questions on trust wallet and crypto credit cards?

o_e_l_e_o

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Quote from: sima_sara on September 15, 2022, 12:13:10 PM

why your tether can get frozen if you use a hard wallet?

Because it is completely centralized and controlled by a single entity who can do anything they like with it. Here is another example: https://www.theblock.co/post/129133/tether-freezes-over-1-million-usdt-single-address. Note this is the case for almost all so called stablecoins - completely centralized and can be frozen even within your own wallet: [UPDATED] PSA: Most Stablecoins Can Be Frozen, Even in Your Own Wallets

Quote from: xzy887 on September 15, 2022, 03:10:01 PM

If you don't give the private key of trust wallet to anyone then it will never get hacked.

Not true. There are many ways a wallet can be hacked, especially a closed source mobile wallet like Trust wallet.

Quote from: xzy887 on September 15, 2022, 03:10:01 PM

But how do you memorize your private key?

You don't. You don't even need to look at your private keys. Just write down your seed phrase on paper.

JeromeTash

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Quote from: sima_sara on September 15, 2022, 12:13:10 PM

why your tether can get frozen if you use a hard wallet? or using a hard wallet has nothing to do with your tether not getting frozen?

Tether can be frozen for various reasons, whether you are using a hardware wallet or not. It has nothing to do with the type of wallet you are using. The fact that tether is a centralized token running on a smart contract means that it's owners can flip a switch and freeze your tokens at any time they want unlike coins like Bitcoin

It has happened before, and it can happen at any other time, read here ⇾ Tether Freezes $160M of USDT Stablecoin on Ethereum Blockchain

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Quote from: sima_sara on September 11, 2022, 01:56:44 PM

1. if buy a new phone and install trust wallet, memorize the phrases, receive some tethers and then stop using the phone for good until a future time: is there any chance of your trust wallet getting hacked?

I think phone is much worthy than the hardware wallet. You can buy them and I think it is much secure.

Quote from: sima_sara on September 11, 2022, 01:56:44 PM

2. do people keep millions worth of crypto in trust wallet?

I don't think so this is a good decision for that purpose. Here I again suggest the hardware wallet.

Quote from: sima_sara on September 11, 2022, 01:56:44 PM

3. any chance of your trust wallet account getting frozen like they might do on exchanges?

No I think it will not be frozen.

Quote from: sima_sara on September 11, 2022, 01:56:44 PM

4. I found paywithmoon and paywide as 2 options that you can fund with crypto to make online purchase? are there any other options? in particular where you can make purchases in store using a crypto credit card?

In my country crypto is still illegal so I can't say anything about that.

I mostly use P2P Platform to buy crypto. And I think it is better.

xzy887

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Quote from: sima_sara on September 11, 2022, 01:56:44 PM

newbie to the whole crypto

few questions
1. if buy a new phone and install trust wallet, memorize the phrases, receive some tethers and then stop using the phone for good until a future time: is there any chance of your trust wallet getting hacked?

2. do people keep millions worth of crypto in trust wallet?

3. any chance of your trust wallet account getting frozen like they might do on exchanges?

4. I found paywithmoon and paywide as 2 options that you can fund with crypto to make online purchase? are there any other options? in particular where you can make purchases in store using a crypto credit card?

many thanks in advance

1. If you don't give the private key of trust wallet to anyone then it will never get hacked. But how do you memorize your private key? For that you must secure the private keys elsewhere.

2. Those who are stupid will keep it. Because when people have lakh of dollars why would they just keep their dollars in all these online wallets? Better to use their better and stronger wallet.

3. Not sure.

4. As far as I know there is no such card yet created which is known as crypto card and can be used for shopping. Crypto is not legal in all countries yet. And Bitcoin in crypto is a virtual coin that has no real form. So I don't think there is such thing as crypto card.

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Quote from: sima_sara on September 15, 2022, 12:13:10 PM

why your tether can get frozen if you use a hard wallet? or using a hard wallet has nothing to do with your tether not getting frozen?

