Topic: Which wallet can i use for my needs - page 4. (Read 838 times)

You have been given so many type of wallet that you can use to keep your bitcoin and altcoins by forum members that posted on the first page just like you asked.

Closed source wallet is not advisable to use because you are not the one in charge of your private keys as it is with the owner of the wallet and at anytime, your wallet can be compromised and you might also be restricted to have access to your funds. This is why you should use a self custody wallet, which only you have your private keys.

The seed phrase is the security of your wallet and that is why you are advice to use a wallet like electrum, bluewallet, unstoppable, passport trezor because you can write down your seed phrase and back it up and store it somewhere no one will have access to but only you, for the proper safety of your coins. Online wallet is only good for keeping small amount of bitcoin for daily spending.

Online wallets are not safe because it is vulnerable to attack by scammers because it is always connected to the internet and there can be a leak, unknown to you. This is why a hardware wallet is recommended because it will never be connected to the internet and the possibility of a hack is very low as long as when you bought it, you scanned through to see that it is safe to use. The safety of any open source wallet is in the hands of the user.

It's most advisable to use separate wallets for Bitcoin and altcoins, so the user can perform uptimaly, Bitcoin is unique and requires a separate wallet, so there won't be interferences with other coins in the same wallet. Your two wallet recommendations for Bitcoin are good, I use blue wallet and it's very convenient for my Bitcoin, I know that electrum, is also a good choice too. No special preference for altcoins, let him consider options from members opinions.

Unstoppable.money wallet has synching issue with some coins. The ones that I noticed are bitcoin, dash, litecoin and some other ones. No synching issue with those like BSC, Arbitrum, Optimism, their tokens and some other ones. It is not a wallet I can recommend for those like bitcoin, dash and litecoin. I remember when I have litecoin on it, it frustrated me as I kept sending the litecoin and the transaction was pending for a long time before failing and this happened several times until I decided not to use it for those coins again. The best open source wallet for altcoins is still Trezor, but it is a hardware wallet. One other thing I do not like about Unstoppable.money is that it is not supporting many coins.

Hardware wallet. That's the wallet that you need.
You want your assets safe? Put it on a hardware wallet. I'm not saying though that your assets will be safe there because no wallet is 100% safe, but at least, putting it there will increase the safetiness of your assets.

Trust wallet is a good wallet as it supports thousands of tokens, and coins. I'm also using it since I'm holding some SNX that I'm staking currently. How reliable is it? Well, it's a safe wallet as long as the owner is always safe. What do I mean? A safe wallet doesn't mean safe if the person using it don't know what he is doing. You can buy a hardware wallet, but still get scammed because you're ignorant. You can use trust wallet, but still get scammed because you are browsing phishing websites, and connecting your trust wallet account there.

Overall, it doesn't matter whatever wallet you are using. I'm using Electrum for years now, and I didn't encounter any hack, scam whatsoever. In the end, it will depend on the user.

If you want a long term storage of bitcoin I will advice you to use Electrum address, because it have higher security than others you may call a wallet, and secondly when having Electrum ensure that the seed phrase is intact and nothing have to it, because one of the areas hackers or people loss their coins is through exposure of a seed phrase and many people do loss their coins through it, and for the aspect of altcoins I think that altcoins investment should directly separated from the particular wallet you use for bitcoin, should incase of TECH issues.

For best practice, I will advise using a hardware wallet. Of course, it depends on how much you want to store, because a hardware wallet will cost you a bit to buy. If you can afford it, I would prefer to use the Trezor wallet, which is open source. You will find altcoins as well. If you can't afford it, then use Electrum for your Bitcoin wallet. For altcoins, I am not sure about a non-custodial wallet; you may get advice from the above replies. However, hardware wallets are always the best option.

First, you have to understand how the concept of wallet security that you use.
Any wallet has loopholes that could be weaknesses in the wallet, but security holes that may occur due to the user's own negligence.

Multi-chain wallets such as trust wallets are mobile wallets that have standard security.
It depends on the security of the phone itself and how you use it, and where you can store the private key safely without anyone knowing.

If you want to find the most secure, just buy a Hardware Wallet such as Safepal, Ledger, Trezor, Keep Key etc.
which has Offline storage and certainly has better security than mobile wallets.

Trustwallet is not recommended to use. Honestly, I did use trustwallet before and I never experienced something bad or experienced losing my btc but there are reasons why trustwallet is not recommended to use. It does support different crypto like eth, xrp, usdt, btc abd more. How about you use multiple wallet provider like electrum for btc and like mk4 suggested. It's up to you if you want to use trustwallet since there's nothing we can do to stop you and we are only here to give advice, suggestions or recommendations and share what we know regarding to the topic you want to discuss.

I had experience a syncing issue once on unstoppable wallet but I would still suggest it for multi-currency wallet because of their reputation + open source + overall wallet experience is still great for the most part. To make sure you're not on some phishing link, see: https://unstoppable.money/

But if you're planning on storing huge amounts, I would not recommend it since it's a mobile wallet + hot wallet which means security isn't as hardened. Typical choice for this would be an open source hardware wallet as it is still convenient for the beginners. You should also practice good security habits because your wallet certainly won't protect you from human error mistakes -- most stuff from here are still relevant in general, see: https://github.com/Lissy93/personal-security-checklist

Any online wallet is prone to get hacked, but some of them are still reliable if you cannot be able to set up an offline wallet for yourself. But as a beginner, make sure you know that any wallet you did not hold your private key is not advisable for you to hold your coin.
Trust wallet is a closed source wallet, and open-source wallet are mostly advisable for storing your bitcoin.

