Why do we have to choose Open source software?

[mk4]

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When talking about security though? Possibly. If a certain software is open-source then it means that people can freely audit the code, which is a decent advantage in my opinion.

just to emphasis: you shouldn't trust a project ONLY because it is open source and is published on GitHub. being open source means it "can" be audited but doesn't mean it is!
i have seen and reported at least 3 scam projects on GitHub in the past couple of years trying to infect people and steal their bitcoins. one of them was a fake Electrum which the scammer had edited the source code, included a malware and publishes the code on GitHub then advertised it everywhere as the new version (version 2.0 when real Electrum was on 1.9.8 and we know 2.0 was coming)!

Oh definitely. Certain software being open-source is definitely a huge good sign, but it doesn't automatically mean that the software is actually 100% safe and non-malicious. If you're planning on using an open-source software that's quite new and with the developers having little to no reputation in that certain industry, probably wait for people to review the codebase first, just to be sure.

Also while at the same time, a closed-source software doesn't automatically mean it's bad/malicious.

Thanks for clarifying!

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[faceoff97]

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When talking about security though? Possibly. If a certain software is open-source then it means that people can freely audit the code, which is a decent advantage in my opinion.

just to emphasis: you shouldn't trust a project ONLY because it is open source and is published on GitHub. being open source means it "can" be audited but doesn't mean it is!
i have seen and reported at least 3 scam projects on GitHub in the past couple of years trying to infect people and steal their bitcoins. one of them was a fake Electrum which the scammer had edited the source code, included a malware and publishes the code on GitHub then advertised it everywhere as the new version (version 2.0 when real Electrum was on 1.9.8 and we know 2.0 was coming)!

Good that you mentioned this, someone also told me about  trust wallet, recently  it was found out to be using a security audit by a fake company and they market themselves as open source while in reality they have just pieces of old code on github and the android version is fully closed source (they even deleted their btalk thread when it was brought up). This time, through reading and finding good reviews about wallet, I came to know about Hodler wallet. So far, it works fine for me. It is also opensource and only multiwallet available. What do you think about it?

[mk4]

Good that you mentioned this, someone also told me about  trust wallet, recently  it was found out to be using a security audit by a fake company and they market themselves as open source while in reality they have just pieces of old code on github and the android version is fully closed source (they even deleted their btalk thread when it was brought up). This time, through reading and finding good reviews about wallet, I came to know about Hodler wallet. So far, it works fine for me. It is also opensource and only multiwallet available. What do you think about it?

I'm not sure about trust wallet's security, but all I know that it's affiliated with Binance. So it somewhat has some reputation. I wouldn't risk it though.

I personally don't have an idea on that "hodler" wallet. For now, I would suggest sticking to the reputable wallets. I suggest trying out Exodus[1] if you're looking for a software wallet that can hold multiple cryptocurrencies.

If you're holding significant amounts of cryptocurrencies though(probably more than $1000 worth), I heavily suggest grabbing a hardware wallet like a Ledger Nano S[2] or a Trezor[3]. I can't stress this enough. Don't keep your huge amounts of crypto on a device that you frequently use online. Better safe than sorry.

[1] https://www.exodus.io/
[2] https://ledger.com/
[3] https://trezor.io/

[Robbie2334]

We know that holding Bitcoin is better when users have full control over their funds. What makes an open source software better? Is there any advantage on using it than using close source wallet.

:
which makes open source software better used in my opinion because it can be distributed freely.
The advantage is where the original program code (source code) can be seen or obtained to be developed
by ourselves while taking into account the rules that apply according to the software license, so we can manipulate the data according to our own needs.

[faceoff97]

Good that you mentioned this, someone also told me about  trust wallet, recently  it was found out to be using a security audit by a fake company and they market themselves as open source while in reality they have just pieces of old code on github and the android version is fully closed source (they even deleted their btalk thread when it was brought up). This time, through reading and finding good reviews about wallet, I came to know about Hodler wallet. So far, it works fine for me. It is also opensource and only multiwallet available. What do you think about it?

I'm not sure about trust wallet's security, but all I know that it's affiliated with Binance. So it somewhat has some reputation. I wouldn't risk it though.

I personally don't have an idea on that "hodler" wallet. For now, I would suggest sticking to the reputable wallets. I suggest trying out Exodus[1] if you're looking for a software wallet that can hold multiple cryptocurrencies.

If you're holding significant amounts of cryptocurrencies though(probably more than $1000 worth), I heavily suggest grabbing a hardware wallet like a Ledger Nano S[2] or a Trezor[3]. I can't stress this enough. Don't keep your huge amounts of crypto on a device that you frequently use online. Better safe than sorry.

[1] https://www.exodus.io/
[2] https://ledger.com/
[3] https://trezor.io/

About trust wallet, it was just shared by someone and really no idea what's the standing of this wallet. Meanwhile, Hodler Wallet is still a new app that's why you might not know it yet. I've read about their project in Steemit and looks like they are really working on developing a one of a kind wallet, also heard that they will introduce Hardware wallet this 2019. Im not sure about exodus since its not opensource unlike Hidler which provides private key, but will still consider. Thank you for your response, if it happens that you make review about Hodler, just let me know.

[mk4]

Im not sure about exodus since its not opensource unlike Hidler which provides private key, but will still consider.

Exodus wallet is highly reputable in the space, and is partly open source. Also, Exodus also provides you with a private key. It will be provided once you deposit some funds to your wallet if I remember correctly.

Exodus website: https://www.exodus.io/
Exodus GitHub repository: https://github.com/ExodusMovement
Exodus subreddit(if you're planning on asking questions about it): https://www.reddit.com/r/ExodusWallet/

Thank you for your response, if it happens that you make review about Hodler, just let me know.

Sorry but I'm really not planning on creating a review as I'm not really that skilled of a programmer in the first place.

[shamc]

The problem with open source is that it leads to copy cat clones and forks, but without open source you will find malicious hidden programming where parts of your funds are shipped to someone else address

[faceoff97]

Im not sure about exodus since its not opensource unlike Hodler which provides private key, but will still consider.

Thank you for your response, if it happens that you make review about Hodler, just let me know.

Sorry but I'm really not planning on creating a review as I'm not really that skilled of a programmer in the first place.

That would be alright, the team told that they will be featured and publish in Bitcoin.org and Dash.org . It could be a way to gain trust from the community. Let's see where this wallet will be going, looks like the team is really serious and actively working for the development of the project.