My opinion is that Tether can be frozen, because it is a centralized currency, no matter which type of wallet you use. It is an integral part of their source code.

sima_sara

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Quote from: JeromeTash on September 11, 2022, 03:53:36 PM

Quote from: sima_sara on September 11, 2022, 01:56:44 PM

2. do people keep millions worth of crypto in trust wallet?

Use an open source hardware wallet instead. it costs peanuts compared to the millions you may be planning to store

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3. any chance of your trust wallet account getting frozen like they might do on exchanges?

The account may not be frozen, but if you buy centralized coins or tokens like tether, there is a chance that they can get frozen in your address. Beware of that.

why your tether can get frozen if you use a hard wallet? or using a hard wallet has nothing to do with your tether not getting frozen?

suzanne5223

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Quote from: hosseinimr93 on September 13, 2022, 05:13:25 PM

Quote from: suzanne5223 on September 13, 2022, 03:51:13 PM

Quote from: sima_sara on September 11, 2022, 01:56:44 PM

3. any chance of your trust wallet account getting frozen like they might do on exchanges?

There's no chance for that since the Trust wallet is non-custodial.

Trustwallet gives you full access to your private keys. So, it's ture that it's non-custodial. You can import your seed phrase into any other wallet at any time.
But this doesn't mean your permanent access to the fund is guaranteed.

As trustwallet is close-source, we don't know wether they have access to users keys or not. If they have access to users keys, they can send your fund to their own address and cut off your access to your fund.

Yes, you're right. Despite the ease to use of the Trust wallet. The chance of possible flaws and loss of funds is the major drawback of a closed-source wallet. This reminds me of what I read on Quora about several wallet users who have complained and claimed wallet accounts were compromised.
Since Trust wallet is not an open source we cannot be sure if they are innocent about this issue.

hosseinimr93

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Quote from: suzanne5223 on September 13, 2022, 03:51:13 PM

Quote from: sima_sara on September 11, 2022, 01:56:44 PM

3. any chance of your trust wallet account getting frozen like they might do on exchanges?

There's no chance for that since the Trust wallet is non-custodial.

Trustwallet gives you full access to your private keys. So, it's ture that it's non-custodial. You can import your seed phrase into any other wallet at any time.
But this doesn't mean your permanent access to the fund is guaranteed.

As trustwallet is close-source, we don't know wether they have access to users keys or not. If they have access to users keys, they can send your fund to their own address and cut off your access to your fund.

suzanne5223

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Quote from: sima_sara on September 11, 2022, 01:56:44 PM

1. if buy a new phone and install trust wallet, memorize the phrases, receive some tethers and then stop using the phone for good until a future time: is there any chance of your trust wallet getting hacked?

Although the Trust wallet is acquired by Binance which is one of the most reputable CEX they claimed the Trust wallet to be open source and no source code was revealed. Therefore, there's a chance of a possible hack or backlog issues.

Quote from: sima_sara on September 11, 2022, 01:56:44 PM

2. do people keep millions worth of crypto in trust wallet?

I cant speak for everybody else but according to stats, the number of hardware wallet users increased this year which automatically mean crypto investors are keeping million in hardware wallet these days.

Quote from: sima_sara on September 11, 2022, 01:56:44 PM

3. any chance of your trust wallet account getting frozen like they might do on exchanges?

There's no chance for that since the Trust wallet is non-custodial.

Quote from: sima_sara on September 11, 2022, 01:56:44 PM

4. I found paywithmoon and paywide as 2 options that you can fund with crypto to make online purchase? are there any other options? in particular where you can make purchases in store using a crypto credit card?

Why don't you use Purse.io instead?

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Quote from: sima_sara on September 11, 2022, 01:56:44 PM

1. if buy a new phone and install trust wallet, memorize the phrases, receive some tethers and then stop using the phone for good until a future time: is there any chance of your trust wallet getting hacked?

