Bitcoin Forum

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.

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.

Since I don't like to change things that work, the only reason why I would change the wallet is if there's some serious flaw with it or if it becomes unpractical to use. Example of that was blockchain android wallet I used in the past but after constantly having issues with it I switched to Electrum years ago and I can't complain about it. And no, I wouldn't be interested testing wallet that is new on the market no matter whether its open source or not and I would rather leave that to people that are more knowledgeable than me to thoroughly check it out.

When it comes to crypto wallets, I am a bit picky. Security and reputation are the most important factors. I want to make sure that my assets are well-protected from hackers and other malicious actors and I always check the reputation of a wallet before using it. I also want a wallet that is easy to use and navigate.I do not like it when a wallet's user interface is complex, or when there are too many steps involved when setting up the wallet. Overall, I want a wallet that is easy to use, secure and reliable. I am not always the most tech-savvy person in the world, so it is important for me to find something that does not require a lot of technical knowledge. When it comes to trying out new crypto wallets, I might give them a spin out of curiosity or to explore new features. However, I would never entrust them with significant amounts or use them for important transactions if they don't have a well-established and impeccable reputation.

I have placed one rule for myself and that is Crypto-currency is not a random testing sector where you come to test all options available to you.

Basically the main function of a wallet to me is security and that’s keeping your coin safe. Everything apart from this are secondary to me, I have been using my wallet for a while now and no complains from me so I see nothing making me change unless I need a particular coin and it’s not available on my present wallet.

A lot of reasons can make one start using a new crypto wallet. Factors can range from, missing features that makes it harder for one to use the wallet, perhaps one has been hacked due to loose security on wallet. It might even be that such a wallet had crashed or no longer functioning.
A wallet is just to store coins in ones preferable rate and exchange. It is not supposed to do much, other than keep our coins safe and secure. Unless one has a reason other than this, I see no reason why a new crypto wallet should be delved in at first download or upon hearsay.

It depends on if I have a need for it.
If I am currently using a good wallet software which provides all that I need and is fully functional, I see no reason to switch to another except it solves a major flaw in the other.
I can try it out and give my recommendations but wound not randomly move my assets around different wallets.

They could be new entries into the space and are yet to pick a preferred wallet to use, so a new one doesn't seem like such a bad idea.
It may also suit their preference far more than the available options.

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.

Don't trust, verify.
Point of the open source wallets is that you don't need to trust anyone if you and other developers can verify the code and don't find any hidden backdoor.
Any newly released wallet needs time  but at least for open source software everyone can identify and help fixing them, that is impossible with bunch of closed source black box wallets.

I don't like any of this wallets and I don't recommend anyone using them, but Exodus is probably better option from all of them.
Best option for dealing with shitcoins is hardware wallets like Trezor, Keystone or Bitbox, that are all open source and much better than ones you mentioned.

Currently, electrum is my main bitcoin wallet because I don't trust other wallets like Trust Wallet or Guarda Wallet you mentioned. and to be safer using a hardware wallet, it would be more advisable to use Ledger, Trezor and other hardware wallets. Main wallet security is number one, easy access and not limited by anything. Electrum is a bitcoin wallet that can be used on mobile devices and PCs, very simple and security depends on how well we store phrases.

List of the best wallets according to usage
maybe this list of wallets will not be the same as your list,
but this might be the best list for me.

Coinbase Wallet - Best for Beginners
MetaMask - Best for Ethereum
TrustWallet - Best for Mobile
Ledger - Best Crypto Hardware Wallet
Electrum - Best Desktop Bitcoin Wallet
BlueWallet - Best Mobile Bitcoin Wallet
Exodus - Best for Desktop
Crypto.com - Best deFi wallet

With what I have seen and experience so far in the crypto space, i don't see testing and trying out new wallets as a good idea. Even if the wallet is an open source and its newly created  that even make its more vulnerable to some flaws and i personally feel anything new needs some time to be properly check and verified by top developers that the software is safe enough for use. If you are using any other wallet and its working fine for you,  i feel there is no need to try any other new ones especially now the web is flooded with crypto and wallet theives waiting to steal your coins and changing of wallets can just make you a victim of such scam project.
For me i will recommend you just go with electrum wallet which is very convenient and the charges are way less per transaction in the wallet

Almost all the crypto wallets I have used so far are based on recommendation(a friend recommending them for me). The main wallets I have used so far are Trust wallet, Huobi, and Safepal. What prompted me to start using the wallets I mentioned was to be able to track the reward mechanism(passive income) of some of the defi altcoins I have in my portfolio. But since the market is hitting hard on the defi altcoins, am only using Trust Wallet, letting go of Safepal and Huobi so as not to be seeing how my auto-rewarding coins have lost their value in the crypto market

If you're referring to Bitcoin wallet then I don't think I will be changing my wallet anytime soon unless there are reports concerning the wallet been compromised or something similar but if that doesn't occur then it will be difficult to start using another software or a new wallet just because people are hyping it.

