New to Wallets - Help

[Ron28]

Hi All,

So I started investing in Bitcoin maybe a year ago now and have always kept my BTC on the exchange. I have recently been investing more, and so am looking into using a software wallet.

So I downloaded Trust Wallet.

However I am having trouble finding answers to my many questions, there doesn't seem to be many good guides out there. If you can link me that would be great. Sorry in advance for my noob questions, but I am a complete novice to not just wallets but Crypto itself.

1) I have downloaded the Trust App, and created a wallet. It has asked me to remember my 12 code password. I have also set my own pin password. Is the 12 word passcode used only in the event you forget your pin?

2) I can't find anywhere on Youtube a guide to transfer my Coinbase BTC to this wallet. Do I just copy the address and send to the address from within Coinbase app? Is it that simple?

3) Say now all the BTC is in my wallet and none on the exchange and I need to make an urgent sell. Does that mean now I have to transfer the BTC from my wallet, back to the exchange to then sell? Does that mean that in using a wallet, you have lost I guess the "live" part of it?

4) How much commission does each transfer in and out of the wallet cost me? There is no information on Trust's website, and cannot find on google, like why is it so hard to find?

Thank you very much in advance!

[OmegaStarScream]

1. Yes. If you lose your PIN or the access to your phone, the 12 backup phrase will allow you to restore your wallet.
2. Just generate a receiving address in your Trustwallet and paste it in Coinbase's withdrawal page. As simple as that.
3. Not in this case. Trustwallet have built-in exchanges (Binance DEX/Kyber Network) so, if bitcoin's price is dropping for example, you can easily exchange your funds to USDT.
4. The fees depend on your transaction size and how congested the bitcoin (or ETH) network is. Trustwallet doesn't charge you any extra fees. See here for an estimation

[bL4nkcode]

First, welcome to the forum.

To answer your questions,

1. Yes, you can recover your funds using the 12 recovery phrase in the times of, you forgot the password, the device (your phone) was lost/break/damage in the sense that it cannot be used.

2. Yes, the wallet address is one of the ways to transfer your btc/crypto from other wallet to another. Make sure you double-check your address at least 5 characters from start and end of the address, cause there's a malware called clipboard hijacker, where whenever you copied an address the hacker's address will be posted once pasted if you are infected though it was for PC and not yet on phones but still make it a practice for security purposes.
And take note that crypto transactions in irreversible and you cannot recover your funds once it was sent.

3. Yes, you can but since trustwallet has built-in exchange then you can use it, though I'm not sure about the fees they charge.

4. That depends on the transaction size and the status of the network, coz it will take larger fees if the network is congested.


[Edit] omega already answered your questions while I'm typing, slow typer~~

[Ron28]

Thank you both for your answers,

1) I see, so basically it's a forgot password verification process.

2) Okay I will try it thanks

3) Okay I guess I will have to learn this new exchange. I am a bit nervous considering I have used Coinbase for so long. Maybe I should transfer half and play with that first? In case I mess something up

4) Oh wow really? So that means the fee charged on my transfer will differ depending on the time of day? Maybe I should wait until a low period in the day then. I don't really understand the numbers on that link (sat/Vb?), but it says average $1.16 dollars per transfer, so if I see anything higher than that I'll wait maybe?

Thank you again,

[o_e_l_e_o]

I am a bit nervous considering I have used Coinbase for so long. Maybe I should transfer half and play with that first? In case I mess something up

If you've never made a withdrawal from your Coinbase account, I would transfer a very small amount (maybe 0.001 bitcoin, around $10) first to make sure that you do it properly and it arrives in your wallet properly. If it all looks good, then you can transfer out the rest of your funds. You don't want to lose everything because you made a silly mistake with your first withdrawal.

So that means the fee charged on my transfer will differ depending on the time of day? Maybe I should wait until a low period in the day then.

Yes. If the mempool is full (as it is just now, thanks to the recent price growth), then it is more expensive to send a transaction. If you wait until the mempool is empty, then it will only cost a cent or two to make a transaction.

I don't really understand the numbers on that link (sat/Vb?), but it says average $1.16 dollars per transfer, so if I see anything higher than that I'll wait maybe?

