What do you think about trust wallet? - page 2.

Pmalek

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Quote from: o_e_l_e_o on February 19, 2023, 11:43:00 AM

Unless of course regulators decide that Binance are operating illegally

This concerns US investors and the fact that Binance didn't follow or had the needed manpower to follow AML and KYC regulations. They will agree on a penalty fee, and go back to business as usual with more strict oversight for US customers. I am not for strict regulation nor to I like it, but whoever uses centralized exchanges should be ready to answer questions about who they are and where their money comes from and have proof to back up their words. They should also understand that Binance will "rat them out" to the IRS or any other government agencies that operates in their country to protect themselves and their business.

Quote from: o_e_l_e_o on February 19, 2023, 11:43:00 AM

or that the coin in question needs to be shut down.

That's a valid problem and all stablecoin users need to be aware of it. But that's something that affects everyone alike. No one targeted you or me or a specific individual.

o_e_l_e_o

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Quote from: Pmalek on February 19, 2023, 11:33:55 AM

But unless you are handling hundreds of thousands of dollars (or more) and you aren't acquiring your coins in some illegal manners (with stolen card/banking details, e-wallets), it's not a big worry for a regular user.

Or until your perfectly legal coins are deemed as "tainted" by some blockchain analysis firm working with the US government, which then puts pressure on Binance to freeze your coins, who are happy to do so since they also buy in to the provably false nonsense of taint.

Quote from: Pmalek on February 19, 2023, 11:33:55 AM

Still, even with the centralized digital assets, I doubt you will wake up one day and see your balance is 0 or frozen for no apparent reason.

Unless of course regulators decide that Binance are operating illegally or that the coin in question needs to be shut down. You can quite easily lose everything when dealing with centralized shitcoins through absolutely no fault of your own.

Pmalek

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Quote from: o_e_l_e_o on February 19, 2023, 10:21:36 AM

Yes, there is that argument as well. But unless you are handling hundreds of thousands of dollars (or more) and you aren't acquiring your coins in some illegal manners (with stolen card/banking details, e-wallets), it's not a big worry for a regular user. It's against the concepts of what a cryptocurrency should be, the same concepts that bitcoin laid out. Still, even with the centralized digital assets, I doubt you will wake up one day and see your balance is 0 or frozen for no apparent reason.

o_e_l_e_o

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Quote from: Pmalek on February 19, 2023, 02:27:38 AM

If someone uses a blockchain created by Binance, you aren't going to win an argument with them preaching about the benefits of open-source.

And if you are using some centralized Binance operated shitcoin, then your choice of wallet is almost meaningless as far as holding your own keys goes. It doesn't really matter if you are using an open source wallet in which you have personally reviewed the code and you are running it on a permanently airgapped device with full disk encryption, when the centralized owners of the chain you are using can still just freeze your addresses or seize your coins at any time regardless.

Pmalek

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Quote from: pooya87 on February 18, 2023, 11:18:05 PM

The popularity is definitely not that high though because sooner or later everyone realizes this is closed source and they should stay away which means they lose many users too.

There is absolutely no reason to use Trust Wallet with Bitcoin or other established altcoins that already have plenty of standalone light and full clients. But when you are working with tokens on centralized networks like the BSC or Tron, you don't have valid open-source and verifiable alternatives. The makers of Trust Wallet and similar apps know that, and there will always be a market for them with those coin holders.

Unstoppable Wallet is often recommended as an open-source alternative, but its open-source nature doesn't make it a better choice currently because of various issues that the wallet has. It lacks the support for too many altcoins and shitcoins, it syncs too slow, and requires downloading hundreds of MB of blockchain data for certain assets. It losses its appeal as a light client if you need 20 minutes to sync your balance and download 300MB to your phone for each coin.

Although that might be better for your safety and privacy, those aren't the features that are on top of the priority list for such users. If someone uses a blockchain created by Binance, you aren't going to win an argument with them preaching about the benefits of open-source.

pooya87

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Quote from: bitcoin_network on February 18, 2023, 12:02:30 PM

Trust Wallet is currently one of the most popular wallets among cryptocurrency users.There is no doubt that Trust Wallet's security system is very strong.

