Topic: What could make you start using a new crypto wallet today? (Read 403 times)
Normally before I usually make my choice of wallet base on its popularity, that's I don't have the time to make research of the kind of wallet that's good for use. But currently I have been coming across various post regarding wallets which are open source and those that are not. But I still have not given it much of an attention since my current wallets are still serving me better which is the trust wallet, electrum and Metamask, untill I start holding down huge amount of crypto I will then consider a hardware wallet.
With a recent experience I had using Trust wallet, I have opted to reconsider using a new crypto wallet.
So I lost my phone and had to recover my accounts on the platforms I use, I of course had to download a trust wallet and logged in. I wanted to withdraw but I had second thoughts and exited the app. Some days back, I opened the app again, but my coins were gone. Just 0.00.
I have been rummaging my brain trying to get a reasonable answer as to why this is so, but I can't think of anything.
I have to use another wallet, because I don't trust Trust wallet anymore. Perhaps Etherum or Binance wallet. Or any better option.
So I lost my phone and had to recover my accounts on the platforms I use, I of course had to download a trust wallet and logged in. I wanted to withdraw but I had second thoughts and exited the app. Some days back, I opened the app again, but my coins were gone. Just 0.00.
I have been rummaging my brain trying to get a reasonable answer as to why this is so, but I can't think of anything.
I have to use another wallet, because I don't trust Trust wallet anymore. Perhaps Etherum or Binance wallet. Or any better option.
I don't change wallets often.
The only reason why I'd do it is if the new wallet provided me with a function that I desperately needed or if the current wallet stopped working or had a vulnerability.
I wouldn't switch to a very new wallet like version 1.0. I might do beta testing if they paid me but I wouldn't move all my money there. I don't need this additional risk.
The only reason why I'd do it is if the new wallet provided me with a function that I desperately needed or if the current wallet stopped working or had a vulnerability.
I wouldn't switch to a very new wallet like version 1.0. I might do beta testing if they paid me but I wouldn't move all my money there. I don't need this additional risk.
It is not too good to switch wallet because you might mistaken on the seed phrase. Switching to a newly launched crypto wallet is not good even though it is an open source. Because you don't know or in what format the open source software was created. Scammers are also advancing everyday. Even TRUST WALLET is not trusted, the only wallet that love most for now but s Electrum. I would have used Wasabi or Bisq and I have tried my best to install them in my PC but all is vain. If you want to use newly launched wallet, don't rush and wait for the proper review of the wallet before using it.
Trust wallet might not be trusted like you said but I've never for once see anyone losing all their assets on Trust wallet, the reviews are very good so far, unlike Coinomi wallet and free wallet that has so many negative ratings and reviews online, still I believe that hardware wallets are the safest and trust wallet is best hot wallet for altcoins, Electrum wallet is the best for Bitcoin wallet on the smartphone. If his device was hacked, why weren't the rest of the wallets stolen?
There can be many reasons. The hack can be due to having a malware targeting the electrum wallet. It can be due to electrums' seed phrase gets stolen. As I said in my previous post, if you want to be completely secure, you should install your wallet on air-gapped device. Otherwise, there's always the possibility of getting hacked.
Will you start trusting a new crypto wallet after it's been out for years or based on users reviews? Or it depends on what the wallet is offering, for example new crypto wallet that's fully open source but not popular because its new, is this a good reason enough to start using?
if you are curious about the new wallet device, it would be nice for you to try using it. it's fine, but I recommend trying it with a few small transactions. Also, check how security is applied to the new wallet. before you use it to store assets in the long term.There are people who use Guarda wallet, Atomic wallet or Exodus wallet the same year of release before they become popular, what could possibly prompt you to start using a new crypto wallet today?
the main reason is to get more experience. some also because there is an event for new users. like Trust Wallet, I still remember, I made the wallet to take part in one of the events that were held. and I think quite a number of them do.I also want to know if Guarda wallet is better than Trust wallet, I read that the Guarda wallet was released in 2018 but I've never used this wallet before, I just want to here from users if any is on here.
I made it but unfortunately, I lost the key for wallet recovery. It's been quite a while, I also can't remember the last time I used a Guarda wallet. If his device was hacked, why weren't the rest of the wallets stolen?
There can be many reasons. The hack can be due to having a malware targeting the electrum wallet. It can be due to electrums' seed phrase gets stolen. As I said in my previous post, if you want to be completely secure, you should install your wallet on air-gapped device. Otherwise, there's always the possibility of getting hacked.
And if we assume that the hackers can track the seed words on Electrum, why were they not able to penetrate the rest of the Electrum wallets on the same device?
These questions remain unknown until the member Julerz gives us a logical explanation according to the research he is doing with the help of experienced members here on the forum.