Sat/vB stands for satoshi per virtual byte. It is the way we measure fees. You have to pay a set fee in satoshi for each byte of space your transaction takes up. If you use multiple inputs, or send to multiple different addresses at once, then your transaction will be larger in bytes. The amount you pay in satoshi for each byte can vary, and the appropriate amount to spend depends on how full the mempool is. If you need a simple estimator for you, then use this site - https://www.coinb.in/#fees - and just copy the value at the bottom of the blue box labeled "Sat/Byte". At the moment the recommend fee of 65 sat/byte is quite high, and will indeed result in around a $1 fee for a standard transaction. If you make a transaction using a smaller fee, then it will still get confirmed eventually, you just might be waiting a while. Generally the mempool is at its least full around 0200 - 0600 GMT timezone.

[hosseinimr93]

1) I see, so basically it's a forgot password verification process.

There's a big difference between that 12-word phrase and a password.
Those 12 word seed phrase will allow you to recover your coins even without trustwallet.
You can enter those words into other wallets and access your coins.

[vycl87]

Hi All,

So I started investing in Bitcoin maybe a year ago now and have always kept my BTC on the exchange. I have recently been investing more, and so am looking into using a software wallet.

All the questions you asked are actually on a number of key issues. Trust wallet or any other wallet deposit and withdraw options are generally the same. Again, wallets usually do not charge any fees for entities entering. (In some coins such as XRP, XLM, small amounts can be taken for activation for the first time.)
I do not think there is a need for any video guide as the wallet uses are similar and generally simple.

There are a lot of review about Trust wallet both in this forum and the internet. You can find a lot of details with a basic search. And you can always ask here or Trust Wallet's twitter page.

[joniboini]

3) Okay I guess I will have to learn this new exchange. I am a bit nervous considering I have used Coinbase for so long. Maybe I should transfer half and play with that first? In case I mess something up

AS far as I know, Trust Wallet 'internal' exchange is DEXes that operate on a network. You can't exchange coins from multiple chains easily there unless you switch your Bitcoin/ETH/etc to a pegged token on that chain. I usually use their instant exchange feature to exchange coins from the BNB chain, while for BTC and other major altcoins, I'd use another exchange to do that.

The lesser degree of convenience compared to if you store your funds in exchange is worth it because you have more control over your funds. This means in case of an exchange hack or something like that, you still got your funds.

[Ron28]

Hi All, thank you for your replies, So I have transferred 0.001 BTC over to Trust wallet and I have been playing around and doing some research and I have a new list of questions. Again please link me to relevant tutorials if there is already an established guide for my questions. Thanks in advance. I am going to post my questions, and then after it what I think. Let me know if I am right or wrong:


5) What is the difference between the Swap and Exchange on TrustWallet?

On Coinbase, when I wanted to sell all I had to do was pick my designated currency (GBP) and pick my amount (number of BTC). It will then execute the transaction.

As I understand it for TrustWallet, the Swap function is similar to that on Coinbase above.

The Exchange is an actual market, where you actually set the amount you want to sell (number of BTC say), but also set the price you want to sell at. I.e. it is an actual market. I had been using Coinbase so long I didn't even think about it in this way.

This then lead me to a few more questions

6) On the Exchange, what happens if I enter in something ludicrous? I.e. Sell 1 BTC for $50,000

Would this just sit on the exchange and never be executed? And nothing would happen?

7) What about is the supply is higher than the demand? Imagine hypothetically there 10 people on the exchange are trying to sell 1 BTC at £8,000 but there were only 8 buyers. What happens to the last two sellers who don't sell?

I would imagine that their sell transaction would just sit on the exchange as in 6) above, and would be swayed by normal demand and supply forces, probably forcing them to lower their price.

If this is correct, this leads me to my next two questions

If the above is correct, then does that mean the market is not immediate? I.e. Say the BTC is freefalling, and I want to sell urgently. If I put a sell position on the exchange, I have to wait for someone to accept my offer? Does that mean it would be better for me to use the "Swap" function, even though it charges a transaction fee?

9) On Coinbase, hypothetically, say I sell 1BTC at the market rate of £8.000, but I am one of those remaining 2 people in 7) above. I.e. there are no buyers. What happens?

On Coinbase I am inclined to believe the sale will still go through for some reason. Does it just get sat with Coinbase internally?

