Bitcoin Forum

Hi guys, I have a question for you all about crypto wallet, must a crypto wallet be fully open source to have peace while using them to store large amount of money? And is trust wallet a half baked open source wallet or full open source? Thank you

I don't think that trust wallet is a fully open source mobile wallet and again it's not advisable to store large amount of money or digital assets in a mobile wallet, you should only hold small amount in your hot wallet and hold large amount in hardware wallet.

Trust wallet is only open source on IOS, if you are using iphone then it's completely running on open source but as for android users it's closed source but honestly I don't have any single problem using this wallet since 2017, there are over millions of download on playstore and no single bad review, of cos what more can we get from binance team?

Yes I think it's supposed to be open source for us to check it. I don't really trust wallet that is not open source. If you are going to store a huge amount of money make sure to use a hardware wallet to it or any wallets that lets you hold your private key just you and they shouldn't have a copy of it as well.

I guess we will need an expert to answer this question but trust wallet team claimed that their wallet is a community driven open source multi coin crypto wallet, so I believe it's fully open source compared to others like coinomi that's closed source and I haven't read about any bad reviews either

Of course it's a privacy matter for user so we should know how it was built and so open source is the answer. I really don't trust closed source wallets since you might not know what on it, right?

You don't have to worry about trust wallet because its hundred percent open source unlike coinomi wallet that has some kinda backdoor, I heard people their coins using coinomi pc wallet, I believe that happens because it's closed source, no such issue with trust wallet, make sure you keep your recovery seed safe

I use trust wallet to hold a small amount of my crypto and store most of my crypto in a hard wallet to secure it. I only store small amount of crypto online to avoid risk, take note you should never store a huge amount of crypto online to avoid risk, anything online is susceptible for hacking. Hardware wallet gives you peace of mind.

so as not to get caught up in the same answer to the OP's question.
You can review the topic below, I think your answer is answered there.

Topic: Do beginners know what closed & open source wallets are? (https://bitcointalk.org/index.php?topic=5244810.0)

And don't forget to review this one again.

Topic: Should Hardware Wallets Be Open Source? (https://bitcointalk.org/index.php?topic=5207366.0)

I hope this information is useful for you.

For once binance is reputable enough after they gave back the tokens that were hacked from them. It gave the impression that they are very reliable enough to provide insurance to their users. Trust wallet is backed by binance too. I'm unsure however if its the same as how exchange work that you can ask support from binance when you're experiencing trust wallet issues.

Its up to you to trust a centralized exchange or not that is working with this trust wallet. The only that is most trusted is the https://bitcoin.org/en/bitcoin-core/

Open source but without people who actually do the code review is useless (and can be less secure than the closed one). You need both open source and active community who are willing to review/test the code. That's how some good wallet got its reputation. Multi coins wallets are usually not considered as safe, so better just generate addresses using a paper wallet if you intend to store a large amount of money and swipe them into a hardware wallet when you want to use them.

Not all components are open source.
More info:
Question about Trust Wallet! (https://bitcointalk.org/index.php?topic=5239916.0)
Is Trust Wallet Safe ? How to get Private Keys ? (https://bitcointalk.org/index.php?topic=5224149.0)
Trust Wallet - Trustworthy? (https://bitcointalk.org/index.php?topic=5193974.0)
can you rate trust wallet? (https://bitcointalk.org/index.php?topic=5288381.0)

Opensource is not gurantee anything, you will never know which code is used for actual build. Im using ownr wallet and just fine about closed sources of this app (and closed sources of any other apps as well)

Nah you don't get it, closed sources codes can have back doors to peep on people's Private keys without even knowing since it's closed source, been open source means that it's clean as devs can easily sniff any hidden agenda in the source code if it's fully open and transparent, can't be tampered with without people knowing, this is what open source means

Guy if you are looking to store large amount of money and you can't afford to buy hard wallet then you need to check yourself very well, because something is open source does not mean it can't be hacked. Please do not use mobile wallet to store your funds because they are highly vulnerable

Well, open source is recommended for true cryptocurrency... and i prefer fully Open Source. Open source means the codes are transparent and you know exactly what they can do, and whether they're really safe to use (especially long-term). How could we rely on closed source wallets if we don't really know what the codes/owners are capable of.. They may appear safe but doing really evil/illegal things in secret.

