallet must be avoided at all costs ^{[refer to @Pmalek's comment]}!

Quote from: Findingnemo on March 02, 2022, 07:41:20 PM

~Snipped~
but most recommended ones are Ledger and Trezor.

There are some things you need to look while selecting your Bitcoin wallet.

1. Should be fully open sourced
2. Non custodial

I'd like to add that having a "secure element" in them it's also important ^{[especially if it's open-source]}... Unfortunately, none of the current Trezor's lineup has one and Ledger is closed-source.

cryptoaddictchie

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Quote from: jerry0 on March 02, 2022, 05:16:28 PM

I heard few negative things about trust wallet in one of my other threads. But is it still recommended for a software wallet? Obviously electrum is the best software wallet of all. But what about atomic wallet?

Electrum is for bitcoin and trustwallet are for altcoins. There are obviously some feedback but Ive been using trustwallet eversince and so far I didnt encountered any errors or bad action from using the app. Not sure what other errors other people experience but in my own so far is good.

pooya87

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Before creating a topic trying to "give" information to others, you should start by educating yourself and learning how things work. Otherwise you'll end up with a topic like this which contains at least 10 wrong information in it, some of which are already covered by other users.

Findingnemo

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Armory and bitcoin core are full node bitcoin wallets which gives complete control of your funds, Electrum is good and preferable to store small amounts and there are lots of hardware wallets but most recommended ones are Ledger and Trezor.

There are some things you need to look while selecting your Bitcoin wallet.

1. Should be fully open sourced
2. Non custodial

jerry0

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I heard few negative things about trust wallet in one of my other threads. But is it still recommended for a software wallet? Obviously electrum is the best software wallet of all. But what about atomic wallet?

Zotak337

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Quote from: ABCbits on March 02, 2022, 04:44:06 AM

Quote from: 5W-KILO on February 28, 2022, 04:17:36 AM

wallets like the following shouldn't be on your list

1. Freewallet

FYI, there are 2 wallet with very similar name. The one who should avoid is "Freewallet", which can be found at freewallet[dot]org. The other one is "FreeWallet" which located at https://freewallet.io/. While it's open source, there aren't many people who use it, so IMO it shouldn't your primary option.

I never knew there is another wallet sharing the name "freewallet" that's actually open source, if I knew the Dev from day one I would have stopped home because that name is almost ruined, many people are denied of their assets on freewallet (oldy)

ABCbits

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Quote from: 5W-KILO on February 28, 2022, 04:17:36 AM

wallets like the following shouldn't be on your list

1. Freewallet

FYI, there are 2 wallet with very similar name. The one who should avoid is "Freewallet", which can be found at freewallet[dot]org. The other one is "FreeWallet" which located at https://freewallet.io/. While it's open source, there aren't many people who use it, so IMO it shouldn't your primary option.

XUR_TIP

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Quote from: OcTradism on March 02, 2022, 03:33:20 AM

Non custodial wallets give you freedom from governments and central banks as well as crypto exchanges.

Custodial wallets don't give you such freedom because they own private keys of your wallets, not you.

Recommended wallets. Read there and choose one wallet to use. If you want a light wallet, it is Electrum. It's available for mobile too.

If you want privacy, use Wasabi wallet.

You are right but who still use windows OS wallet this days many people don't use laptops at home like mobile phone, I like the idea of privacy behind this wasabi wallet but it's not available for mobile phone.

OcTradism

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Non custodial wallets give you freedom from governments and central banks as well as crypto exchanges.

Custodial wallets don't give you such freedom because they own private keys of your wallets, not you.

Recommended wallets. Read there and choose one wallet to use. If you want a light wallet, it is Electrum. It's available for mobile too.

If you want privacy, use Wasabi wallet.

passwordnow

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No Wasabi Wallet? It's one wallet that should be part of that list and I think the same goes for Samourai although I haven't used it yet. But, I've seen many people here have been using that wallet and suggested it in other threads though.

Quote from: Crypt0Gore on February 28, 2022, 02:31:46 PM

Any prove to clear that trust wallet is actually closed source? I'm currently using this wallet and it's worrisome, I did my own research but it was said it's half open source, any prove will be appreciated and I will stop using trust wallet.

It's own by Binance so that should give you an idea already on what type of wallet it is. As for wallets, bitcoin.org has its reference and choices that you can look at as well.

SFR10

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Quote from: 5W-KILO on February 28, 2022, 04:17:36 AM

2. Coinbase wallet
~Snipped~

These wallets are centralized wallets ( just like our banks) they want to be the ones with our keys, making the calls for us all in the name of keeping our funds for us,

It's worth noting that the Coinbase wallet is actually a non-custodial wallet ^{[you were probably referring to the Coinbase app instead + they have different icons]}: See their "differences in here".
^{Note: My post shouldn't be interpreted as a vouch ^{[I'm just stating the facts]}!}

PrivacyG

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Quote from: Daodex on February 28, 2022, 06:22:15 AM

Few web wallets give users recovery seeds mate but I'm against web wallet for two reasons

1. They are web based meaning they are prone to malicious attacks
2. Someone might be spying through any means while creating new wallet and trying to copy your recovery seed somewhere, do you know about spy webcam?.