I.e. Coinbase will give me my GBP cash, and they keep the 1BTC and that will sit in their books until a sale comes up? I.e. they hold the risk at this point?


10) When I transferred my BTC to TrustWallet, it became BTCB BEP2. Do I actually still own BTC?

So from what I have read, 1BTCB = 1BTC. It is Binances way of labelling their tokens? It is pegged to the BTC. But do I still own 1BTC at this point?


11) In this scenario say I want to cash out how do I do that? I sell my BTC (BTCB) into USD (USDSB) and then what? How do I get it into my bank account?

I have read on other places that the answer is to get it back onto an exchange and then cash out. For example I could transfer my BTCB back into my CB and then cash out that way.

Is there no way to do it within TrustWallet, as the DEX in it is an exchange itself? But I see no place to connect my bank account.

If I do have to get it back onto coinbase, that means I have been charged twice. Once to move from CB to TW, and once back from TW to CB.

12) When I buy on Coinbase, I get charged a commission. Then then transfer to TW, and that is another fee. I.e. There are two fees. If from now on, I buy my BTC straight form the DEX in TW, does that mean I will only be facing one fee now? As it will automatically put it into my wallet right? So the only fee really is the purchase commission fee.


13) When I transferred the BTC from CB to TW, I incurred a very small fee of £0.26 on a £10 transfer. however when i go into the "details" of the transaction it says "Network Fee: £6.75". However, I don't see this being charged to my portfolio? My portfolio is worth a little under £10, as I expected. Where has this £6.75 been charged?

14) TrustWallet doesn't cater for GBP, which is my preferred Currency! That means I need to be wary of the USD/GBP FX as well!


I am so sorry for the long post!

I am starting to wonder if TrustWallet is for me. I simply wanted a very simple wallet that can protect my BTC. And also where I can sell urgently if needed to. Maybe if I give it a while to understand all these features it may be worth it. But if you have any other recommended wallets for someone of my level, do give me a shout.


Thank you guys so much.

[o_e_l_e_o]

5) What is the difference between the Swap and Exchange on TrustWallet?

Pretty much as you've said. Also, the swap function has limited pairs available on it. There's more info on their website here: https://community.trustwallet.com/t/how-to-trade-with-the-built-in-dex/169

6) On the Exchange, what happens if I enter in something ludicrous? I.e. Sell 1 BTC for $50,000

It would sit on the order books indefinitely until either you cancelled it or BTC hits $50,000.

7) What about is the supply is higher than the demand? Imagine hypothetically there 10 people on the exchange are trying to sell 1 BTC at £8,000 but there were only 8 buyers. What happens to the last two sellers who don't sell?

Again, you are correct. If 10 BTC are up for sale at a given price, and 8 BTC are bought, then the other 2 BTC will remain as open orders. The people who placed that order can leave it and wait longer, or cancel it and place a new sell order at a lower price if they wish.

8) If the above is correct, then does that mean the market is not immediate? I.e. Say the BTC is freefalling, and I want to sell urgently. If I put a sell position on the exchange, I have to wait for someone to accept my offer? Does that mean it would be better for me to use the "Swap" function, even though it charges a transaction fee?

People trading on an exchange in this way don't accept individual offers from other people. They just tell the exchange "I want to buy/sell at $X,XXX", and the exchange fulfills the order if there is a matching sell/buy order at the same price. If you place a sell order at a price lower than current highest buy order, then it will be fulfilled immediately.

9) On Coinbase, hypothetically, say I sell 1BTC at the market rate of £8.000, but I am one of those remaining 2 people in 7) above. I.e. there are no buyers. What happens?

What you've answered to this one is incorrect. If you place a sell order, and it isn't immediately filled, then it simply remains open until it is filled. Coinbase do not buy it and do not assume the risk. You still "own" that 1 BTC until you either cancel the order or someone else buys it.

10) When I transferred my BTC to TrustWallet, it became BTCB BEP2. Do I actually still own BTC?

BTCB BEP2 is a Binance issued token which is pegged 1:1 with BTC. No, you no longer own BTC, you now own Binance's pegged token.

Someone else will need to answer the other questions for you - I don't use centralized exchanges or Trust wallet, so I can't talk to the specifics of using them.

[libert19]

On 3rd point, it's small price to pay for security, if exchange ever gets hacked your funds gone.