Use separate wallets to store Bitcoin, and altcoin; for a beginner, use electron wallet or blue wallet to store your bitcoin, while you can manage trust wallet to hold your altcoin or use Unstoppable wallet.

Yes it is owned by Binance and it is not recommended, Trust Wallet is closed source and we cannot be sure how the keys of their customers' were generated. If a wallet is closed source, it is enough reason not to use it.
It depends on the amount of funds you are starting with, even as a newbie if you are going to store a huge amount of BTC, you need a hardware wallet or an airgapped wallet and not an online wallet, so you don't learn the hard way by losing all you have.

Even if you store your cryptos in the safest wallets out there, precisely hardware wallets and couldn't manage your private keys properly, all your efforts will amount to nothing, Therefore, also think about how to secure your keys properly without someone having access to it. Furthermore ,don't get things too complicated for yourself. If you're a newbie just as you have said, you can start with Electrum to store your Bitcoin for now and then graduate to using the above recommended hardware wallets that suits you.

Most of the suggested wallets are good for storing Bitcoin only, since it's a critical asset that you need to keep. You are better to start with those wallets that have mentioned and don't go yet with most altcoins.

There are a lot of multiwallets available if you are into altcoins too. A hardware wallet supports multicryptocurrencies but most of the apps that you can download if you don't own a HW yet, you shouldn't trust them that much with your funds since most of them are closed sourced.

Trust wallet? I have never used that but it's owned by Binance nowadays, right? As a start, go for it with caution but don't keep a lot on it.

I would not use any closed source and non-custodial wallets for anything.
If you want to have one wallet for everything I would first recommend open source hardware wallet like Trezor ^{(or BitBox, Keystone, etc.)}, but you have to pay for it and you will have much better security for your coins.
There are some free software alternative multicurency wallets like Unstoppable, Stack wallet, OneKey software wallet and they are also open source.

If you really want a wallet that supports multiple cryptos, then I can recommend Exodus[1]. The Exodus wallet is available for Desktop and Mobile (iOS, Android) and has some more features integrated like Swapping. If a Bitcoin wallet is enough for you, then I recommend Electrum[2]. For me, these are the two best wallets for desktop and mobile.

[1] https://www.exodus.com
[2] https://electrum.org

Generally, I don't like the available wallets that cater to lots of cryptocurrencies.

Bitcoin: BlueWallet
Ethereum and EVM(BNB, etc): MetaMask/Rabby
Solana: Phantom
Cosmos and Cosmos eco: Keplr
Tron: I don't use Tron so idk

MyEtherWallet is an open source wallet and it supports only ETH and ERC-20 tokens. I wouldn't advise you to use Trust wallet or Coinbase wallets because they're close source and are owned by Binance and Coinbase exchange respectively. Since you're looking for a multi coin wallet, I'd recommend unstoppable wallet. It's open source, has a user-friendly UI and supports multi coins including Bitcoin. If you can afford Trezor hardware wallet, then I strongly advise that you go fit it.

Whatever wallet you settle for, have it at the back of your mind that you've a big role to place to keep your assets safe. Back up your seed phrase offline.

Don't find all in one wallet.

If you have both bitcoin and altcoins, let's use different wallets for them.

One wallet for bitcoin only. Don't mix it by storing bitcoin together with altcoins.
Another wallet for altcoins.

With Bitcoin wallets, you can practice too choose it from https://bitcoin.org/en/choose-your-wallet

I recommend

• Bitcoin Core if you want to run node (full or prune)
• Electrum wallet if you don't have big space in your disk. It's available for Android and you can use Lightning Network with it too.
• Remember to verify your wallets

Generally use non custodial (you own private keys, mnemonic seed), open source (it's reproducible and can be deeply tested) wallets. Read reviews from
https://walletscrutiny.com/

The posts above mine have actually said a thing about wallets that you should use and the most important part is the device storing the wallet and how you backup your private key or seed phrase, if you don’t pay proper attention to this two things then the choice of a good wallet doesn’t help you a bit.

Here is categories of wallet;

For privacy: use bitcoin core and run your own node.

For cold wallet; you can use hardware wallet (Trezor or passport) or an airgapped device with electrum as the wallet

For hot wallet: use electrum, BlueWallet and Sparrow (they have both mobile and desktop versions)

For multicoin wallet: use unstoppable wallet or any of the listed hardware wallet .


Both Metamask and Trustwallet are closed source wallets that’s why they don’t come recommended most especially trustwallet that is owned by Binance

Specifically for bitcoin, Electrum is good and easy to use for beginners. Metamask is a great altcoin wallet if you are an active user via desktop. Trustwallet is not too bad if you're an active user via mobile.

The 3 wallets above are based on personal experience, but I can't guarantee the same level of security if you use them. The most important security factor depends on the digital literacy of the user. Your key, your responsibility.