Topic: Have you learned about open and close source wallet? - page 2. (Read 228 times)

Following up the discussions on the issue many users are talking about how they have used Atomic wallet for years without any issues, this is the perspective of many Bitcoin enthusiast; they value the long standing "reputation" over evidence against it, so if a wallet like Trust wallet has existed for a long time with little issues millions would still use it despite the warnings against it.
This is same with Coinomi and Atomic wallet.

The user shares some (a whole lot) responsibility in keeping their assets safe. It being open source allows you to be able to verify what security they use, how they generate and store seedphrases...
A user might not be able to do this themselves but can do research on discoveries about the wallet.

- Jay -

And the most important thing is an open source wallet doesn't mean the security is 100% safe.

It's just an open source, even you can check the source, but you're not a coder, you're don't know anything about that. This is why you need to ask many opinions from coders about the source, to make sure there's no malicious code.

I am not just making this post for no reason. Did you hear about Atomic wallet recent vulnerability that over 35 millions of dollars worth of coin has been stolen? If you have not heard about it, you can read about it.

A Non-Custodial wallet, Atomic Wallet, being compromised
Atomic Wallet hack losses top $35M, on-chain sleuth reports

After MT. Gox, Crytopia and many other exchanges that have been hacked, many people still do not listen. See huge amount of money lost by FTX users. Followed by exchange outflow, thinking people are becoming wise with their coins. Then followed by FTX exchange inflow. People do not want to learn from what they have seen.

Let me go to the main point. Who knows what caused the Atomic wallet vulnerability that made many users to lose huge amount of money? We can not know becuase it is a close source wallet. Do not use the wallet that you do not know what it is made up of. Nobody knows if the vulnerability is done by Atomic wallet developers or not because you can not verify its code.

If you want open source bitcoin wallet, these are some of them:

Open source bitcoin hardware wallets
Bitcoin open source wallets that support replace-by-fee (RBF)

If it is bitcoin, you do not need to trust developers or anyone, do not use a close source wallet. Just use the open source wallets that the community will advice you to use.

If you see any wallet and you do not know how to verify if it is open source or close source, you can post a topic about the wallet so that people on this forum can tell you if it is open source or not because many wallets are claiming to be open source, like Atomic wallet but which is not open source. Just like how Android will claim they are open source but they are truly not open source.

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Yogee, can you edit your topic: Do beginners know what closed & open source wallets are?

Trustwallet iOS is no more open source.