[HCP]

11) In this scenario say I want to cash out how do I do that? I sell my BTC (BTCB) into USD (USDSB) and then what? How do I get it into my bank account?
I have read on other places that the answer is to get it back onto an exchange and then cash out. For example I could transfer my BTCB back into my CB and then cash out that way.
Is there no way to do it within TrustWallet, as the DEX in it is an exchange itself? But I see no place to connect my bank account.
If I do have to get it back onto coinbase, that means I have been charged twice. Once to move from CB to TW, and once back from TW to CB.

You need to realise that a "DEX" is a decentralised exchange... and is only useful for trading from one cryptocurrency/token to another. There is usually no "central control" that is connected to traditional banking services. You will not be able to get fiat currencies "into" or "out of" a DEX. At best, you'll be able to get so-called "stablecoins" (or pegged tokens) etc... but you'll most likely need to find a centralised exchange like CoinBase that will allow you to convert these to fiat and then withdraw to a bank etc.

It seems TrustWallet has a builtin facility for purchasing via a CreditCard (but I would assume that is probably by using a 3rd-party like Simplex). However, there is no "withdrawal" to fiat facility that I am aware of.

12) When I buy on Coinbase, I get charged a commission. Then then transfer to TW, and that is another fee. I.e. There are two fees. If from now on, I buy my BTC straight form the DEX in TW, does that mean I will only be facing one fee now? As it will automatically put it into my wallet right? So the only fee really is the purchase commission fee.

It seems that TrustWallet allows you to purchase via CreditCard... no doubt they'll include a "margin" on the conversion... so while it may not technically be a "fee" as such, be aware that the price you pay versus the amount of BTC you receive isn't likely to be at true market rates... you will be losing value in the transaction.

13) When I transferred the BTC from CB to TW, I incurred a very small fee of £0.26 on a £10 transfer. however when i go into the "details" of the transaction it says "Network Fee: £6.75". However, I don't see this being charged to my portfolio? My portfolio is worth a little under £10, as I expected. Where has this £6.75 been charged?

I would guess that CoinBase used a "Pay2Many" or "batched" transaction to send your funds to TrustWallet. That is to say, they bundled your request up with a load of others... so while they only charged you a small fee, the transaction as a whole would have been quite large and incurred a much larger fee.

If you have the TransactionID, you should look it up on a blockexplorer like blockchair.com... and see how many outputs there are. If there are more than two, then chances are it was a Pay2Many, and the system is just showing you the fee for the whole transaction... rather than what CoinBase actually charged you.

A lot of big sites do this, they charge all the individual users a "set" fee... and then bundle them all together to keep costs down.

14) TrustWallet doesn't cater for GBP, which is my preferred Currency! That means I need to be wary of the USD/GBP FX as well!

Correct.

I simply wanted a very simple wallet that can protect my BTC. And also where I can sell urgently if needed to.

Sadly, those two things are pretty much mutually exclusive.

You either keep your BTC secure in a non-custodial wallet, and accept the fact that to liquidate it, you'd need to transfer to an exchange and then withdraw (accepting all the fees and time involved)... or you keep the coins on an exchange and accept the risk that the exchange could lock your account or get hacked etc.

[joniboini]

Basically Trust Wallet (or Binance) pegged BTC, USD, and lots of other tokens to BEP2. So you'll need to swap if you want to move to another chain. Say you buy BTCB and then want to get 'real' BTC, you'd need to swap it to another chain, and this will, of course, take some fees. I don't know the exact details and whether it's cheaper than transferring Bitcoin back and forth between CB and TW, but from a security point of view, holding a pegged token is less secure and exposes your funds to more risk. Not to mention the pegged token value might be slightly lower than Bitcoin due to the exchange volume.

If I were you and what I need is exchanging Bitcoin to fiat (USD, GBP, etc), I'd rather use a different wallet rather than Trust Wallet, and would only use TW for altcoins swapping as long as they're on the BEP network.

[o_e_l_e_o]

Basically Trust Wallet (or Binance) pegged BTC, USD, and lots of other tokens to BEP2.

