Seeking for knowledge

[Phoenix_PROG]

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

[Squezzi55]

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.

[Inkdull]

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?

[qory]

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.

[Apostlekin$$$]

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

[RokokGudangGaram]

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

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?

[Gorosden]

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

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

[Genemind]

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.

[YOSHIE]

And is trust wallet a half baked open source wallet or full open source? Thank you

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?

And don't forget to review this one again.

Topic: Should Hardware Wallets Be Open Source?

I hope this information is useful for you.

[cabron]

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/

[mu_enrico]

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?

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.

trust wallet a half baked open source wallet or full open source? Thank you

Not all components are open source.
More info:
Question about Trust Wallet!
Is Trust Wallet Safe ? How to get Private Keys ?
Trust Wallet - Trustworthy?
can you rate trust wallet?

[momchilandonov]

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)

[Dariusburst]

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

[jacafbiz]

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

[Ucy]

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.

[zhea]

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.

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. 

[jessyj48]

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

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

[InwardContour]

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'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.

[20kevin20]

To have peace, use open-source non-custodial wallets. The most popular and trusted one is Electrum 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?

[shinratensei_]

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

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.