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Author Topic: What is the best wallet for storing Bitcoin?  (Read 361 times)
RockBell
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July 27, 2024, 05:46:34 PM
 #41

Trust wallet is good but not completely reliable, it is only safe if your device is safe, once someone get access to your phone or laptop, your wallet can get hacked; it is a closed source hot wallet.
There are better wallets to be used than Trust wallet; Electrum wallet is very good for holding Bitcoin than Trust wallet since in trust wallet you can hold altcoin that are literally not completely safe because even the team can be strange at times; therefore, for easy access, use Electrum or Bluewallet to hold your bitcoin, but if you can afford offline wallets they are perfectly good because any wallet online is prompt to hack.

To some extent, trust wallet is in the bad, and I suppose even if someone will have access to your phone, you may create a passcode that would prohibit the person from having access to your trust wallet instead of your wallet being open without a passcode, as you mention. If your devices are safe, so are your assets, because some people are really reckless with their equipment. Because I have actually used trust wallet and have never had a security compromise. The only time I've encountered it was when I lost my seed phrase on it due to my negligence, and I no longer had access to my assets, and from that day forward, I realized the value of keeping your seed phrase safe. if it is bitcoin then electrum also a very good option to consider, I will agree with that since I’ve used both electrum and trust wallet, then for altcoin trust wallet is a good option to go with the great wallet that can be used. The most important thing is for your assets to be safe, because keeping your assets in your wallet is better than keeping it in an exchange, but you know how Lazy we can be and that is a very bad habit keep your assets in an exchange, which is not safe because exchanges can be attacked and so many reasons you should not keep your money their.

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July 27, 2024, 06:15:56 PM
 #42

Personally, I will choose Trust Wallet, because Trust Wallet has high security and is very comfortable to use. I am sure, you will get a lot of comfort using trust wallet.
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July 27, 2024, 06:26:44 PM
 #43

Personally, I will choose Trust Wallet, because Trust Wallet has high security and is very comfortable to use. I am sure, you will get a lot of comfort using trust wallet.

Trust wallet doesn't have a high security. It's just like other wallets out there and I don't even like it because it's closed source and the public wouldn't be able to review everything about the wallet. There are also high complaints from Trust wallet users, they complained of how transactions are authorized from their wallet, I don't know how true this allegations are but if the wallet is open source, people would have been able to check properly if there is any red flag.

You should used simple software wallet like Blue wallet, Electrum wallet and Bitcoin wallet. This wallet are open source and you can comfortably use them without any problem and you should know that your security doesn't comes from the wallet as they are connected to the internet, you should be your own security and make sure your wallet is properly back up and keep in a safe place.

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July 27, 2024, 07:15:19 PM
 #44

Personally, I will choose Trust Wallet, because Trust Wallet has high security and is very comfortable to use. I am sure, you will get a lot of comfort using trust wallet.
What do you call "high security", a wallet is either hot or cold; non-custodial or custodial or open source or closed source; your security now depends mostly on you. That being said, closed source and/or custodial wallets are not the best wallets to use, and trust wallet is a closed source wallet, which of course its code cannot be reviewed by its users. Remember what happened to some of Atomic wallet users, which is a closed source wallet, so to avoid that, try as much as possible to use an open source wallet.

 
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July 27, 2024, 08:12:49 PM
 #45

Personally, I will choose Trust Wallet, because Trust Wallet has high security and is very comfortable to use. I am sure, you will get a lot of comfort using trust wallet.
It true that there are no valid reports about funds being lost/stolen from trustwallet due to low security (at least none that I've heard of), but this is not enough to say it "has high security". Just because it didn't happen yet, diesn't mean it won't ever happen.
As long as its code is not open source, you can't be sure about how secure it is.
Since the code wasn't audited by independent third parties, you should use it only if you trust the developers.

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Odohu
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July 27, 2024, 08:27:31 PM
 #46

Personally, I will choose Trust Wallet, because Trust Wallet has high security and is very comfortable to use. I am sure, you will get a lot of comfort using trust wallet.
I have read in many parts of this forum that Trust Wallet is closed source which means it is not safe as third party can access your wallet. I have also searched if similar thing can be said about Electrum wallet but there is none which mean it is an open source wallet and a good one for you to use since you control the private keys and not third party. The key thing to consider about choice of wallet is if you control the private keys or not and if it is open source or not. Nevertheless, hardware wallet is the best to use since it is not connected to the internet always, hence the security is higher.

R


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July 27, 2024, 09:28:39 PM
 #47

I have read in many parts of this forum that Trust Wallet is closed source which means it is not safe as third party can access your wallet. I have also searched if similar thing can be said about Electrum wallet but there is none which mean it is an open source wallet and a good one for you to use since you control the private keys and not third party.
It's not that you don't have control over your private keys in trustwallet or they definitely have access to your wallet. Both trustwallet and electrum are non-custodial and give you access to your private keys.
Trustwallat being close source means that we don't know how the keys are generated and whether the keys are stored on their server or not.

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July 31, 2024, 04:29:12 PM
 #48

Hardware wallet is the best for storing and securing your Bitcoin ,and in terms of security,it gives optimum best security but very expensive to get, therefore as a newbie or you are just starting to save your Bitcoin in a wallet,it is adviceable to use a desktop wallet(electrum) first ,before moving to hardware wallet if you have gotten enough amount of Bitcoin. The Bitcoin you spend on a daily basis should be kept on a desktop while the one for long-term savings should be kept in a hardware . But if you still can't have access to any of these two financially, you should make use of mobile wallet (electrum),it is good for a start, before getting your desktop or hardware.
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