The attractiveness of wallets such as Trust Wallet is all in the fact that they support altcoins and sometimes people seek a light wallet to store their shitcoins that is not their centralize [custodial] exchange account. There is also the advertisement by the company behind this closed source wallet that would attract unaware newcomers to a very risky and insecure wallet.
The popularity is definitely not that high though because sooner or later everyone realizes this is closed source and they should stay away which means they lose many users too.

o_e_l_e_o

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Quote from: bitcoin_network on February 18, 2023, 12:02:30 PM

There is no doubt that Trust Wallet's security system is very strong.

Based on what evidence, exactly? Trust Wallet is closed source, so you have absolutely no idea how good or otherwise its security is. It is also a hot wallet, meaning it is one of the least secure wallets you could choose to keep your coins on. And given that it is owned and operate by Binance, who have suffered numerous security breaches over many years leading to both the loss of coins and the theft of private data and KYC information of their customers, I wouldn't be placing much faith in its security at all.

There is literally no good reason to choose a closed source wallet, especially not one owned and operated by Binance.

Pmalek

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Quote from: bitcoin_network on February 18, 2023, 12:02:30 PM

However, many people use other types of wallets, such as the Meta Mask wallet, paxful wallet, Coinbase, Ledger, Electrum.

Apples and oranges mate. You can't compare these wallets with each other.

MetaMask is browser extension that works with ETH and ERC-20 tokens. It's not a multicurrency client for other networks.
Paxful isn't a wallet, it's a P2P exchange.
Coinbase is both a wallet and an exchange. Not sure which option you refer to.
Ledger is a hardware wallet. The security of a good hardware wallet is greater compared to any software wallet. The only better option is a correctly configured and set up airgapped client.
Electrum is a bitcoin-only wallet, so it you can't compare it with multi-currency wallets.

Quote from: bitcoin_network on February 18, 2023, 12:02:30 PM

But among these, trust wallet is the most convenient to use.

That's your subjective opinion. Convenience does not equal quality nor security.

bitcoin_network

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Trust Wallet is currently one of the most popular wallets among cryptocurrency users.There is no doubt that Trust Wallet's security system is very strong.

The trust wallet is called a multi-chain wallet because this wallet supports all these platform tokens.Like BSC(BEP-20) Ethereum(ERC-20), TRC-20 etc.
However, many people use other types of wallets, such as the Meta Mask wallet, paxful wallet, Coinbase, Ledger, Electrum.
But among these, trust wallet is the most convenient to use.

Pmalek

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Quote from: Lida93 on January 03, 2023, 04:36:10 PM

Users should understand that when security matters trustwallet is not an option to fall on as a user keys stands a chance of being at risk of exposure.

There are better wallets for bitcoin than Trust Wallet, there is no doubt about that. But those playing around with altcoins and shitcoins don't have that many alternatives. That's why Trust Wallet, Coinomi, and similar clients are so popular and often recommended.

Bitcoin is decentralized, censorship-resistant, and open source. On top of that, you have wallets that operate in the same way.

But if you are holding an altcoin on a centralized blockchain that can be censored and frozen by the issuer (like 99% of stablecoins), you have a problem on a protocol level. You can use an open-source wallet to store your keys, but your address and the coins on it can still be frozen by the issuer and on the request of a 3rd-party. It didn't really help that you were using a non-custodial and open-source wallet when you still got locked out.

o_e_l_e_o

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Quote from: hosseinimr93 on January 06, 2023, 03:26:50 AM

That's because binance owns trustwallet.

And more importantly, because it is closed source and connects exclusively to Binance's servers to obtain transaction history, broadcast transaction, and so forth, then even if you don't end up losing your coins on it Binance can still harvest all your data and sell that to all the usual third parties and governments.