Storing a large sum of money in a single wallet is a no-no to me. I've been using Trust wallet for some time now and I don't encounter any problem with it but still I would not put a huge amount on them, I scattered my funds to different wallets for security purposes. If one is down at least I have other wallets that have my funds. 

As for me I don't see much difference in hardware wallets and other wallets that are open source, hardware wallet was built by humans to, ledger for example, to connect and make transaction on hardware wallets you need to connect the hardware wallet to a PC for online access, how is this even safe? Hardware wallets are a bit better but anything can still happen

I'm not sure if trust wallet is full open source, but to store harge amount of crypto assets, it's preferable to use hardware wallets than software (hot) wallets. I  store some of my crypto in trust wallet, but keep a bulk in ledger nano x. I think it's not even advisable to store all coins in just a single wallet, share in 2 or 3 parts if your portfolio is too large, but no need for small portfolios. I'll still do some research on this, to know which crypto wallets are full open source.

To have peace, use open-source non-custodial wallets. The most popular and trusted one is Electrum (https://electrum.org/) for Bitcoin and, for alts, you should find their official wallets on the official websites/GitHub repos. Most "fancy-looking" wallets are custodial from what I've seen around. Anyway, it's better to trust something that's been around for so many years with many peer reviews and a lot of features.

Using custodial or closed-source wallets puts your funds under risks you can easily avoid by simply not using their closed-source wallets in the first place. Why hold your funds in a wallet that could seize or steal your funds under the excuse of suspicious activity (such as Freewallet) when you could just be your own bank instead?

trust wallet is not an opensource wallet. It doesn't matter whether it's an open source wallet or not but when you are storing a lot of money in your wallet and you must try to make your the key to open your wallet will be in the safe place. I mean your wallet will be secure when you are the only one who know how to open your wallet.
I have used electrum, exodus and various wallet to store small - big amounts of crypto.

As long as you can keep your key in the safe place and your money will be safe.

It doesn't matter whether it's an open source wallet or not, Yes I agree with this, the most important of the crypto wallet is the private key. I also use many kinds of wallet but I never do research first that the wallet open source or not because is not important for me, I just keep in my mind that the private key is kept in a safe place. And until now all safe

I love this question, that was the same question I asked when I joined Cryptocurrencies few years ago. And I was thoroughly thought on what to do before embarking on any project. It doesn't matter whether the wallet is from a open source or not. The first step to take after opening the wallet is to backup the private key immediately. In order to avoid future lost of your coins. And it must be backed up in a very secure place. Just few weeks ago, some of my friends lost their coin, because they couldn't find the private key to the account.

Hi Gorosden, being open source is not a synonym of being secure. Open source projects have their own attack surface and can also be target of hacks or vulnerabilities. Furthermore, if you are installing a wallet from the app store, there is no guarantee that the app you are getting comes from the source you see on github. If you are not compiling the app from source, it's not any different than installing a closed-source app. People lose coins no matter what wallets they use. None of Coinomi's millions of users have lost coins due to issues in the app since it was launched more than 6 years ago, there is no backdoor. Reports of such losses have been tracked to poor user security practices or compromise of their private data in some other side channel attack, like saving seeds on an email or other cloud service. You can read about Coinomi's security here: https://coinomi.freshdesk.com/support/solutions/articles/29000016248-how-safe-are-my-funds-how-are-my-private-keys-stored-

It should be open-sourced, so people will trust them and developers can check them if there are loopholes and they can recommend the bugs in the loopholes, we don't want to entrust our coins to wallets that are questionable, developers should be transparent when it comes to wallets.

I'm using both a custodial and noncustodial wallet, I use a noncustodial wallet if I'm going to trade and a custodial wallet for storing my coins and I only trust wallets that has a good reputation it's better to be carful than sorry in the end.
 

Open source or closed source isn't the most important mate, keeping your private key safe should be your first priority, I've used coinomi wallet (fully closed source) for many years now and also trust wallet( open source) and I've never had any bad issues like losing funds or something like that, keep your keys safe as this is the only thing that can get your assets compromised

It is open source hence the amount of users they have. Trust wallet has built its reputation over the years which of course can be seen in the number of users. Also, one of the things that really matters when checking the wallet to use is if the wallet gives you the opportunity to own your private keys, because by owing your private key, you can be rest assured that the security of your assets is complete. Furthermore, so far I have not come across any issue with trust wallet or complaints from people about it, hence to a great extent I can say the wallet is trustworthy. Although there are still others like Imtoken which has been around for a long time as well, but it looks like Trust wallet offers more advanced and user-friendly features.
Lastly, if you are skeptical about keeping large funds, then try hardware wallets.