But if you're referring to altcoins then i might be forced to use a new wallet most especially for some project that only use their own wallet for their coins so in such situations I can consider using a new software. But for Bitcoin itself I won't just go around testing all new wallet and putting my coins at risk.

There is absolute to need to change your crypto wallet if the one you are using is far more reliable, we are not using crypto wallets to show off because of new implementations of any kind, we use crypto wallets to safely secure our assets and nothing more. If you are ready to take the risk with a new crypto wallet because they are new then you are on your own because new wallets can be vulnerable to attacks at launch, wait for proper reviews before installing a new wallet.

If there's a new wallet which have same feature and offer new good feature than Electrum [1] it would make interesting to use the new wallet, not directly use the wallet for big amount, but firstly I will discuss about the new wallet to the community and ask for their experiences first.

But I don't think there's a new wallet can offer more feature than Electrum, not to mention most of non custodial wallet haven't CPFP and RBF feature, that's really an important feature for every users to increase the speed of the transaction in case we're set wrong fee.

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[1] https://electrum.readthedocs.io/en/latest/index.html

I’m not experimental or curious when it comes to bitcoin wallets. I’m more conservative and stick to what works for me. I guess it has something to do with age, younger bitcoiners may find it fascinating to try new wallets in the quest for cool features. I only use Electrum as my hot wallet and Trezor for cold storage.

I’m not familiar with Guarda wallet so I can’t give a review, on the other hand Trust wallet is closed-source, a feature I find very disturbing when choosing a wallet.

When someone already uses a wallet type, they won't easily switch to another one. So the new wallet has to offer something much better to incentivize the switch. For example some who is using Electrum and has some difficulties with the wallet file (ie. when the file gets big the software slows down) would love to use another wallet that doesn't have the same problem.

Of course the replacement has to still have the main principles needed for a good wallet. Two main ones in my opinion are being 100% open source so that you can verify the code and being semi-popular so that enough users have used it that most bugs have been found and fixed.

How possibility with Trustwallet is not trusted wallet? many people used this open source wallet and still safety depend own our controlling which site dapp connecting and how many time approving with shit or potential dusting attack coins. I have used many time with open source wallet between mobile app until website wallet trough chrome extension and keep running well right now.

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I heard with OP wallet used and recommended are Guarda wallet, Atomic wallet or Exodus but I still not use this wallet for saving my altcoin assets actually with Guarda wallet seems wallet controlling in my country based on name.  I am not really recommended with wallet or altcoin project building from my country.

You're wrong!

Trust wallet IOS version was fully open source, but right now they're not anymore. While in android version, Trust wallet was never being fully open source! so Trustwallet is actually a closed source wallet. You can prove me if I'm wrong to say Trust wallet is closed source if you're really sure Trust wallet is fully open source and there's no any  suspicious code ::)

If you only believe with the developer and the site were claim Trust wallet is open source without verify it yourself, you must start to learn from the basic thing.

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.

The Coinomi PC wallet is even the worst one, users have lost their coins because of a back door in the wallet software years back, they first denied it and later blame those that failed to upgrade their wallet to latest version.

You are right. Coinomi is close-source.


You are probably talking about the vulnerability sending users seed phrase to google servers.
WARNING - Coinomi Wallet CRITICAL Vulnerability Made Me Lose My Life Savings (https://bitcointalk.org/index.php?topic=5114708.0)

Indeed, It's closed source now. Back then it was open source.

I would look at the rating of crypto wallets and use only hardware wallets.
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.

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.
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.
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.

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.

You are an active member and I think you are aware of what happened with the member Julerz and how strange the facts were to some extent. There are no complaints about the Electrum wallet, and I have never heard of cases similar to what happened with the Julerz. If his device was hacked, why weren't the rest of the wallets stolen? Personally, I am still waiting for him to publish the results of the investigations that he said he is carrying out in cooperation with some well-experienced members on the forum.

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.

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.

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.

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.

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.

Right.

A good example is trustwallet.
In their website (https://trustwallet.com/developer/), they claim that trustwallet wallet is open-source. But they are lying. If you check their github (https://github.com/trustwallet/trust-wallet-android-source), you see that the code hasn't been updated in the last 4 years.

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.

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.

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.

I understand. As long as the device is connected to the Internet or a local network, it is vulnerable to hacking.
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.

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.

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 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.

Te possibility f beig stolen is also ca happen for air-gapped device. the rate of danger is not the same but there s absolutely a significant isk.

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.

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.

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.

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.