Quote from: Ben Barubal on January 06, 2023, 10:32:18 AM

Then google is there so you can find legitimate and safe wallets

Typing "bitcoin wallet" or similar in to Google is one of the fastest ways to download malware and lose all your coins. You shouldn't be using Google for anything. The ads which are promoted at the top of every page and the first handful of results are more often than not complete scams.

joniboini

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Quote from: albon on January 07, 2023, 12:38:35 PM

I see that TrustWallet is also a good and popular wallet in the crypto arena, both wallets are good for beginners and many tokens are available on them, and any user can manually add the network he wants for any token on both wallets. As for me, I have been using them for many years and have never had any problems with them.

As mentioned above MetaMask only supports ETH-like crypto, so you can't store coins like XMR, XRP, BTC, and so on there. They also collect some personal info like IP address when you connect on their default RPC. While you can switch the RPC to another one, most of the time you need to register on another service (some are free, some are paid).

If privacy is an issue, what can OP do is run a bunch of open-source wallets for different altcoins and use Electrum to manage his BTC. As long as OP manages his backup properly, it should be fine. Relying on a single app with unverifiable code is definitely not a good choice to store most of your crypto. CMIIW.

albon

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Quote from: pooya87 on January 06, 2023, 10:52:11 PM

Quote from: Ben Barubal on January 06, 2023, 10:32:18 AM

there is still a metamask wallet as long as the private key or seed phrase that you will use is safe.

As far as I can tell metamask looks like the most terrible option! For starters it is only for ethereum based tokens not for any decent cryptocurrency. Additionally it is a browser based wallet, or better said script, which is unsafe by design because it relies on your browser and that is not the safest option to use as a cryptocurrency wallet.

MetaMask has an application for Android and iPhone phones, not just a browser extension. All that MetaMask users have to do is keep the recovery phrases or the private key in a safe place or on an external hard drive. MetaMask is a good, easy-to-use, and open-source wallet. I see that TrustWallet is also a good and popular wallet in the crypto arena, both wallets are good for beginners and many tokens are available on them, and any user can manually add the network he wants for any token on both wallets. As for me, I have been using them for many years and have never had any problems with them.

[1] https://metamask.io/download/

pooya87

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Quote from: Ben Barubal on January 06, 2023, 10:32:18 AM

there is still a metamask wallet as long as the private key or seed phrase that you will use is safe.

As far as I can tell metamask looks like the most terrible option! For starters it is only for ethereum based tokens not for any decent cryptocurrency. Additionally it is a browser based wallet, or better said script, which is unsafe by design because it relies on your browser and that is not the safest option to use as a cryptocurrency wallet.

Ben Barubal

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Quote from: istiak2277 on November 13, 2022, 12:17:48 AM

This sounds like a dumb question but after seeing what happens with FTX i really worried about any centralized company i am using for my crypto. Trust multi wallet is really a decentralized wallet? I am using a multi wallet in trust wallet that has BTC, ETH, BNB, dot and most other blockchain which i can access through one mnemonic phase. So if something happens with trust wallet company and their apps become inaccessible then how i will be able to retrieve my btc,dot and other blockchain assets by using that one multi wallet mnemonic phase?

If you are skeptical about the trust wallet, there are other options besides this, mate. If you have a hardware wallet or trezor that's better, now if you don't have that, there is still a metamask wallet as long as the private key or seed phrase that you will use is safe.

Then google is there so you can find legitimate and safe wallets, then electrum is also there if you store bitcoin in the wallet.

hosseinimr93

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Quote from: Ryker1 on January 03, 2023, 05:43:06 PM

I do not understand why the CEO of Binance promoted this Trust wallet as he said as good to store coins that have to own your private key --perhaps, he has a share in this Trust wallet company?

That's because binance owns trustwallet. They acquired trustwallet in 2018. Visit the link below and read the announcement they made in July, 2018.
Binance Acquires Trust Wallet - A Secure Mobile Crypto Wallet

It may worth mentioning that trustwallet was open-source before being purchased by binance and became close-source after that.