It took long time and many useful reviews before I put my trust in the new wallet even though it is open source. I don't use many bitcoin wallet, and so far electrum is the one I use regularly all the time. I have no complaints about that, but for high asset values I don't think electrum is the best solution either. You should probably consider hardware wallet for high asset values, and so did I - but for things that are vulnerable due to user complaints, you should also be careful with them.
Everyone should be careful choosing storage wallet, this is the most sensitive thing so never trust multiple wallets before you are absolutely sure it is safe to use. So get the best wallet recommendations before store your money there.
Everyone should be careful choosing storage wallet, this is the most sensitive thing so never trust multiple wallets before you are absolutely sure it is safe to use. So get the best wallet recommendations before store your money there.
Will you start trusting a new crypto wallet after it's been out for years or based on users reviews? Or it depends on what the wallet is offering, for example new crypto wallet that's fully open source but not popular because its new, is this a good reason enough to start using?
I trust reviews better and will not start using a new crypto wallet because of just what they offer. I have a habit of trusting the services of a service provider whose service I require, until they disappoint me, start having a series of bad reviews, or come across a better service provider with better reviews. If a new crypto wallet has a better review than the reviews of the wallet I use, I will put them under observation for consideration for use. 
Who are the so called "qualified people " ?
A person who knows how bitcoin works and has enough coding knowledge (or at least can understand the codes) and you trust him/her. When it comes to a popular open-source wallet like electrum, you can be sure that it has been reviewed by many people.
Before a crypto wallet can be called open source it means the codes are visible right?
Right. I haven't seen a crypto wallet team lying about been open source because the truth will be out in no time,
A good example is trustwallet. In their website, they claim that trustwallet wallet is open-source. But they are lying. If you check their github, you see that the code hasn't been updated in the last 4 years.
as for the vulnerability part, are you saying that can be detected once?
Assuming there's a vulnerability in an open-source wallet, the more people review the code, the more likely it is that the vulnerability can be detected. 
Just because a wallet is open-source doesn't mean it's trustworthy and you should use it. You should use the open-source wallet only if the code has been reviewed by enough qualified people and you are sure that there is no vulnerability.
Even if a wallet is open-source and is secure enough, it will take some time to be trusted by the community.
Who are the so called "qualified people " ? How can one get them to review a new crypto wallet for me? Before a crypto wallet can be called open source it means the codes are visible right? I haven't seen a crypto wallet team lying about been open source because the truth will be out in no time, no GitHub transparent equals no open source, as for the vulnerability part, are you saying that can be detected once? There are stories of wallet getting vulnerable due to the latest updates. Even if a wallet is open-source and is secure enough, it will take some time to be trusted by the community.
As long as the wallet you are using are still keep making an update and supporting with the versions they are currently running and you keep seeing them have a good features to make sure their users are safe with their coins I guess nothing wrong with still supporting them, if you still doubt with that concern better to use a hardware wallet or hot wallet which is reputable right now.
If his device was hacked, why weren't the rest of the wallets stolen?
There can be many reasons. The hack can be due to having a malware targeting the electrum wallet. It can be due to electrums' seed phrase gets stolen. As I said in my previous post, if you want to be completely secure, you should install your wallet on air-gapped device. Otherwise, there's always the possibility of getting hacked.
Will you start trusting a new crypto wallet after it's been out for years or based on users reviews? Or it depends on what the wallet is offering, for example new crypto wallet that's fully open source but not popular because its new, is this a good reason enough to start using?
There are people who use Guarda wallet, Atomic wallet or Exodus wallet the same year of release before they become popular, what could possibly prompt you to start using a new crypto wallet today?
I also want to know if Guarda wallet is better than Trust wallet, I read that the Guarda wallet was released in 2018 but I've never used this wallet before, I just want to here from users if any is on here.
There are people who use Guarda wallet, Atomic wallet or Exodus wallet the same year of release before they become popular, what could possibly prompt you to start using a new crypto wallet today?
I also want to know if Guarda wallet is better than Trust wallet, I read that the Guarda wallet was released in 2018 but I've never used this wallet before, I just want to here from users if any is on here.
There's nothing wrong if you are late in using a particular wallet, I'm not comfortable using a new wallet unless it's confirmed open source and gets good reviews coming from experts, I prefer the reviews coming from independent developers who can audit, check the wallet for bugs and flaws, they are the authority when it comes to wallets' reputation instead of average users.
About Guarda, I haven't tried that waller as I'm comfortable with the wallets I'm using right now, because they are all already tested for bugs and flaws and they continuously update their wallet.
A few days ago, an incident occurred to a member of the forum, where he discovered that an important amount of bitcoin was transferred from a wallet he had recently created. The belief here is that someone hacked his device, but that member confirmed that the rest of his wallets on the same device were not hacked, including Electrum wallets, which he created previously.