First on the priority list of possible threats is web wallet developers or owners may know your seed. Blockchain.com generates your seed and promises not to hold a copy of it, but who knows really when the source is closed? Even some of the most well known and trusted open source paper wallet web generators have turned malicious at some point. When the source is closed, things get worse. Furthermore, lose your Blockchain.com coins by theft and I wish you good luck proving it was not you who took them away!

-
Regards,
PrivacyG

Pmalek

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Quote from: Crypt0Gore on February 28, 2022, 02:31:46 PM

Any prove to clear that trust wallet is actually closed source? I'm currently using this wallet and it's worrisome, I did my own research but it was said it's half open source, any prove will be appreciated and I will stop using trust wallet.

You just said it yourself. Based on your own research, you discovered that the wallet is partially open-source and partially closed-source. That doesn't make it fully open-source. It means that there are certain parts of the code that are hidden from the general public. No one but the developers know what's written in those code segments. That doesn't necessarily mean the code is bad, vulnerable, or malicious. But no one can check and verify the content for themselves.

Crypt0Gore

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Quote from: Pmalek on February 28, 2022, 09:13:51 AM

Wallets can be non-custodial, which is good, but be closed-source, which is bad.

That's the case with the Trust Wallet that you recommended. It's closed-source.
Atomic Wallet is also closed-source, while some of its libraries are open-source. But even worse than that is their scamming and selective scamming history. Check out this thread for example.
I think Bread Wallet or BRD is fully open-source. I am not 100% sure though.

Any prove to clear that trust wallet is actually closed source? I'm currently using this wallet and it's worrisome, I did my own research but it was said it's half open source, any prove will be appreciated and I will stop using trust wallet.

Pmalek

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Wallets can be non-custodial, which is good, but be closed-source, which is bad.

That's the case with the Trust Wallet that you recommended. It's closed-source.
Atomic Wallet is also closed-source, while some of its libraries are open-source. But even worse than that is their scamming and selective scamming history. Check out this thread for example.
I think Bread Wallet or BRD is fully open-source. I am not 100% sure though.

Daodex

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Few web wallets give users recovery seeds mate but I'm against web wallet for two reasons

1. They are web based meaning they are prone to malicious attacks
2. Someone might be spying through any means while creating new wallet and trying to copy your recovery seed somewhere, do you know about spy webcam?.

NeuroticFish

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Quote from: 5W-KILO on February 28, 2022, 04:17:36 AM

start using and supporting decentralized wallets like

1. Hardware wallet
2. Electrum wallet
3. Trust wallet
4. Atomic wallet
5. Bread wallet

I find it rather strange that Bitcoin Core is not on the list at all.
Also Hardware wallet is not one wallet - there are many brands and models.

While the intention of the post is good, it does need improvements.

Some other notes:
* I would warn people against web wallets - even those that are not custodial
* I would warn people against generating paper wallets online
* I would warn people about open source vs closed source wallets
* I would mention that private key or seed has to be backed up safely offline in multiple places.

noorman0

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Quote from: 5W-KILO on February 28, 2022, 04:17:36 AM

-snip-
4. Web wallets
5. ...

These wallets are centralized wallets ( just like our banks)

Is this a brand? In terms of access management and recovery method, there are some web wallets that are actually non-custodial and allow you to access private key/seed phrases like Bitamp.com (not promoting). You should be more specific to mention web wallets in the centralized category.

Edit:
You can find several non-custodial web wallets here

5W-KILO

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Moon.win

You, yes you, do you know that there are some crypto wallets that operates just like your bank account? You might be confused that BTC is fully decentralized atleast that's why some of us supports crypto but why aren't the wallets like that? Well there is nothing we can do about this but we can make the right choices ourselves, wallets like the following shouldn't be on your list

1. Freewallet
2. Coinbase wallet
3. Paxful wallet
4. Web wallets
5. Xapo wallet

These wallets are centralized wallets ( just like our banks) they want to be the ones with our keys, making the calls for us all in the name of keeping our funds for us, we all know what comes after that, the problem is if anything happens to these wallets there is no guarantee you are getting your assets back, if you are a true BTC and decentralization believer start using and supporting decentralized wallets like

1. Hardware wallet
2. Electrum wallet
3. Trust wallet
4. Atomic wallet
5. Bread wallet

These wallets gives users full control over their assets, I know there are other posts like this but some newbies don't like to search for answers, I hope you come across this and make the rich choices.. be safe.

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