Ryker1

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Quote from: Lida93 on January 03, 2023, 04:36:10 PM

Quote from: elda34b on November 13, 2022, 10:58:48 AM

I suggest you buy a hardware wallet to store your coins. Maybe two if you need a hot wallet for quick transactions. If that's out of your budget, then use open source wallet as mentioned above and run it on a secure device. It might take some time and money to move and organize your funds by doing this but at least you are not depending on a software that may or may not has a backdoor. While Trustwallet has some good features for coins management, don't rely on them if your focus is security.

Users should understand that when security matters trustwallet is not an option to fall on as a user keys stands a chance of being at risk of exposure. Like you pointed above, could it be that it's due to the good and attractive features for coin management that trustwallet comes with is part of what blinds some users on relying on trustwallet as against security of their funds which ought to a first priority before anything else?

Because Trust wallet is not that fully open source, though it claimed itself as an open source wallet.
But it seems good if you will use them temporarily and you can store them for a short period of time but when we are talking about long-term storing of coins --they are not reliable for this matter. A hardware wallet is the best wallet that you can use for storing in a long term, spending an extra amount of around $50-$70 for the hardware wallet sounds good and worth it.

I do not understand why the CEO of Binance promoted this Trust wallet as he said as good to store coins that have to own your private key --perhaps, he has a share in this Trust wallet company?

Lida93

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Quote from: elda34b on November 13, 2022, 10:58:48 AM

I suggest you buy a hardware wallet to store your coins. Maybe two if you need a hot wallet for quick transactions. If that's out of your budget, then use open source wallet as mentioned above and run it on a secure device. It might take some time and money to move and organize your funds by doing this but at least you are not depending on a software that may or may not has a backdoor. While Trustwallet has some good features for coins management, don't rely on them if your focus is security.

Users should understand that when security matters trustwallet is not an option to fall on as a user keys stands a chance of being at risk of exposure. Like you pointed above, could it be that it's due to the good and attractive features for coin management that trustwallet comes with is part of what blinds some users on relying on trustwallet as against security of their funds which ought to a first priority before anything else?

BlackHatCoiner

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Farewell, Leo

Quote from: erep on December 22, 2022, 01:39:55 AM

I never read any news open wallet apps can be hacked except user carelessness

He meant phishing. Like, giving you a domain name that looks like electrum.org (e.g., ellectrum.org) and which is the spitting image of the official site, and have the user download the compromised wallet software without verifying the binaries of course.

And as said, it doesn't have to do with being open-source or not. People have to be aware of URLs and verify signatures, that's all.

virasog

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Quote from: erep on December 22, 2022, 01:39:55 AM

Quote from: virasog on December 21, 2022, 12:33:22 PM

I would not call it a drawback of open source wallets, but it is more of carelessness from the people who download the fake wallets.

To be very straightforward, if a person cannot detect a fake wallet and does not know from where to download an open source wallet, or how to verify it then I am afraid he deserves to lose his funds.

The scammer can clone or do whatever he wants to do, the crypto investors should first learn on how to stay away from phishing attempts.

I never read any news open wallet apps can be hacked except user carelessness can't tell the difference between cloned apps and downloading unofficial wallet apps, phishing and others. All those faults are possible that the wallet can be hacked and all the assets will be stolen, the phishing statistics have increased drastically in the first half of 2022. So it is important that users should use the official wallet application and avoid all the mistakes that are vulnerable to hacking.

Phishing attempts can be done on trust wallet, open source, and closed source wallets. If anyone loses funds because of Phishing, it is not the loophole in the open/closed source wallets. As i told earlier, the crypto investors need to educate themselves more if they want to stay safe from scammers.

Using trust wallets for altcoins can be an option but a better one is an unstoppable wallet. Using different wallets including an electrum wallet for bitcoin is the best approach in my point of view.

Topic: What do you think about trust wallet? - page 2. (Read 1648 times)