Until now, there is no explanation as to how this happened to him. But honestly, this raises great concerns, since the Electrum wallet is trusted by the Bitcoin community.
As long as you are using the real version of electrum and your device is completely safe and no one has access to your keys, there's nothing to worry about. Electrum is open-source and there's nothing hidden from the users. Until now, there is no explanation as to how this happened to him. But honestly, this raises great concerns, since the Electrum wallet is trusted by the Bitcoin community.
By completely safe, I mean an air-gapped device. If you are not using electrum on an air-gapped device, there's always the possibility of getting hacked.
Take note that many of the people who lost their coins due to getting hacked don't know how they have been hacked.
Will you start trusting a new crypto wallet after it's been out for years or based on users reviews? Or it depends on what the wallet is offering
Choosing a crypto wallet is person choice but what we don't know is that before using one we must have the understanding of the kind of wallet it is and if suitable to what we are using if for,many have found themselves on the wrong wallet and later change to another just for them to het satisfied and there's no bad thing in doing so, we must define what we want first and know how to get and use it in serving us a particular purpose,we have a decentralized wallet, we have the online wallets, cryptos supporting wallet, bitcoin only wallet, hardware wallet, paper wallet and so on base on types and categories, but of it all choose a non custodial wallet.
A few days ago, an incident occurred to a member of the forum, where he discovered that an important amount of bitcoin was transferred from a wallet he had recently created. The belief here is that someone hacked his device, but that member confirmed that the rest of his wallets on the same device were not hacked, including Electrum wallets, which he created previously.
Until now, there is no explanation as to how this happened to him. But honestly, this raises great concerns, since the Electrum wallet is trusted by the Bitcoin community.
As long as you are using the real version of electrum and your device is completely safe and no one has access to your keys, there's nothing to worry about. Electrum is open-source and there's nothing hidden from the users. Until now, there is no explanation as to how this happened to him. But honestly, this raises great concerns, since the Electrum wallet is trusted by the Bitcoin community.
By completely safe, I mean an air-gapped device. If you are not using electrum on an air-gapped device, there's always the possibility of getting hacked.
Take note that many of the people who lost their coins due to getting hacked don't know how they have been hacked.
Just because a wallet is open-source doesn't mean it's trustworthy and you should use it. You should use the open-source wallet only if the code has been reviewed by enough qualified people and you are sure that there is no vulnerability.
Even if a wallet is open-source and is secure enough, it will take some time to be trusted by the community.
On this basis, I would like to talk about the Electrum wallet for bitcoins, which has been trusted by users since its release after being verified. Personally, I use it as a main wallet, and I did not have any problems with it.Even if a wallet is open-source and is secure enough, it will take some time to be trusted by the community.
A few days ago, an incident occurred to a member of the forum, where he discovered that an important amount of bitcoin was transferred from a wallet he had recently created. The belief here is that someone hacked his device, but that member confirmed that the rest of his wallets on the same device were not hacked, including Electrum wallets, which he created previously.
Until now, there is no explanation as to how this happened to him. But honestly, this raises great concerns, since the Electrum wallet is trusted by the Bitcoin community.
Will you start trusting a new crypto wallet after it's been out for years or based on users reviews? Or it depends on what the wallet is offering, for example new crypto wallet that's fully open source but not popular because its new, is this a good reason enough to start using?
There are people who use Guarda wallet, Atomic wallet or Exodus wallet the same year of release before they become popular, what could possibly prompt you to start using a new crypto wallet today?
I also want to know if Guarda wallet is better than Trust wallet, I read that the Guarda wallet was released in 2018 but I've never used this wallet before, I just want to here from users if any is on here.
I would look at the rating of crypto wallets and use only hardware wallets.There are people who use Guarda wallet, Atomic wallet or Exodus wallet the same year of release before they become popular, what could possibly prompt you to start using a new crypto wallet today?
I also want to know if Guarda wallet is better than Trust wallet, I read that the Guarda wallet was released in 2018 but I've never used this wallet before, I just want to here from users if any is on here.
The article is advertising, but it is true that Ledger and Trezor are the best hardware wallets.
https://www.forbes.com/uk/advisor/investing/cryptocurrency/best-crypto-wallets/
Any software wallet can be hacked, so it's best to use a hardware wallet that is compatible with many third party software.
I Have been using Coinomi since it's launch (it was 2k15 afaik), what prompted me to use it then was number of coins supported. It was open source too , but could care less back then.
Bro what? Coinomi wallet is not open source, and this is the first wallet I used that got compromised, there are some bad reviews from users around the globe about this coinomi wallet, if you are still using this wallet you need to swap to other, please users on here, confirm if Coinomi wallet is open source or not because I am so sure it's closed source. Indeed, It's closed source now. Back then it was open source.
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