So in this case, OP bought BTC at Coinbase and withdrew it to Trust Wallet, but is now holding a BEP2 pegged token in his Trust Wallet. Since Coinbase obviously doesn't support a Binance pegged token, that means that somewhere along the line Trust Wallet has converted his BTC to a BEP2 token. Did OP mistakenly select that feature without realizing it, or has Trust Wallet automatically exchanged it as soon as it was deposited? That would be super shady if Trust Wallet is automatically converting BTC deposits to some stupid Binance token without people asking for it.

[bit247]

Trust wallet sucks, as you can choose your own fees, use samourai wallet for max security .

Hi All, thank you for your replies, So I have transferred 0.001 BTC over to Trust wallet and I have been playing around and doing some research and I have a new list of questions. Again please link me to relevant tutorials if there is already an established guide for my questions. Thanks in advance. I am going to post my questions, and then after it what I think. Let me know if I am right or wrong:


5) What is the difference between the Swap and Exchange on TrustWallet?

On Coinbase, when I wanted to sell all I had to do was pick my designated currency (GBP) and pick my amount (number of BTC). It will then execute the transaction.

As I understand it for TrustWallet, the Swap function is similar to that on Coinbase above.

The Exchange is an actual market, where you actually set the amount you want to sell (number of BTC say), but also set the price you want to sell at. I.e. it is an actual market. I had been using Coinbase so long I didn't even think about it in this way.

This then lead me to a few more questions

6) On the Exchange, what happens if I enter in something ludicrous? I.e. Sell 1 BTC for $50,000

Would this just sit on the exchange and never be executed? And nothing would happen?

7) What about is the supply is higher than the demand? Imagine hypothetically there 10 people on the exchange are trying to sell 1 BTC at £8,000 but there were only 8 buyers. What happens to the last two sellers who don't sell?

I would imagine that their sell transaction would just sit on the exchange as in 6) above, and would be swayed by normal demand and supply forces, probably forcing them to lower their price.

If this is correct, this leads me to my next two questions

If the above is correct, then does that mean the market is not immediate? I.e. Say the BTC is freefalling, and I want to sell urgently. If I put a sell position on the exchange, I have to wait for someone to accept my offer? Does that mean it would be better for me to use the "Swap" function, even though it charges a transaction fee?

9) On Coinbase, hypothetically, say I sell 1BTC at the market rate of £8.000, but I am one of those remaining 2 people in 7) above. I.e. there are no buyers. What happens?

On Coinbase I am inclined to believe the sale will still go through for some reason. Does it just get sat with Coinbase internally?

I.e. Coinbase will give me my GBP cash, and they keep the 1BTC and that will sit in their books until a sale comes up? I.e. they hold the risk at this point?


10) When I transferred my BTC to TrustWallet, it became BTCB BEP2. Do I actually still own BTC?

So from what I have read, 1BTCB = 1BTC. It is Binances way of labelling their tokens? It is pegged to the BTC. But do I still own 1BTC at this point?


11) In this scenario say I want to cash out how do I do that? I sell my BTC (BTCB) into USD (USDSB) and then what? How do I get it into my bank account?

I have read on other places that the answer is to get it back onto an exchange and then cash out. For example I could transfer my BTCB back into my CB and then cash out that way.

Is there no way to do it within TrustWallet, as the DEX in it is an exchange itself? But I see no place to connect my bank account.

If I do have to get it back onto coinbase, that means I have been charged twice. Once to move from CB to TW, and once back from TW to CB.

12) When I buy on Coinbase, I get charged a commission. Then then transfer to TW, and that is another fee. I.e. There are two fees. If from now on, I buy my BTC straight form the DEX in TW, does that mean I will only be facing one fee now? As it will automatically put it into my wallet right? So the only fee really is the purchase commission fee.


13) When I transferred the BTC from CB to TW, I incurred a very small fee of £0.26 on a £10 transfer. however when i go into the "details" of the transaction it says "Network Fee: £6.75". However, I don't see this being charged to my portfolio? My portfolio is worth a little under £10, as I expected. Where has this £6.75 been charged?

14) TrustWallet doesn't cater for GBP, which is my preferred Currency! That means I need to be wary of the USD/GBP FX as well!


I am so sorry for the long post!

I am starting to wonder if TrustWallet is for me. I simply wanted a very simple wallet that can protect my BTC. And also where I can sell urgently if needed to. Maybe if I give it a while to understand all these features it may be worth it. But if you have any other recommended wallets for someone of my level, do give me a shout.


Thank you guys so much.