The team claimed that trust wallet is an open source wallet but another source said that only IOS version of trust wallet app is fully open source and the android part are closed source, whatever it maybe shouldn't be a problem, we can't even really tell if hardware wallets are complete open source or closed source so better worry more about keeping your private keys safe instead

Cryptocurrency Market is a very wide industries that is growing rapidly, which needs to seek for more knowledge to keep your self upgraded into the Blockchain technology, hence, the trust wallet account is a part of blockchain usage, and is more secure, easy and faster in usage of any given transaction.

I think it's necessary for wallets to be open source so we could know if that is a really safe to use. Well it's also good to be open source on some software also an off topic note but I think it's a little bit important to. Always verify the installer or software you are downloading for extra security.

There are trusted open sourced wallet and they are very popular investors and holders why trust close or semi open source when there are wallets that are open source and well establish wallets, don't take the risk, it's your coin that you are going to put there.

Don't store large amount of coins on a hot wallet it's not safe, it's better to buy a hardware wallet for coins that worth huge amount of money, also trust wallet is open source as we are told but I'm not an expert in this field so I can't even tell the side between an open source wallet and a closed source wallet.

First thing first, what is open source crypto wallet?

It is a software program to manage digital money by storing private and public keys, and interact with various blockchains to enable users to send and receive digital currency and monitor the balance. The Top Open Source Cryptocurrency Wallets - open ... (https://www.google.com/url?sa=t&source=web&rct=j&url=https://www.opensourceforu.com/2019/08/the-top-open-source-cryptocurrency-wallets/&ved=2ahUKEwikkpOR0qXtAhUsy4sBHXaICzcQFjABegQIARAF&usg=AOvVaw17swAVBdAt5v0ZmLVpAm5Z)
In addition...
What is open source?
The computer code undergirding each major cryptocurrency and open blockchain project is developed as open source software. ... Open source software is collaboratively produced, shared freely, published transparently, and developed to be a community good rather than the property or business of a single company or person.What is “open source” and why is it important? - Coin Center (https://www.google.com/url?sa=t&source=web&rct=j&url=https://www.coincenter.org/education/advanced-topics/open-source/&ved=2ahUKEwikkpOR0qXtAhUsy4sBHXaICzcQFjAEegQIDBAE&usg=AOvVaw0L-XSCPZVgCkJY0agJE7iA)

it's a really sensitive software since you are going to store your money on it so every user should verify the wallet itself and it can only be achieve by making it an open source software. i personally prefer open source wallets since it should be trusted.

It's best not to keep too much money in a mobile wallet, even if it's decentralized and opensource. Many risks can occur if you save a lot of money on your cellphone. It's a good idea to keep a lot of money in a hardware wallet and keep it in a safe place.

I think trust Wallet source depends on phone OS, ios is opened source while Android is closed. Well large or small I have all my holdings on my trust Wallet and I've never had problem with it or read any bad reviews.

Majority of these days wallets are not open source. Mycelium, Electrum, Copay are some of popular open source Wallets. Although trust Wallet is good and it claims to be open source.

Yes, the Wallet Code must be open source, so that everyone can see and no one is harmed, one should not hesitate because they can check the code on the wallet themselves. And for TW I'm not too sure what you mean, because as we know, TW is a trusted wallet.

I'm sure the wallet was non-custodial is also its open source. I thing we can do more research about wallets, And as I know the better wallet for is non-custodial because we have a private key/back up key to restore if we did some problem like our mobile phone crashed. That is the best thing for non-custodial instead of custodial wallet. Custodial wallet, can control by the developer of the wallet because they holding the private key. We need only trust for them so we can store crypto. But until when right?

Well the truth about crypto wallet is keeping your private keys very safe, been open source isn't going to automatically keep your private keys for you, the only way that hackers or  bad friends can get access into you wallet and move funds behind your back is been careless with your private keys or fall for some kind of phishing attempts while browsing the internet

This will depend on what you are looking for and how much confidence you have in an open source wallet. In my opinion the best option is a hardware wallet where we can be sure that the failure will be only if we make a personal mistake. On the other hand, an open source wallet can guarantee speed and immediacy.

Thinking about security is our obligation but lately all varieties of wallets are being safe.