There is always a chance for your phone to get hacked, but it's more likely that your seed phrases gets leaked by your own mistake.

Quote from: sima_sara on September 11, 2022, 01:56:44 PM

2. do people keep millions worth of crypto in trust wallet?

No, unless they crazy and are not very smart.
More coins should be kept on offline wallet, not regular smartphone with internet connection.

Quote from: sima_sara on September 11, 2022, 01:56:44 PM

3. any chance of your trust wallet account getting frozen like they might do on exchanges?

I think that Trust wallet is non-centralized, but I still don't recommend it because it's closed source.
It can happen to shitcoins, ethereum stablecoins and tokens, but that is more related to blockchain they use.

o_e_l_e_o

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Quote from: Fivestar4everMVP on September 11, 2022, 05:36:12 PM

Trust wallet is a non-custodial wallet, which means you are in charge of your fund, no entity has the power to freeze an account they have no access to.

Quote from: Marvell1 on September 11, 2022, 11:38:57 PM

It's a non-custodial wallet so they can't do anything with your crypto assets.

We don't know that, because they are closed source. (As I've pointed out before, the fact that they lie and call themselves open source when they aren't should be enough reason for anyone not to use them. This is incredibly shady.) They could generate seed phrases or private keys from a predetermined list, like some scam paper wallet generators did in the past. They could send your seed phrase off to third party servers, like Coinomi did in the past. You might have access to your seed phrase, but you have absolutely no way of knowing that nobody else does too. Your funds could disappear at any time.

cryptoaddictchie

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Quote from: sima_sara on September 11, 2022, 01:56:44 PM

2. do people keep millions worth of crypto in trust wallet?

Probably some yes. Trustwallet is famous so many users uses that app. Id imagine mostly of those shib holders uses trustwallet and they have millions worth of crypto for those early adopter. Not heard any issues that it got compromise due to their inactivity means its safe but not totally cause its a closed source even though its a non custodial.

pooya87

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Others already mentioned this but you should know that even when finding an alternative, any software that is created by a profit-oriented company (or a business) and is also closed source should be avoided at all costs. They are too risky to use because we don't really know what the software is doing but we are sure of the intentions of the software developers.

You should also know that being open source doesn't automatically mean being secure. The code still has to have been reviewed by other experts or by you if you understand the code. Which is why you should stick to popular 100% open source wallets.

Marvell1

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Quote from: sima_sara on September 11, 2022, 01:56:44 PM

newbie to the whole crypto

few questions
1. if buy a new phone and install trust wallet, memorize the phrases, receive some tethers and then stop using the phone for good until a future time: is there any chance of your trust wallet getting hacked?

As long as your phone remains under your control and you know how to protect it, the possibility of hacking is very unlikely. As long as you store it carefully to ensure it is not exposed, even if there is a problem with your phone, you still control your property.

Quote from: sima_sara on September 11, 2022, 01:56:44 PM

2. do people keep millions worth of crypto in trust wallet?

I think no, for people with millions of cryptocurrencies, they will definitely use hardware wallets, it will be more secure.

Quote from: sima_sara on September 11, 2022, 01:56:44 PM

3. any chance of your trust wallet account getting frozen like they might do on exchanges?

It's a non-custodial wallet so they can't do anything with your crypto assets. But in case your asset is Tether, which is USDT your assets can still be frozen as it is a centralized stable coin.

mk4

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1. Chances are slim, but not impossible. You're going to sure damn hope there isn't a security vulnerability that potentially leaked your wallet's recovery phrase. But like people said, just grab a hardware wallet.

2. I'd imagine some do, but it really isn't a smart move.

3. Unlikely because of it being non-custodial, but not impossible due to it being closed-source.

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Quote from: sima_sara on September 11, 2022, 01:56:44 PM

1. if buy a new phone and install trust wallet, memorize the phrases, receive some tethers and then stop using the phone for good until a future time: is there any chance of your trust wallet getting hacked?

If the phone is new and you never used it for anything expect downloading trustwallet from their official website, then no. Your wallet is unlikely to get hacked. Of ourse unless the seeds generated by trustwallet aren't completely random and someone finds a way to reproduce them. In this case not only you but all trustwallet users will be in danger of getting hacked.

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2. do people keep millions worth of crypto in trust wallet?

No one can know which wallet was used to generate an address expect the person who owns it. Besides, coins are stored on the blockchain not the wallet itself.

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3. any chance of your trust wallet account getting frozen like they might do on exchanges?

Trustwallet is a non-custodial wallet. So, even if this happens or if it stops working, you can always import your wallet's seed into any other wallet app.

sheenshane

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Quote from: sima_sara on September 11, 2022, 01:56:44 PM

newbie to the whole crypto

few questions
1. if buy a new phone and install trust wallet, memorize the phrases, receive some tethers and then stop using the phone for good until a future time: is there any chance of your trust wallet getting hacked?

Since you're a newbie I suggest you study and dig deeper to gain technical information on how the right way to store your Bitcoin.
The bolded part above isn't a good idea, believe me, years will pass it will sure you'll forget them all. I've done this before, it takes longer for me to recover my wallet, and thinking of my old phrase where it was listed.

Quote

2. do people keep millions worth of crypto in trust wallet?

I don't think so, but IMO, I will not keep the worth of millions in a close source wallet which is not safe for me.
Trust wallet might be good as your hot wallet, not your cold wallet.

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3. any chance of your trust wallet account getting frozen like they might do on exchanges?

This is a noncustodial wallet but it's a closed source wallet, being a frozen account is unlikely to happen.

Quote

4 ....

You can purchase in any crypto exchangers that support crypto credit cards, but don't forget to transfer it into a noncustodial wallet or an open-source wallet which is really safe to store your Bitcoin and transfer it into a custodial wallet when you wanted to convert into fiat.

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Quote from: sima_sara on September 11, 2022, 01:56:44 PM

newbie to the whole crypto

few questions
1. if buy a new phone and install trust wallet, memorize the phrases, receive some tethers and then stop using the phone for good until a future time: is there any chance of your trust wallet getting hacked?

The answer to this question should answer most of your other questions.

Your "phrases" (actually your seed) is how your private keys are derived. As long as no one has access to your seed, it is not possible to ever steal your coin (to "hack" your "wallet"). Obviously, if your phone were to become infected with malware, or if it were to otherwise become compromised, there is a risk that someone can steal your money.

I would also point out that (trying to) memorize your seed is a bad idea. You should keep backups of your seed in a medium of storage that is less fragile than your memory (brain).

Fivestar4everMVP

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Quote from: sima_sara on September 11, 2022, 01:56:44 PM

1. if buy a new phone and install trust wallet, memorize the phrases, receive some tethers and then stop using the phone for good until a future time: is there any chance of your trust wallet getting hacked?

There is no chance as long no other person have access to your seed phrase or private keys.
And a suggestion from me is that you should to
buy a hardware wallet, hardware wallets are top notch in security.

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2. do people keep millions worth of crypto in trust wallet?

The answer is yes, but I would not advice to do it, if you have such money, then get yourself a hardware, it is far more secure than trust wallet.

Quote

3. any chance of your trust wallet account getting frozen like they might do on exchanges?

Trust wallet is a non-custodial wallet, which means you are in charge of your fund, no entity has the power to freeze an account they have no access to.

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Quote from: Little Mouse on September 11, 2022, 02:27:03 PM

But they claim it as open source, I don't know though. Can you please share some more info on "not fully"?.

AFAIK, it used to be open source, but the repository got archived as mentioned above: https://github.com/trustwallet/trust-wallet-android-source

I said "not fully" because it's only the main library they're using (wallet-core) that is open source now, not the actual mobile app: https://github.com/trustwallet/wallet-core

Topic: questions on trust wallet and crypto credit cards? (Read 341 times)